This week, the crypto market was mixed.
Bitcoin traded sideways as several altcoins saw significant price changes. A few tokens posted strong weekly gains, while others extended their losses after failing to hold key support levels.
Overall, the week was driven by technical rallies, profit taking, and continued volatility in select altcoins.
Weekly winners
Lido DAO (LDO) is near resistance
Lido DAO (LDO) led the movers this week with a 16% rally. Notably, this comes after two straight weeks, pushing LDO’s total gains to 25%. In just 21 days, the brand has delivered a solid recovery of 40%+.
Why is this important? Despite the recent move, LDO’s RSI is still far from the highs. This shows that the meeting has not yet reached the mass market, leaving room for further expansion if the threat continues.
Technically, this shows the LDO shift is not just a random pump. The rally follows the big sell-off of June, where LDO dropped to $0.20 and broke the bottom of Q1. The current recovery shows that consumers are returning and trying to reverse the past.
If this continues, a break from the $0.40 resistance zone could be on the table.
In his words, LDO experienced difficult sales around this level during Q1, which made it a difficult place for bulls to recover. A successful breakout can encourage a recovery issue, while another rejection can lead to a period of consolidation as traders reassess the next move.
Is Pump.fun (PUMP) still a long way from reaching full FOMO?
Pump.fun (PUMP) came out as the second winner of the week with 13%. Although the RSI has not yet intervened and the PUMP has seen strong trading volume in recent sessions, calling this a stable setup would be too early.
For more than two months, PUMP has been trading below the all-important $0.002 level, which makes this a very important bulls take. However, each week’s increase was followed by a colder phase, indicating that the accumulation was not enough to support a major eruption.
In summary, however, PUMP is showing signs of recovery, its design still needs to be proven. Until the buyers are able to constantly protect the high levels and pass the resistance of $ 0.002, the indicator remains in the consolidation phase rather than the certainty.
Venice Token (VVV) sees the most important rally of the week
Venice Token (Tourist Office) took third place this week with a rally of 12.3%. For VVV, this could be one of the most important weeks since mid-Q2. From a technical point of view, VVV has been on a roll over the past eight weeks, with each weekend ending in the red.
However, this week’s gains have put VVV back in the spotlight. More importantly, the recovery came after VVV broke below the $10 key level, meaning that buyers entered a critical zone. In this context, the rally looks very positive, with the bulls trying to protect the low levels and build a recovery base.
If this were to happen, VVV would have to start again. The next major challenge is around $15, which will determine whether the rally will turn into a major reversal or remain a long-term rally.
Other notable winners
Outside of the majors, altcoin movers also stole the spotlight this week.
IOTA (SN9) led the market with a huge gain of 5,267%, followed by Akedo (AKE), which rose 874%, while TENDIES (TENDIES) rose 615%, completing the top performers of the week.
Weekly losers
Lighter (LIT) enters the cooler section of books
Light (LIT) led this week’s losses with a decline of 16%. Although LIT has seen similar gains after strong weekly rallies since mid-May, this correction may be a little different.
In particular, the drop in LIT comes after three straight weeks, when the token rose 60% and reached a new price of $2.70. More importantly, the breakout was followed by a successful test of the $2 resistance zone, showing the bulls entering the larger groups, which has supported the LIT rally of Q2.
However, by this time, the RSI had risen above 70, indicating a strong move. A return to 52 indicates that the uptrend has subsided, but it also indicates that the market is recovering rather than losing momentum.
Technically, however, this indicates a strong RSI pullback for LIT since Q2. In fact, this cooldown could be crucial to LIT’s next move. If the buyers come back and the RSI starts to recover, this correction may lead to another test.
If not, this could be the first sign that LIT has made it to the top.
The Pi Network (PI) broke down in the support phase
Pi Network (PI) it emerged as the second-biggest loser this week with a decline of 2.7%. Although the decline appears to be relatively small compared to Lighter’s double-digit losses, the PI chart appears to be very weak, pointing to a very strong bias.
Notably, this marks the fourth straight week of PI. Most importantly, the indicator broke below the support level of $0.10, putting any nearby roll under fresh selling pressure and printing a new all-time low.
Technically, PI remains stable in bearish formations. Although the RSI has fallen into oversold territory, this alone does not guarantee a recovery. Unless buyers retake the $0.10 level, any breakout is likely to be a long-term rally rather than the start of a reversal, keeping PI as one of the weakest charts in the market right now.
Are the Arbitrum bulls (ARB) losing their grip?
Arbitrage (ARB) took third place among the biggest losers this week. Unlike the PI, however, the ARB chart has not completely changed into a bearish pattern. The reversal comes after two straight weeks of gains, during which the index rose more than 25%.
However, this week’s decrease followed the failure of ARB to break the key $0.10 level, the level at which the price has risen since the beginning of May. The resistance shows that the bulls are still fighting to recover the position, which allows the sellers to regain control in the short term.
Technically, ARB is in a very important position. If the bulls can recapture the $0.10 resistance zone, the recent pullback could be a retest for health. Otherwise, a rejection beyond this level would cause the ARB to settle for a larger consolidation and the hand would soon be a winner.
Some notable losers
In capital markets, the volatility of the floor has a significant impact.
Cash Cat (CASHCAT) led the losers with a decrease of 72%, followed by LAB (LAB), which fell 66.5%, while ETHGas (GWEI) fell 53.3% as the bearish force increased.
The end
This week was a rollercoaster for crypto. Big pumps, sharp dips, and non-stop action. Like always, stay sharp, do your research, and sell smart.
Brief Summary
- Lido DAO (LDO), Pump.fun (PUMP), and Venice token (VVV) led the week in gains.
- Light (LIT), Pi network (PI), and Arbitrum (ARB) fell sharply.
