Bitcoin's price saw only modest gains despite interest rate cuts, while Ethereum showed stronger performance, hinting at a potential altcoin season. Several altcoins experienced substantial double-digit growth, leading the market.
Top Performing Cryptocurrencies of the Week
MemeCore (M)
MemeCore (M), a Layer-1 blockchain focused on meme coins, led the gains with a 42% increase, signaling a resurgence of speculative investment. After a 60% correction, the price structure shows initial signs of FOMO as M formed its first green weekly candle in three weeks.
This rebound returned the price to its late-November range, raising questions about the trend's sustainability. A nearly 50% surge in one week often brings significant profit-taking pressure, especially with slowing momentum. However, technical indicators are not yet overheated. The weekly RSI is around 60, indicating further upside potential. If momentum holds, M could try to reclaim the $2 psychological level.
Conversely, bears are resurfacing. A 6.97% intraday correction indicates strong selling pressure around the $1.90–$2.00 supply zone, a key resistance level M has struggled to breach since late November. The near-term scenario hinges on bulls maintaining their position. Successfully defending the current price could trigger a short squeeze, opening a clear path above $2. A decisive rejection at the resistance, however, would likely cause a price reversal, retesting lower support levels as momentum wanes.
Merlin Chain (MERL)
Merlin Chain (MERL), a Bitcoin Layer-2 solution, recorded the second-largest gain, rising over 33% from its $0.35 opening price. The weekly chart shows a clear eight-week accumulation pattern before a breakout, a typical signal of a sustained uptrend.
On-chain indicators reinforce this upward momentum. According to Coin Photon, MERL's double-digit surge coincided with a significant increase in long-term holders (HODLers), suggesting patient capital is entering and initial FOMO signals are forming. Current momentum is considered constructive.
However, the $0.50 resistance remains a key hurdle. A decisive break above this level is necessary to confirm the next upward phase. As technical and fundamental factors converge, a "bear trap" around the resistance becomes increasingly likely. Overall, MERL appears as an attractive short-term momentum trade, provided bulls maintain buying pressure.
Zcash (ZEC)
Zcash (ZEC) ranked third among the top gainers, with a 25% increase, pushing the price near a critical pivot point. This is notable as ZEC had been among the worst performers for three consecutive weeks, indicating oversold conditions.
The current recovery appears to be a short squeeze: late short positions are trapped, forcing them to close quickly, driving the price up. To sustain the rally, ZEC likely needs a period of sideways consolidation next week, rather than continued vertical growth.
If this price base holds, ZEC could gradually retest previous highs and even challenge the $70 resistance. In the short term, accumulation before a breakout is more likely as remaining short positions are fully liquidated.
Other Notable Gainers
Beyond major cryptocurrencies, several altcoins captured attention:
- FOLKS (FOLKS) led with a massive 287% increase.
- NUMINE TOKEN (NUMI) followed, rising 187%.
- Pippin (PIPPIN) rounded out the top performers with a 98% gain.
Top Losing Cryptocurrencies of the Week
Story (IP)
Story (IP) led the decliners, losing about 10% of its value. In a risk-off market environment, this correction might seem manageable, especially with weakening on-chain flows into Layer-1 blockchains generally.
However, IP's price chart looks bleak. The weekly trend is bearish, with the seventh consecutive red candle since breaking the $6 support in mid-October—a typical sign of market capitulation. A drop to the $1 region is no longer far-fetched.
Technically, the RSI is around 38, not yet deeply oversold, suggesting further downside potential. With bears in control, bulls are unlikely to establish a strong defense in the short term.
Jupiter (JUP)
Jupiter (JUP) ranked second among the worst performers, falling 9.17% from its $0.22 opening price. Like IP, JUP faces sustained capital outflows and has lost about 50% of its value from its late-November peak of $0.44.
Has selling pressure eased? Not yet. The weekly price structure remains bearish, as bulls have repeatedly failed to defend key support levels.
FAQs
Why did MemeCore (M) cryptocurrency increase so much this past week?
MemeCore (M) saw a 42% increase due to a resurgence of speculative investment and initial signs of FOMO after a previous correction. It's a Layer-1 blockchain focused on meme coins.
What are the key resistance levels to watch for Merlin Chain (MERL) and why is it considered an attractive short-term trade?
The key resistance level for Merlin Chain (MERL) is $0.50. It's considered attractive due to a breakout after an eight-week accumulation pattern and an increase in long-term holders.
Is the recent price increase of Zcash (ZEC) sustainable, and what needs to happen for it to continue?
The Zcash (ZEC) rally appears to be a short squeeze and may not be sustainable without sideways consolidation. It needs a period of sideways consolidation next week to maintain the rally.
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