bullish

Solana

Helium

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Persistent bearish forces from two weeks ago continue to impact the cryptocurrency sector, which saw its global market cap suffer a substantial loss of $350 billion, decreasing by 10.4% to $2.15 trillion by the end of the week. 
Here are our picks for top cryptocurrencies to watch this week: 
<h2 class="wp-block-heading" id="xrp-breaks-below-bull-pennant">XRP breaks below bull pennant</h2> 
XRP (<a href="https://crypto.news/price/xrp/">XRP</a>) began the week with a <a href="https://crypto.news/xrp-finally-joins-raboo-in-the-green-as-holders-jump-from-avalanche/">bullish push</a> to a four-month high of $0.6580 on July 31. 
However, as the broader market collapsed, XRP corrected these gains. It had formed a bull pennant amid the consolidation from July 18 to 30. 
<figure class="wp-block-image size-full">
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 <img loading="lazy" decoding="async" width="1855" height="825" src="https://crypto.news/app/uploads/2024/08/XRP-1D-Chart_111941.png" alt="XRP, TRX, HNT: Top cryptocurrencies to watch this week - 24"> 
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 XRP one-day chart – Aug. 1 | Source: <a href="https://www.tradingview.com/" target="_blank" rel="">Trading View</a>
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The formation of the pennant had initially suggested a continuation of the July 7 to July 17 uptrend. Nonetheless, the asset broke below the pennant on Aug. 2 when it collapsed below $0.55, indicating a shift in momentum to bearish. Consequently, XRP ended last week with a 6.5% drop. 
On the daily chart, XRP has moved below the 0.382 Fibonacci level at $0.5544. If bearish momentum continues, XRP could further decline to 0.618 ($0.4910), which would serve as its last defense against a drop to the early July values.&nbsp; 
At this point, the 0.5 and 0.618 retracement levels are potential support zones. If the price can find support and stabilize at these levels, there may be a chance for a reversal. However, if bearish pressure persists, XRP could continue its downward trend. 
 You might also like: <a href="https://crypto.news/solana-takes-sharp-7-dive-bitcoin-ethereum-bnb-drop/"> Solana takes sharp 7% dive: Bitcoin, Ethereum, BNB also drop </a> 
<h2 class="wp-block-heading" id="trx-suffers-double-top-declines">TRX suffers double top declines</h2> 
Tron (<a href="https://crypto.news/price/tron/">TRX</a>) also started the week bullish, but its rise to a high of $0.1394 resulted in the formation of a bearish double-top pattern. This also coincided with a retest of the upper Bollinger Band ($0.1397), bolstering the imminent correction. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14289321"> 
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 <img loading="lazy" decoding="async" width="1855" height="827" src="https://crypto.news/app/uploads/2024/08/TRX-1D-Chart_111950.png" alt="XRP, TRX, HNT: Top cryptocurrencies to watch this week - 25"> 
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 TRX one-day chart – Aug. 1 | Source: <a href="https://www.tradingview.com/" target="_blank" rel="">Trading View</a>
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Following the formation of the <a href="https://www.tradingview.com/x/u5hs49dh/" target="_blank" rel="">double top</a>, TRX broke below the neckline, confirming the pattern and resulting in a sharp decline to a three-week low of $0.1228. However, TRX found robust support at $0.1228 and is looking to recover. 
The current recovery shows the price moving back toward the middle Bollinger Band, which acts as a short-term resistance around the $0.1330 level, representing the 20-day SMA. 
Given the bounce from the support level at $0.1228 and the current price near $0.1285, it is important to watch if <a href="https://crypto.news/tron-surpasses-ethereum-and-solana-in-revenue-generated-in-the-past-24-hours/">Tron</a> can break above the neckline level again. Sustained trading above this level could indicate a reversal of the bearish trend and a potential move higher. 
<h2 class="wp-block-heading" id="hnt-slumps-18">HNT slumps 18%</h2> 
Helium (<a href="https://crypto.news/price/helium/">HNT</a>) started last week on a bearish note, recording four consecutive days of declines. It staged an 8% intraday recovery gain on Aug. 1, but these gains were snuffed out by a subsequent 11.47% drop the next day.&nbsp; 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14289322"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/HNT-1D-Chart_111946.png.webp"> 
 <img loading="lazy" decoding="async" width="1853" height="826" src="https://crypto.news/app/uploads/2024/08/HNT-1D-Chart_111946.png" alt="XRP, TRX, HNT: Top cryptocurrencies to watch this week - 26"> 
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 <figcaption class="wp-element-caption">
 HNT one-day chart – Aug. 1 | Source: <a href="https://www.tradingview.com/" target="_blank" rel="">Trading View</a>
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</figure> 
HNT ended the week with an 18% slump. Moreover, chart data confirms that Helium currently trades near the middle line of the Keltner Channel (KC).&nbsp; 
The Stochastic RSI, on the other hand, indicates that HNT is in oversold territory. The Stochastic RSI values are around 4.78 for the %K line and 8.04 for the %D line. This suggests that the selling pressure may be overextended, and a potential rebound could be on the horizon.&nbsp; 
It is significant to watch for potential support around the middle KC line at $4.69. If <a href="https://crypto.news/heliums-price-soars-11-amidst-a-broad-market-rally/">Helium</a> holds above this level and the Stochastic RSI begins to rise, it could indicate a buying opportunity.&nbsp; 
However, a break below this level could lead to further declines towards the lower KC boundary at $3.76. 
Conversely, if HNT can regain momentum and move towards the upper KC boundary, it would need to surpass $5.62 to signify a strong bullish trend. 
 Read more: <a href="https://crypto.news/morpho-raises-50m-vc-duelnow-daylight-score-backing/"> Morpho leads crypto VC week with $50m round; DuelNow, Daylight follow suit </a>

XRP, TRX, HNT: Top cryptocurrencies to watch this week

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