Crypto rally

5 Best Performing Coins of the Week – OP, ETC, ROSE, LDO, and YFI Lead

Key Insights:

  • It was a bullish Monday to Friday for the crypto market, supported by a shift in sentiment towards Fed monetary policy.
  • Optimism (OP) led the way, surging by 100%.
  • Ethereum Classic (ETC), Lido DAO (LDO), Oasis Network (ROSE), and yearn.finance (YFI) made up the rest of the top 5.

Monday to Friday, July 29, the total crypto market cap increased for a fourth consecutive week.

Crypto weekly market cap
Crypto Market Cap Weekly 300722

A dovish 75-basis point rate hike on Wednesday and US Q2 GDP numbers on Thursday delivered the crypto market a breakout session.

The US economy contracted by 0.9% in Q2, following a 1.6% contraction in the first quarter. Economic woes led the markets to price out a 75% basis point rate hike in September, which was crypto market positive.

Adding to the upside in the week included US corporate earnings. While Walmart (WMT) spooked the global financial markets with a grim outlook on Tuesday, Microsoft (MSFT), Amazon.com (AMZN), and Apple Inc. (AAPL) laid out positive earnings outlooks to add support to riskier assets.

Correlation with the NASDAQ 100 remained in place throughout the week, with the NASDAQ 100 rising by 4.7%.

NASDAQ correlation
Crypto – NASDAQ Daily Chart 300722

From the crypto news wires, investor sentiment toward the Ethereum (ETH) Merge continued to deliver support. Upbeat crypto market sentiment also allowed investors to brush aside news of a delay to the (ADA) Vasil hard fork.

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

Optimism (OP) led the way. Ethereum Classic (ETC), Lido DAO (LDO), Oasis Network (ROSE), and yearn.finance (YFI) also outperformed the pack.

Optimism (OP)

Last week, Optimism (OP) surged by 99.85% to end the week at $1.837. A bearish start to the week saw OP fall to a week low of $0.7458 before rallying to a Friday high of $1.732.

A late Friday decline saw OP ease back to end the week at sub-$1.50.

While broader crypto market sentiment delivered support, Optimism news updates delivered the breakout week.

News of Curve Finance submitting a governance proposal on Optimism for 100 million OP tokens for distribution on the Curve Pool delivered early support.

The platform also released Drippie, a new transaction system, which added further support.

At the time of writing, OP was down 3.59% to $1.775. A choppy start to the weekend saw OP jump to a July high of $1.880 before sliding into the red.

Looking at the trends, a breakout from the week high of $1.880 would support a run at $2.00. However, market sentiment across the broader crypto market will need to improve for a breakout from $1.90. (There is no EMA technical analysis due to the available price points).

OP
OPUSD 300722 Daily Chart

Ethereum Classic

Last week, Ethereum Classic (ETC) jumped by 58.51% to end the week at $40.50.

Progress towards the September Ethereum Merge continued to drive ETC back towards the current year’s high of $52.88.

A bearish start to the week saw ETC fall to a Tuesday low of $22.89 before surging to a Friday and a new July high of $42.35.

Despite a pullback from the week high, ETC avoided a return to sub-$40.

At the time of writing, ETC was down 1.11% to $40.05. A mixed start to Saturday saw ETC fall to an early low of $39.64 before rising to a high of $41.25.

Looking at the trends, a breakout from the July high of $42.35 would bring the April high of $52.88 into view. A move through $52 would give ETC a run at the November 2021 high of $65.26.

Downside risks remain should developers announce any possible delays to the September Merge.

ETC Daily
ETCUSD 300722 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal on Saturday. ETC sat above the 50-day EMA, currently at $30.59.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish ETC 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 July 26.

However, a fall through the 50-day EMA could bring sub-$30 and the 100-day EMA, currently at $26.17, into play.

ETC EMAs
ETCUSD 300722 4-Hourly Chart

Lido DAO (LDO)

Last week, Lido DAO (LDO) rallied by 49.02% to $ 2.435.

Tracking the broader market, LDO fell to a Tuesday low of $1.321 before rallying to a Thursday high of $2.658.

Despite a pullback from the week high, LDO avoided a return to sub-$2.00, with three bullish days from five sessions delivering the upside.

Progress towards the Ethereum Merge delivered LDO the breakout week.

Away from the technicals and Merge updates, Ether staking numbers provided direction. The staking numbers dictate the LDO correlation with ETH, which could leave LDO in the hands of the Merge update news.

At the time of writing, LDO was down 0.50% to $2.396. A mixed start to Saturday saw LDO rise to an early high of $2.570 before falling to a low of $2.392.

Looking at the trends, a breakout from Thursday’s high of $2.658 would give LDO a free run at the May high of $3.56. From there, LDO would need to return to $4.00 levels to maintain the upward trend. However, a pullback to sub-$2.00 would see LDO face intense selling pressure.

LDO daily
LDOUSD 300722 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bullish. On Monday, LDO continued to steer clear of the 50-day EMA, currently at $1.8321, to target a return to $3.00.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive LDO indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a run at $3.00. However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $1.5626, and sub-$1.50 levels into view.

LDO EMAs
LDOUSD 300722 4-Hourly Chart

Oasis Labs (ROSE)

Last week, Oasis Labs (ROSE) rallied by 56.36% to $8.24.

Tracking the broader market, ROSE fell to a Tuesday low of $0.0465 before striking a Friday and a July high of $0.0860.

While finding support from the broader crypto market, news of Oasis Labs partnering with Meta (META) contributed to the upside.

At the time of writing, ROSE was down 1.82% to $0.0810. ROSE increased to an early high of $0.0853 before falling to a low of $0.0804.

Looking at the trends, a breakout from the July high of $0.0860 would give ROSE a free run at the May high of $0.1895. However, ROSE will need to break down resistance at $1.00 to support the upward trend.

A fall back to sub-$0.070 would bring the June and current year low of $0.0417 into play.

ROSE Daily
ROSEUSD 300722 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, ROSE sat above the 50-day EMA, currently at $0.0584.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA converging on the 200-day EMA, both bullish ETH signals.

A bullish cross of the 100-day EMA through the 200-day EMA would support a run at $0.100 to bring the May high into play. However, ROSE would need to hold above the 50-day EMA to avoid the 200-day EMA, currently at $0.559, and the current year low.

ROSE EMAs
ROSEUSD 300722 4-Hourly Chart

Yearn.finance (YFI)

Last week, yearn.finance (YFI) rallied by 58.11% to $11,033.

Tracking the broader market, YFI fell to a Tuesday low of $6,250 before rallying to a Friday and a July high of $11,253.

While finding support from the broader crypto market, market sentiment toward the anticipated August launch of veYFI delivered the breakout week.

At the time of writing, YFI was up 0.55% to $11,094. A bullish start to the weekend saw YFI rise to a new July high of $11,551 before easing back.

Looking at the trends, a breakout from the Saturday high of $11,551 would give YFI a free run at the May high of $18,565. From there, YFI would need to return to $20,000 levels to maintain the upward trend. However, a pullback to sub-$7,500 would see YFI face intense selling pressure.

YFI Daily
YFIUSD 300722 Daily Chart

Looking at the 4-hourly chart and the EMAs, the signal was bullish. YFI continued to steer clear of the 50-day EMA, currently at $7,491, to target a return to $15,000.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA breaking clear of the 200-day EMA, both positive YFI indicators.

A further widening of the 50-day EMA from the 100-day EMA would support a run at $15,000 to target the May high. However, a fall through the 50-day EMA would bring sub-$7,000 and the 100-day EMA, currently at $6,983, into view.

YFI EMAs
YFIUSD 300722 4-Hourly Chart