5 Best Performing Coins of the Week – CEL and LDO Lead ALGO, LTC, and MATIC

Key insights:

  • It is a bullish Monday through Saturday for the broader cryptocurrency market.
  • The Fed’s fears eased over the course of the week, with mixed US economic indicators raising doubts about how aggressively the Fed could push inflation back to target.
  • Several cryptocurrencies have stood out from the group. LDO and CEL lead, with ALGO, LTC and MATIC also making solid gains.

From Monday to Saturday, September 3, the total market capitalization of cryptocurrencies increased by $ 33.59 billion to $ 955.11 billion. A bullish start to the week made the lion’s share of the gains. However, US economic indicators and sentiment towards Fed monetary policy continued to test cryptocurrency support levels.

News updates on cryptocurrencies dampened investor sentiment towards the Fed’s monetary policy, leaving market cap in positive territory over the weekend.

Crypto Market Cap 030922 Weekly chart

US economic indicators have produced mixed results for global financial markets. Consumer confidence, JOLT job openings, the private sector PMI and weekly claims for unemployment benefits supported the Fed’s aggressive path beyond monetary policy normalization.

However, the change in ADP’s non-farm employment and the all-important figures relating to non-farm wages and wage growth have raised question marks.

Despite weaker nonfarm payroll data, the main figure is likely strong enough to support the Fed’s political mantra. Janet Yellen, US Treasury Secretary and former Fed chairman, reminded markets of the Fed’s inflation target. putting pressure on riskier assets.

However, network news updates have been crypto-positive, with progress towards the Vasil hard fork and the Merge providing support to the market.

However, the NASDAQ 100’s influence on the broader cryptocurrency market was evident throughout the week, even though the cryptocurrency market remained in positive territory in Saturday’s session.

NASDAQ – Crypto Market Cap – 030922 Daily chart

In the CoinMarketCap top 100, several cryptocurrencies stood out from the group.

Lido DAO (LDO), Celsius Network (CEL), Algorand (ALGO), Litecoin (LTC) and Polygon (MATIC) are among the top 100 cryptocurrencies.

Lido DAO (LDO)

For the week, LDO was up 27.51% to $ 2.0341. Bullish since the start of the week, LDO rose from a Monday low of $ 1.5525 to a Friday high of $ 2.2798. However, in a bearish position in the early hours of Saturday, the LDO is back testing the support at $ 2.00.

Progress towards the Ethereum (ETH) merger was key for LDO’s bullish week. The performance of the LDO is intertwined with the price action of ETH. Ether staking numbers provided indications, with ETH returning to $ 1,650 behind the LDO rally.

Looking at the trends, a move through the August high of $ 3.1044 would give the bulls a run to $ 3.5.

For bears, a drop in the LDO to the August low of $ 1.5525 would bring the June and current year low of $ 0.3996 into view.

LDOUSD 030922 Daily chart

Looking at the EMAs and the 4-hour candlestick chart (below), it was a bullish sign that came on Saturday. LDO has remained above the 50-day EMA, currently at $ 1.9866.

The 50-day EMA has narrowed to the 100-day EMA, with the 100-day EMA converging to the 200-day EMA, providing bullish price signals.

A bullish cross from the 100-day EMA through the 200-day EMA would support a breakout from this week’s high of $ 2.2797 to reach the August high of $ 3.1044. However, a pull back of the 50-day EMA ($ 1.9866) would bring levels below $ 1.00 in sight. A drop to less than $ 1.00 would bring below $ 0.50 and the August low of $ 0.1725.

LDOUSD 030922 4-hour chart

Celsius Network (CEL)

For the week, CEL was up 28.03% to $ 1.4374. Bullish since the start of the week, CEL rose from a Monday low of $ 1.12267 to a Friday high of $ 1.59100.

News of an incoming loan repayment to cover the fund’s operations and plans to return $ 50 million to customers provided support.

Looking at the trends, a drop during the August low of $ 0.5817 would bring in sight the current June low of $ 0.15. For now, a return to $ 1.00 will be the key to bringing in the August and 2022 high of $ 4.4000. Failure to return to $ 1.00 would leave the current year low of $ 0.15 at stake.

CELUSD 030922 Daily chart

Looking at the EMAs and the 4-hour candlestick chart (below), Saturday was a bearish signal. CEL is trading above the 50-day EMA at $ 1.42368.

The 50-day EMA has narrowed to the 100-day EMA, while the 100-day EMA has slipped back from the 200-day EMA, providing mixed price signals.

A breakout of the CEL from the 100-day ($ 1.64229) and 200-day ($ 1.66068) EMAs would support a run to the August high. However, CEL news updates will need to remain favorable for a return to $ 2.00.

A return from the 50-day EMA would bring the August low of $ 0.5817 back into play.

CELUSD 030922 4-hour chart

Algorand (ALGO)

For the current week, ALGO is up 6.91% to $ 0.30287. Following the broader market, ALGO moved from a Monday low of $ 0.28035 to a Friday high of $ 0.30700 before easing back.

While ALGO found support from the broader cryptocurrency market, news updates on the cryptocurrency market were also positive for ALGO’s price. This week, FIFA announced plans to launch an NFT platform on the ALGO blockchain. The announcement follows Algorand’s partnership with FIFA.

Looking at the trends, a move by ALGO through the August high of $ 0.38459 would give the bulls a free run to the May high of $ 0.75591. An Algo return to $ 0.80 would support a March high run of $ 0.98784 to bring in $ 1.00 and the January and 2022 high of $ 1.84287.

ALGOUSD 030922 Daily chart

Looking at the EMAs and the 4-hour candlestick chart (below), Saturday was a bearish signal. ALGO has sat below the 100-day EMA, currently at $ 0.30494.

A breakout of the 100-day EMA ($ 1.30494) would support a move through the 200-day EMA ($ 0.31692) to reach the August high of $ 0.38359. However, a drop of the 50-day EMA ($ 0.32537) would take the August low to $ 0.27920.

ALGOUSD 030922 4-hour chart

Litecoin (LTC)

For the week, LTC was up 12.02% to $ 59.82. An unstable start to the week saw LTC drop to a Tuesday low of $ 51.85 before climbing to a Friday high of $ 62.41. However, despite a bullish week, LTC broke below the August high of $ 65.83.

There were no apparent news updates to support the breakout week.

Looking at the trends, an LTC move through the August high of $ 65.83 would give the bulls a free run to the May high of $ 107.03. From the May high, the March high of $ 134.11 would come into play. LTC reached a 2022 high of $ 153.91 on Jan.17.

However, a drop during the August low of $ 51.69 would bring the June low and the current year low of $ 40.32 in sight.

LTCUSD 030922 Daily chart

Looking at the EMAs and the 4-hour candlestick chart (below), it was a bullish sign that came on Saturday. LTC has traded above the 200-day EMA, currently at $ 57.23.

The 50-day EMA closed at the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, providing bullish price signals. A bullish cross from the 50-day EMA through the 100-day EMA would support a run to the August high of $ 65.83.

However, a drop of the 200-day EMA ($ 57.23) would take the $ 55.00 and August low of $ 51.59 below.

LTCUSD 030922 4-hour chart

Polygon (MATIC)

For the week, MATIC was up 12.66% to $ 0.881. Up all week, MATIC climbed from a Monday low of $ 0.762 to a Friday high of $ 0.913 before easing back.

This week, Robinhood (HOOD) announced the inclusion of MATIC. According to the announcement, Robinhood supports sending and receiving MATIC tokens via Polygon and Ethereum.

Looking at the trends, a MATIC move through the August high of $ 1,055 would support a run to the May high of $ 1,187 and a return to $ 1.50. A breakout of $ 1.50 would give a run to the bulls to the March high of $ 1.752. MATIC reached a 2022 high of $ 2,665 on January 1.

However, a drop during the August low of $ 0.754 would bring the June low and the current year low of $ 0.317 in sight.

MATICUSD 030922 Daily chart

Looking at the EMAs and the 4-hour candlestick chart (below), it was a bullish sign that came on Saturday. MATIC has remained above the 100-day EMA, currently at $ 0.842. It is significant that the 100-day EMA has broken through the 200-day EMA, with the 50-day EMA converging to the 200-day EMA.

A bullish cross of the 50-day EMA through the 200-day EMA and the 100-day EMA would support a bearish trend reversal and run to the August high.

However, a pullback in the EMAs would support a decline during the August low to bring the 2022 low ($ 0.317) in sight.

MATICUSD 030922 4-hour chart

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