5 Best Performing Coins of the Week – CHZ Leads ATOM, HT, NEXO, and TFUEL

Key Insights:

• It is a bearish Monday to Saturday for the broader crypto market, weighed by Fed Chair Powell.
• A sharp Friday sell-off in response to the Fed Chair Powell speech at Jackson Hole left the broader crypto market in the red.
• However, several bucked the trend, including Chiliz (CHZ), Cosmos (ATOM), Huobi Token (HT), NEXO (NEXO), and Theta Fuel (TFUEL).

Monday to Saturday, August 27, the total crypto market cap is down $62.32 billion to $942 billion. A Fed Chair Powell fueled Friday crypto meltdown saw $68 billion come off the table to leave the crypto market on target for a second consecutive weekly loss.

Throughout the week, crypto news took a back seat with investors focused on US economic indicators and the Federal Reserve.

Weak service sector PMI figures for August raised hope of a more dovish Fed, with the services PMI sliding from 47.3 to 44.1. Numbers below 50 indicate a sector contraction. The August decline pointed to a US recession, with the services sector accounting for more than 70% of the US economy.

Other stats in the week were also crypto-market-friendly. US core durable goods orders rose, with the US labor market numbers positive. An upward revision to Q2 GDP numbers also delivered support. On Friday, softer inflation numbers raised hopes of a more dovish Fed. The numbers were out before the heavily anticipated Fed Chair Powell speech.

However, Powell delivered a blow to riskier assets. Fed Chair Powell warned the markets of the Fed’s commitment to bring inflation to target. Powell talked of the likely fallout from the Fed’s goal, including the impact on labor market conditions. The Fed Chair removed any hope of a policy reversal by highlighting the need for a period of sustained below-trend growth alongside a weaker labor market to tame inflation.

The NASDAQ 100 also took a hit in response to Powell’s speech, sliding by 3.94% on Friday. The correlation between the crypto market and the NASDAQ 100 remained intact throughout the week.

Across the CoinMarketCap top 100, several cryptos avoided the red in a bearish week.

Chiliz (CHZ) and Huobi Token (HT) lead the way, with Cosmos (ATOM), Nexo (NEXO), and Theta Fuel (TFUEL) also avoiding the red.

Chiliz (CHZ)

For the week, CHZ is up 14.95% to $0.2153. A mixed start to the week saw CHZ fall to a Monday low of $0.1827. However, a Monday rebound and a bullish Tuesday saw CHZ strike an August high of $0.2653 before three consecutive days in the red. Avoiding sub-$0.20, CHZ revisited $0.22 on Saturday before easing back.

Network news delivered another breakout week. On Monday, Chiliz founder Alexandre Dreyfus announced plans to shift from the Ethereum (ETH) blockchain to a native chain CHZ 2.0. CHZ rallied by 19.04% on Monday.

Looking at the trends, a CHZ move through the August high of $0.2653 would support a run at the April high of $0.2943. A return to $0.30 would bring the March 30 current-year high of $0.3319 into view.

However, a fall through the week low of $0.1827 would bring the August low of $0.1214 and sub-$0.10 into view. CHZ fell to a 2022 low of $0.0810 on June 18.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. CHZ sat at the 50-day EMA, currently at $0.2165.

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.

A breakout from the 50-day EMA would support the upward trend formed at the July 27 bullish cross. However, a pullback from the 50-day EMA and a fall through the 100-day EMA ($0.2013) would bring the 200-day EMA (0.1772) and the August low of $0.1725 into view.

Cosmos (ATOM)

For the week, ATOM is up 4.28% to $11.1041. A mixed start to the week saw ATOM fall to a Monday low of $10.0463 before making a move. Steering clear of the August low of $9.6499, ATOM rallied to a Wednesday and an August high of $13.4543.

The bearish sentiment from across the crypto market weighed in the second half of the week to leave ATOM at sub-$12.

Following the community passing of Proposal 72 in July, the introduction of Neutron delivered the bullish week.

Looking at the trends, an ATOM move through the Wednesday and August high of $13.4543 would support a run at the May high of $20.3339. A breakout from $20 would then give the bulls a run at the April high of $33.2901. ATOM struck a 2022 high of $45.7133 on January 7.

However, a fall through the August low of $9.6499 would bring the June and the current year low of $5.5401 into view.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Sunday. ATOM sat at the 200-day EMA, currently at $11.0606.

Following Tuesday’s bullish cross, the 50-day EMA fell back towards the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

An ATOM breakout from the 200-day EMA would support a run at the 100-day EMA ($11.4788) to bring the 50-day EMA ($11.6552) into view. For the bulls, a move through the 50-day EMA would support a return to $13 to target the May high ($20.3339).

Huobi Token (HT)

For the week, HT is up 12.55% to $4.9935. A bearish start to the week saw HT fall to a low of $4.3605. However, four consecutive days in the green saw HT strike a Saturday high of $5.3565 before easing back to sub-$5.00.

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

Looking at the trends, an HT move through the August high of $5.8360 would give the bulls a run at the June high of $7.7795. From the June high, HT would then have a free run at the February and 2022 high of $10.2000.

However, a fall through the August low of $4.3230 would bring the July and the current year low of $4.2835 into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. HT sat above the 50-day EMA, currently at $4.8025.

Following the bullish cross on Friday, the 50-day pulled EMA away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

HT would need to hold above the 50-day EMA to support a breakout from the August high and a run at the June high of $7.7795. However, a fall through the 50-day EMA would give the bears a look at the August low of $4.3230.

Nexo (NEXO)

For the week, NEXO is up a modest 0.38% to $0.9246. A bearish start to the week saw NEXO fall to a Monday low of $0.8824. However, steering clear of the August low of $0.6749, NEXO struck a Wednesday high of $1.0625 before easing back.

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

Looking at the trends, a NEXO move through the August high of $1.0914 would give the bulls a run at the June high of $1.3118. From the June high, NEXO would then have a free run at the May and 2022 high of $3.5866.

However, a fall through the August low of $0.6749 would bring the June and the current year low of $0.5440 into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. NEXO sat above the 100-day EMA, currently at $0.9162.

The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA, delivering mixed price signals.

NEXO would need to break out from the 50-day EMA to support a move through the August high of $1.0914. However, a fall through the 100-day EMA would give the bears a look at the August low of $0.6749.

Theta Fuel (TFUEL)

For the week, TFUEL is up 4.95% to $0.06069. A bearish start to the week saw TFUEL fall to a Tuesday and an August low of $0.05321 before making a move. Bullish mid-week, TFUEL surged to a Friday high of $0.07416 before revisiting sub-$0.060.

Network news updates delivered the new August high, with the Theta Network sharing updates on the progress towards the Theta Metachain.

Looking at the trends, a TFUEL move through the August high of $0.08382 would support a run at the May high of $0.1465. A breakout from $15 would then give the bulls a run at the March and 2022 high of $0.2449.

However, a fall through the August low of $0.05321 would bring the June and the current year low of $0.03879 into view.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Sunday. TFUEL sat below the 50-day EMA, currently at $0.06159.

Late in the Saturday session, the 50-day pulled back from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

A TFUEL move through the 50-day EMA would support a breakout from the 200-day EMA ($0.06216) to target the 100-day EMA ($0.06250). A move through the 100-day EMA would signal a near-term bearish trend reversal to give TFUEL a look at the August high of $0.08382.

However, a pullback from the 50-day EMA would support a fall through the August low to bring the 2022 low ($0.03879) into view.