HEGE, SOL, SAFE: Top Cryptocurrencies to Watch This Week

The cryptocurrency market experienced a setback last week, losing $70 billion and dropping to a total market cap of $2.28 trillion. This correction came as Bitcoin (BTC) closed the week on the lower end of the $67,000 range, impacting the broader market. Despite this downturn, some altcoins showed remarkable resilience. Here are our top picks for cryptocurrencies to monitor this week based on recent price movements:

HEGE on the Road to Recovery

Hege (HEGE) faced bearish pressure initially but managed to stage a recovery towards the end of the week. Despite this late rally, HEGE ended last week below the $0.01 mark, dropping nearly 18%—marking its first dip below this threshold this month.

On Saturday, HEGE rebounded with a 20% gain, which has continued into the new week with an additional increase of 10.70% this morning. The asset appears to be forming a V-bottom pattern, suggesting potential upward momentum toward the previous resistance level of $0.0147.

Currently, HEGE's Relative Strength Index (RSI) stands at 46.71, indicating room for further upward movement. However, maintaining the $0.01 level is crucial for sustaining this recovery. A drop below the Fibonacci level of 0.382 ($0.00975) could signal a new downturn.

HEGE is a meme cryptocurrency launched in April, centered around a storytelling concept involving a character navigating financial challenges in search of redemption.

SOL Defies Market Trends

Solana (SOL) has bucked the negative trend, closing last week with a 7% gain while much of the market declined. SOL ended the week above $170 after starting below $160. A Commodity Channel Index (CCI) of 111.50 indicates strong momentum, with the potential for continued upward movement driven by whale accumulation. However, caution is warranted as the CCI approaches overbought territory.

If a correction occurs this week, the $159.46 level, previously a resistance point, could serve as the first line of support. Should prices fall below this level, the next pivot point at $144.76 would come into play. A breach of this pivot could shift momentum to a bearish trend, with subsequent support levels at $128.80, $118.94, and $102.98.

SAFE Surges 55%

Like Solana, Safe (SAFE) carved its own path last week, defying broader market trends. The altcoin experienced its most significant push on October 24, spiking 40.54%—its largest intraday gain this year—following its listing on Upbit. SAFE sustained its momentum the next day, with an additional gain of 11.52%. By the end of the week, it had achieved a remarkable 55% increase, closing at $1.468.

SAFE continues to exhibit bullish momentum, with a +DI of 39.6 on the Directional Moving Index and an ADX of 40.5, indicating a slowdown in bearish pressure. However, the recent market correction has led to a 6.81% drop today. The Fibonacci level of 0.618 ($1.269) may act as the next support line, with a more significant decline potentially pushing prices down to $1.11.

Originally spun out from Gnosis in 2022, Safe is an Ethereum-based decentralized platform focused on multisignature wallet technology and decentralized infrastructure.

Conclusion

As the crypto market navigates through corrections and volatility, HEGE, SOL, and SAFE stand out as noteworthy cryptocurrencies to watch this week. Each has demonstrated resilience and unique movements that could influence their future performance, making them intriguing options for investors and traders alike.