AVAX, MATIC Record Steep Losses as the Crypto Market Sheds $190B in Value

rency 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.

Cryptocurrency market lost $190B last week, bringing global crypto market cap to $2.07 trillion by the weekend.

Here's a look at some of the most interesting performers last week, based on their price action and investor sentiment.

AVAX records six losing candles

Last week, Avalanche (AVAX) saw a significant decline, losing 15.8% of its value as it closed the week at $22.81. The asset experienced a consistent downtrend, with six out of seven days showing losses.

However, the RSI-based moving average saw a slight increase, indicating a potential stabilization. Volume also gradually decreased, suggesting that the bearish trend might be nearing exhaustion.

In the coming days, keep an eye on the recent low of around $22, which could provide support if the bearish momentum continues.

Meanwhile, a break above $24 might signal a shift in sentiment. But AVAX's next move will likely be influenced by the broader cryptocurrency market, which triggered the recent cluster of losses.

MATIC collapses 26% in a week

Polygon (MATIC) fell sharply by 26.5%, closing last week at $0.4196.

This poor performance followed a bearish engulfing candle on Aug. 25, which indicated that sellers had taken complete control of the market.

Polygon recorded seven consecutive days of losses despite a surge in network activity. During the downtrend, it fell below the upper Bollinger Band on Aug. 25 and the middle band on Aug.28. But it remained 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.

A break below this level could signal further declines.

However, a move above the middle band at around $0.4568 might suggest a recovery.

AAVE demonstrates resilience

Aave (AAVE) showed relative strength last week, closing with a milder 5.37% drop at $129.71. Unlike many assets, AAVE avoided setting new lows, driven by two days of noticeable gains.

Despite the bearish pressure, the asset remained above both the 50-day EMA ($112.50) and the 200-day EMA ($101). This indicates a medium- to long-term bullish outlook.

This position suggests that AAVE is in a stronger technical position compared to many other assets. However, the 50-day EMA at around $112.50 is crucial in the coming days.

AAVE might face bearish pressure if it falls below this level. Conversely, a move above $130 could signal renewed buying interest.