Crypto Market Weekly Report: VIRTUAL, XMR Lead Gainers
This week's cryptocurrency market showcased notable volatility, with several assets experiencing significant price changes. Positive sentiment followed recent SEC developments, boosted by a record-breaking $2 billion crypto deal between Binance and MGX, along with Japan's Metaplanet expanding its Bitcoin strategy. Low and mid-cap assets, however, dominated the action, indicating continued investor risk appetite for potentially quick returns.
Weekly Winners
Virtuals Protocol [VIRTUAL]
Virtuals Protocol (VIRTUAL) led the gainers, surging 42.32%. While initially showing signs of resistance, a strong intraday breakout pushed the price past $1.80 before a correction. Current price action suggests potential for further downward movement, with a key support level at $1.50. However, if this proves to be a temporary correction, further upside towards $2 remains a possibility.
Source: TradingView (VIRTUALS/USDT)
Solayer [LAYER]
Solayer (LAYER) rallied 22%, reaching a new all-time high of $3.20. This continued last week's upward trend and demonstrated strong buyer support. Despite a brief correction, the overall structure remains bullish, with consistent demand rebounds.
Monero [XMR]
Monero (XMR) saw an 18% increase, breaking through long-term resistance at $391. However, the lack of significant volume and a swift retracement raise concerns about the sustainability of this rally. The price is currently experiencing downward pressure, with key support at $240-$250. If bulls fail to defend this level, it could indicate a potential bull trap.
Other Notable Gainers
- Mansory Token [MNSRY]: 107%
- REVOX [REV]: 105%
- TROLL [TROLL]: 100%
Weekly Losers
Official Trump [TRUMP]
Official Trump (TRUMP) experienced a significant 26.66% drop after a rally fueled by the "Dinner with Trump" promotion. This decline coincided with large holders offloading tokens, suggesting potential for further price decreases. Key support lies around $8.
Worldcoin [WLD]
Worldcoin (WLD) fell 21%, failing to maintain momentum from a previous rally. The market cap decline to $1.24 billion signals decreased investor interest. Support levels are around $0.80 and $0.70. Although the RSI shows a potential bullish divergence.
Source: TradingView (WLD/USDT)
Optimism [OP]
Optimism (OP) experienced a 17% loss, demonstrating bearish sentiment and indicating a potential correction. The key support level to watch is $0.62. A breakdown could lead to further decline.
Other Notable Losers
- WEMIX [WEMIX]: 50%
- Hyperlane [HYPER]: 31%
- Synapse [SYN]: 30%
Conclusion
The cryptocurrency market remains volatile. Remember to conduct thorough research before making any investment decisions. Codeum, a leader in blockchain security, offers smart contract audits, KYC verification, and custom smart contract development to help mitigate risks within the crypto space. Partner with us to build secure and robust blockchain solutions.