This week in cryptocurrency saw significant price fluctuations, with OKB, Mantle, and Aerodrome Finance experiencing sharp gains, while SPX6900, Pudgy Penguins, and Conflux faced notable declines.
-
Bitcoin briefly soared past $123k before settling at around $117k due to market volatility.
-
The IPO of Bullish exchange raised $1.1 billion, attracting investor attention.
-
Mid-cap cryptocurrencies outperformed while memecoins struggled as speculative funds shifted.
This week’s crypto market showcased significant price movements, emphasizing the need for strategic decisions and awareness in trading.
What is the current state of the cryptocurrency market?
The cryptocurrency market experienced wild fluctuations this week, with Bitcoin (BTC) hitting highs near $123k before dropping to around $117k under inflation concerns. This volatility affected altcoins, showcasing a complex trading environment.
How did individual cryptocurrencies perform?
OKB led the week with an impressive jump of over 160%. It is crucial to note that this movement followed a substantial token burn, which tightened supply. On the other hand, SPX6900 dropped over 20%, breaking critical support levels.
Frequently Asked Questions
What led to Bitcoin’s price fluctuations?
Bitcoin’s recent price shifts were mainly attributed to investor reactions to inflation news, prompting significant volatility in the broader market.
What factors influenced altcoin performance?
Investor sentiment shifted toward mid-cap altcoins, driven by optimistic developments in their respective projects, while speculative interest in memecoins waned.
Key Takeaways
- OKB: Registered a phenomenal 160% increase driven by a token burn and market demand.
- Mantle: Surged over 30%, breaking through previously established resistance levels.
- Aerodrome Finance: Gained approximately 22%, demonstrating resilience amid bearish trends.
Conclusion
This week presented a dynamic landscape in the cryptocurrency sector as big gains and sharp declines characterized trading activities. Monitoring the evolving market conditions is crucial for traders aiming to navigate this rollercoaster environment effectively.
Weekly winners
OKB [OKB] — Exchange token posted a triple-digit breakout
OKB [OKB] stole the spotlight this week, jumping 160%+ from a $46.57 open. It started the week stuck in its $40-$50 range, but on the 13th of August, a 125% one-day spike shot it to a new all-time high of $142.
The move followed a 65.2 million token burn, creating a tight supply squeeze. RSI hit overbought, triggering a 10%+ pullback over the next couple of days, pushing it down to $122 at press time.
So is OKB topping? Psychologically, FOMO is back, aligning with a risk-on market, putting this mid-cap in the spotlight as altcoin season hype builds across the market.
Supporting this, OKB is seeing a 192% volume jump with 7%+ intraday moves, signaling growing accumulation and a potential bullish continuation at least for the week.
If momentum holds, OKB could test the $130 supply wall soon, and a new all-time high may be on the cards in the near term.
Mantle [MNT] — Finance blockchain rallied past key resistance
Mantle [MNT] emerged as the second-biggest weekly winner, climbing 30%+ from a $1.04 open.
In fact, this week the mid-cap broke through the $1 supply wall that hadn’t been tested since Q1. The move clearly reinforced a strong bid support, keeping bulls in control.
However, the battle isn’t over. Technically, MNT is eyeing a key supply wall at $1.40. On the bright side though, the week started with clear bull intent, and any mid-week bear pressure around $1.20 was quickly absorbed.
Even the recent 2% intraday pullback looks like a short-squeeze setup, keeping MNT in a bullish structure for the week, with a potential push toward $1.40 next.
Aerodrome Finance [AERO] — Next-gen blockchain slid under bearish pressure
Aerodrome Finance [AERO] took the third spot with a 22% rally from a $1.18 open, testing the $1 wall for the first time since Q1, similar to MNT.
The week started with a 6% dip, as bears tried to take control. However, an 11% rebound the next day swept out late-arriving shorts, pushing AERO to $1.30 supply wall.
Another bear attempt was absorbed, reinforcing an accumulation phase and pushing AERO past $1.40, meaning bulls cleared back-to-back resistance this week.
If this momentum holds, AERO could target $1.50, with eyes on $2 for the quarter. A clear break there would cement bullish pressure. However, a breakdown is possible if it falters.
Other notable winners
Outside the majors, altcoin rockets stole the spotlight this week.
Codatta [XNY] led the charge with a staggering 385% surge, followed by Imagen Network [IMAGE], which jumped 309%, and Wiki Cat [WKC], rallying 270% to round out the leaderboard.
Weekly losers
SPX6900 [SPX] — Market index token broke below key support
SPX6900 [SPX] led the losers, sliding 20% from a $1.94 open and failing to hold $1.90 and $1.70 support.
The week kicked off with a 9.5% vertical dip, but since it came after last week’s 20%+ rally to $2, it wasn’t broad market risk-off. Instead, just bulls missing key support.
In other words, did-side support couldn’t defend the $2 ceiling, confirming it as a resistance zone, and bears swept up long liquidity clusters, pushing SPX down to $1.50 at press time.
Price action now matters: An intraday 6.55% bounce suggests bulls may be circling back. But for a real breakout, this trend needs to hold over the next few days to flip resistance into support.
If that happens, SPX could turn from the biggest loser to winner next week, marking a volatile inflection point that will determine whether it heads north or south.
Pudgy Penguins [PENGU] — NFT project confirmed bullish support
Pudgy Penguins [PENGU] came in second-worst this week, dropping 17% from its $0.04 open, with that level acting as a key resistance.
The week started with a 9.65% dip, showing bulls didn’t defend the top and letting distribution take over. The first support test failed, triggering an 11% drop on the 14th of August.
At press time, PENGU is trying to hold $0.03 for a rebound.
However, a modest 2% lift in 48 hours shows weak buying. With no memecoin-style FOMO and ongoing market risk-off, a deeper breakdown looks more likely than a strong bounce.
Conflux [CFX] — Layer-1 blockchain showed a bearish structure
Conflux [CFX] fell 14% from its $0.20 open, extending last week’s 3.97% loss and cementing its spot as the third-worst performer this week.
In fact, the dip reinforced a bearish structure, as the altcoin failed to hold key support, though it has been consolidating around $0.17 for the past three days, showing some attempt at stabilization.
Demand is slowly emerging, but orderbook depth remains thin, meaning accumulation isn’t strong enough to offset selling pressure. This vulnerability triggered a 10%+ slide on the 14th of August.
If this trend continues, CFX risks losing the $0.17 support, which could pave the way for a deeper correction toward $0.15 next week, making it a level to watch closely for traders.
Other notable losers
In the broader market, downside volatility hit hard.
SOON [SOON] led the losers with a 43% drop, followed by Yala [YALA], down 41%, and Rei [REI], which slipped 40% as momentum sharply cooled.
