Top Cryptocurrencies to Watch This Week: Kaito, AVAX, and Pi Network
Crypto Market Poised for Volatility Amid Earnings Reports and Token Unlocks
Investors in the cryptocurrency space are gearing up for a pivotal week following a surge that has propelled the total market capitalization of cryptocurrencies beyond $4 trillion. This period is expected to be influenced by corporate earnings, geopolitical trade developments, and significant token unlock events.
Bitcoin and Altcoins on the Rise
With Bitcoin reaching unprecedented levels, altcoins such as Kaito, Avalanche, and Pi Network are at critical junctures regarding their technical setups and supply dynamics. The next few days could determine whether the market will experience a phase of consolidation or continue its upward trajectory.
Corporate Earnings as a Market Catalyst
The upcoming week will see earnings reports from major U.S. corporations, including tech giants like Google, Tesla, IBM, and Microsoft, which are anticipated to impact both crypto and stock markets significantly.
Trade Negotiations and Tariff Implications
As the August 1 deadline approaches, any advancements in trade negotiations will also affect cryptocurrency valuations. Recent communications from former President Trump to trading partners, including South Korea and the European Union, have set this deadline, with potential tariffs looming if agreements are not reached.
ETF Inflows and Corporate Accumulation
In addition to earnings, the influx of funds into exchange-traded funds (ETFs) and increased corporate investments will play a crucial role in shaping the crypto landscape. Key cryptocurrencies to monitor include Kaito (KAITO), Avalanche (AVAX), and Pi Network (PI).
Spotlight on Kaito
Kaito is gaining attention for its innovative Yield Attention Protocols (YAPs), which reward user engagement with tokens on social media platforms. The platform also offers tools for tracking various crypto narratives and tickers.
This week, Kaito’s $KAITO token will be under scrutiny as it unlocks tokens valued at over $13.94 million, accounting for 3.50% of its total supply. The network plans to continue unlocking tokens until 2028, with a circulating supply of 241 million tokens out of a maximum of 1 billion.
However, technical analysis suggests that Kaito may face downward pressure, having formed a bearish flag and a rising wedge pattern.
Avalanche’s Bullish Momentum
Avalanche has experienced a robust upward trend recently, climbing from a low of $15.73 in June to $24.70. This momentum will be tested as the network prepares to unlock tokens worth $41.1 million, which represents 0.4% of its total supply.
To date, Avalanche has unlocked 325 million tokens, with 35 million remaining. Unless a protocol vote occurs, the final tokens are scheduled to be unlocked by 2030. The upcoming unlock coincides with Avalanche nearing a critical resistance level of $26.76, which, if surpassed, could signal further gains.
Pi Network’s Technical Analysis
Pi Network is another cryptocurrency to watch closely this week due to its technical indicators. Despite the overall bullish trend in the crypto market, Pi Network has seen a decline in recent months. It is currently approaching a vital support level at $0.4087, where it has formed a double-bottom pattern. A drop below this level could indicate further declines.
Conversely, Pi Network has also established a large falling wedge pattern, which may lead to a rebound, potentially pushing the price up to $1.
Other Notable Cryptocurrencies
In addition to Kaito, Avalanche, and Pi Network, other cryptocurrencies such as Bitcoin, Ethereum, Solana, and XRP are expected to see increased ETF inflows. These assets may also respond to any announcements regarding the potential for retirement funds to be invested in cryptocurrencies, particularly if made by Trump.
As the week unfolds, market participants will be closely monitoring these developments to gauge their impact on the cryptocurrency landscape.
