The cryptocurrency market rebounded on Friday, ending the recent plunge as investors waited for monetary policy guidance from Jerome Powell. Bitcoin rebounded to $117,000, while Ethereum jumped to a record high of $4,815.
This article highlights some of the top cryptocurrencies this week, including Pi Coin (PI), Avalanche (AVAX), and Polkadot (DOT).
Pi Coin (PI)
Pi Network is one of the top cryptocurrencies to watch this week because of its technicals that point to a rebound. The daily chart shows that it has formed a double-bottom pattern at $0.3397 and a neckline at $0.4645, its highest point on August 10.
Pi Network token has also formed the falling wedge pattern, which comprises of two descending and converging trendlines. Therefore, the token will likely have a strong bullish breakout as bulls target the psychological point at $1, which is about 180% above the current level.
Polkadot (DOT)
Polkadot is another top cryptocurrency to watch this week as investors focus on key developments in the network. One of the most important developments is that the community is voting on inflation models or the network.
Data shows that the hard pressure vote is winning, meaning that it will be implemented in the network soon. The main implication of this model is that fewer tokens will be released, which will reduce the staking APY from the current 14% to 0.16% by 2036.
While a reduction in staking reward is a good thing, Polkadot will benefit from low inflation. Therefore, the DOT price will react to any new developments on this voting.
Polkadot also has other major developments ahead. For example, there is the upcoming Join-Accumulation Model (JAM) that will move it from the relay chain and make it a direct competitor to the likes of Ethereum and Solana.
The daily timeframe shows that the DOT prie has remained in a tight range in the past few days. It has formed a symmetrical triangle pattern, whose two lines are about to converge.
Most importantly, the token is about to form a golden cross pattern, as the 50-day and 200-day Weighted Moving Averages (WMA) cross each other.
Therefore, the combination of the triangle pattern and the upcoming golden cross points to a strong rebound as soon as this week. If this happens, the next point to watch will be the psychological point at $5.
Read more: Polkadot price prediction: here’s why DOT may surge 500% soon
Avalanche (AVAX)
Avalanche is another top crypto to watch this week because of the recent ecosystem growth. For example, it was selected by the state of Wyoming as the blockchain for its FRNT stablecoin. Toyota is also using it to test for a vehicle credit solution, while FIFA is using it for its NFT platform.
Technicals suggest that the AVAX price has more gains to go in the coming days. The most bullish aspect is that it has formed an inverse head-and-shoulders pattern with a neckline at $26.85.
Therefore, there are chances that it will continue its strong uptrend, potentially to the head-and-shoulders target price of $38.25.
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