HMSTR, SUI, FTT: Top cryptocurrencies to watch this week

The global crypto market cap experienced a significant decline last week, down 7% and losing $160 billion to close at $2.15 trillion. While Bitcoin (BTC) largely influenced the overall market trends, some altcoins managed to chart their own paths thanks to specific developments within their ecosystems.

Notable Cryptocurrencies to Watch

• Hamster Kombat (HMSTR): This token faced a tough week, collapsing by 18% to $0.004714. The sharpest decline occurred on October 1, when it plummeted by 13.94%, largely driven by the broader market downturn linked to rising geopolitical tensions.

As you keep an eye on the market this week, it’s essential to consider both the broader trends and the individual circumstances affecting various cryptocurrencies. The fluctuations in tokens like Hamster Kombat highlight the diverse reactions within the market to external events and internal developments.

Last week, Hamster Kombat (HMSTR) continued its bearish trend, which has been in place since the airdrop on September 26. However, the four-hour chart indicates some potential for recovery. The Relative Strength Index (RSI) is showing an upward slope at 42.82, hinting at a possible rebound.

The Directional Movement Index (DMI) reveals a mixed picture: the +DI is at 17.46, suggesting slight buying momentum, while the -DI is at 23.07 and trending downward, indicating that selling pressure is easing. The Average Directional Index (ADX) stands at 22.68 and is also trending down, which shows that the current trend is losing strength. If buying momentum picks up, bulls might target a price of $0.0051, but the downtrend could continue if buyers remain sluggish.

Sui (SUI) Shows Resilience

In contrast, Sui (SUI) demonstrated notable resilience in the face of broader market volatility, with only a minor drop of 0.3%. On October 1, when the market faced significant turmoil, Sui dipped just 0.97%. However, it did experience a more significant decline of 10.38% on October 3, marking its largest intraday crash in three months.

Sui’s ability to maintain relative stability amid market fluctuations highlights its resilience and potential for recovery as conditions improve. As traders watch these developments, both HMSTR and SUI will be closely monitored for signs of a sustained upward trend or further challenges.

Sui (SUI) seems to be forming a bull pennant after its uptrend in September, with the Bollinger Bands revealing key levels for traders. The upper band is currently at $1.97, acting as a resistance point, while the 20-day moving average (MA) at $1.62 serves as immediate support.

As SUI trades below the upper band, there’s potential for the price to stabilize above the $1.62 support. Investors should keep an eye on this range; a bounce between $1.62 and $1.97 could set the stage for a breakout above resistance, signaling bullish momentum for the week ahead.

FTX Token (FTT) Defies the Trend

In contrast, FTX Token (FTT) bucked the overall market decline last week, gaining an impressive 22%. On October 1, FTT surged by 13.89%, followed by a remarkable 21.53% rise on October 4, and another 9.86% increase the next day. This strong performance highlights FTT’s unique position amidst a generally bearish environment, suggesting positive sentiment or specific catalysts driving investor interest in the token.

As market dynamics continue to unfold, both SUI and FTT present intriguing opportunities for traders to watch.

The Williams Percent Range for FTX Token (FTT) currently sits at -32.59, indicating that while FTT is nearing overbought territory, it still has potential for further gains. However, the token has experienced a 9% retracement in the new week, making it crucial for bulls to defend the Pivot support at $2.01 to prevent a slip into bearish territory.

Should this support fail, the next key level to watch is at $1.33, which marks lows last seen two weeks ago.

If FTT can recover from its latest correction, traders should look for a break above the resistance level at $2.68. Successfully surpassing this resistance could signal a continuation of the bullish momentum, positioning FTT for further upside.