Matrix Chain

Matrix

Edge

Polygon

Avalanche

The cryptocurrency market lost $190 billion last week amid a sharp correction, bringing the global crypto market cap to $2.07 trillion by the end of the week.&nbsp; 
Here are some of the most noteworthy performers from last week based on their significant price action and investor sentiment. 
<h2 class="wp-block-heading" id="avax-records-six-losing-candles">AVAX records six losing candles</h2> 
Last week, Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank" rel="noreferrer noopener">AVAX</a>) experienced a significant decline, losing 15.8% of its value as it closed the week at $22.81. The asset witnessed a consistent bearish trend, with six out of seven days recording losses.&nbsp; 
<figure class="wp-block-image size-full">
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/09/AVAX-1D-Chart_103200.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/09/AVAX-1D-Chart_103200.png" alt="AVAX, MATIC, AAVE: Top cryptocurrencies to watch this week - 16"> 
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 AVAX 1D chart – Sept. 1 | Source: <a href="https://crypto.news/price/avalanche/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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Despite this downtrend, the RSI-based moving average saw a slight uptick, suggesting potential stabilization. Volume has also gradually decreased, indicating that the bearish trend could be facing a possible exhaustion. 
Key areas of interest to watch in the coming days include the recent low of around $22, which could act as support if the <a href="https://crypto.news/tixbase-partners-with-passo-to-transform-ticketing-via-avalanche/" target="_blank" rel="noreferrer noopener">Avalanche</a> bearish momentum continues.&nbsp; 
Meanwhile, a break above $24 might signal a shift in sentiment. However, AVAX’s next move could depend heavily on the strength of the broader cryptocurrency market, which triggered the recent cluster of losses. 
 You might also like: <a href="https://crypto.news/binance-to-support-cardanos-chang-hard-fork/"> Binance to support Cardano’s Chang hard fork </a> 
<h2 class="wp-block-heading" id="matic-collapses-26-in-a-week">MATIC collapses 26% in a week</h2> 
Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">MATIC</a>) fell sharply by 26.5%, closing last week at $0.4196. 
This disappointing performance came on the back of a <a href="https://crypto.news/polygon-price-remains-as-nft-sales-dex-volume-rises/" target="_blank" rel="noreferrer noopener">bearish</a> engulfing candle on Aug. 25. Such a candlestick suggests that sellers had taken full control of the market. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14295191"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/09/MATIC-1D-Chart_110344.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/09/MATIC-1D-Chart_110344.png" alt="AVAX, MATIC, AAVE: Top cryptocurrencies to watch this week - 17"> 
 </picture> 
 <figcaption class="wp-element-caption">
 MATIC 1D chart – Sept. 1 | Source: <a href="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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</figure> 
Polygon recorded seven consecutive days of losses despite a <a href="https://crypto.news/polygon-on-chain-activity-spikes-despite-matic-price-dip/" target="_blank" rel="noreferrer noopener">surge</a> in network activity. Amid the downtrend, it dropped below the upper Bollinger Band on Aug. 25 and the middle band on Aug. 28. However, it remains above the lower band. 
This pattern suggests that the asset is in a clear downtrend but not yet oversold. In the coming days, the lower Bollinger Band around $0.3510 could serve as potential support if the bearish trend persists.&nbsp; 
A break below this level could signal further declines.&nbsp; 
However, a move above the middle band near $0.4568 might suggest a recovery. 
<h2 class="wp-block-heading" id="aave-demonstrates-resilience">AAVE demonstrates resilience</h2> 
Aave (<a href="https://crypto.news/price/aave/" target="_blank" rel="noreferrer noopener">AAVE</a>) demonstrated relative strength last week, closing with a milder 5.37% drop at $129.71. Unlike many assets, AAVE avoided setting new lows, buoyed by two days of notable gains.&nbsp; 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14295192"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/09/AAVE-1D-Chart_112406.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/09/AAVE-1D-Chart_112406.png" alt="AVAX, MATIC, AAVE: Top cryptocurrencies to watch this week - 18"> 
 </picture> 
 <figcaption class="wp-element-caption">
 AAVE 1D chart – Sept. 1 | Source: <a href="https://crypto.news/price/aave/" target="_blank" rel="noreferrer noopener">crypto.news</a>
 </figcaption>
</figure> 
Despite the bearish pressure, the asset remained above both the 50-day EMA ($112.50) and the 200-day EMA ($101). This suggests a predominant bullish outlook in the medium to long term. 
This position indicates that <a href="https://crypto.news/aave-up-over-30-in-the-past-week-as-whale-activity-intensifies/" target="_blank" rel="noreferrer noopener">AAVE</a> is currently in a stronger technical position compared to many other assets. However, the 50-day EMA around $112.50 is worthy of note in the coming days.&nbsp; 
A dip below this level could signal a shift in sentiment. Conversely, a move above $130 could suggest renewed buying interest. 
 Read more: <a href="https://crypto.news/crypto-vc-roundup-bridge-coffer-totals-58m-edge-matrix-chain-raises-20m/"> Crypto VC roundup: Bridge coffer totals $58m, Edge Matrix Chain raises $20m </a>

AVAX, MATIC, AAVE: Top cryptocurrencies to watch this week

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