As the global crypto market experienced a significant drop last week, losing $160 billion and bringing the total market cap to $2.15 trillion, attention remains on several standout altcoins. While Bitcoin continued to influence the broader market, specific cryptocurrencies like Hamster Kombat (HMSTR) , Sui (SUI) , and FTX Token (FTT) charted their own unique paths due to ecosystem developments and market dynamics.
Here’s a closer look at these cryptocurrencies and what market participants should expect this week.
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Hamster Kombat (HMSTR) Faces Bearish Trend
Hamster Kombat (HMSTR) had a tough week, with its price plummeting by 18%, ending at $0.004714. The steepest drop occurred on October 1, when HMSTR fell by 13.94%, driven largely by external market factors like geopolitical tensions, which impacted investor sentiment.
However, the technical indicators suggest some hope for recovery. The four-hour chart shows that the RSI is rising, currently at 42.82, signaling that selling pressure may be easing. Additionally, the DMI shows the +DI at 17.46 and the -DI declining to 23.07, indicating a reduction in bearish momentum. The ADX, which is trending downward at 22.68, further signals that the current downtrend might be losing steam.
If buying momentum builds, HMSTR could target a price of $0.0051, but this recovery will depend on whether bulls can gather enough strength this week.
Sui (SUI) Shows Resilience Amid Market Volatility
Despite the broader crypto market’s turbulence, Sui (SUI) remained relatively stable, posting only a minor 0.3% decline last week. On October 1, SUI dipped by 0.97% amid market turmoil, but it saw a sharper drop of 10.38% on October 3—the largest intraday crash it’s experienced in three months.
Technically, SUI seems to be forming a bullish pennant pattern following a strong uptrend in September. The Bollinger Bands indicate resistance at $1.97 and support at $1.62, with SUI currently trading below the upper band. Investors should watch for price action between these levels. A breakout above .97 could trigger a bullish rally, making SUI a key altcoin to monitor for the coming week.
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FTX Token (FTT) Defies the Market Trend
While most cryptocurrencies struggled last week, FTX Token (FTT) performed remarkably well, gaining 22% in value. On October 1, FTT surged by 13.89%, followed by further gains of 21.53% on October 4 and an additional 9.86% the following day.
Despite the recent retracement of 9%, FTT’s technical indicators still show room for growth. The Williams Percent Range (WPR) is at -32.59, signaling that FTT is nearing overbought territory but may still have further upward potential. Key levels to watch include the Pivot support at $2.01, which needs to hold to avoid slipping into bearish territory. If bulls defend this level, the next target will be a resistance break above $2.68 to maintain the upward momentum.
What This Means for Crypto Investors in October 2024
For investors tracking the market in October, these three cryptocurrencies offer diverse opportunities. HMSTR may be nearing a recovery point, but caution is advised. SUI demonstrates resilience and could break out above its resistance if bulls gain control. FTT has bucked the broader market trend and continues to offer upward potential if key support holds.
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