Crypto Market Shifts Defensive: Utility Tokens Shine, Arbitrum Plummets
This week's crypto market saw a defensive setup, as rising Treasury yields and growing Fed rate-hike expectations weighed on risk assets. However, utility-based narratives such as DeFi and privacy tokens continued to attract capital.
Venice Token (VVV) emerged as the top performer, surging more than 35% to break into a new all-time high. Technical signals suggest that this bullish momentum may continue, with VVV's RSI on the weekly chart remaining far below the overbought line.
The token broke through its crucial $20 resistance during the past week and appears poised for further gains, potentially targeting the $25-$30 range in the coming week. Injective (INJ) also saw significant gains, climbing 10% on Thursday and maintaining a stronger uptrend on a weekly basis.