Top cryptocurrencies to watch this week: MOG, KAS, FET

As an experienced analyst, I’ve seen my fair share of market volatility in the cryptocurrency space. Last week’s bearish trend was a stark reminder of the inherent risks involved in this asset class. However, amidst the widespread losses, there were some standout performers that caught my attention.

During the month of June, the pessimistic outlook towards cryptocurrencies remained dominant. Just recently, Bitcoin (BTC) dipped below the $59,000 mark for the first time in over five weeks.

Widespread losses ensued across the market.

As a crypto investor, I’ve noticed some digital assets defying the downtrend and hitting new peak prices. However, even my selective optimism couldn’t shield us from the overall crypto market cap dip of 4.6%, bringing it down to $2.24 trillion.

Based on their strong performances last week, here are our top cryptocurrencies to watch this week:

Top cryptocurrencies to watch this week: MOG, KAS, FET

MOG hits new ATH

MOG Coin, or MOG for short, experienced a bullish week despite beginning it in line with the broader market’s bearish sentiment. Known as the first “culture coin” on the internet, MOG suffered an initial decline of 11.07% on June 23.

On June 24 and 25, MOG experienced a significant surge of 45.32%, which can be attributed to heightened social media activity. This upward trend was subsequently validated by Whale Insider, cementing MOG’s position as the dominant meme coin in terms of market capitalization among cat-themed projects.

Recent Developments: The market value of Ethereum-based memecoin $MOG (@MogCoinEth) has surged back to the top position among cat meme cryptocurrencies, following a robust price increase of approximately 30% in the past 24 hours.— Whale Insider (@WhaleInsider) June 25, 2024

MOG hit a new all-time high of $0.00002123 on June 29 amid increased interest.

The asset ended the week at a price of $0.0000018355, marking a substantial 67% gain. At present, its Commodity Channel Index (CCI) stands at an elevated level of 130.83. This high reading on the CCI may indicate that the asset is overbought and could potentially experience a correction soon.

Kaspa slips into price discovery after new ATH

As a researcher observing the cryptocurrency market, I noticed that Kaspa (KAS) experienced a weekly growth of 25%. However, compared to Mogul Coin (MOG), its increase was relatively less bullish.

After hitting an all-time high of $0.1939 on June 30, the Proof of Work (PoW) community-driven asset entered a period of price exploration. This surge was fueled in part by news that Marathon Digital had mined $16 million worth of this cryptocurrency.

As MOG‘s price dipped below its all-time high, Kaspa defied the trend and hit fresh record levels. The cryptocurrency opened the new week with a robust surge, recording an impressive gain of 8.96% within the last 24 hours.

As a result, PEPE‘s position in the cryptocurrency market has been taken over by KAS, making it the 23rd largest digital asset with a market capitalization of $4.725 billion.

As we start a new week, it’s important to exercise caution. Notably, Kaspa’s RSI value has risen above the 70 threshold, specifically sitting at 71.76, indicating an overbought condition.

As a researcher observing the market trends, I notice that the recent buying pressure for KAS seems to be waning, which could indicate an impending price correction. Previously, when KAS was oversold, its price declined by approximately 31% within a fortnight.

FET drops 27% in three days

This week, (FET) is worth keeping an eye on among our selected cryptocurrencies. The Ethereum token displayed promising bullish trends initially, but pessimistic forces caused most of those gains to vanish by the end of the week.

As an analyst, I’ve observed a significant surge in the price of FET between June 23 and 26. The token rose by approximately 26%, climbing from a value of $1.472 to nearly reaching a 3-week high at $1.860. This upward trend can primarily be attributed to the buoyant performance of AI-focused tokens in the market.

At this point, the mountain’s summit aligned with the upper limit of the Bollinger Band, serving as a strong barrier for bearish forces.

As a researcher studying the cryptocurrency market, I’ve observed that, a decentralized machine learning platform with applications in areas like asset trading and gig economy, experienced a significant setback recently. The value of its corresponding coin reached a peak but failed to sustain buying pressure at this level, leading to a sharp decline over the subsequent three days.

From June 27 to June 29, there was a significant decrease of 27% in the value of FET. By the end of the week, it had resulted in a total loss of 8.56%. Despite attempting a recovery, the asset is currently below its 20-day simple moving average (SMA). This trend could be bearish, but an opposing signal comes from the MACD line, which lies above the signal line, indicating potential bullish momentum. The market remains uncertain at this time.

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2024-06-30 19:58