Keep an Eye on HEGE SOL and SAFE Prominent cryptocurrencies to monitor in the upcoming week
The recent bullish trend in the market faced a setback last week, causing the global crypto market to lose $70 billion and fall to $2.28 trillion. This decline coincided with Bitcoin (BTC) closing the week near the lower end of the $67,000 range, dragging down the overall market. However, there were a few altcoins that showed resilience. Here are our top picks for cryptocurrencies to watch this week based on notable price movements:
HEGE on the road to recovery:
Hege (HEGE) initially succumbed to the bearish pressure of the week but managed to stage a recovery towards the end of the week. Despite this late rebound, Hege ended the week below the $0.01 mark, experiencing a slump of almost 18%. This was the first time it had traded below $0.01 this month.
On Saturday, Hege saw a 20% gain, and this upward trend has continued into the new week with an additional 10.70% gain this morning. It appears that Hege’s rebound is forming a V bottom pattern, which could potentially lead to a rally to $0.0147, the previous high. The asset’s RSI currently sits at 46.71, indicating that there is still significant room for further upward movement. However, maintaining the $0.01 level is crucial for sustaining the recovery this week. If the price drops below Fib. 0.382 ($0.00975), a new downturn could be triggered. Hege is a meme cryptocurrency launched in April, centered around a storytelling concept involving a character navigating financial struggles and seeking redemption.
SOL stands out:
Solana (SOL) stood out from the negative market trend, closing last week with a 7% gain while the rest of the market was dropping. SOL ended the week above $170, despite starting below $160.
A CCI of 111.50 suggests that Solana’s momentum is strong, and the upward trend is likely to continue due to whale accumulation. However, caution is advised as the CCI is approaching overbought territories. If a correction occurs this week, the $159.46 level, which previously acted as resistance, will serve as the first strong support. Breaking below this level would bring the Pivot level at $144.76 into play. If selling pressure breaches this Pivot point, the momentum could flip bearish, and Solana’s next support levels would be $128.80, $118.94, and $102.98.
SAFE sees a significant spike:
Similar to Solana, Safe (SAFE) followed its own path last week, disregarding the direction of the broader market. The altcoin experienced its biggest push on October 24, spiking by 40.54%, which was its largest intraday gain this year, following Upbit’s listing.
SAFE sustained these gains the following day, with an additional 11.52% increase. Despite a slight retracement on Saturday, the asset closed the week with a 55% surge, reaching $1.468. SAFE maintains its bullish momentum, with the +DI of the Directional Moving Index currently at 39.6, and the ADX at 40.5. The -DI is currently trading at 8.8, suggesting a slowdown in the bearish push.
However, the recent correction has spilled over into the new week, with Safe losing 6.81% of its value today. During this drop, the Fib. 0.618 level ($1.269) could act as the next line of defense, and a steeper drop could bring $1.11 into the picture.
Safe was spun out from Gnosis, a well-known Ethereum-based decentralized platform, in 2022. This separation was part of a strategic move to establish Safe as an independent entity, allowing it to focus more narrowly on its multisignature wallet technology and decentralized infrastructure.
In conclusion, while the market faced a correction last week, there are still some cryptocurrencies showing resilience and potential for recovery or continued upward movement. Investors should closely monitor Hege, Solana, and Safe for any further developments.
