Crypto Market Takes a Hit: What to Expect This Week
The crypto sector is feeling the effects of the macro blues, with prices plummeting alongside stocks. This downturn can be attributed to President Trump’s tariffs and a weak jobs report, which have spooked risk markets. As a result, Bitcoin (BTC) has fallen from its all-time high of $123,200 in July to $112,000, and the market capitalization of all coins has decreased from $4 trillion to $3.3 trillion.
Key Players to Watch
This week, all eyes will be on Pi Network (PI), Cardano (ADA), and Flare (FLR) as they navigate the current market volatility. Here’s what’s in store for each of these cryptocurrencies:
Pi Network: A Record Low
Pi Network’s price has crashed to a record low, dropping below the crucial support at $0.4016. This drastic fall has invalidated the double-bottom pattern, which often leads to a strong bullish breakout. However, this decline could be a fakeout, triggering more gains this week. With the token having plunged by over 87% from its highest point this year, it’s likely to be in the spotlight.
Flare: Token Unlock and Potential Rebound
Flare’s price has taken a hit, falling from its July high of $0.0279 to a low of $0.0215 on Saturday. However, with the network unlocking tokens worth over $44.1 million, equivalent to 2.85% of the total supply, the price may rebound. The formation of a doji candlestick pattern on the daily chart suggests a potential bullish reversal, making Flare one to watch this week.
Cardano: The Rare Evo Event and Glacier Airdrop
Cardano is set to host the Rare Evo event in Las Vegas, featuring top speakers like Charles Hoskinson and Tamara Haasen. The main attraction will be the reveal of the Glacier airdrop date, enabling over 33 million crypto addresses to claim new NIGHT tokens. With Cardano accounting for 50% of the tokens, there’s a likelihood that its price will rebound during and after the event.
As the crypto market continues to navigate these uncertain times, it’s essential to keep a close eye on these key players. With the potential for fakeouts, token unlocks, and airdrops, this week is shaping up to be an exciting one for Pi Network, Flare, and Cardano.
