The crypto market was highly volatile last week as Bitcoin and most altcoins plunged on Monday, and then rebounded sharply in the next few days. They then plunged in the final days of the week, with Bitcoin dropping below the important support level at $90,000.
This article explores some of the top cryptocurrencies to watch this week, including popular names like Terra Luna Classic (LUNC), Starknet (STRK), and Pi Network (PI).
Terra Luna Classic (LUNC) in focus ahead of Do Kwon sentencing
The LUNC token was one of the best-performing coins in the crypto market as it jumped to a high of $0.000081, its highest level since January this year. It was up by over 400% from its lowest level this year, bringing its market capitalization to over $300 million.
Terra Luna Classic token jumped after the community members showed up at a major Binance event. Binance is a major part of the network and is responsible for most of the burning.
The next key catalyst for the LUNC price will be the upcoming Do Kwon sentencing in the United States for his role in the $40 billion Terra collapse in 2022. Kwon pleaded guilty for this collapse, and he now faces decades in prison.
Do Kwon’s sentencing will not directly have an impact on the LUNC token. However, it may lead to more activity from traders, which may trigger more volatility.
The daily timeframe chart shows that the LUNC price has pulled back from last week’s high of $0.00008060 to the current $0.000057. This retreat happened as some investors started to book profits.
Therefore, the most likely scenario is where the token’s volatility continues, with it dropping to the key support level at $0.000050.
Pi Network price in focus as triangle nears confluence
The Pi Network price will be in the spotlight after the developers announced a major integration of artificial intelligence (AI) into its KYC operations.
This new integration allows users to use the same underlying technology of Pi Fast Track KYC, which reduces wait time and makes it easier for users to move their tokens to the mainnet.
It also resolves an issue of validator shortage in some countries and regions. Also, the upgrade enables more validators to move in a faster manner, and reduces the need for more human validator to verify accounts.
According to the developers, 17.5 million pioneers have already passed the KYC process, while 15.7 million of them have migrated fully to the mainnet.
Pi Network believes that the KYC process is an essential one in ensuring that the MiCA proposal is successful, as it is the only crypto project to implement it.
Technically, the Pi Network price is forming a symmetrical triangle pattern on the daily chart, and may likely move out of it this week, especially if the Federal Reserve cuts interest rates and maintains a dovish view.
Starknet price in focus ahead of token unlocks
Starknet token has come under intense pressure in the past few months, in part because of the ongoing crypto market crash. Another reason is that the network has become highly dilutive because of its token unlocks.
One of these unlocks will happen later this week when the developers will release 163 million tokens worth over $18.2 million. These tokens are worth about 1.63% of its market capitalization.
Other cryptocurrencies will unlock more tokens this week. Some of the most notable ones are Chainbase, Unibase, Rain, and Movement.
The post Top cryptocurrencies to watch this week: LUNC, Starknet, Pi Network appeared first on Invezz
