The cryptocurrency market remains in a consolidation phase, with Bitcoin struggling to break above its all-time high. This week's events, including the Federal Reserve minutes and President Trump's tariff deadline, are expected to influence the market.
Current State of the Cryptocurrency Market
The Federal Reserve minutes and Trump's tariff deadline set for July 9 are the key catalysts for the cryptocurrency industry this week. The cryptocurrencies to watch include Bonk, Aptos, and Pi Network.
Bonk: The Meme Coin on Solana
Bonk, the largest meme coin on Solana, is in the spotlight this week as it has continued to surge. It has rallied for five consecutive days and is hovering at its highest level since May 23. Bonk has moved above the 23.6% Fibonacci Retracement level at $0.00002095 and is approaching the crucial resistance level of $0.000025, the highest swing on May 12. The Relative Strength Index and MACD indicators show that bulls are in control. Therefore, it is likely that Bonk's price will continue to rise, with the next point to watch being the 50% retracement price at $0.00003453.
Aptos and Pi Network: Price Dynamics
Aptos, a leading layer-1 network, will attract attention this week as it unlocks tokens worth $50 million. Cryptocurrencies often drop after token unlocks, as this typically increases the number of tokens in circulation. Aptos has been on a downtrend this year, falling from a high of $15.28 in November to $4.48 today. The MACD has moved below the zero line, and the Relative Strength Index has dropped below the neutral point at 50, indicating a likely continued downward trend with a key support level at $3.82. Meanwhile, Pi Network hovers at a crucial support level of $0.46, which could trigger a rebound if it maintains this level, potentially retesting the important resistance level at $1.
Amid the ongoing consolidation of the cryptocurrency market, monitoring key resistance and support levels as well as important events such as token unlocks may significantly influence price trends in the upcoming weeks.
