5 Best Performing Coins of the Week – EOS Leads CHZ, DOT, GNO, and LEO

Key Insights:

• It is a bearish Monday to Friday for the crypto market, weighed by investor sentiment toward Fed monetary policy.
• Despite a Friday-frenzied sell-off, several coins stood out, including EOS (EOS), which leads the way.
• Chiliz (CHZ), UNUS SED LEO (LEO), Gnosis (GNO), and Polkadot (DOT) are faring better than the broader market.

Monday to Friday, August 19, the total crypto market cap is down $135.8 billion to $1,002 billion. A Friday crypto meltdown saw $74.3 billion come off the table to leave the crypto market on target to end a six-week winning streak.

Throughout the week, the crypto market remained focused on US economic indicators and the likely impact on Fed monetary policy. It was a double-edged sword for the global financial markets.

On the one hand, better-than-expected US economic indicators eased fears of a US economic recession. On the other hand, however, the stats fueled expectations of another 75-basis point rate hike in September.

Late in the week, hawkish FOMC member chatter weighed heavily on riskier assets.

While less closely correlated than early in the year, the crypto market broadly tracked the NASDAQ 100, with both aligned in Friday’s reversal. For the week, the NASDAQ 100 fell by 2.12%, with the total crypto market down 11.93%.

Across the CoinMarketCap crypto top 100, several cryptos avoided the red, with others seeing modest losses relative to the pack.

EOS (EOS) leads the way, with Chiliz (CHZ) and UNUS SED LEO (LEO) also finding support. While Gnosis (GNO) and Polkadot (DOT) were in the red, both outperformed the broader market.

EOS (EOS)

For the week, EOS is up 13.52% to $1.4843, Monday through Friday. A mixed start to the week saw EOS fall to a Monday low of $1.2448 before striking a Wednesday high of $1.6700. After a flat Thursday, a broad-based Friday crypto sell-off leaves EOS down 11.93% for the session.

Several factors contributed to the upward trend. However, news of a plan to rebrand and move away from Block.one was likely the driving force. Investors are anticipating an EOS hard fork to deliver upgrades, another contributory factor.

Looking at the trends, a move through the current week’s high of $1.6700 would give EOS a run at the May high of $2.2491. From $2.25, EOS would need to break through the March high of $3.1729 to target the January 2 current year high of $3.3375.

However, a fall through the August 3 low of $1.1484 would bring the June 18 current year low of $0.8170 into view.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. EOS sat at the 100-day EMA, currently at $1.3150.

The 50-day closed in on the 100-day EMA, with the 100-day EMA narrowed to the 200-day EMA, both bearish price signals.

A move through the 100-day EMA would support a run at the 50-day EMA to bring the August high of $1.6700 into play.

However, a fall to sub-$1.30 would bring the 200-day EMA, currently at $1.2488, into view. A fall through the 200-day EMA would likely give the bears a look at sub-$1.00 and the current year low of $0.8170.

Chiliz (CHZ)

For the week, CHZ is up 9.54% to $0.1984. A mixed start to the week saw CHZ fall to a Monday low of $0.1725. However, a Monday rebound and bullish sentiment drove CHZ to a Wednesday/Thursday and new August high of $0.2298 before hitting reverse.

Network news delivered the bullish week, with news of Socios.com investing $100 million to support Barcelona FC’s Web3 goals the big news at the start of the 2022-23 football season.

Looking at the trends, a CHZ move through the August high of $0.2298 would support a run at the April high of $0.2943. A return to $0.30 would then bring the March 30 current-year high of $0.3319 into view.

However, a fall through the week low of $0.1725 would bring the August low of $0.1214 and sub-$0.10 into view.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. CHZ sat above the 50-day EMA, currently at $0.1921.

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

Avoiding a fall through the 50-day EMA would support the upward trend formed at the July 27 bullish cross. However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $0.1739, and the August low of $0.1725 into view.

UNUS SED LEO (LEO)

For the week, LEO is up 3.87% to $5.3268. A bullish start to the week saw LEO strike a Tuesday high of $5.4568 before sliding to a Friday low of $5.0833. However, a Friday recovery and move back into positive territory delivered the upside for the current week.

There were no crypto news stories to deliver the gains for the current week.

Looking at the trends, a LEO move through the Tuesday and August high of $5.4568 would support a run at the July high of $6.5000. A breakout from $6.5000 would then give the bulls a run at the February 8 and current year high of $8.1443.

However, a fall through the week low of $5.0833 would bring the August low of $4.7000 into view.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. LEO sat above the 50-day EMA, currently at $5.1726.

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

Avoiding a fall through the 50-day EMA would support the upswing from the Thursday bullish cross. However, a fall through the 50-day EMA and the 100-day EMA ($5.1128) would bring the 200-day EMA (5.1490) and sub-$5.00 into view.

Gnosis (GNO)

For the week, GNO is down 2.00% to $181.09. A bearish start to the week saw GNO slide to a Wednesday low of $173.99. However, a 15% breakout Thursday saw GNO strike a new August high of $202.67 before succumbing to crypto market forces on Friday.

News of onboarding MakerDAO delivered the breakout session. According to MakerDAO,

“The @GnosisDAO has submitted a MIP6 Collateral Onboarding Proposal for GNO, its governance token. The proposal aims to generate at least 30 million DAI against the GNO collateral within the first year.”

Looking at the trends, GNO would need to move through the August high of $202.67 to support a return to $300. A return to $300 would give GNO a run at the April high of $440.02.

However, a fall through the August low of $148.87 would bring sub-$100 and the July 15 current year low of $66.59 into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. GNO sat above the 50-day EMA, currently at $180.55.

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

Avoiding a fall through the 50-day EMA would support the upward trend formed after testing support at the 50-day EMA on August 10.

However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $174.08, and sub-$170 into play. In case of an extended sell-off, a fall through the 200-day EMA ($163.95) would bring the August low of $148.87 into play.

Polkadot (DOT)

For the week, DOT is down 4.64% to $0.0003514. A choppy start to the week saw DOT rise to a Wednesday high of $0.0003773 before sliding to a Friday low of $0.0003371. However, finding Friday support, DOT bounced back to $0.35 levels to reduce the deficit.

Looking at the trends, a DOT move through the August high of $0.0004049 would support a breakout from the May high of $0.0004141 to bring the April high of $0.0005100 into view.

However, a fall through the August low of $0.0003364 would bring sub-$0.00030 and the June 13 current year low of $0.0002648 into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Saturday. DOT sat below the 200-day EMA, currently at $0.0003591.

The 50-day crossed through to the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

DOT would need to move through the EMAs to retarget the August high of $0.0004049. However, a failure to move through the 200-day EMA would give the bears a look at sub-$0.00030.