This week, crypto shifted into a more defensive setup.
Rising Treasury yields, higher oil prices, and growing Fed rate-hike expectations pressured risk assets, pushing Bitcoin below $77k. However, the sell-off was not uniform. Capital continued to flow into utility-based narratives such as DeFi and privacy tokens.
So, with crypto entering a key week, these flows could show where investors are moving their money next.
Weekly winners
Venice Token [$VVV] – Privacy-focused AI platform broke into a new all-time high
Venice Token [$VVV] was the best-performing cryptocurrency this week, gaining more than 35%. Of course, the most important question now is whether this bullish momentum can continue next week.
Two technical signals suggest that it may. First, $VVV’s RSI on the weekly chart remains far below the overbought line. This contrasts with the token’s early-May rally, which caused its RSI to enter the overbought territory.
The development, in turn, appears to have capped $VVV’s price action near $20.
Consequently, $VVV is currently in a better position than it was in early May. From a technical standpoint, the price of the token broke through the crucial $20 resistance during the past week. So, the next move higher may still have more room.
Given this setup, bullish continuation appears increasingly likely. If $VVV stays above $20, another breakout could open the door toward the $25–$30 range in the coming week.
Bitway [$BTW] – Bitcoin-focused infrastructure project sits at crossroad
Bitway [$BTW] was the second-largest weekly winner, rising 22% during the period. Unlike $VVV, $BTW has yet to enter the price discovery phase. Most importantly, $BTW has been climbing for six consecutive weeks and is therefore due for a correction.
Technically, $BTW looks extended at the current level. The asset is encountering resistance near $0.60, and the RSI is already in the overbought territory. These factors suggest that the rally is unlikely to continue.
If this setup holds true, $BTW is expected to correct shortly before trying to overcome resistance once again. For now, bulls need to remain strong and withstand the pressure to keep $BTW’s bullish trend intact.
Injective [$INJ] DeFi blockchain faces strong resistance setup
Injective [$INJ] managed to secure the third spot on the leaderboard of weekly winners, climbing by 10% on Thursday. Unlike $VVV and $BTW, $INJ appears to be in a stronger uptrend on a weekly basis.
The token has steadily climbed since its correction in mid-August, which saw the price drop to $5.30.
On a technical front, the RSI indicator stays at a neutral level for now, so there is a potential for the rally to continue. Moreover, $INJ was able to rebound by nearly 20% after the bearish correction in late August that saw the price fall by more than 6%.
Considering this development, it would make sense to expect further gains in $INJ in the upcoming weeks, pushing the price towards $6-$7 by the end of September.
Other notable winners
Outside the majors, altcoin movers also stood out this week.
Lisk [LSK] led the action with an 877% move, followed by GreenHood [HOOD] surging 455%, while Stonk [STONK] gained 237%, rounding out the list of biggest movers.
Weekly losers
Arbitrum [$ARB] – Ethereum Layer-2 network faced strong selling pressure
Arbitrum [$ARB] was the biggest loser this week, plummeting 27%. But with the move coming on the back of $ARB’s 124% weekly increase, it looks more like a cooldown with resistance forming in the $0.20 zone.
Of course, the main question is if the sell-off will turn into a correction or just a minor adjustment. Interestingly, the technicals have some answers by taking a look at the price in the context of the RSI.
Despite the 124% rally last week, $ARB’s RSI never entered the overbought area. Which means that the long weekly increase never became too extended.
At the same time, the bullish run pushed $ARB’s price higher into the mid-January resistance in the $0.20 level, so the sell-off looks more like a reaction and not a bearish shift in the overall trend.
So, if buyers hold the key support, $ARB could stabilize and make another attempt at the $0.20 resistance.
Ethena [$ENA] – Synthetic-dollar protocol saw its reversal lose momentum
Ethena [$ENA] finished the week down 21%, placing it as the second-lowest performer for the week. Unlike the case with $ARB, $ENA appears poised to hold on to the $0.15 level.
It is the third consecutive week that the asset has been testing the level, indicating potential for buyers to accumulate the dips.
That being said, $ENA’s RSI has turned lower, suggesting that buyer enthusiasm is cooling down. As such, the setup is conducive to either a prolonged accumulation period or the possibility of a bull trap. In this context, the first critical level to watch out for is $0.10.
If $ENA fails to hold above this level, it would indicate that the recent corrective rally was indeed a trap.
On the other hand, if $ENA manages to hold on to the $0.15 level and RSI starts moving higher, this may indicate that the buying pressure is gathering strength.
Dash [$DASH] – Privacy-focused payment coin hit resistance after a sharp rally
Dash [$DASH] closed at the third place among the weekly losers, recording a 21% drawdown. Remarkably, $DASH’s weekly performance resembles greatly that of $ARB. This may hint that the action is merely a short-lived consolidation rather than a bearish trend reversal.
From a technical standpoint, the 21% correction followed the 70% rebound from the previous week, which marked the strongest rally since early January.
Moreover, the recent sell-off was precipitated by $DASH’s rejection from the $80 area, which the asset had failed to retest since the early Q1 cycle.
With RSI remaining overextended and resistance intact, $DASH bears may well capitalize on the rally to lock in some profits. Meanwhile, the bulls may regain control around the current levels, initiating a weak-hands shakeout and fueling the next move higher toward $80.
Other notable losers
In the broader market, downside volatility hit hard.
Safebit [SAFE] led the losers with a 67% drop, followed by Basecat [BASECAT] falling 66%, and Cluster Protocol [CP] slipping 54% as momentum sharply cooled.
Conclusion
This week was a rollercoaster. Big pumps, sharp dips, and nonstop action. As always, stay sharp, do your own research, and trade smart.
Final Summary
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Venice Token [$VVV], Bitway [$BTW], and Injective [$INJ] led the week in gains.
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Arbitrum [$ARB], Ethena [$ENA], and Dash [$DASH] saw significant declines.