The global cryptocurrency market cap experienced a significant decline last week, dropping 7% and losing $160 billion, as it closed at $2.15 trillion.
Although Bitcoin (BTC) impacted the overall market, various altcoins showcased resilience, benefiting from distinct developments within their respective ecosystems.
Here are key cryptocurrencies to watch this week following their varied price movements over the past week:
Hamster Kombat (HMSTR) Sees 18% Decline
Hamster Kombat (HMSTR) faced a challenging week, falling 18% to $0.004714. The most significant drop occurred on October 1, when it plummeted 13.94%, largely driven by geopolitical tensions affecting the broader market.
Last week’s bearish trend added to the ongoing downtrend HMSTR has faced since its airdrop on September 26. However, recent data from the four-hour chart exhibits preliminary signs of recovery, with the Relative Strength Index (RSI) rising to 42.82.
The Directional Movement Index (DMI) shows a steady +DI at 17.46, indicating slight buyer momentum, while the -DI sits at 23.07, suggesting weakening selling pressure. The Average Directional Index (ADX) is currently at 22.68 and trending downward, indicating that the current market trend is losing strength.
These indicators imply a potential recovery if buying momentum picks up, with bullish targets possibly aiming for $0.0051. However, the downturn could persist if buyers do not gain traction this week.
Sui (SUI) Shows Strength Amid Market Volatility
Sui (SUI) exhibited resilience during a turbulent market, experiencing a slight decline of just 0.3%. On October 1, amid significant market fluctuations, SUI dipped only 0.97%.
However, it faced a sharper decline of 10.38% on October 3, marking its largest intraday drop in three months.
SUI appears to be forming a bull pennant after its September uptrend. The Bollinger Bands indicate that the upper band, which acts as resistance, is at $1.97, while the 20-day moving average, providing immediate support, is at $1.62.
As SUI trades below the upper band, prices could stabilize above the $1.62 support level. Investors should monitor potential price movements between $1.62 and $1.97, with a breakout above resistance likely signaling bullish momentum for the week ahead.
FTX Token (FTT) Trends Upward
FTX Token (FTT) diverged from prevailing market trends last week, experiencing a remarkable 22% increase while other assets faced declines.
On October 1, FTT surged by 13.89%, followed by a significant 21.53% increase on October 4 and an additional 9.86% rise the following day.
Despite its upward momentum, the Williams Percent Range indicates a reading of -32.59, suggesting FTT is approaching overbought territory but may still have room for additional gains.
As it experiences a 9% retracement this week, bulls will need to defend the Pivot support at $2.01 to avoid slipping into bearish conditions. The next support level is located at $1.33, marking lows not witnessed in the past two weeks.
If FTT manages to rebound from its recent correction, market observers should look for a breakout above the resistance level at $2.68, further affirming its bullish trajectory.
