Crypto market’s weekly winners and losers – VET, RAIN, STABLE, ARB

Crypto markets were generally range-bound during the week.

This comes after a strong rebound for Bitcoin during the last week of August, where the price was unable to break $80k while the rest of the market had mixed performance as traders took profits off the table. 

On the other hand, funds continued to rotate among a few altcoins, which fueled the overall market value.

Weekly winners

Why VeChain [VET] still has space to run

VeChain [VET] is undeniably the clear winner this week with a 25% surge that saw it fly above $0.07, a level it last crossed back in mid-May. So, in terms of FOMO, there is a good chance for this rally to extend.

Interestingly, there are other signs in play too. On the technical front, VET has continued this week’s rally following last week’s 30% bulk rally. So in under 14 days, VET has surged over 50%. As a result, it is surely believable that a massive profit-taking could come next, with STHs now under a profit zone. 

However, this is where the power of RSI becomes clear because the indicator stays below the overbought level. This suggests that despite VET’s strong rally, the cryptocurrency is still to reach an excessively overextended level and prepare for a significant correction.