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.
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