The cryptocurrency market will likely maintain its volatility this week as investors react to the upcoming trade talks between the US and China and the latest US inflation data. This article highlights some of the top tokens to watch this week, including Pi Network (PI), Toncoin (TON), and Cardano (ADA).
Pi Network Price Wedge Pattern Points to a Rebound
Pi Network will be one of the top cryptocurrencies to watch this week after it formed a highly bullish pattern on the daily chart. It has formed a falling wedge on the daily chart, which is made up of two falling and converging trendlines.
These two lines are now converging, which may lead to a strong bullish breakout. The MACD indicator and the Relative Strength Index (RSI) have formed a bullish crossover.
Therefore, the Pi Coin price will likely have a strong bullish breakout in the coming day or weeks. This outlook is highly speculative as the token has numerous bearish catalysts.
The Pi Network price will also be in focus after the developers launched an upgrade to the Pi App Studio. This upgrade introduced new features, including AI customization and easier access on the Pi Desktop.
Toncoin Prepares a Large Unlock
The Toncoin price has been in a strong downtrend in the past few months. TON plunged from $7.2 in November last year to $2.2185 today. This crash happened as TON Blockchain deteriorated, as evidenced by the collapse of the tap-to-earn mini-apps like Hamster Kombat and TapSwap. Its total value locked (TVL) has dropped to $272 million, while stablecoins in the network fell to $857 million.
Toncoin price will be in the spotlight this week as the network burns tokens worth over $80 million, which are equivalent to 1.45% of those in circulation. It has already unlocked about 53% of those in circulation.
Therefore, the TON price may continue falling in the coming days, with the next point to watch being the psychological point at $1.
Cardano Price in Focus as Glacier Airdrop Ends
Cardano price could be on the cusp of a strong bearish breakout in the coming days as the spread between the 50-day and 200-day Exponential Moving Averages narrows.
If this happens, it means that it will form a death cross pattern, which is a common bearish sign. The coin has already moved below the important resistance at $0.6858, the lowest swing in August.
A major news event that will impact the token is the end of the Glacier airdrop on Monday. This is an important event that has been rewarding Cardano holders with Midnight’s NIGHT tokens, which they will be able to cash out.
50% of NIGHT tokens are going to Cardano holders, 20% to Bitcoin holders, and the rest to holders of other tokens like ETH, SOL, BNB, XRP, and AVAX.
