ENA, PEPE, LUNC: 3 Cryptocurrencies to Watch This Week

The cryptocurrency market witnessed a rollercoaster ride last week, with the global market cap collapsing to a two-month low of $1.76 trillion

The cryptocurrency market experienced a turbulent week, with the global market cap dipping to a two-month low of $1.76 trillion as Bitcoin fell below $50,000.

However, the market recovered to reach the $2.15 trillion mark amid a rebound from BTC and other major altcoins.

Here's a closer look at some of the cryptocurrencies that caught our attention with their notable performances:

Ethena (ENA) fell along with the rest of the market on Aug. 5. It eventually recovered to close the week at $0.32, which is just above the McGinley Dynamic line at $0.316.

This marks a small weekly gain of 2% for ENA.

The Moving Average Convergence Divergence currently shows a bearish momentum, suggesting that selling pressure was dominant throughout the week.

However, the gap between the two lines is narrowing, indicating a potential shift in momentum.

The McGinley Dynamic acted as a resistance level as ENA price struggled to breach it amid weak bullish sentiment. If Ethena fails to sustain above this level, it may retest the $0.30 support, with a possibility of further decline towards $0.28.

On the other hand, if buying pressure increases and the price breaks above the McGinley Dynamic, a move toward $0.35 could be expected. The MACD crossover, if it occurs, would serve to confirm this bullish trend.

The meme coin experienced notable volatility over the past week, dropping to a low of $0.00000585 on Aug. 5 before rebounding.

PEPE price動き大幅に最終的に週は0.00000844ドルで終了しました。これは2%の減少です。

Bollinger Bands show that PEPE traded close to the lower band, which indicates that it was in an oversold zone. The price dipped below the middle band, around $0.00000994, mid-week, signaling bearish momentum.

The Directional Movement Index shows mixed signals. The ADX, which measures trend strength, is at 28.2, indicating a moderately strong trend.

If Pepe fails to reclaim the middle Bollinger Band, it could continue trading near the lower band, possibly testing the $0.00000632 support. Conversely, if bullish momentum returns, breaking above $0.00000994 could pave the way for a recovery towards $0.00001357.

Terra Classic (LUNC) experienced a strong bullish reversal last week, closing at $0.00008705 after a 22% spike.

The majority of this surge occurred on the last day of the week, with LUNC witnessing a remarkable 23% intraday gain.

The Ichimoku Cloud indicator suggests a potential trend reversal. LUNC closed above the Tenkan-sen, $0.00007505, and the Kijun-sen, $0.00007335, showing bullish momentum.

However, the price remains below the Kumo cloud, which spans $0.00007466 to $0.00008705, indicating resistance ahead.

To confirm a bullish trend, Terra Classic would need to break and close above the cloud, particularly surpassing the upper boundary.

Meanwhile, the On-Balance Volume is at 8.526 trillion, showing an increase in buying pressure. If LUNC manages to break above the Ichimoku Cloud, it could target higher resistance levels around $0.00010000. However, failure to sustain momentum might result in a retracement towards the Kijun-sen or even lower.