This week, crypto markets saw sharp volatility.
Bitcoin [BTC] reclaimed $80,000 while Ethereum [ETH] and Solana [SOL] also rallied as short covering and renewed risk appetite boosted the market. Altcoins outperformed late in the week, with several tokens posting triple-digit gains as momentum shifted toward higher-beta assets.
Overall, the week moved from risk-off to a strong rebound, with selective altcoin momentum picking up.
Weekly winners
Akedo [AKE] – AI platform saw a massive triple-digit weekly gain
Akedo [AKE] emerged as the biggest weekly winner with a massive 400% rally. With the RSI being extremely overextended, AKE has entered the price discovery space around $0.08. However, a pullback is a possibility in the near term, but key divergences are likely to be important.
First, AKE’s 400% rally follows two weeks of gains where the token rose over 77% and 7%, respectively, while the RSI stayed overextended. This indicates that bullish momentum is still on the move, with FOMO keeping investors in the market despite some short-term selling pressure.
Adding to this bullish setup, AKE is also showing strong upside on the daily chart. Three consecutive green candles point towards fresh buying interest and suggest that investor conviction is still building.
If this momentum continues, rising FOMO could become a key catalyst for further upside in the altcoin.
From a technical standpoint, the AI platform is now approaching the $0.10 level. With FOMO running high, investors appear positioned for more gains, making the $0.10 level the next key area to watch.
Arbitrum [ARB] – Ethereum Layer-2 network defied bearish pressure
Arbitrum [ARB] is the second-biggest weekly winner with 60% weekly gains. The main point is that the price of ARB is already back to its early-Q1 price range, and thus, bears are in profit and ready to take some money in the short-term.
The RSI is not fully overbought yet, but it is already stretched. The main factor is that ARB is above $0.20 resistance again, which has not happened since the early-January cycle. Given that short-term bears are already in profit and the market is highly volatile, some investors might decide to lock profits.
Thus, if such a scenario unfolds, ARB might retrace in a similar way as it did last week. Back then, the price of ARB declined by 30% after recording a 125% gain on a weekly basis. Therefore, the $0.20 level will be crucial, as long as the price is above it, the bullish trend is likely to remain intact, but a rejection might drive another correction.
NEAR Protocol [NEAR] – Layer-1 blockchain reclaimed multi-month highs
NEAR Protocol [NEAR] rocketed to the third spot this week with a 55% increase. Surprisingly, NEAR’s weekly chart resembles that of ARB, as NEAR is also set to re-test Q1’s level after crossing the critical $3 level.
While the RSI is stretched and not overbought, there is already selling pressure on the daily chart pushing the price down more than 6%. This indicates a sell-off at this current level due to profit-taking from short-term holders and the closing of late-long positions. This could trigger a correction.
However, it is still too early to see another Q1-style correction. If the RSI does not recover and the price starts to drop again, then NEAR could continue its decline with its next potential level being below $3.
Other notable winners
Apart from the DeFi majors, altcoins also had their share of winners this week.
BLORB [BLORB] lead the pack with a stunning 5,615% gain, followed by Harmony [ONE] with a 536% surge, and Bedrock [BR] jumping 337% to complete the podium.
Stable [STABLE] – USDT-native Layer-1 blockchain broke below key support
Stable [STABLE] turned out to be the biggest weekly loser as it dropped sharply by 16% in value. The bears’ advances do not seem to slow down as the price looks further to correct deeper on a weekly basis.
First of all, the 16% loss put the token’s price almost near its early-Q1 lows and below the crucial $0.025 support. The two red flags together mean that more investors have already suffered losses that might force them to sell off their shares at a loss.
Moreover, the RSI indicator is now heading lower as well, without the possibility to enter oversold territory shortly. This development suggests that the bears might still have enough ammunition to continue the short-term selling momentum and move the price towards the next important level at $0.02.
In case of such a scenario, STABLE will lose another critical support level on a weekly chart basis.
Pi Network [PI] – Mobile-based blockchain enters bearish domination
The Pi Network [PI] dropped on the week by 11.5%, making it the second-largest weekly loser. Interestingly, the bulls might regain control as the RSI has entered an extremely oversold level while the price remains above the $0.05 level.
However, the correction follows two weeks of upside, during which PI failed to move above $0.10. That implies that the rally lacked the buying power to overcome the threshold, and the bearish setup cannot be ruled out despite the RSI being deeply oversold.
If this plays out, PI may move below $0.05 and make a third lower low. This development would enhance the bearish structure and potentially trigger a deeper capitulation phase, which makes the setup high-risk.
Rain [RAIN] – Crypto payments platform saw bulls fail to show up
Rain [RAIN] was the third-largest weekly loser with a 2% correction. Of significance is that the altcoin is correcting once again this week after recording a 29% correction last week. This indicates that the bearish momentum in the RAIN token remains quite strong.
The RSI is currently located in neutral territory, which suggests that the selling pressure has not yet exhausted itself. Considering the fact that RAIN is flirting with the $0.02 level, this could be considered the critical support level to watch for further short-term price movements.
If the bears manage to push the price below this level, there is a strong likelihood that RAIN will soon enter a correction phase.
Other notable losers
In the overall market, some coins fell sharply due to downside volatility.
Hunter Biden’s Laptop [LAPTOP] led the losers, plummeting 65% as compared to Lisk [LISK] shedding 50% and AI Companions [AIC] ebbing 46% as the momentum cooled rapidly.
Conclusion
This week was a rollercoaster. Big pumps, sharp dips, and nonstop action. As always, stay sharp, do your own research, and trade smart.
Final Summary
- Akedo [AKE], Arbitrum [ARB], Near Protocol [NEAR] led the week in gains.
- Stable [STABLE], Pi Network [PI], Rain [RAIN] saw significant declines.
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