- Helium and UNUS SED LEO were the biggest gainers of the week.
- SATS, Polygon, and dYdX had the biggest losses of the week.
The past week has been relatively slow for most cryptocurrencies in the top 100, with only a few assets managing to post gains. Helium and UNUS SED LEO were the only assets in this category to see positive performance over the last seven days.
On the other hand, despite undergoing a name change, Polygon struggled significantly. It ended up as one of the week’s biggest losers.
Biggest winners
Helium (HNT)
Analysis of Helium (HNT) reveals that it began the week with a decline of over 3%, initially suggesting that the bearish trend from the previous week might continue.
However, HNT experienced a significant 10.48% spike the next day, propelling its price from around $6.2 to approximately $6.9. Although there were some downtrends later in the week, HNT ultimately ended the week on a strong note, closing at around $7.1.
This performance made HNT the highest gainer of the week among top cryptocurrencies, with an overall increase of over 5.8%, according to data from CoinMarketCap.
Source: TradingView
Further analysis indicates that towards the end of the week, HNT witnessed a golden cross. This bullish technical pattern occurs when the short-moving average (yellow line) crosses above the long-moving average (blue line).
This crossover is typically seen as a strong indicator of a positive price trend.
Additionally, HNT’s Relative Strength Index (RSI) was observed to be above the neutral line, further confirming the bullish trend. The combination of the golden cross and a high RSI suggests that HNT may continue to see positive momentum in the near term.
UNUS SED LEO
UNUS SED LEO was the only other gainer on the chart last week, posting a modest increase of around 0.8%. While its rise was less pronounced than Helium’s (HNT), it still closed the week in positive territory.
The price of UNUS SED LEO started at approximately $5.97 and experienced fluctuations throughout the week. By the week’s end, it had edged up to around $6, securing its position among the top gainers.
However, UNUS SED LEO has slipped back to the $5.9 range as of this writing. Its market capitalization currently stands at around $5.4 billion.
Despite its modest gain, the trading volume for UNUS SED LEO has sharply declined, dropping to around $1.7 million—down over 30% in the last 24 hours.
Biggest losers
SATS (1000SATS)
SATS, which was among the top performers the week before, took a sharp turn this past week, becoming the biggest loser among cryptocurrencies.
According to data from CoinMarketCap, SATS lost over 29% of its value during the week. It began the week on a downward trend, trading at around $0.00039. The decline persisted throughout the week, and by the end of the week, SATS had dropped to $0.00029.
As of this writing, the decline has continued, with SATS trading at approximately $0.00028. This consistent downward pressure reflects a challenging week for SATS as it struggled to find support.
Additionally, the trading volume for SATS has significantly dropped, declining by around 40% in the last 24 hours, with the volume currently around $43 million.
The reduction in trading activity suggests that market interest in SATS has decreased, contributing to the overall price decline. The market capitalization of SATS stands at approximately $601 million as of this writing.
Polygon (MATIC)
Polygon (formerly MATIC, now trading as POL) has recently undergone a rebranding with the change of its ticker symbol. However, this rebranding has yet to lead to an improvement in its market performance.
Analysis reveals that Polygon started the week with a sharp decline of over 8%, which took its price from around $0.57 to approximately $0.52.
Source: TradingView
The downward trend continued throughout the week, with the chart showing consecutive declines. By the end of the week, Polygon’s price had dropped further to around $0.42, following a slight additional decline of 0.2%.
This consistent downward trajectory resulted in Polygon being the second-biggest loser of the week, with an overall decline of over 25%, according to data from CoinMarketCap.
The significant price drop has pushed Polygon into a strong bear trend, as indicated by its Relative Strength Index (RSI), which is hovering around 40. An RSI at this level suggests that selling pressure outweighs buying interest, reinforcing the bearish outlook.
In addition to the price decline, Polygon’s market capitalization has also taken a hit, dropping to around $4 billion. This represents a reduction of over 3% in the last 24 hours alone.
Moreover, trading volume has decreased by more than 30% over the same period, with the current volume at approximately $146 million.
dYdX (DYDX)
dYdX emerged as the third-biggest loser of the week, according to data from CoinMarketCap, with a loss of over 24%. An analysis of its price trend shows that dYdX started the week trading at approximately $1.15 but faced consistent declines throughout the week.
By the week’s end, the price had dropped to around $0.9, reflecting significant downward pressure.
The impact of this decline is evident in dYdX’s market capitalization, which has decreased by over 3% in the last 24 hours, bringing it to around $557 million.
Additionally, trading volume has sharply declined, dropping by more than 43% over the same period, with the current volume at approximately $9.8 million.
Conclusion
Here’s the weekly recap of the biggest gainers and losers. It’s crucial to bear in mind the volatile nature of the market, where prices can shift rapidly.
Thus, doing your own research (DYOR) before making investment decisions is best.
