5 Best Performing Coins of the Week – CEL Leads OKB, NEXO, HT, and ANKR

Key Insights:

• It is a bullish Monday to Friday for the crypto market, supported by US economic indicators.
• Celsius (CEL) leads the way, surging by 86%.
• Ankr (ANKR), Huobi Token (HT), OKX (OKB), and Nexo (NEXO) also had breakout weeks.

Monday to Friday, August 12, the total crypto market cap was up $63.3 billion. The crypto market is on target for a sixth consecutive weekly gain.

The crypto market remained focused on US economic indicators in the week, with US inflation the main driver for riskier assets.

Following the US nonfarm payroll and ISM Non-Manufacturing PMI numbers from the week prior, US inflation figures eased bets of a percentage point rate hike in September.

In July, the US annual rate of inflation softened from 9.1% to 8.5%. Economists forecast a softening to 8.7%. Wholesale inflationary pressures also eased, with the annual wholesale rate of inflation easing from 11.3% to 9.8%.

Investors responded to the US CPI numbers, with the total crypto market cap surging by $43 billion in the hour immediately after the release. However, the markets continued to bet on another sizeable Fed rate hike, which resulted in a moderate pullback from Thursday highs. The hawkish bets came despite the softer inflation and positive economic indicators.

On Friday, US economic sentiment and inflation expectation numbers delivered another market boost.

According to prelim figures, the Michigan Consumer Sentiment Index jumped from 51.5 to 55.1 in August. Looking at the sub-components, the Michigan Inflation Expectations Indicator slipped from 5.2% to 5.0%.

The US equity markets responded in a similar fashion, with the NASDAQ 100 – crypto correlation remaining in place.

Monday through Friday, the NASDAQ 100 rose by 3.8% to end the week at 13,047.19.

Across the CoinMarketCap crypto top 100, the bullish week saw several cryptos outperform the broader market.

Celsius (CEL) leads the way, with OKX (OKB), Nexo (NEXO), Huobi Token (HT),  and Ankr (ANKR) among the front runners.

Celsius (CEL)

For the week, CEL is up 86% to $2.705, Monday through Friday. Bullish throughout the week, CEL rallied from a Monday low of $1.426 to a Friday high of $2.812 before easing back.

CEL hit its highest level since 2.768 on April 12. News of creditors planning to investigate Celsius CEO Alex Mashinsky delivered support early in the week. Through the second half of the week, reports of Ripple Lab showing interest in acquiring Celsius assets added to the upside.

Looking at the trends, a move through the current week’s high of $2.812 to $3.00 would give CEL a run at the April high of $3.342. From $3.35, CEL would need to break through the February high of $3.665 to target the January high of $4.458.

However, a fall to sub-$2.00 would bring the August low of $1.060 into view.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. CEL sat above the 50-day EMA, currently at $1.9268.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish CEL price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on August 4.

However, a fall through the 50-day EMA would leave sub-$1.75, the 100-day EMA, currently at $1.6007, and the current week low of $1.426 in play.

Ankr (ANKR)

For the week, ANKR is up 43.2% to $0.0474. A mixed start to the week saw ANKR fall to a Tuesday low of $0.0308 before making a move. A bullish Wednesday and a breakout Thursday saw ANKR surge to a high of $0.0580 before easing back.

The news of Ankr launching ANKR token staking and Binance Labs investing in Ankr delivered the upside.

Looking at the trends, ANKR would need to avoid a fall back to sub-$0.0400 and the current week low of $0.0308 to support the bullish trend. A breakout from this week’s high of $0.0580 would give the bulls a look at the May high of $0.0681. From there, ANKR would have a free run at the April high of $0.1028.

A fall back to sub-$0.0400 would bring the August low of $0.0296 and the June 18 current year low of $0.023 back into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. ANKR sat above the 50-day EMA, currently at $0.0378.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish ANKR price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after last testing support at the 100-day EMA on August 9 and August 10.

However, a fall through the 50-day EMA could bring sub-$0.0350 and the 100-day EMA, currently at $0.0346, into play.

Huobi Token (HT)

Monday through Friday, HT is up 18.45% to $5.20. HT slipped to a Monday low of $4.23 before a Friday breakout to a high of $5.63. A pullback from the $5.63 left HT at $5.20 going into the weekend.

News of Huobi Global founder Leon Li looking to sell 60% of the exchange, with Tron and FTX interested parties, delivered support.

Looking at the trends, HT would need to avoid a fall back to sub-$4.50 and the current week low of $4.23 to support the bullish trend. A move through this week’s high of $5.63 would bring the June high of $7.79 into play. From $7.80, HT would have a free run at the April high of $9.95 to target $10.00.

A fall back to sub-$4.50 would bring the August 3 current year low of $4.22 into view.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. HT sat above the 200-day EMA, currently at $4.5966.

The 50-day closed in on the 200-day EMA, with the 100-day EMA narrowing the 200-day EMA, both bullish HT price signals.

A bullish cross of the 50-day EMA through the 200-day EMA would signal upward momentum to bring the June high into play.

However, a fall through the 200-day EMA would bring the 50-day EMA, currently at $4.5332, and sub-4.50 into view.

Nexo (NEXO)

Monday through Friday, NEXO is up 26.84% to $0.9509. A bullish week saw NEXO rise from a Monday low of $0.7495 to a Thursday high of $1.0200.

News of an upswing in customer liabilities has delivered NEXO price support.

Looking at the trends, NEXO would need to avoid a fall back to sub-$0.80 and the current week low of $0.7495 to support the bullish trend.

A breakout from this week’s high of $1.0200 would bring the June high of $1.2920 into play. From there, NEXO would have a free run at the May high of $2.429 to target $3.00. NEXO last stood at $3.00 in April.

A fall back to sub-$0.80 would bring the June 18 and current year low of $0.5320 into view.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. NEXO sat above the 50-day EMA, currently at $0.8353.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA. Both are bullish NEXO price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after the August 7 bullish cross of the 100-day EMA through the 200-day EMA.

However, a fall through the 50-day EMA would bring sub-$0.80 and the 100-day EMA, currently at $0.7850, into play.

OKX (OKB)

Monday to Friday, OKB is up 16.07% to $21.16. A choppy start to the week saw OKB fall to a Tuesday low of $17.00 before surging to a Friday high of $21.45.

There were no directly OKB-linked news stories to support the breakout Friday session.

Looking at the trends, a breakout from the week high of $21.45 would support a run at the March high of $23.68 to bring $25.00 into view. OKB last stood at $25 in January. A return to $25 would give the bulls a run at the January and the current year high of $29.95.

However, market sentiment across the broader crypto market will need to remain bullish, to support a breakout from $25.00.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. OKB sat above the 50-day EMA, currently at $18.78

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish OKB price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on Friday.

However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $18,00, and the current week low of $17.00 into play.