The global cryptocurrency market has experienced a correction, with the market cap dropping to $3.42 trillion as of Sunday, reflecting a nearly 10% decrease from two weeks ago. Bitcoin (BTC), which had attempted to reach $100,000 two weeks ago, was a key driver of last week’s market downturn. Despite this, several altcoins have shown impressive performance, making them top picks to watch in the upcoming week.
XRP (XRP) was one of the standout performers last week, benefiting from the market rebound. Despite a drop of more than 12% from November 24 to 26, XRP closed the week with a remarkable 33% gain. The altcoin saw a significant rebound after retesting $1.28 on November 26, breaching the $1.63 resistance and securing fifth place among the top assets. XRP continued its rally, reaching $1.81 and even testing the $1.96 peak of April 2021. Veteran trader Peter Brandt has suggested that if XRP clears the $1.96 resistance, it could surge further and potentially reclaim $2 for the first time since the 2018 bull run.
APE (ApeCoin), the token of the Bored Ape Yacht Club (BAYC) ecosystem, also saw a positive trend last week. APE experienced a 13.6% increase and breached the top trendline of a five-week symmetrical triangle, signaling bullish momentum. The asset closed the week at $1.5, but has since dropped below that level. Bulls must defend the $1.3 region to maintain momentum, as a breach back into the triangle could indicate a shift to bearish sentiment. Yuga Labs, the team behind BAYC and Mutant Ape Yacht Club (MAYC) NFT collections, created APE, which is set to unlock 15.6 million tokens on December 17.
Algorand (ALGO), the native token of the open-source smart contract layer-1 blockchain, was one of the top gainers last week, spiking by an impressive 51%. Most of ALGO’s gains occurred on November 29, with a 36.92% rally. The asset also observed a golden cross on November 25, with its 50-day MA moving above the 200-day MA. Analysts have projected lofty price targets for ALGO, with some expecting a rally to $1.5. This week, ALGO needs to breach its major resistance at $0.4893 to sustain its upward momentum.
Overall, XRP, APE, and ALGO are top cryptocurrencies to watch in the upcoming week, as they have shown strong performance and potential for further growth in the market. Investors and traders will be keeping a close eye on these assets as they navigate the volatile cryptocurrency landscape.