Bitcoin price dropped in a correction after falling by over 10% from its all-time high, while most altcoins remained in a bear market after plunging by over 20%.
This week will be notable for the crypto market as investors focus on liquidations, potential US-China trade deal, statements by key Federal Reserve officials, potential altcoin ETF approvals, and earnings.
This article highlights some of the top cryptocurrencies to watch this week, including Avalanche (AVAX), LayerZero (LZ), and Toncoin (TON).
Avalanche (AVAX)
Avalanche will be one of the top cryptocurrencies to watch this week as it remains in a deep bear market. AVAX price has plunged by 45% from its highest point in September.
The token will likely come under pressure this week as the developers unlock tokens worth over $33 million. These tokens will be worth about 0.39% of its market capitalization. It has already unlocked about 60% of the total tokens.
On the positive side, Avalanche’s network is doing well. For one, it is making substantial sums of money and boosting its burn rate. The network has now burned over 4.9 million tokens, a figure that will likely continue growing.
Avalanche’s transactions are growing, with the cumulative total crossing the 7 billion mark last week. It has also announced major partnerships, including with top companies like S&P Global, Skybridge, and Janus Henderson.
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The daily timeframe chart shows that the AVAX price has pulled back in the past few weeks. It moved from a high of $36 to the current $20. The token has moved below the 50-day and 200-day Exponential Moving Averages (EMA).
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It has also invalidated the cup-and-handle pattern that was forming. Therefore, the token will likely remain under pressure in the coming days. If this happens, the next point to watch will be at $15.62, its lowest point on June 22.
LayerZero
LayerZero is a top project in the crypto industry that enables applications to move data across multiple blockchains. It is widely used across the industry by projects like Ethena, PancakeSwap, Stargate, Aave, and Conflux.
Data on its website shows that it has facilitated over 156 million messages over time. It took part in over 1.17 million messages worth over $36 billion in the last 30 days. The total value transferred over time is $167 billion.
LayerZero price will be in the spotlight this week as investors focus on the upcoming major token unlock. It will unlock tokens worth over $40 million, which are equivalent to 21% of the market cap.
The daily chart shows that the ZRO token has been under pressure in the past few months. It has now moved to the key support at $1.612, which aligned with the lower side of the descending triangle pattern.
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ZRO price has also moved below the 50-day and 25-day Exponential Moving Averages. The most likely scenario is where the LayerZero price continues falling, with the next point to watch being at $1.
Toncoin (TON)
Toncoin price will be in the spotlight this week as the network unlocks tokens worth over $78 million. These tokens will be equivalent to 1.45% of those in circulation. Toncoin has now unlocked about 53% of its tokens.
The daily timeframe chart shows that the TON price has been in a strong downtrend in the past few months. It has plunged from a high of $7.20 in December to the current $2.15.
TON price has already moved below the key support at $2.3750, its lowest point in March. It has moved below the 50-day and 25-day moving averages. Therefore, the token will likely continue falling as sellers target the year-to-date low of $0.5680.
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