The cryptocurrency market experienced a rough patch last week, as recent profit-taking and liquidations continued. Bitcoin and most cryptocurrencies were in the red during the week. This article explores some of the top cryptocurrencies to watch this week and highlights the key catalysts that are expected to move the market.
Pi Network Price to React to Dr. Chengdiao Fan’s Speech
The Pi Network price crashed to a record low last week, as the broader crypto market also saw a decline. It moved to a record low of $0.1863 and then stabilized at $0.2675.
The coin also dropped as the mega whale, who had been accumulating it, paused his purchases when the Crypto Fear and Greed Index declined.
The Pi Network price will be in the spotlight this week due to an upcoming speech by Dr. Chengdiao Fan, its co-founder, at the TOKEN2049 event.
This will be an important address because it will be her first time delivering a public speech at a crypto event. In the past, it was her partner, Nicolas Kokkalis, who made appearances in major events.
Therefore, there is a possibility that the Pi Coin price will rebound before and after her statement.
The daily timeframe chart shows that the Pi Network price has been in a strong downward trend in the past few months and is now hovering near its all-time low.
It has also formed a falling wedge chart pattern and is in the accumulation mode of the Wyckoff Theory. As such, there is a possibility that the token will rebound this week and possibly reach a high of $0.50.
Zora Token Price to React to Token Unlocks
The Zora price has been in a strong downward trend over the past few weeks, moving from a high of $0.1462 to its current level of $0.05915.
This crash may accelerate this week as the network unlocks tokens worth over $9.54 million, equivalent to 4.68% of the total supply.
Zora has a long way to go in terms of unlocks, as it has only unlocked 35% of the tokens. This means that its price may remain under pressure over time as circulating supply increases.
READ MORE: SNX Price Prediction Ahead of Synthetix Perps DEX Launch
Sui Price Plunges Ahead of Token Unlocks
Like Zora, the Sui price has crashed in the past few weeks, moving from a high of $4.43 in July to $3.20 today.
The ongoing Sui price crash is mostly because of the broader crypto market plunge. Another reason is that Sui is one of the most inflationary tokens in the crypto industry, as it unlocks millions of tokens a month.
Sui will continue its unlocks this week when it releases tokens worth over $176 million, equivalent to 1.55% of the total supply. It has now unlocked about 47% of the tokens and has about 53% more to go.
READ MORE: XRP Price Crashes Today—Is This the Last Dip Before a Major Rally?
