The crypto market opened the week on a tense note, with traders trying to make sense of shifting momentum and thinning volumes. SUI was one of the biggest losers at the start of the week as it saw significant selling pressure on Monday.
At the same time, global cryptocurrency volume declined by more than 30%, reducing the market’s total capitalization to $3.72 trillion. The most significant trading spike came on Monday, followed by heavy losses. This pattern reflects a broader decline in enthusiasm for altcoins.
The altcoin season index, which reached its second-highest point earlier this month, sank to its lowest level this week. Calls for an altseason faded, with Bitcoin reclaiming dominance. Still, a few major altcoins managed to carve out modest gains despite the weak backdrop.
Dogecoin garnered new interest when Bitwise updated its Dogecoin ETF application on August 29, incorporating in-kind redemption.
The change would enable direct DOGE-for-shares exchanges, potentially strengthening the coin’s use case. The announcement came just as Dogecoin experienced renewed buying pressure, despite a decline in trading activity across the market of over 47% since August 25.
We’ll examine their performances in detail.
DOGE/USD
Like SUI, Dogecoin endured a volatile week, kicking off with its steepest decline on Monday. The coin lost nearly 10% in a single session, making it the most bearish day of the week. Traders immediately speculated whether the drop set the tone for further selloffs.
Between Tuesday and Thursday, the picture shifted. Buyers reappeared, and DOGE clawed back some losses. Its gradual recovery showed resilience, but the momentum lacked conviction. By Friday, sellers regained control, driving the price down to $0.209 after it had reached a high of $0.224 earlier in the session. Although minor rebounds emerged intraday, the coin still closed with losses exceeding 4%.
Weekend activity highlighted indecision. A doji candlestick emerged, showing hesitation among traders. Early Saturday trading pointed to a correction, but dip buyers quickly stepped in. For five consecutive days, DOGE hovered between the middle and lower bands of the Bollinger indicator, a trend reinforced after the coin slipped below its simple moving average.
Technical indicators revealed more about the battleground. The Bollinger Bands reflected strong rebounds from the lower boundary on Monday and Tuesday, confirming that level as short-term support. Fibonacci retracement levels emphasized $0.205 as a critical price floor. DOGE tested the 61% retracement level, then bounced, holding above this threshold all week.
That makes $0.205 the line traders will watch most closely. If bulls defend it, momentum could shift upward, possibly fueling a short-term rally. A break below, however, would invite heavier selling pressure and threaten deeper losses.
ADA/USD
Cardano mirrored SUI early-week weakness. On Monday, ADA plunged from $0.94 to $0.83, erasing nearly 8% in a day. This sharp move pushed weekly losses close to 10% by Friday, despite mild midweek rebounds.
The coin has since hinted at a modest recovery, but vulnerability remains. ADA traded near its lower Bollinger Band, reflecting heavy bearish sentiment. More importantly, the 61% Fibonacci level acts as crucial resistance. Cardano must maintain its stance above this barrier to avoid another round of declines.
So far, bulls have defended key levels, but without stronger inflows, ADA could struggle to regain its footing. Traders eye the $0.83–$0.85 range as a make-or-break zone for momentum.
LINK/USD
Chainlink also felt the market’s weight, swinging between highs and lows before Friday’s decline. LINK fell from $25.1 to $23.1, marking a 7% loss before bouncing slightly.
The one-day chart spotlighted steady support around $22.8, but LINK currently trades outside major Fibonacci zones. This absence leaves traders cautious, as the coin lacks clear directional cues. Without decisive volume, LINK risks drifting sideways or slipping further.
For now, stability above $22.8 represents the minimum condition for avoiding deeper setbacks. The trend remains broadly bearish, and buyers must break through key levels to reverse sentiment.
HYPE/USD
HYPE started the week off on a solid note, experiencing a notable surge as it rose from $42.3 to $49.7 by Tuesday. There was even a brief moment when it touched $51, but aggressive selling pressure quickly intervened, halting the rally and pushing the token back toward its support level.
At this stage, the token is stable around $42.4, a key level that has historically triggered rebounds. However, trading below the simple moving average indicates ongoing downside pressure. To reverse the current bearish sentiment, HYPE must reclaim the moving average; otherwise, sellers may take control of the market.
Maintaining the $42.4 support level is vital. If the bulls are unable to hold this critical level, HYPE may face the prospect of entering a prolonged correction phase, which could lead to more significant declines. On the other hand, if they manage to defend this support successfully, it could pave the way for renewed efforts to break back into the $50–$51 range, igniting further bullish momentum.
SUI/USD
SUI’s chart took a different turn, presenting a doji candlestick over the weekend. This signaled hesitation and a brief pause in bearish sentiment. Twice, SUI tested the $3.2 support, establishing it as a long-term floor.
Still, Fibonacci analysis paints a cautious picture. Resistance is located near $3.32, with deeper support closer to $3. These zones frame SUI’s short-term path. As long as the token holds above $ 3.20, its outlook remains stable.
Buyers must keep defending that level, though, because any decisive break below could undermine confidence and set the stage for further declines.
The Bollinger Bands reflected strong rebounds from the lower boundary on Monday and Tuesday, confirming that level as short-term support and holding above this threshold throughout the week. Fibonacci retracement levels emphasized $0.205 as a critical price floor. SUI tested the 61% retracement level and lost it
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