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Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, CAKE, FTT

Published 07/11/2021, 04:34 PM
Updated 07/11/2021, 06:20 PM
Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, CAKE, FTT

Bitcoin (BTC) price is still range-bound and traders are searching for signs that may provide insight about the next directional move. Philip Swift, the creator of analytics resource LookIntoBitcoin, pointed out on July 9 that the Puell Multiple rebounded “out of the green zone of this week” only for the fifth time in history. Swift said if the indicator continues to move up, Bitcoin’s price may follow it higher.

Another positive outlook for Bitcoin came from Lex Moskovski, chief investment officer at Moskovski Capital, who highlighted that Bitcoin’s price was trading about 59% below the target price projected by the stock-to-flow model, which is the largest negative deflection in history. Moskovski said this could be a “great buying opportunity” for traders who believe in the model.

Crypto market data daily view. Source: Coin360
BTC/USDT daily chart. Source: TradingView
BTC/USDT 4-hour chart. Source: TradingView
LUNA/USDT daily chart. Source: TradingView
LUNA/USDT 4-hour chart. Source: TradingView
ATOM/USDT daily chart. Source: TradingView
ATOM/USDT 4-hour chart. Source: TradingView
CAKE/USDT daily chart. Source: TradingView
CAKE/USDT 4-hour chart. Source: TradingView
FTT/USDT daily chart. Source: TradingView
FTT/USDT 4-hour chart. Source: TradingView

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