The crypto sector caught the macro blues, tumbling alongside stocks as President Trump’s tariffs and weak jobs report spooked risk markets.
Bitcoin (BTC) fell from its all-time high of $123,200 in July to $112,000, and the market capitalization of all coins decreased from $4 trillion to $3.3 trillion.
Summary
- Pi Network price will be in focus as it crashed to a record low.
- Flare Network will unlock millions of tokens this week.
- Cardano will unveil the schedule for the Glacier airdrop at the Rare Evo event.
Cryptocurrencies and stocks fell as investors adopted a risk-off sentiment following the U.S. announcement of tariffs against top countries and the release of weak nonfarm payroll data.
They dropped even as top American companies, such as Microsoft and Meta, published strong financial results. The top cryptocurrencies to watch this week will be Pi Network (PI), Cardano (ADA), and Flare (FLR).
Pi Network
The Pi Network price will be in the spotlight this week after it crashed below the crucial support at $0.4016 and moved to a record low. It has now plunged by over 87% from the highest point this year.
By falling below the support at $0.4016, the token invalidated the highly popular double-bottom pattern. A double-bottom pattern often leads to a strong bullish breakout over time, meaning that the coin may continue plunging this week.
This decline, however, could be a fakeout, which could trigger more gains this week. A fakeout is a situation where an asset moves below a support or above a resistance and then quickly reverses.
Pi Network token chart | Source: crypto.news
Flare
The Flare price crashed from its July high of $0.0279 to a low of $0.0215 on Saturday. It will now be in the spotlight this week as the network unlocks tokens worth over $44.1 million, which are equivalent to 2.85% of the total supply. Flare has now unlocked 77% of its outstanding supply.
While a token unlock is bearish, its price will likely rebound as it has formed a doji candlestick pattern on the daily chart. This pattern has a small body and upper and lower shadows. It implies that an asset opened and closed at the same price, often resulting in a bullish reversal.
Flare price chart | Source: crypto.news
Cardano
Cardano will be a top cryptocurrency to watch as its developers will host the Rare Evo event in Las Vegas between Aug. 6 and 10. Some of the top speakers will be Charles Hoskinson and Tamara Haasen, the president of Input-Output.
The main catalyst for Cardano in this event will be the revealing of the Glacier airdrop date. This airdrop will enable over 33 million crypto addresses to claim new NIGHT tokens.
Cardano will account for 50% of the tokens, with the remaining 50% allocated to holders of cryptocurrencies such as Bitcoin, Ethereum, BAT, Avalanche, and Solana. As such, there is a likelihood that Cardano price will rebound during and after this event.
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