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Top crypto coins increase and decrease this week: M, CFX, BONK, FARTCOIN
This week in the crypto market has witnessed a strong correction. Bitcoin fell below the threshold of 113,700 dollars, while Ethereum (ETH) also slid over 5%, mainly due to weak employment data in America and increasing recession fears.
Meanwhile, ETF funds recorded a strong outflow of capital, ending an impressive streak of capital inflow. In the policy area, America has released a 160-page report on crypto.
However, the most notable volatility comes from the memecoin group, indicating high speculation and strong sensitivity to market fluctuations.
Top coin fall in price this week
Memecore (M) — Memecoin blockchain reverses and rises sharply
Memecore (M) leads the rankings this week with a bounce of over 35% from the bottom range of 0.32 dollars. Previously, this token had fallen more than 50% compared to the ICO price of 0.07 dollars over two consecutive weeks.
The week started with a retest of the support zone at $0.3 after a sharp fall of 29% in the previous week. Shortly after, buying pressure returned strongly. On August 2, M surged 42% in one day, decisively surpassing the resistance level of $0.45. Despite the strong increase, the RSI indicator has not yet entered the overbought zone.
However, M has recovered almost all of the recent losses and restored the bullish trend structure – this is definitely a name to watch if the price can stabilize above the $0.45 range.
Four (FORM) — Community-managed assets reappear in familiar technical models
Four (FORM) ended the week as the second strongest rising coin, recording a notable increase of 20%, with a candle wick reaching up to 4 dollars.
Although it has since slightly adjusted to the $3.7 range, the token still holds steady above the $3.6 area – a level that has acted as strong resistance over the past two weeks.
The resistance area flipping to support (S/R flip) shows significant buying power below. The bulls are firmly defending this level and continue to hold strong, which could set the stage for a complete breakout setup.
Technically, if FORM can accumulate steadily in the $3.8 region with large volume, it could open up the opportunity for a breakout to a new local peak – making it a notable altcoin for the upcoming week.
Conflux (CFX) is recovering rapidly, increasing by 15% in the week from an opening level of 0.18 dollars, bringing it back to the top coin gainers for the second consecutive week.
Interestingly, CFX was the leader of the breakout last week, but then closed with a fall of nearly 15% at $0.15, due to the spot demand not being sustained and the Long positions being heavily liquidated.
However, this week the situation has improved. The daily chart shows clear demand, with CFX having surpassed the resistance level of $0.2 as of now. Nevertheless, the bulls still need to decisively break through the $0.25 level to confirm the breakout trend.
Until that happens, CFX is still in the "survival" zone - a potential turning point that investors should closely monitor.
Besides the major coins, the small-cap altcoin group has attracted a lot of attention this week.
TROLL (TROLL) leads with an incredible bounce of 228%, contributing to the explosive wave of memecoin. League of Kingdoms (LOKA) follows with an increase of 127%, Pepe Bundle (PUNDLE) also surged by 73%.
Top coins fall in price this week
Fartcoin (FARTCOIN) — Memecoin continues to fall this week
Fartcoin (FARTCOIN) recorded its worst weekly close since March. The price has fallen 29% from an opening of $1.3, closing the week at around $0.93, making it the coin with the largest fall of the week.
Notably, this decline has erased all recovery efforts from the range that has lasted for many months. The resistance area of $1.6 – which was rejected at the end of May – is now becoming a hard price ceiling.
Worse still, the weekly MACD indicator of FARTCOIN has also crossed down into the bearish zone for the first time, indicating that the downtrend may continue into next week.
However, this time, the pattern seems weaker. The MACD is crossing down into negative territory and the upward momentum is gradually weakening, so a break below $0.75 would not be surprising. At this point, a clear price bounce from this area seems unlikely unless new buying pressure emerges quickly.
Bonk (BONK) — Memecoin had the worst weekly close of the quarter
Bonk (BONK) fell 24.6% this week, from an opening level of 0.000033 dollars – becoming the second strongest falling coin.
After an impressive increase in the second quarter, this is the first red week for BONK, ending a streak of 5 consecutive weeks that helped it surpass the $0.00004 mark.
Technically, the trend structure has not been broken. The broad market's shift to a risk-averse state has pulled BONK down, but the overall trend still remains intact. The last three daily candles are showing accumulation signals around the $0.000025 range.
If this price level holds firm and capital flows back in, BONK may be preparing for an opportunity to re-enter a position, especially if trading volume increases at the support zone.
Virtuals Protocol (VIRTUAL) ended the week with a strong fall of 24% from the opening level of 1.6 dollars, placing it on the list of the coins with the most significant price drops of the week.
Although this token had previously experienced strong corrections, this drop is stronger and more decisive. The price has completely broken the range of 1.7–2 dollars that it had maintained for many weeks.
The breakdown caused VIRTUAL to drop straight down to $1.12, completely changing the chart structure in a negative direction.
This indicates that the previous accumulation area has been invalidated and the bears are in control.
Although at times VIRTUAL increased slightly by 4.54% during the day, the price still struggled around the 1.2 dollar range and there were no clear signals of demand. This bounce seems to be just a technical recovery, not enough to establish a real trend reversal.
In the context of the entire market, the price decline is quite strong.
Radix (XRD) leads the group of losses with a fall of 38%, Graphite Protocol (GP) follows with a fall of 36.7% and Tokenize Xchange (TKZ) also plummets 36.6% as market momentum clearly stagnates.
Conclusion
This week has truly been a roller coaster: from soaring spikes to shocking declines, the market has been continuously fluctuating. As always, keep a cool head, do thorough research, and trade smart.
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