Market Analysis: XRP, APE, ALGO – Top Cryptocurrencies to Watch this Week
The global cryptocurrency market cap has corrected to $3.42 trillion, reflecting a nearly 10% drop from two weeks ago. Despite the bearish trend, several altcoins demonstrated impressive performance, making XRP, APE, and ALGO our top picks to watch in the week ahead.
XRP: Retests 2021 Peak
XRP was one of the biggest beneficiaries of last week’s market rebound, closing the week with an impressive 33% gain. After retesting $1.28 on Nov. 26, the altcoin saw a massive rebound the next day, breaching the $1.63 resistance and flipping Binance Coin (BNB) to secure fifth among the top assets. XRP sustained the rally until it clinched $1.81, soaring further to $1.9586, which marked a retest of the $1.96 peak of April 2021.
Veteran trader Peter Brandt previously asserted that XRP could surge if the $1.96 resistance clears. If XRP sustains the uptrend this week and breaches $1.96, this would allow it to finally reclaim $2 for the first time since the 2018 bull run. Its next Fibonacci level from here sits at $2.35 (Fib. 1.272), with further resistance at $2.56 (Fib. 1.414).
APE: Breaches 5-Week Triangle
ApeCoin (APE) saw a 13.6% increase last week, with the bulls showing strength, reigniting a rally that allowed the asset to close the week at $1.5. APE has since dropped below $1.5, with its RSI at 69 still near overbought territories. This week, the bulls must defend the $1.3 region to hold above the symmetrical triangle. A breach back into the triangle could signal a shift in momentum to bearish.
ALGO: Spikes 51%
Algorand (ALGO) was one of the largest gainers last week, spiking by a remarkable 51%. Most of ALGO’s gains occurred on Nov. 29, when the altcoin rallied by a massive 36.92%, its biggest intraday gain throughout this year. Analysts have projected lofty price targets, with some expecting a rally to $1.5. The last time ALGO saw a bullish cross was during the first phase of the bull run in the fourth quarter of 2023, leading to a 96% rally.
Predictions
Based on the market analysis, here are our predictions for the top cryptocurrencies to watch this week:
- XRP: We expect XRP to continue its uptrend and breach the $1.96 resistance, allowing it to finally reclaim $2 for the first time since the 2018 bull run. Our target price for XRP is $2.35 (Fib. 1.272).
- APE: We predict APE to defend the $1.3 region and hold above the symmetrical triangle. If the bulls succeed, APE could rally to $1.8.
- ALGO: We expect ALGO to breach its next major resistance at $0.4893 and sustain the upward push. Our target price for ALGO is $1.5.
Key Takeaways
- The global cryptocurrency market cap has corrected to $3.42 trillion, reflecting a nearly 10% drop from two weeks ago.
- XRP, APE, and ALGO demonstrated impressive performance, making them our top picks to watch in the week ahead.
- XRP retested its 2021 peak and is expected to breach $1.96 and reclaim $2 for the first time since the 2018 bull run.
- APE must defend the $1.3 region to hold above the symmetrical triangle.
- ALGO is expected to breach its next major resistance at $0.4893 and sustain the upward push.
Disclosure
This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered as investment advice. The cryptocurrency market is highly volatile and subject to significant price fluctuations. Readers should do their own research and consider their own risk tolerance before investing in any cryptocurrency.
