Key Cryptocurrencies to Watch This Week
Bitcoin and other digital currencies stayed within a narrow range last week. Investors were keeping an eye on trade news and the ongoing tension between President Trump and Jerome Powell.
AI-focused tokens like Bittensor, Render, and AI Companions were the stars. They saw notable gains, rising by double digits. These tokens are gaining popularity as AI technology advances.
Three coins to keep an eye on this week are Mantra (OM), Memecoin, and Pi Network.
Mantra (OM) is one of the top cryptocurrencies to watch this week. It experienced a significant drop last week. The company blamed the crash on liquidations by a large exchange. though, Arkham suggested that token sales by insiders and investors were the cause.Mantra denied these claims and promised buybacks and token burns.
The OM token has fallen from its year-to-date high of $9.5 to $0.5938. It has formed a bearish pennant pattern. While some investors may want to buy the dip, it may continue falling. The next key point to watch is $0.50.
Memecoin is another cryptocurrency to watch. Its price has risen from $0.001388 this month to a high of $0.002794. This happened after it formed a falling wedge pattern. Though, there is a risk that the coin will drop ahead of the token unlock and possibly hit the 50-period moving average at $0.0018.
Pi Network is also in the spotlight. Its performance has been disappointing. The token was trading at $0.60 on Sunday, much lower than the all-time high of $3. A key reason for the plunge is the ongoing supply increase in the network. Data shows that over 1.58 billion tokens will come online in the next 12 months.The average monthly unlocks are 131 million, valued at over $82 million. There are also concerns about the concentration of Pi holdings. The developers noted that 65 billion tokens are allocated to community members, while 10 billion are reserved for the foundation, and 20 billion are allocated to the core team. The core team and the foundation can be viewed as a single entity, raising concerns about concentration.
