Crypto market’s weekly winners and losers – HNT, LEO, SATS, and MATIC

As a seasoned researcher with years of experience navigating the tumultuous seas of the cryptocurrency market, I must say this week has been a rollercoaster ride, much like my first time at Six Flags—exciting, nerve-wracking, and filled with unexpected twists and turns.

Over the recent seven-day period, the majority of the leading 100 cryptocurrencies have experienced modest activity, with just a select few registering growth. Among them, Helium and UNUS SED LEO were the only ones that recorded gains during this timeframe.

Although it changed its name, Polygon faced considerable struggles. In fact, it became one of the most significant losers during that particular week.

Biggest winners

Helium (HNT)

Examining Helium (HNT), we notice a drop of more than 3% at the start of the week, indicating a possible extension of the downward trend observed in the previous week.

On the following day, Helium Network Token (HNT) saw a substantial 10.48% surge, pushing its price from around $6.2 to approximately $6.9. Despite minor declines in the latter part of the week, HNT finished the week on an optimistic note, wrapping up at roughly $7.1.

During the past week, Helium Network Token (HNT) emerged as the greatest weekly winner among major cryptocurrencies, boasting a total growth of more than 5.8% based on statistics provided by CoinMarketCap.

Crypto market’s weekly winners and losers – HNT, LEO, SATS, and MATIC

As we approached the weekend, it appears that HNT experienced a ‘golden cross’ – a positive technical signal in which the shorter-term moving average surpassed the longer-term one. This is represented by the yellow line crossing over the blue line on the chart.

This crossover is typically seen as a strong indicator of a positive price trend.

Moreover, it was noticed that Helium Network Token’s (HNT) Relative Strength Index (RSI) was above the non-biased level, adding more evidence to the bullish trend. The union of the golden cross and a high RSI implies that HNT could potentially maintain its positive trajectory in the upcoming period.

UNUS SED LEO

Apart from Helium (HNT), Unus Sed Leo was the sole gainer on the chart last week, experiencing a modest growth of approximately 0.8%. Although its upward movement wasn’t as significant as Helium’s, it nonetheless ended the week with gains.

Initially priced at about $5.97, UNUS SED LEO underwent changes in value during the course of the week. Towards the close of the week, it climbed slightly to roughly $6, earning a spot among the week’s top price increases.

Currently, UNUS SED LEO has dropped down to approximately $5.9 per token, and its total market value is roughly $5.4 billion at the moment.

Although there was a slight increase, the trading volume for UNUS SED LEO has experienced a significant drop, falling to approximately $1.7 million – a decrease of more than 30% within the past 24 hours.

Biggest losers

SATS (1000SATS)

Last week, SATS was one of the strongest performers within the cryptocurrency market. However, it experienced a significant downturn in the following week, making it the largest loser among all cryptocurrencies.

Based on information from CoinMarketCap, the value of SATS decreased by more than 29% over the course of the week. To start with, it was trading at approximately $0.00039 at the beginning of the week. The price drop continued throughout the week, and by Friday, SATS had fallen to $0.00029.

At present, I’m observing a persistent decrease in the value of SATS, currently hovering around 0.00028. This sustained bearish trend suggests a difficult week for SATS, as it has been grappling with finding a solid foundation for recovery.

Furthermore, it’s worth noting that the trading volume for SATS has experienced a substantial decrease, falling approximately 40% within the past 24 hours. At present, the trading volume stands at around $43 million.

A drop in trading transactions implies a lower market enthusiasm for SATS, which may be causing its falling price. Currently, the total value of SATS is around $601 million.

Polygon (MATIC)

Polygon, previously known by the ticker symbol MATIC and now trading as POL, has recently gone through a brand transformation, but this rebranding hasn’t seemed to boost its market performance just yet.

The initial analysis shows that Polygon experienced a steep drop of more than 8% at the beginning of the week, causing its value to dip from roughly $0.57 down to about $0.52.

Crypto market’s weekly winners and losers – HNT, LEO, SATS, and MATIC

During the entire week, the graph displayed a steady decrease, indicating repeated falls. As the week came to an end, Polygon’s price dipped even lower, reaching approximately $0.42. To round off the week, there was a minor drop of about 0.2%.

During the past week, Polygon experienced a continuous decrease that positioned it as the second-largest weekly decliner, with its total value dropping more than 25% based on CoinMarketCap’s statistics.

Due to a notable decrease in price, Polygon appears to be following a robust downward trend, as suggested by its Relative Strength Index (RSI), which is currently near 40. Typically, an RSI at this level implies that sellers are more dominant than buyers, further supporting the bearish perspective.

Beyond just experiencing a drop in price, Polygon’s total market value has also decreased significantly, now standing at approximately $4 billion. In just the past day, this decline amounts to more than 3%.

Furthermore, during the same timeframe, trading volume has dropped by over 30%, currently standing at around $146 million.

dYdX (DYDX)

dyDEX experienced a significant drop and ranked as one of the top three weekly losers, as reported by CoinMarketCap, with a decline of more than 24%. Examining its price movement reveals that dyDEX began the week at around $1.15, but encountered continuous decreases throughout the week.

By the week’s end, the price had dropped to around $0.9, reflecting significant downward pressure.

In the past day, the market value of dYdX has dropped by more than 3%, now standing at approximately $557 million, demonstrating the effect of this decline on its worth.

As a crypto investor, I’ve noticed a significant drop in trading volume lately. Over the past period, it’s plummeted by a staggering 43%, leaving us currently dealing with around $9.8 million in daily trades.

Conclusion

Here’s a summary of this week’s top performers (gainers) and underperformers (losers). Keep in mind that the market is inherently unpredictable, with prices often changing swiftly due to various factors.

Thus, doing your own research (DYOR) before making investment decisions is best.

2024-09-01 22:17