Top Cryptocurrencies This Week: HMSTR, SUI, FTT
Date: 2024-10-07 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The global cryptocurrency market saw a 7% drop last week, amounting to a loss of $160 billion, and the market closed at $2.15 trillion.
While Bitcoin (BTC)’s impact was felt across the market, several altcoins showed their own trends thanks to unique developments in their ecosystems. Here are a few cryptocurrencies to watch this week after their various price gyrations last week.
HMSTR Plunges 18%
Hamster Kombat (HMSTR) had a bad week, losing 18% to $0.004714. The worst day came on October 1, when the price fell 13.94% amid a market-wide decline caused by geopolitical tensions.
Despite the recent drops, the 4-hour chart shows some signs of recovery, with the Relative Strength Index (RSI) rising and currently at 42.82. The +DI is at 17.46, indicating slight buying activity, while the -DI at 23.07 indicates easing selling pressure. The ADX is at 22.68 and is also trending lower, indicating a weakening of the current trend.
These data could point to a possible recovery if buying activity continues to increase, with bulls targeting the $0.0051 level. However, if buyers do not step up this week, the downtrend could continue.
SUI Resilience
Sui (SUI) has shown resilience despite the overall market volatility, down just 0.3%. On October 1, SUI fell only 0.97% amid market volatility, but posted a sharp 10.38% drop on October 3, marking its largest intraday decline in three months.
SUI appears to be forming a bull flag after rallying in September. Bollinger Bands are showing an upper boundary at $1.97, which serves as resistance, while the 20-day moving average at $1.62 provides immediate support.
Investors should keep an eye on a possible bounce between $1.62 and $1.97, as a break above the resistance could signal bullish momentum this week.
FTT is on the rise
FTX token (FTT) surprised the market last week, rising 22% while most assets were down. On October 1, FTT gained 13.89%, and then 21.53% on October 4, before adding another 9.86% the following day.
In this uptrend, the Williams Percent Range is -32.59, indicating that FTT is close to the overbought zone, but there is still room for further gains. FTT is seeing a 9% pullback this week, and bulls need to protect the $2.01 Pivot level to avoid a decline into bearish territory. If the price breaks below, the next support will be at $1.33, which is in line with the lows seen over the past two weeks.
If FTT can recover from the latest correction, market participants should watch for a break above the $2.68 resistance level to continue the bullish trend.
