Top 3 Crypto to Watch This Week: Pi Network, Zetachain, Melania
Cryptocurrency Markets Remain Volatile Amid Geopolitical Tensions: Key Tokens to Watch This Week
As global markets grapple with escalating trade tensions between the United States and China, the cryptocurrency sector is experiencing heightened volatility. The U.S. dollar index (DXY) has declined to its lowest level in over three years, reflecting investor concerns over the intensifying trade war. In this uncertain environment, certain cryptocurrencies are drawing increased attention due to their recent price movements and upcoming events.
Pi Network (PI): Technical Indicators Suggest Potential Upside
Pi Network's native token, PI, has shown signs of recovery after a significant downturn. From a low of $0.4014 on April 5, PI has rebounded to approximately $0.7559, marking an increase of over 80%. This upward movement aligns with the formation of a falling wedge pattern, often considered a bullish reversal signal.
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| Source: TradingView |
Technical analysis indicates that PI has surpassed its 50-period moving average, suggesting bullish momentum. Oscillators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are also trending upwards. Analysts project that if this momentum continues, PI could reach resistance levels at $1.00 and potentially $1.7365, representing gains of approximately 25% and 135%, respectively, from current levels.
However, caution is warranted as PI appears to be forming a rising wedge pattern, which could indicate a potential reversal. Investors are advised to monitor these technical patterns closely.
ZetaChain (ZETA): Token Unlocks Introduce Market Uncertainty
ZetaChain, a Layer 1 blockchain focused on cross-chain interoperability, is under scrutiny due to recent token unlocks. On April 1, the project released 44.26 million ZETA tokens, accounting for approximately 6.05% of its circulating supply. These tokens are allocated across various initiatives, including liquidity incentives and ecosystem growth funds.
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| Source: TradingView |
Historically, such token unlocks have exerted downward pressure on ZETA's price. Currently trading at $0.2365, ZETA remains close to its all-time low of $0.1960. The influx of new tokens into the market may continue to influence price dynamics, and investors should remain vigilant.
Melania (MELANIA): Meme Coin Faces Continued Decline
The meme coin MELANIA has experienced a significant decline since its launch in January. Its market capitalization has plummeted from over $2 billion to approximately $74 million. The token is currently trading at $0.4659, reflecting ongoing bearish sentiment.
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| Source: tradingView |
An upcoming token unlock, valued at $11 million and primarily allocated to Melania Trump, is anticipated to further impact the token's price. Recent on-chain data indicates that Melania Trump sold over $30 million worth of tokens, raising concerns about potential additional sell-offs. Analysts suggest that MELANIA could decline to $0.10 if current trends persist.
Other Cryptocurrencies to Monitor
Several other cryptocurrencies are noteworthy this week:
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Solana (SOL): Currently trading at $133.20, SOL has seen a price increase, partly driven by the performance of meme coins within its ecosystem. Investors are watching to see if this momentum can be sustained.
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Fartcoin: This token has experienced a recent surge, attracting attention from traders seeking short-term gains.
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ApeCoin (APE): With a current price of $0.4325, APE is approaching a significant token unlock, which could influence its market dynamics.
Conclusion
In a week marked by geopolitical tensions and economic uncertainty, the cryptocurrency market remains highly volatile. Tokens such as PI, ZETA, and MELANIA are at the forefront of investor attention due to their recent price movements and upcoming events. As always, investors are advised to conduct thorough research and exercise caution in this rapidly evolving market.
