- The biggest gainers this week were Helium and UNUS SED LEO.
- SATS, Polygon, and dYdX were the biggest losers this week.
Last week, most cryptocurrencies in the top 100 moved relatively slowly, with only a few assets showing gains. Only Helium and UNUS SED LEO showed positive performance in this category over the past seven days.
Polygon, on the other hand, struggled considerably despite its name change, eventually becoming one of the week’s biggest losers.
Biggest Winner
Helium (HNT)
Analysis on Helium (HNT) shows that the price started the week down more than 3%, suggesting that the previous week’s bearish trend is likely to continue.
However, HNT experienced a significant surge of 10.48% the next day, taking its price from around $6.20 to around $6.90. Although there was a downtrend during the week, HNT eventually ended the weekend on a strong note, closing at around $7.10.
According to data from CoinMarketCap, this performance made HNT the top gainer among top cryptocurrencies this week, with an overall gain of over 5.8%.
Source: TradingView
Further analysis revealed that HNT witnessed a golden cross over the weekend. This bullish technical pattern occurs when the short-term moving average (yellow line) crosses above the long-term moving average (blue line).
These crossovers are generally considered strong indicators of a positive price trend.
Additionally, the Relative Strength Index (RSI) of HNT was observed to be above the neutral line, further confirming the bullish trend. The combination of a golden cross and a high RSI suggests that HNT may continue to see positive momentum in the short term.
One but time
UNUS SED LEO was the only one to show gains on the chart last week, posting a modest gain of around 0.8%. The gains were less pronounced than Helium (HNT), but it still managed to finish the week in positive territory.
The price of UNUS SED LEO started at around $5.97 and fluctuated throughout the week. It rose to around $6 over the weekend, securing a spot among the top gainers.
However, UNUS SED LEO has fallen to the $5.9 range as of this writing. Its current market cap is around $5.4 billion.
UNUS SED LEO trading volume has fallen sharply despite the small increase, dropping to around $1.7 million, a drop of more than 30% in the last 24 hours.
The biggest loser
ratio (1000 ratio)
SATS, which was one of the best performing cryptocurrencies last week, has seen a dramatic turnaround this week, becoming one of the biggest losers among cryptocurrencies.
According to data from CoinMarketCap, SATS lost over 29% of its value this week. It started the week with a downtrend, trading around $0.00039. The decline continued throughout the week, with SATS dropping to $0.00029 by the end of the week.
As of this writing, the decline continues and SATS is trading around $0.00028. This continued downward pressure reflects a difficult week as SATS struggles to find support.
Additionally, SATS trading volume has dropped significantly, down around 40% over the last 24 hours, with the current trading volume sitting at around $43 million.
The decline in trading activity suggests that there is less market interest in SATS, which is contributing to the overall price decline. As of this writing, SATS has a market capitalization of approximately $601 million.
Polygon (MATIC)
Polygon (formerly MATIC, now trading as POL) recently underwent a rebrand, changing its ticker symbol. However, the rebrand has not yet resulted in improved market performance.
According to Polygon, the week started with a sharp decline of more than 8%, which took the price from around $0.57 to around $0.52.
Source: TradingView
The downtrend continued throughout the week, with the chart showing a series of declines. By the end of the week, Polygon’s price had fallen further to around $0.42, following a further 0.2% decline.
According to data from CoinMarketCap, this continued downward trajectory has made Polygon the second-largest drop of the week, with an overall decline of over 25%.
With a significant price drop, Polygon has entered a strong downtrend, which can be seen in the Relative Strength Index (RSI). The RSI is nearing 40. This level of RSI suggests that selling pressure is greater than buying interest, reinforcing the bearish outlook.
In addition to the price drop, Polygon’s market cap has also taken a hit, falling to around $4 billion, a drop of more than 3% in the past 24 hours alone.
Moreover, trading volumes have fallen by more than 30% over the same period, currently sitting at around $146 million.
DYDX
According to data from CoinMarketCap, dYdX has suffered its third-largest loss this week, with a loss of over 24%. According to price trend analysis, dYdX started the week trading around $1.15, but has been in a steady downtrend throughout the week.
Over the weekend, prices fell to around $0.90, reflecting significant downward pressure.
The impact of this decline is evident in dYdX’s market cap, which has fallen by more than 3% in the last 24 hours to around $557 million.
Trading volumes have also fallen sharply, dropping by more than 43% over the same period and currently stand at around $9.8 million.
conclusion
Here is a weekly summary of the biggest gains and losses. It is important to keep in mind the volatility of the market, where prices can change rapidly.
Therefore, it is best to do your own research (DYOR) before making any investment decisions.