Cryptocurrency market last week: Notable winners and losers with ENA, KAS, M, and ZEC

A new week of the crypto market has passed with no shortage of surprises. The market has not truly exploded, but it has not fallen into a state of decline either. The two “leaders” Bitcoin (BTC) and Ethereum (ETH) have still managed to make their mark with quite impressive gains, while most of the other coins in the top 10 also wrapped up the trading week in positive green.

So, pour yourself a glass of your favorite drink, relax a bit, and let's take a look at how the familiar names in the crypto market have performed over the past week.

Coins that surged this week

Aave (AAVE) — Impressive climb

Aave (AAVE) just experienced a surprising trading week with a strong increase of 13.5%. This coin has maintained a fairly steady upward trend after establishing a support zone around the 160 USD level, with a series of consecutive green candles indicating that buying pressure is gradually gaining dominance.

Technically, the RSI indicator has not yet entered the overbought territory, while the MACD is starting to curve upwards – a signal indicating that bullish momentum is improving significantly. As a result, the market balance is gradually tilting back towards AAVE.

Daily AAVE/USDT chart | Source: TradingViewHowever, the most noteworthy detail lies in the “behind-the-scenes” movements that many easily overlook. A recently anonymous “whale” has accumulated an additional 60,000 AAVE, equivalent to 10.68 million USD, through Galaxy Digital's OTC trading desk. From October to now, the total amount of AAVE that this entity has purchased has reached a value of nearly 59.93 million USD.

With an average entry price of around 218 USD, this large investor is currently still recording an unrealized loss of up to 13.8 million USD – a testament to the level of “trust” and risk tolerance that retail investors find hard to match.

Notably, in the context of AAVE generating around 125 million USD in annual revenue with almost no reliance on token incentive mechanisms, the recent price recovery is starting to show stronger fundamentals behind the uptrend.

Ethena (ENA) — The rhythm before the major unlocking event

Ethena (ENA) recorded an impressive breakout level of 22.85% this week, continuing the recovery from last week's low. The upward trend is occurring clearly and persistently, as the price consistently approaches the average range of the Bollinger Band, indicating that buyers are gradually regaining control of the crypto market.

At the time of recording, the RSI remains around the neutral level, implying that there is still room for growth if momentum is maintained. Notably, the OBV – an indicator that had weakened for several weeks – is also beginning to show signs of stabilizing again.

However, the real test for ENA is still ahead. On December 2nd, the project will witness a large-scale token unlock with 94.19 million ENA being released into the market, equivalent to 1.27% of the total supply, worth approximately 26.87 million USD – the second largest unlock of the week across all major projects.

Despite the pressure of impending supply, the current price strength suggests that traders may be “anticipating” this event, or believe that the amount of unlocked tokens will not be enough to derail the ongoing recovery process.

Kaspa (KAS) — Strong breakout thanks to thin liquidity

Kaspa (KAS) has just concluded a booming trading week with an impressive increase of 47.4%, officially surpassing a series of key resistance levels. The price started from the $0.045 mark and then broke through the thick trading volume node on the VRVP indicator – an area that had previously accumulated most of the liquidity.

This move shows that the bulls have regained control of the market. When the liquidity “wall” was broken, KAS immediately opened up new growth space and quickly seized the opportunity to break out strongly.

The RSI indicator clearly reflects the significant improvement in momentum, although in the short term, the market shows signs of entering the overbought zone. The upward momentum is also supported by the fact that the sell orders on many exchanges are relatively thin, meaning that just an average buying force is enough to create significant price pushes.

Notably, a large portion of the KAS supply has been “inactive” for over a year, demonstrating the strong confidence of long-term investors despite short-term volatility.

Other notable names that have surged strongly

In addition to the familiar “names”, the market last week also witnessed the spectacular breakthrough of a series of new rising names that unexpectedly captured the spotlight.

Data from CoinGecko shows that BOTXCoin (BOTX) shocked the entire crypto market by soaring 2,964% in just seven days, officially making it the strongest performing coin of the week. Following closely is Tradoor (TRADOOR) with an impressive increase of 256.7%, accompanied by a significant surge in trading volume.

Meanwhile, Tomi (TOMI) closed the list of strongly rising tokens with an increase of 240.9%, although liquidity remains quite modest.

The coins that dropped sharply this week

ZCash (ZEC) — A week full of pressure

Zcash (ZEC) experienced a challenging week as it plummeted by 18.6%, returning to the bottom of its recent trading range. An important price level on the VRVP, which often serves as strong support, has been breached, marking a complete dominance of the bears.

Technical indicators also clearly reflect this weakening. DMI shows that bearish momentum is dominant, while a rising ADX indicates that the downtrend is strengthening. RSI is approaching the oversold territory, demonstrating that selling pressure is still maintained.

ZEC/USDT daily chart | Source: TradingViewEven the slight recoveries of the overall market could not provide a boost for ZEC. Investor sentiment has become increasingly pessimistic as “bitcoin maxi” Max Keiser stated that the “pump and dump” phase has ended, warning of the possibility of continued price decline.

At the current time, ZEC is still trying to hold steady. However, until there is a strong recovery from higher volume areas or a clear reversal signal appears, the downtrend remains the dominant scenario.

Aster (ASTER) — A difficult week, but next month is full of hope

Aster decreased by 11% over the week, extending the downtrend on the chart as the price continuously creates lower highs and lower lows. The RSI index remains weak, but has not entered the oversold territory, indicating that the sellers are dominant but not extreme.

The market momentum is heavily tilted towards the negative, with buyers struggling to hold the $1 mark. However, on social media, sentiment is boiling. A user on X referred to December as “countdown to the supply shock,” as a series of important events are taking place in quick succession: token burns, buybacks, airdrop receipts, major events, and the launch of the L1 testnet.

From a more official perspective, this is a time when supply is decreasing, the mechanism to increase demand is being activated, and at the same time, the project's recognition is being enhanced. The market balance could completely shift, opening up opportunities for potential recoveries.

Memecore (M) — Heavy drop

Memecore (M) has just experienced a gloomy week, plummeting by 35% — one of the most significant declines in recent months. The technical chart shows a clear downtrend, closing with a large red candle, reflecting that selling pressure is at an extremely high level.

The RSI index has fallen deep into the oversold territory, indicating that the bears are completely dominating the market. Meanwhile, the MACD continues to maintain a strong negative signal, with expanding red bars and both MACD lines pointing down.

Momentum weakens, investor confidence declines, and buyers have not yet returned. A rare silver lining is that oversold areas can sometimes stimulate short-term rebounds.

Currently, the market sentiment around Memecore (M) remains extremely cautious, making any signs of recovery need to be monitored carefully.

Other notable coins that decreased this week

The decline continues to spread to many mid-cap tokens. Fasttoken (FTN) leads the drop at the time of writing with a decrease of 51.7% over the week, falling to $0.8514 amid modest liquidity.

Sahara AI (SAHARA) stands next with a decrease of 47%, despite recording over 300 million USD in trading volume for the week. DeAgentAI (AIA) also lost 40.2%, ending the week at $0.4031.

Weekly Summary

Some coins have surged dramatically, while others have stalled or lost momentum. The market can shift overnight, and sometimes it is the unexpected fluctuations from the shadows that create the biggest opportunities.

As usual, consider all information as reference material, not absolute truth. Maintain curiosity, caution, and always conduct thorough research (DYOR) before deciding to go “all-in” on any asset.

SN_Nour