The crypto market was stuck in a narrow range on Monday morning as traders braced for a relatively busy week as the Iran war continued. These coins will react to interest rate decisions by key central banks like the Federal Reserve, Bank of England (BoE), and the European Central Bank (ECB).
This article explores some of the top crypto tokens to watch this week, including popular names like Pi Network (PI), Cardano (ADA), Aave (AAVE), and LayerZero (ZRO).
Pi Network (PI) in Focus After Pi Day
Pi Network has been one of the best-performing coins in the past few weeks, rising from the record low of $0.1298 in February to a high of $0.2967. This rally happened as traders waited for Pi Day and the Kraken listing.
It has now suffered a big reversal and is down by over 30% from its highest point during the weekend. This retreat has erased millions of dollars in value.
Pi Network will be in the spotlight this week as investors digest the recent news announced during Pi Day, including the launch of the token launchpad testnet, node and protocol upgrades that will introduce smart contracts, KYC validator rewards, and new capabilities, including Pi payments integration in Pi App Studio.
Pi Coin price is falling as investors sell the recent Kraken listing and Pi Day news. In most cases, investors buy assets before a major event and then sell when it happens as they wait for the next catalyst. A key catalyst that may push it higher is the upcoming validator rewards distribution, which will happen in the next few days.
Cardano Price in the Spotlight Ahead of the Midnight Mainnet Launch
ADA price has held steady in the past few days. It has remained at $0.2635, a few points above the year-to-date low of $0.2208.
Cardano will be in the spotlight this week as the Midnight mainnet launch nears. This is a major milestone for the network as Midnight is its privacy-focused sidechain.
Midnight Network has made some major announcements ahead of this launch. For example, it announced that Balance, a top digital asset custodian, said that it will support it. Binance also listed the NIGHT token, while Atlas is working on a decentralized finance platform on its network.
Cardano price may rebound this week as investors focus on the upcoming Midnight launch. Besides, the coin remains at a crucial support level, with the spread of the three lines of the Bollinger Bands narrowing. Therefore, the token may rebound in the coming days, potentially to the key resistance level at $0.300.
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LayerZero to Unlock Millions of Tokens
LayerZero token will be in the spotlight this week as the network prepares for a big token unlock on March 21. It will unlock tokens worth $48 million, with these coins going to Strategic partners and core contributors.
Data shows that LayerZero’s network has done well in the past few months. Its bridge volume jumped to $19.1 billion in February from $13.2 billion in the previous month. Its bridged volume has moved to $5.57 billion this month.
AAVE in Focus as it Launches V4 on Ethereum
AAVE token was in the spotlight last week after a trader lost $50 million in a botched transaction. This happened after a trader executed a $50 million order, leading to a big slippage. AAVE returned $600k fees it made from the trade to the user.
AAVE price will be in the spotlight this week after the network submitted a proposal to launch its V4 version on Ethereum. Data compiled by DeFi Llama shows that Aave is the biggest player in the decentralized finance industry with over $25 billion in total value locked (TVL). Its TVL has dropped from the all-time high of $44 billion in October last year.
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