Cryptocurrency markets experienced significant volatility this week, with most coins initially crashing following former U.S. President Donald Trump's decision to impose tariffs on Mexico, China, and Canada. A partial recovery occurred after tariffs on Mexico and Canada were paused on Monday. The overall market valuation fell to $3.2 trillion, with Bitcoin struggling below the $100,000 level.
Terra Luna Classic (LUNC) had an eventful week following a major token burn by Binance. Over 1.68 billion LUNC tokens were incinerated in the past seven days, bringing the total burned to over 402.5 billion. Despite this deflationary mechanism, the LUNC price dropped to a weekly low of $0.00005325—its lowest point since December 2023. Technical analysis reveals a strong downward trend, with the price remaining below the 50-week and 25-week moving averages and forming a falling triangle pattern, a bearish signal. The next critical support level is the all-time low of $0.0000355, unless the price can break above the descending trendline from September 2022 highs.
Monero (XMR) has performed well in recent months, breaking out of a prolonged consolidation phase. The privacy-focused coin's price rose following a favorable court ruling for crypto mixer Tornado Cash. On the weekly chart, XMR successfully broke above the key resistance level of $185.60, a level it had not surpassed since January 2023, which also acted as the neckline of an inverse head and shoulders pattern. Currently trading above the 50-week and 25-week Exponential Moving Averages (EMAs), with rising MACD and RSI indicators, Monero appears bullish. The next major resistance target is $310, approximately 32% above current levels, with key support at $200.
Litecoin (LTC) faced pressure this week, dropping to a low of $81.7 before rallying to $105.65. It remains above the 60-week moving average and is forming a bullish pennant pattern, accompanied by a small hammer candlestick pattern—a potential reversal signal. A key future catalyst for LTC is the potential approval of a spot Litecoin ETF by the U.S. Securities and Exchange Commission (SEC), though analysts caution that such an ETF may not attract substantial inflows similar to Ethereum's experience.
In current trading, Litecoin and Monero are among the altcoins recording slight gains, with LTC reaching $106.03 and XMR trading at $201.64, hovering near the critical $200 resistance level. Meanwhile, other tokens like Morpho (MORPHO) and Zerebro (ZEREBRO) saw declines of over 5%.
