As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market volatility. Last week’s crypto market dip was no exception, but it’s always intriguing to see how different coins react within this ecosystem.
Last week, the total value of the cryptocurrency market experienced a 7% decline, resulting in a loss of approximately $160 billion, leaving it closed at around $2.15 trillion.
Despite Bitcoin‘s impact on the wider market, various alternative coins forged their individual trajectories, gaining advantages from distinctive advancements within their respective networks.
This week, it’s worth monitoring the following cryptocurrencies due to their varying price fluctuations from last week:
HMSTR collapses 18%
Last week, Hamster Kombat (HMSTR) experienced a bearish trend, decreasing by 18% to reach $0.004714. The most significant drop occurred on October 1, when it fell by 13.94%, due in part to a broader market slump caused by escalating geopolitical tensions.
Over the past week, the negative sentiment towards HMSTR has intensified, continuing a trend that started after its release on September 26. Yet, the four-hour chart hints at potential recovery as the Relative Strength Index (RSI) is now inclining upward, currently standing at 42.82.
As a crypto investor, I’m observing some interesting trends in my technical analysis. My Daily Moving Average (DMI) shows a consistent +DI of 17.46, suggesting a slight upward momentum by buyers. However, the -DI at 23.07 is declining, which indicates that selling pressure is gradually weakening. Additionally, the ADX, currently at 22.68, is trending downwards, indicating that the current trend’s strength is diminishing. This could signal a potential shift in market direction.
These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.
SUI demonstrates resilience
Despite the wider market fluctuations causing a slight dip of 0.3%, SUI demonstrated robustness. On October 1, even in the midst of market chaos, SUI experienced a minimal decrease of only 0.97%.
However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.
It seems like SUI is shaping up to resemble a bull pennant after its upward trend in September. At the moment, Bollinger Bands suggest the upper band is around $1.97, acting as a potential resistance level, while the 20-day moving average offers immediate support at approximately $1.62.
With SUI trading below the upper band, the price could stabilize above the $1.62 support.
Keep an eye on potential price fluctuations between approximately $1.62 and $1.97. If the price surpasses the resistance at $1.97, it could indicate a bullish trend for the upcoming week.
FTT bucks the trend
FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.
On October 1st, the FTT saw an increase of 13.89%. This was followed by a significant jump of 21.53% on October 4th, and another rise of 9.86% the following day.
In this rising trend, the Williams %R currently shows a value of -32.59, suggesting that FTT may be approaching an overbought state, yet it might continue to increase slightly more.
If the price drops by 9% this week and reaches $2.01, bulls must hold this level to avoid a shift towards bearish conditions. A drop below this point could lead us back to support at $1.33, a level not seen since two weeks ago.
If the FTT market rebounds from its recent downturn, traders ought to keep an eye out for a price surge beyond the resistance point at $2.68. This move could further fuel the ongoing bullish trend.
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2024-10-06 20:40