Key Highlights
MemeCore [M], Pump.fun [PUMP], and Zcash [ZEC]
witnessed substantial price gains this week. Conversely,
Conflux [CFX],
Pi [PI], and Cronos [CRO]
experienced considerable losses.
The past week in the crypto markets was characterized by significant corporate
events that captured investor attention.
A major event involved
MicroStrategy [MSTR]‘s exclusion from the S&P 500 index. The committee’s decision to choose
Robinhood instead led to a nearly 3% drop in MSTR’s value, despite meeting eligibility
criteria.
Amid the discussion surrounding Wall Street’s reservations about Bitcoin-heavy balance
sheets, several utility-focused launchpad initiatives attracted significant interest.
Top Performing Cryptocurrencies
MemeCore [M] — New Peak to Kick Off September
MemeCore [M]
dominated the gainers list this week, soaring over 170% from its opening price of $0.67.
This marks its most substantial weekly increase since the initial surge of 570% following its
launch in early July.
Market analysis indicates strong buyer demand.
MemeCore began September strong, breaking out of the previous week’s 52% gain from $0.47.
While the Relative Strength Index (RSI) indicated overbought conditions, the token still
managed a single-day gain of 19.5%, indicating robust buying activity even at local highs.
Source: TradingView (M/USDT)
As a result, MemeCore experienced three consecutive sessions with gains exceeding 20%,
propelling it past crucial resistance levels and reaching $1. Fear of missing out (FOMO) has
kept market interest high. While the RSI is significantly above 90, indicating extreme
overbought territory, buying pressure remains strong.
If buyers continue to capitalize on dips and chase momentum, a target of $2 could be within
reach in the coming week, particularly if short-term traders continue to enter the market and
FOMO persists.
Pump.fun [PUMP] — DeFi token Surpasses Previous Resistance
Pump.fun [PUMP]
secured the second position among the week’s top performers.
It recorded a gain of over 40% from $0.03, its largest weekly jump since its launch. The
week started with Pump.fun challenging the $0.04 resistance level that it failed to overcome
a month earlier, making this week’s breakthrough particularly significant.
On-chain data shows renewed market dominance and a return to Q3 revenue levels, indicating
healthy underlying fundamentals. Technically, the token is trading around $0.049, testing
resistance and challenging bearish positions.
If bullish sentiment remains strong, this situation could represent a classic bear trap,
potentially leading Pump.fun to break through resistance and extend its rally into the
following week.
Zcash [ZEC] — Privacy-Focused Coin Shows Bullish Momentum
Zcash [ZEC]
claimed the third spot in weekly gains, up by 16%. Starting the week near $40, Zcash
surpassed the $47.17 resistance, reaching a high for the quarter.
A significant portion of the increase occurred on September 2nd, implying it was largely
driven by market enthusiasm rather than consistent accumulation. The intraday value has
decreased by 1.7% to $46.62, indicating some profit-taking.
However, Zcash’s weekly performance remains positive. Despite short-term selling pressure, it
recorded three consecutive higher highs in August, demonstrating strong buying support.
If this trend continues, a temporary market correction in the coming week could eliminate
weaker positions and establish a base for a recovery beyond $50, possibly reaching that level
by the middle to end of September.
Additional Top Gainers
Outside of the major cryptocurrencies, several
smaller altcoins
attracted significant attention.
Collector Crypt (CARDS) led with an impressive surge of 643%, followed by TDCCP (TDCCP),
which increased by 210%, and Jelly-My-Jelly (JELLY JELLY), which rallied by 153% to complete
the top three.
Weekly Losers
Conflux [CFX] — Smart Contract Platform Ends Bullish Trend
Conflux [CFX]
was the worst performer this week, decreasing by 10.57% from its opening price of $0.19.
This indicates that bulls were unable to push past resistance after gains of approximately 12%
over the previous two weeks.
In summary, Conflux ended its two-week bullish trend, marking its third unsuccessful attempt
to surpass $0.20 since mid-August.
However, each decline maintained support at $0.15, signaling solid buying pressure and
ongoing buyer interest.
Source: TradingView (CFX/USDT)
This situation shows a key divergence. Buyers are persistent, but unless significant buying
pressure develops near $0.20, the next attempt could fail, potentially trapping Conflux in a
volatile range rather than a strong downtrend.
Pi [PI] — Utility Token Drops to Lower Values
Pi [PI]
experienced the second-largest loss this week.
The altcoin decreased by 3.57% from its opening price of $0.35. Daily charts show
consolidation, which can sometimes lead to a rebound, but the weekly overview presents a
different outlook.
Since the correction in mid-May, buyers have attempted to push higher three times, but each
attempt has failed, triggering liquidity sweeps that have dragged Pi to lower levels. The most
recent setback was the breaking of support at $0.34, currently making Pi a high-risk asset.
Cronos [CRO] — Crypto.com Token at a Critical Juncture
Cronos [CRO]
was the third largest loser this week.
Following a strong rally of 89% in August, the altcoin is indicating a potential cool-down.
On the weekly chart, $0.30 is acting as a strong resistance level, while on the daily chart,
Cronos has retraced to $0.25 and is consolidating.
According to market observers, this forms a classic bear trap.
Should buying pressure remain around $0.25, it is possible we could see a period of
compressed volatility, where prices tighten as bearish momentum diminishes. This could create
the setup for a bullish breakout toward $0.50 in the near future.
Other Notable Declines
Across the
broader cryptocurrency market, downward price action was widespread.
Block (BLOCK) led the list with a decline of 60%, with Camp Network (CAMP) down by 47%, and
Dolomite (DOLO) down by 37% as momentum slowed significantly.
Final Thoughts
This week was marked by heightened market activity and volatility. It is crucial to remain
informed, conduct thorough research, and employ prudent trading strategies.