The cryptocurrency market has remained relatively stable over the past few days. The Bitcoin price has entered a correction, falling by over 13% from its highest point this year. Other tokens, such as Ethereum and Solana, pulled back from their year-to-date highs.
This article looks at some of the top crypto to watch this week, including popular tokens like Cronos (CRO), Morpho (MORPHO), and Stellar Lumens (XLM).
Cronos (CRO)
Cronos, formerly known as Crypto.com Coin, will be one of the top altcoins to watch this week. It was one of the top cryptocurrencies last week as it jumped to a high of $0.3880, up by 403% from its lowest level this year.
CRO price jumped as investors cheered the decision by Trump Media Group to launch a CRO fund worth $6 billion. This will be a large investment as the circulating supply of Cronos was worth $9 billion before the announcement.
As BanklessTimes had earlier predicted, there was a risk that the CRO price would crash as it entered the markdown phase of the Wyckoff Theory. This prediction was accurate as the token has slumped by 26% from its highest point this year.
On the positive side, the Cronos price is now forming a bullish pennant pattern, which could push it higher in the coming days. If this happens, it will jump and retest the year-to-date high of $0.3880.
Morpho (MORPHO)
Morpho, one of the top players in the decentralized finance (DeFi) industry, has been in a bear market. It has declined by over 30% from its peak in August, indicating that it is in a technical bear market.
The coin will be in the spotlight this week because of the ongoing accumulation by smart money investors. Nansen data shows that it was the second most bought token by these investors, worth over $991k in the last seven days. Ethena was the most bought token in this period.
Therefore, the token is likely to rebound this week, as it has formed a morning star candlestick pattern on the daily chart. A morning star is characterized by a small body and two small shadows.
Stellar Lumens (XLM)
Stellar Lumens will be one of the top crypto tokens to watch this week as it executes the Protocol 23 upgrade. This is a major upgrade comprising several Core Advancement Proposals (CAPs) that will enhance Soroban, its smart contract platform.
One of the key features is the Soroban Interface Events, which enables classic operations to emit asset events in the same format as Soroban smart contract events. The other features are the Soroban Performance and Cost Optimizations, Stellar Consensus Protocol Configuration, and Transaction Meta Structure.
The daily chart shows that the Stellar price has declined significantly over the past few weeks. It has plunged from $0.5198 in July to $0.3620 today. It has fallen below the key support level at $0.3620, its lowest point since August 3. Therefore, the XLM token will likely continue falling and move to the support at $0.3344, the highest point in May.
