This week in the crypto world has truly been an emotional rollercoaster. Bitcoin surpassed $123,000 due to expectations of interest rate cuts, but inflation concerns quickly pulled the price back to around $117,000, dragging down altcoins as well.
On the positive side, the IPO of the Bullish exchange grabbed attention as it successfully raised $1.1 billion. Meanwhile, Ripple (XRP) continues to attract interest, nearing its previous peak thanks to expectations about ETFs. However, the real focus is on the mid-cap group, while memecoins are losing their appeal as speculative funds shift elsewhere.
Top coins that rose sharply this week
OKB (OKB) — Exchange token skyrockets into triple digits
OKB (OKB) has become the highlight of the past week as it skyrocketed more than 160% from an opening level of $46.57. Early in the week, it was still 'stuck' in the $40–50 range, but by August 13, in just one day, the price surged 125%, reaching a new historical peak of $142.
The momentum came from burning 65.2 million tokens, creating a strong supply squeeze. Subsequently, the RSI indicator fell into the overbought zone, leading to a decline of more than 10% in the following days, bringing the price to around $122 at the time of writing.
So, has OKB reached its peak yet? The FOMO sentiment is returning, combined with a risk-on trend in the market, making this mid-cap token a focal point as 'altcoin season' heats up.
Supporting this trend, OKB recorded a trading volume increase of 192% along with daily volatility above 7%, indicating that accumulation is increasing and the bullish trend could persist at least through the week.
If the upward momentum is maintained, OKB could soon test the resistance zone around $130 and even set a new all-time high (ATH) in the short term.
Mantle (MNT) — Financial blockchain breaking through important resistance
Mantle (MNT) became the second big winner of the week, rising over 30% from an opening price of $1.04. Notably, this week the price surpassed the supply wall of $1 that had never been tested since Q1. Such a move indicates strong buying power, reinforcing the bulls' control.
However, the battle is not over yet. Technically, MNT is heading towards the important resistance zone at $1.4. The positive signal is that the week opened with a clear upward momentum, and any selling pressure mid-week around $1.2 was quickly absorbed.
Even the recent 2% decline appears to be a short-squeeze, keeping MNT in a bullish structure throughout the week, with the potential to advance towards $1.4 in the short term.
Aerodrome Finance (AERO) — New generation blockchain under bearish pressure
Aerodrome Finance (AERO) secured third place with a 22% increase from an opening price of $1.18, testing the $1 threshold for the first time since Q1, similar to MNT.
The week started with a 6% decline as the bears attempted to seize control. However, an 11% bounce the following day wiped out late Short positions, pushing AERO up the supply wall at $1.3.
Another attack from the bears has been absorbed, reinforcing the accumulation phase and pushing AERO past $1.4, indicating that the bulls have broken through two consecutive resistance levels during the week.
If the upward momentum is sustained, AERO could aim for $1.5 and further to $2 in the quarter. A clear breakout here would reinforce bullish pressure. However, a decline could still occur if the momentum stalls.
Other notable rising coins
In addition to major names, many strong altcoins attracted attention this week. Codatta (XNY) led with a stunning 385% increase, followed by Imagen Network (IMAGE) with a 309% increase and Wiki Cat (WKC) up 270%, closing the rankings.
Coins that fell sharply this week
SPX6900 (SPX) — Market index token breaks through a key support level
SPX6900 (SPX) leads the decline group, slipping 20% from an opening price of $1.94 and failing to hold the support levels at $1.9 and $1.7. The week opened with a vertical drop of 9.5%, but since it followed a more than 20% increase the previous week to $2, it is not seen as a market-wide sell-off risk. Instead, it simply indicates that the bulls failed to maintain the key support level.
In other words, the buying support could not defend the ceiling of $2, confirming this as a resistance area and the bears have swept away the Long liquidity clusters, pulling SPX down below $1.5 at the time of writing.
The current price action is crucial: a 6.55% bounce yesterday shows that the bulls are returning. However, for a real breakout, this trend needs to be maintained over the next few days to turn resistance into support.
If that happens, SPX could turn from the deepest declining coin to the strongest rising coin this week, marking a volatile turning point that will determine whether it goes up or down.
Pudgy Penguins (PENGU) — NFT project confirms bullish support
Pudgy Penguins (PENGU) ranks second in the sharp decline group this week, losing 17% from an opening level of $0.04, making this level now a key resistance threshold.
The week opened with a decline of 9.65%, indicating that the bulls could not protect the peak and allowed distribution to dominate. The first test of support failed, triggering an 11% drop on August 14.
At the time of writing, PENGU is trying to hold $0.03 to find a recovery opportunity. However, a modest increase of 2% within 48 hours shows weak buying pressure. There is no memecoin-like FOMO effect, and with increasing market risk, a sharp decline is more likely than a strong rebound.
Conflux (CFX) — Layer-1 blockchain shows bearish structure
Conflux (CFX) dropped 14% from an opening level of $0.2, extending the 3.97% decline of the previous week and maintaining its position as the third worst coin this week.
In fact, the decline has reinforced the bearish structure, as this altcoin failed to hold the key support level, despite consolidating around $0.17 for the past three days, indicating stabilization efforts.
Demand is gradually emerging, but the order book depth remains thin, meaning the accumulation force is not strong enough to offset the selling pressure. This weakness triggered a slide of more than 10% on August 14.
If this trend continues, CFX risks losing support at $0.17, paving the way for a deeper correction to $0.15 next week, making it a level that traders should pay special attention to.
Notable coins that declined
In the broader market, the decrease in volatility has made a strong impact. SOON (SOON) leads the decline group with a drop of 43%, followed by Yala (YALA) down 41%, and Rei (REI) losing 40% as growth momentum significantly cooled.
Conclusion
This week has truly been a rollercoaster. Strong pumps, deep drops, and continuous price action have occurred. Therefore, stay alert, do your own research, and trade wisely.
