SPX6900 SPX experienced a remarkable surge this week, climbing by 11.03% from its opening price of $0.90. This impressive increase places SPX firmly among the top three performers in the current market. The week commenced with a sharp decline of 6.73%, closing at $0.84. However, bullish momentum quickly regained control, resulting in three consecutive green candles that propelled SPX past the critical $1 psychological barrier, marking its first close above this level in three months. This breakthrough signals a renewed buying interest among investors.
Despite the positive momentum, the $1.22 level emerged as a strong resistance point, leading to an 11.05% pullback. Currently, SPX is holding steady near $0.96 as of press time. Technical indicators suggest a minor consolidation phase may be underway before the next potential upswing, making SPX a token to watch for breakout opportunities as bulls prepare to retake control of the market.
Outside of the major cryptocurrencies, several altcoins made headlines this week. Pocket Network (POKT) led the charge with an astonishing 369% surge, easily dominating the leaderboard. Following closely was Incrypt (INC), which posted a remarkable 200.5% increase, while Fuzzybear (FUZZY) rallied by 125.2%.
On the downside, dogwifhat (WIF) suffered the sharpest weekly decline, plunging by 22.27% and claiming the title of the worst performer. After closing last week near a strong resistance level at $1.40, WIF entered a narrow consolidation phase between $0.96 and $0.98 for three days, building tension among traders. On May 29th, a decisive 5.09% drop broke this balance, shifting momentum to the bears. This decline triggered aggressive liquidity sweeps, flushing out weak hands anticipating a rebound from consolidation.
The selling pressure intensified, pushing WIF below the critical $0.95 support level. As of now, the token is hovering around $0.85, indicating sustained bearish control and the potential for further downtrends unless buyers step in soon.
Pudgy Penguins (PENGU) faced a weekly decline of 21.23%, closely trailing WIF among the worst performers. Unlike typical capitulations, PENGU’s drop lacks strong conviction and has been trapped in a tight speculative loop since early May. The token has been consolidating between $0.010 and $0.017, with $0.010 acting as a robust local support level, holding firm for the third time this month. Despite this support, volume and accumulation metrics indicate no aggressive buying, highlighting muted demand.
Unless fresh momentum or “hype” re-enters the market, PENGU risks extending its stagnant trading range and failing to build the bullish foundation necessary for a sustained breakout.
Fartcoin (FARTCOIN) took the third spot among the weekly losers, plunging by 20.98% from its opening price of $1.45. The week began with a modest 4.5% dip, and given FARTCOIN’s consistent resilience through similar retracements this month, a quick bounce back seemed likely. This made a long position tempting for many traders. However, bulls failed to defend the upward momentum this time.
The sharp drop of over 20% marks FARTCOIN’s steepest correction of the month, pushing it back to test critical early May support near $1.05. This breach indicates growing bearish pressure, placing the onus on buyers to maintain this support level. Failure to defend could lead to deeper losses, while a strong rebound could restore confidence in FARTCOIN’s price floor.
Wider market volatility hit hard this week, with Nobody Sausage (NOBODY) taking the biggest hit with a sharp 46% drop. This was followed by Moonpig (MOONPIG), which declined by 43.3%, and Launchcoin on Believe (LAUNCHCOIN), which slipped by 38.8% as market momentum cooled.
The cryptocurrency market brought chaos once again this week, showcasing big gains, tough losses, and nonstop swings that kept traders guessing. As always, remember to DYOR (Do Your Own Research) before making any investment decisions. Stay sharp, trade smart, and ride the market waves wisely!
