This Week’s Must-Watch Cryptocurrencies: Aptos, Pi Network, Pepe
The crypto market this week is strongly influenced by the U.S. Consumer Price Index (CPI) report, which may guide the Federal Reserve’s interest rate actions and initiate significant price fluctuations.
With anticipated slight increases in inflation data, investors are closely monitoring possible rate cuts that might enhance bullish activity.
In this context, three tokens—Pepe (PEPE), Aptos (APT), and Pi Network (PI)—are noteworthy for their unique technical setups and market drivers.
Pepe exhibits significant whale accumulation and bullish patterns associated with Ethereum’s rise; Pi Network shows resilience at crucial support levels; and Aptos faces unlocking pressures within a descending channel, each representing key themes and risks influencing crypto trading this week.
Summary
- Economists predict that the headline consumer price index will rise to 2.8%.
- The price of Pepe Coin is likely to continue its upward trend due to ongoing whale purchases.
- Pi Network appears poised for a strong breakout after reaching a significant resistance level.
Pepe
Pepe is set to be one of the leading cryptocurrencies to monitor this week as the Ethereum price surge persists, whale accumulation continues, and it forms an ascending triangle pattern.
Whales currently hold 9.02 trillion Pepe coins, a 10% gain over the last month, while exchange reserves have plummeted. In parallel, Ether has ascended to over $4,000, a trend likely to carry on this week. Historically, Pepe and other ERC meme coins perform well when Ethereum is experiencing increases.
The daily chart indicates that Pepe has surpassed both the 50-day and 100-day moving averages. The formation of an ascending triangle pattern often signals a strong breakout possibility. A breakthrough above the resistance at $0.000014 could lead to further gains.
Pi Network
Pi Network is another cryptocurrency to watch this week as it has retraced to a crucial resistance level. Following a drop to an all-time low of $0.3198 on August 2, it has rebounded to $0.400.
This current price is significant as it aligns with the lowest swings recorded in April and June this year. Pi Coin is trying to break above the 50-period moving average and is positioned at the apex of a falling wedge formation.
As such, a bullish breakout appears likely for the token, with the next key target being $0.6732, its peak from June. Conversely, dropping below the support level at $0.3198 would negate the bullish outlook for Pi.
Aptos
Aptos is also a notable cryptocurrency this week, especially as the network unlocks tokens valued at $53.95 million, representing 1.68% of the total float. APT will see further unlocks ahead, considering only 51% of the tokens have been released thus far.
An analysis of the daily chart reveals that APT’s price has faced considerable pressure over recent years, dropping from a high of $15.2 in December to its current value of $4.60.
Recently, the token has established a descending channel and is slightly below both the 50-day and 100-day moving averages. Hence, it is likely to resume its downtrend, potentially reaching the lower channel boundary at $4.