The crypto market wobbled during the weekend after most of them suffered a harsh reversal on Friday. Bitcoin has remained stuck at $108,000, while Ethereum remains at $2,500, and the market cap of all cryptocurrencies was at $3.39 trillion.
This article looks at the top 3 cryptocurrencies to watch this week and the catalysts that will drive them. While many of them will be in the spotlight, the most notable ones are Cetus Protocol (CET), Aergo (AERGO), and Monero (XMR).
Monero (XMR): Will it retest an all-time high?
The first cryptocurrency to watch this week will be Monero, the biggest privacy token in the crypto industry.
It will be in the spotlight because it has largely defied gravity in the past few months as it separated itself from the pack.
Data shows that Monero token has jumped in the past seven consecutive weeks and it is not losing momentum. It jumped by 20% last week, after jumping by less than 5% a week earlier.
Monero price has also retested the important resistance level at $400, a strong performance for a coin that bottomed at $99 last year.
This surge has happened as investors embraced privacy coins following the end of Tornado Cash sanctions earlier this year. Analysts now believe that the end of these sanctions will help it receive more exchange listings since most of them delisted them a while back.
Technically, Monero price has entered the markup phase of the Wyckoff Theory. This phase comes after the accumulation one that has little price action. It is characterized by high demand than supply and is then followed by the distribution.
Therefore, the path of the least resistance for the XMR price is bullish, with the next point to watch being at $515, up by 27% from the current level. A drop below the support at $350 will invalidate the bullish outlook.
Aergo (AERGO): in focus after a key vote
Aergo token came in the spotlight in April as it jumped from a low of $0.050 in April to a high of $0.7158, a 1,355% surge that pushed its market cap to over $150 million. This rally happened after some popular exchanges like Coinbase, Upbit, OKX, and Bitget listed it.
Aergo will be in the spotlight this week after a recent vote by the community members, who opted for the House Party Protocol. They agreed to launch it on Arbitrum instead of the Optimism Stack.
The developers noted that Arbitrum was better suited because of its smarter resource management, ecosystem maturity, DeFi synergy, and network effect.
Technically, Aergo price will be in focus because it has formed a falling wedge pattern, pointing to a potential rebound this week. If the pattern works well, the Aergo token may surge from $0.1590 to $0.2500.
Cetus Protocol (CET): What next after the hack?
The other top crypto to watch will be Cetus Protocol, the biggest player in Sui’s network. Cetus will be in focus as the network was hacked last week, with hackers draining over $223 million. $162 million of these funds were stopped.
Cetus noted that it was pursuing two approaches, including an on-chain vote by the Sui community to authorize the recovery of the frozen $162 million. This vote initially failed as Sui took a neutral stance.
The developers also aim to reach a whitehat agreement with the hackers to recover the other funds. It is highly unlikely that the hackers will return the cash, and taking legal action against them will likely not work.
Therefore, Cetus Protocol will be in the spotlight this week as investors wait for any new developments from the company.
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