The crypto market experienced a week of significant volatility and divergence among altcoins, showcasing both impressive rebounds and notable declines. While Bitcoin and Ethereum navigated a rate cut with decent movements, the true story unfolded within the altcoin sector, where specific tokens delivered double-digit gains or suffered substantial losses.
Weekly Chart Toppers: Resilience and Potential
Leading the charge this week was MemeCore [M], a meme-focused Layer-1 blockchain, which staged a formidable 42% rebound. After three consecutive red weeks, M printed its first green weekly candle, pushing its price back towards its late-November range. Technical indicators, such as the weekly RSI near 60, suggest momentum isn't overstretched, hinting at potential for a push towards the $2 level, provided bulls can overcome the $1.90-$2.00 resistance. Following closely was Merlin Chain [MERL], a Bitcoin Layer-2 solution, which surged 33%. MERL's weekly chart displayed a classic consolidation-to-breakout setup, supported by solid on-chain data and a growing HODLer base. A decisive break above the key $0.50 resistance level is crucial for extending these gains, with fundamentals suggesting a possible bear trap around this point.
Notable Declines: Bearish Trends and Fading Momentum
On the downside, several altcoins faced significant pressure. Story [IP], a Layer-1 token, led the losers with a 10% slide, marking its seventh consecutive red candle and showing clear signs of capitulation with a firmly bearish structure. Technical analysis indicates further downside potential, with a sweep of the $1 level a distinct possibility. Jupiter [JUP], a Solana-based DEX token, ranked as the second-biggest loser, dropping 9.17%. JUP has experienced persistent outflows, failing repeatedly to defend key support levels as sellers maintain control, putting it at high risk of breaking below $0.20. The Graph [GRT], a data protocol token, also slipped 9%. While under bearish pressure, GRT's chart appears slightly more constructive than JUP's, with buyers showing some defense on dips, suggesting a potential phase of accumulation if this resilience holds. The broader market also saw heavy losses, with Legacy Token [LGTC], OKZOO [AIOT], and Pieverse [PIEVERSE] experiencing steep drops of 66%, 64%, and 52% respectively, as momentum rapidly cooled across several assets.
