The cryptocurrency market had a rollercoaster week, with some coins experiencing significant gains while others saw losses. Among the biggest gainers were Onyxcoin [XCN], Fartoin [FARTCOIN], and JasmyCoin [JASMY], with triple-digit surges in their prices. On the other hand, Tezos [XTZ], Eos [EOS], and Movement [MOVE] were among the biggest losers, facing significant declines in their values.
Onyxcoin [XCN] saw a massive 120% surge in just three days, erasing two months of losses. Despite the overbought conditions, the asset may still have potential for a rebound similar to its previous price action. Fartcoin [FARTCOIN] also experienced a strong bullish performance, rallying over 90% amid a breakout from an accumulation range. However, profit-taking and signs of exhaustion in price action indicate a need for a corrective flush-out before attempting to reclaim the $1.00 resistance level.
JasmyCoin [JASMY] saw a solid trend reversal, with a 68.91% increase in price. A breakout from a multi-month downtrend and rising buying volume suggest further upside potential for this data-driven coin. Other notable gainers included Edge [EDGE], Aergo [AERGO], and Retard Finder Coin [RFC], with substantial price gains.
On the losing end, Tezos [XTZ] and Eos [EOS] faced significant downturns, erasing post-election gains and moving from winners to losers. Lack of strong bid-side absorption and weak demand indicate that these assets may continue their downtrend unless a shift in market structure occurs. Movement [MOVE] also posted lower lows, indicating a distribution phase and weak market participation.
It is crucial to conduct thorough due diligence before making any investment decisions in the highly volatile cryptocurrency market. The market recap highlights the importance of tracking volume profiles, monitoring key support and resistance levels, and being aware of potential shifts in market dynamics. As the market continues to fluctuate, staying informed and cautious is essential for successful trading and investment strategies.
