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5 Best Performing Coins of the Week – RVN led APE, ATOM, ETC, and HNT

By:
Bob Mason
Updated: Sep 12, 2022, 05:14 GMT+00:00

It was a bullish week ending September 11 for the crypto market. Sentiment towards the Merge and central bank monetary policy delivered support.

Crypto highlights - FX Empire

Key Insights:

  • It was a bullish week for the broader crypto market, with the market cap rising for a second consecutive week.
  • Fed fear subsided, with investors resigning to the likely 75-basis point rate hike this month.
  • Several cryptos stood out from the pack. RVN led the way, with APE, ATOM, ETC, and HNT making solid gains.

The total crypto market cap in the September 5 week increased by $63.8 billion to $1,026 billion. Six bullish sessions from seven delivered the jump, though a broad-based crypto market rally on Friday was the key contributor. On Friday, the crypto market cap surged by $62.3 billion.

A shift in investor sentiment towards the Fed delivered the breakout session.

Investors responded to policy moves by the Bank of Canada and the ECB, both of whom hiked rates by 75 basis points. A market realization that the Fed is not alone in cranking up interest rates despite economic uncertainty eased investor angst.

SEC Chair Gary Gensler chatter failed to spook investors late in the week, despite Gensler continuing to claim rights to regulate the broader crypto market.

Crypto market returns to $1 trillion.
Crypto Market Cap 120922 Daily Chart

Hawkish FOMC member and Fed Chair Powell speeches failed to influence, with a 75-basis point rate hike baked in. However, any talk of a percentage point hike could spook investors.

Throughout the week, the influence of the NASDAQ 100 on the broader market was clear. The NASDAQ 100 rose by 4.14% versus a crypto market gain of 4.91% (Mon-Fri).

NASDAQ correlation.
NASDAQ – Crypto Market Cap – 120922 Daily Chart

Across the CoinMarketCap top 100, several cryptos stood out from the pack.

Ravencoin (RVN) led the way, with apecoin (APE), cosmos (ATOM), ethereum classic (ETC), and helium (HNT) among the crypto 100 front runners.

Ravencoin (RVN)

For the week, RVN surged by 48.9% to end the week at $0.05156. A mixed start to the week saw RVN fall to a Monday low of $0.0314 before surging to a Friday high of $0.06249. A 53% rally on Friday delivered an impressive return for the week. However, a bearish Sunday led to a fallback to test support at $0.050.

Progress towards the Ethereum (ETH) merge was the key to RVN’s bullish week. A sharp increase in new miners, reportedly switching out of the Ethereum ecosystem, drove RVN demand.

Investor appetite for proof-of-work (PoW) protocols has risen as Ethereum miners look for alternative mining income streams. On Tuesday, mining pool operator Hiveon launched the Ravencoin Mining Pool. By Wednesday, the Hiveon RVN Pool ranked #4 according to Miningpoolstats.

Looking at the trends, a move through the September high of $0.06249 and a return to $0.065 would give the bulls a run at the March high of $0.07669. From there, RVN would have a free run at $0.10 and the January/2022 high of $0.1425.

For the bears, an RVN fall through August low of $0.02680 would bring the June and the current year low of $0.01710 into view.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. RVN sat above the 50-day EMA, currently at $0.04331.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

Following last week’s bullish crosses, a hold above the 50-day EMA would support a breakout from the August high of $0.06249 to target $0.0650. However, a pullback to sub-$0.050 would bring the 50-day EMA ($0.04331). A fall to sub-$0.03 would give the bears a run at the August low of $0.0268.

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ApeCoin (APE)

For the week, APE rallied by 18.40% to end the week at $5.6820. A bearish start to the week saw APE slide to a September low of $4.1675. Steering clear of sub-$4.00 and the June/2022 low of $3.0590, APE rallied to a Sunday high of $5.8320.

There were no major news events to support the bullish week, with APE still under selling pressure as the once sought-after NFT market continues to face a buying drought.

Looking at the trends, a move through Sunday’s high of $5.8320 and a return to $6.00 would bring the August high of $7.7270 into play. A breakout from the August high would then give the bulls a run at the May high of $27.6230. However, NFT market conditions will need to improve markedly to support a return to $20.

A fall through the September low of $4.1675 would bring the June/2022 low of $3.0590 into view. Near-term, avoiding sub-$4.00 will likely be the key.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. APE sat above the 200-day EMA, currently at $5.2630.

The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bullish price signals. A bullish cross of the 50-day EMA through the 100-day EMA would support a return to $6.00 to target the August high ($7.7270).

However, a fall through the 200-day ($5.2630) EMAs would bring the 100-day EMA ($4.9904) into play. A fall through the 100-day EMA and the 50-day EMA ($4.9590) would give the bears a run at the September low of $4.1675.

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Cosmos (ATOM)

For the week, ATOM rallied 20.31% to end the week at $15.7002. Tracking the broader market, ATOM fell to a Wednesday low of $11.5436 before surging to a September high of $17.2028. However, a bearish weekend left ATOM at sub-$16.

With investors hungry for network upgrades, the planned rollout of Cosmos 2.0 was ATOM price positive.

Looking at the trends, an ATOM move through the September high of $17.2028 would give the bulls a free run at the May high of $20.3339. An ATOM return to $25 would support a run at the April high of $33.2901 to bring the January/2022 high of $45.7133 into view.

However, a return to sub-$14.50 would bring sub-$10.00 and the August low of $9.6499 into view.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. ATOM sat above the 50-day EMA, currently at $14.2140. Following the mid-week breakout from the 50-day EMA, avoiding sub-$14.50 would support a run at the September high of $17.2028 to bring $20.00 into view.

However, a fall through the 50-day EMA ($14.2140) would give the bears a run at the August low of $9.6499.

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Ethereum Classic (ETC)

For the week, ETC rallied by 18.49% to end the week at $38.5328. A bullish start to the week saw ETC rally from a Monday low of $31.5993 to a Tuesday high of $42.3581 before sliding back to sub-$35. However, bullish through the second half of the week, ETC revisited $40 before easing back.

There were no news updates to support the breakout week. However, an influx of miners from the Ethereum ecosystem drove demand for ETC, as with ravencoin.

Looking at the trends, an ETC move through the August high of $45.7085 would give the bulls a free run at the March/2022 high of $52.6339. However, a fall through the August low of $30.3621 would bring the June/2022 low of $12.4842 into view.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. ETC sat above the 50-day EMA, currently at $37.0186.

The 50-day widened from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, delivering bullish price signals. An ETC hold above the 50-day EMA would support a continued run at the August high of $45.7085.

However, a fall through the 50-day EMA ($37.0186) would bring sub-$35.00 and the August low of $30.3621 into view.

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Helium (HNT)

HNT rallied by 19.95% to end the week at $5.1956. A bearish start to the week saw HNT slide to a Tuesday and September low of $3.2167. However, bullish through the remainder of the week, HNT struck a Saturday high of $6.1653 before sliding back.

There were no network news updates to support the breakout week. A pickup in appetite follows the bearish initial market reaction to the proposed migration to the Solana (SOL) blockchain.

Looking at the trends, an HNT return to $6.00 would support a run at the August high of $9.4612. A return to $10.00 would give the bulls a run at the May high of $16.6751. From there, HNT would need to break down resistance at $20 to target the February high of $32.0171. HNT struck a 2022 high of $45.7533 on January 5.

However, a fall to sub-$4.50 would bring the September/2022 low of $3.2167 into play.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. HNT sat below the 100-day EMA, currently at $5.2465. While the 50-day EMA narrowed to the 200-day EMA, the 100-day EMA eased back from the 200-day EMA to deliver mixed price signals.

An HNT move through the 100-day EMA would support a run at $6.00 and the August high of $9.4612. However, a fall through the 50-day EMA ($4.9492) would bring sub-$4.00 and the September low of $3.2167 into view.

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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