Crypto was up big this week.
Bitcoin [BTC] climbed over 20%, nearing $80k. A wave of ETF inflows, liquidity improvements, and a risk-on mood contributed to the rally. The bullish trend was accompanied by the strong performance of altcoins.
Large-cap and mid-cap coins saw considerable gains, while smaller ones recorded minor losses of 1-2%. This development is yet another sign of the risk-on scenario that has been unfolding recently.
Weekly winners
Ethena [ENA] sees a FOMO-driven rally
Ethena’s [ENA] price is up more than 100% on the week, topping the rankings in terms of performance. But what’s next for the token? Can ENA sustain its bullish run through September?
Well, the setup suggests that not only is this possible but likely, considering the confluence of favorable factors for the cryptocurrency at the macro level. ENA is seeing a powerful bullish trend following the risk-on rally on the broader market, which is a positive sign for the token. The improving risk appetite usually sends the traders into higher-beta assets, and the FOMO effect can propel even more gains.
Furthermore, the good news is that ENA’s technicals don’t show any sign of entering overbought territory just yet, suggesting additional room for gains. The token broke above the $0.15 level for the first time since Q1, so the bulls have reason to believe that the next round of moves higher is possible.
Taken together, these factors suggest ENA could stay on a bullish track and keep the momentum going into next week. If buyers continue to hold control, a move toward $0.20 in the near term looks possible.
Pump.fun [PUMP] continues its bullish momentum
Pump.fun [PUMP] took the second place, being recognized for its outstanding 95% increase. Unlike ENA, which remains to approach the overbought area, PUMP’s RSI shows a tendency to reach overbought levels.
From a technical perspective, it is worth noting that PUMP is approaching the critical level of $0.006 resistance once again. This level was previously identified as a strong barrier following the October crash. Therefore, the next strong move to the upside should be watched closely as bears may take profits after PUMP’s RSI reaches overbought territory.
As a result, it is essential to monitor this memecoin launchpad closely, as there is a possibility of liquidations taking place in the coming week. Afterward, Pump.fun [PUMP] is expected to enter a short consolidation phase, taking profits from the speculative longs.
PEPE [Pepe] reaches a KEY resistance level
PEPE [PEPE] surged to the third position on the memecoins’ charts this week after recording a total gain of 55%. In an interesting turn, the memecoin appears to be on the verge of breaking out above the $0.000004 resistance with several factors supporting this scenario.
First, the overall market environment shifted to a risk-on mode, creating favorable conditions for memecoins to benefit from the inflows. Another positive sign is PEPE’s relatively low RSI, suggesting that the asset could attract significant attention from investors.
Finally, on-chain data show that PEPE is one of the top three memecoins in terms of inflows, alongside PUMP and TRUMP. Therefore, with the risk-on sentiment dominating the market, it is reasonable to expect that PEPE will be able to surpass $0.000004 and potentially continue its upward move next week.
Other notable winners
Outside of the majors, altcoins also saw their share of activity this week.
Tutorial [TUT] was the clear winner, surging 103%, followed by NockChain [NOCK], which climbed 101%, and Octra [OCT], which jumped 89% in the weekly performance roundup.
Weekly losers
World Liberty Financial [WLFI] bears regain control
World Liberty Financial’s [WLFI] token has recorded the biggest weekly loss this week, registering a 2% drop in price. While the decline may appear insignificant on the surface, it is noteworthy.
To put the technicals in perspective, last week’s token price surged by 11%. The market environment has equally shifted from risk-off to risk-on this week. Considering the dynamics, it was expected that WLFI would experience an uptick in buying flow as the broader market sentiment turned positive.
The fact that the RSI indicator had entered the oversold territory and bears had failed to capitalize on the short-selling opportunity is also a major concern. Typically, the situation should have allowed room for bulls to initiate fresh long positions.
However, WLFI has continued to struggle in the short term, failing to hold on to the gains recorded last week. The bears’ inability to build on their winning streak adds credibility to the bears’ short-term dominance in the WLFI token.
Consequently, the WLFI token is highly unlikely to reverse its downward trajectory without a significant buying intervention in the near future. For starters, the bulls need to regain control and test the next level of resistance before the situation stabilizes.
HTX DAO’s [HTX] trajectory turns bearish
HTX DAO [HTX] recorded the second-largest loss on the weekly loser chart this week, registering a 1.5% correction. Although the adjustment is relatively modest, it could prompt a more significant sell-off, particularly given that HTX has broken below the tight consolidation pattern.
This development indicates that the bulls are losing control over the price action. Most crucially, RSI is also declining, albeit remaining well above the oversold threshold. This bearish momentum could propel the HTX price to the next support level if the buying interest fails to emerge soon enough.
In conclusion, there are plenty of reasons for concern among HTX holders. The combination of a bearish breakout and RSI contraction suggests that the bears may soon send the price lower.
MemeCore [M] continues to consolidate
MemeCore [M] emerged as the third-biggest loser this week, with a minor 1% correction. Unlike HTX’s bearish structure, M has shown more resilience, with price action staying range-bound around the $1 level.
In this setup, the RSI being in the oversold zone could actually be a positive sign. The fact that bulls are still stepping in around the range-bottom area suggests buyers are defending this zone, rather than allowing the correction to deepen.
If this trend holds, M could continue consolidating around the $1 support before making its next move.
Other notable losers
In the broader market, the downtrend was dominant.
Audiera (BEAT) was the biggest loser with a drop of 65%, followed by Humanity (H) down 59% and Secret (SCRT) shedding 40% as traders rapidly unwound their positions.
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
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Ethena [ENA], Pump.fun [PUMP], and PEPE [Pepe] led the week in gains.
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World Liberty Financial [WLFI], HTX DAO [HTX], and Memecore [M] saw significant declines.
