The second quarter of the year began with a mix of gains and losses in the cryptocurrency market. While some coins experienced significant growth, others faced declines in their value. Among the biggest gainers were Eos, Pendle, and OKB, while Immutable, Berachain, and Jupiter were among the biggest losers.
Eos saw a strong start to the quarter, with an 11.49% jump in its value reaching $0.7129. The coin broke through its resistance level and gained over 35% in just three days, becoming the top-performing asset of the week. However, the rally was short-lived as a wave of liquidations led to a sharp correction, with EOS dropping over 12% in just two days.
Pendle also posted significant gains, surging 19.76% and reclaiming the $3 resistance level. Despite facing strong resistance at the current level, if volume and sentiment improve, a potential short squeeze could help Pendle consolidate around its resistance. However, a deeper correction could be looming as the coin has already retraced slightly from its recent close.
OKB made a late entry in the weekly gains but quickly positioned itself as the third-largest gainer, posting a 10.36% surge. The coin has historically followed bullish patterns following two-week downtrends, indicating a potential breakout in the near future. With the MACD approaching a bullish crossover and increasing trading volume, OKB could climb further and test new highs in the coming week.
On the other hand, Immutable continued to face strong selling pressure, extending its downtrend and posting a 26.60% decline over the past week. The token broke below a critical support level, trading at $0.406. Without significant buying pressure or on-chain demand, the path of least resistance appears to be to the downside, with the possibility of further declines before finding solid support.
Berachain experienced a sharp correction of 25.70% over the past week, positioning it as one of the top losers in the market. Market volatility, profit-taking, and broader sector corrections contributed to the decline, with caution advised due to the highly volatile market conditions. Analysts anticipate a potential rebound for Berachain but expect fluctuations in the short term.
Jupiter also faced a significant decline of approximately 22.52%, dropping below the $0.50 support level. Market forecasts suggest a potential rebound for Jupiter in the coming months, with possible price increases. However, flipping the current market value to a solid demand zone would be crucial for this to happen. Other notable decliners in the market include Act I, Undeads Games, and Keyboard Cat, which saw substantial losses over the week.
In conclusion, the cryptocurrency market remains volatile, with prices shifting rapidly. It is important for investors to do their own research before making investment decisions to navigate the market effectively.
