Weekly Cryptocurrency Market Summary
Key Highlights:
- Memecore (M), 4 (Form), and Conflux (CFX) experienced significant price increases, while Fartcoin, Bonk, and Virtuals Protocol faced sharp declines.
- Bitcoin (BTC) dipped below $113,700, and Ethereum (ETH) dropped over 5% amidst weak US employment data and recession fears.
- A recent 160-page US cryptographic report was released.
Weekly Winners:
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Memecore (M): Experienced a 35% rise from a base of $0.32, breaking past the $0.45 resistance after a significant dip in the previous weeks. However, it struggled around $0.70 due to selling pressure.
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4 (Form): Gained 20%, reaching highs of $4 before settling around $3.70, showing solid support at $3.60, which could lead to further upward movement if sustained.
- Conflux (CFX): Saw a 15% increase, breaking the $0.20 resistance. It requires a clear break above $0.25 to confirm a breakout.
Other Notable Winners:
- Troll surged 228%, and League of Kingdoms (Loka) gained 127%, with Pepe Bundle (Pundle) rising 73%.
Weekly Losers:
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Fartcoin: Fell 29% to $0.93, its largest weekly drop since March, with bearish momentum evident in its MACD, suggesting potential further declines.
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Bonk: Dropped 24.6%, ending a five-week surge. Although the trend remains intact, it must maintain a base around $0.000025 for recovery prospects.
- Virtuals Protocol: Experienced a 24% decline, breaking below key support levels, indicating seller control and a lack of upward momentum.
Other Major Losers:
- RADIX (XRD) fell 38%, and Graphite Protocol (GP) dropped 36.7%.
Conclusion:
This week was characterized by volatility, with significant price fluctuations across various cryptocurrencies. Traders should stay alert, conduct thorough research, and approach trading with caution.
