HEGE, SOL, SAFE: Top cryptocurrencies to watch this week

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As a seasoned crypto investor with a knack for spotting undervalued assets and understanding market trends, I find myself intrigued by these three picks for this week: Hege, Solana, and Safe. Each presents unique opportunities, especially given their recent performance and technical indicators.

In the past few weeks, the upward trend leading the market encountered a hurdle, resulting in a $70 billion decrease in the global cryptocurrency market’s value, leaving it at approximately $2.28 trillion.

This correction coincided with Bitcoin (BTC) closing the week at the lower spectrum of the $67,000 mark, dragging the broader market down. However, some altcoins demonstrated resilience.

This week, we’re highlighting some notable cryptocurrencies worth keeping an eye on due to significant price fluctuations observed in the previous week.

HEGE on a recovery push

Initially, HEGE experienced a downturn due to the prevailing bearish market conditions, but by the end of the week, it managed to bounce back.

Regardless of the recent surge, Hege concluded the previous week significantly lower than $0.01, dropping approximately 18%. This was the first instance this month that it traded under $0.01.

Its recovery came on Saturday, gaining 20% that day. The uptrend has spilled into the new week, with an additional 10.70% gain this morning.

It seems that Heges’ price trend is shaping up like a ‘V’ bottom pattern, potentially concluding with an uptrend to around $0.0147, which was its previous highest point.

Remarkably, the Relative Strength Index (RSI) of the asset stands at 46.71. This indicates that there’s significant potential for HEGE to experience further growth, as long as it holds above the $0.01 level to preserve its recovery during this week.

A drop below Fib. 0.382 ($0.00975) could trigger a new downturn.

Hege represents a meme-based cryptocurrency, first introduced in the month of April. Its central theme revolves around a narrative concept centering on a character dealing with financial difficulties and striving for reconciliation.

SOL bucks the trend

Contrary to the overall market downturn last week, Solana (SOL) experienced a 7% increase, concluding the week at around $170, having initially started below that figure at approximately $160.

A CCI value at 111.50 implies that Solana’s growth pace is robust and its upward trend may persist due to whale buying. Yet, it’s important to exercise caution since the Composite Cloud Index (CCI) is approaching overbought zones.

If adjustments occur this week, the $159.46 mark, which once functioned as a resistance point, could now serve as the initial strong line of defense. Dropping below this point would make the Pivot level at $144.76 relevant.

Should the selling force exceed the current pivot level, the trend might shift towards bearish. Under such circumstances, potential future support levels for Solana could be found at $128.80, $118.94, and $102.98.

SAFE spikes 55%

Just like Solana, Safe (SAFE) forged its own trail last week, disregarding the trend of the wider market. The altcoin’s most significant surge occurred on October 24, as it skyrocketed by 40.54%, marking its largest single-day increase this year, in the wake of being listed on Upbit.

SAFE sustained the gains the following day, gaining by another 11.52%. Despite a mild retracement on Saturday, the asset closed the week with a 55% increase at $1.468.

SAFE’s positive trend continues, as its +DI on the Directional Moving Index stands at 39.6, while the ADX is at 40.5. On the other hand, the -DI is at 8.8, indicating a potential decrease in the bearish movement.

Despite the ongoing correction this week, Safe has lost 6.81% of its value today. As it falls, the Fibonacci level at approximately $1.269 might offer support, but a more significant drop could potentially expose $1.11 as the new low.

2022 marked the point where Safe was split off from Gnosis, a reputable Ethereum-based decentralized platform. This division took place as part of a strategic plan to establish Safe as a standalone organization, enabling it to concentrate more specifically on its multisignature wallet tech and decentralized infrastructure development.

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2024-10-27 17:10