OKB, Morpho, and Arbitrum prominently rose sharply in the past week, while Pump, SKY, and SPX6900 dropped sharply, reflecting significant volatility and capital flow shifts in the cryptocurrency market.
This week's cryptocurrency market is flooded with volatility, with sentiment shifting from caution to expectations thanks to the impact of Fed Chairman Jerome Powell's statement and Ethereum's prominence, pulling capital strongly into mid-cap tokens.
MAIN CONTENT
OKB, Morpho, and Arbitrum lead growth, with OKB rising by up to 66% over the week.
Pump.fun, SKY, and SPX6900 drop sharply, showing a widespread correction trend.
The market witnesses a strong flow of funds shifting from large tokens to mid-cap and altcoins.
Which tokens had the strongest price increases this week?
OKB, Morpho, and Arbitrum are the three tokens with the most outstanding performance of the week, leading the growth wave amidst the cryptocurrency market returning to an optimistic sentiment following positive signals from Fed Chairman Jerome Powell's statements.
Market data shows OKB [OKB] surged 66% from an opening level of $117, marking a strong buying wave despite the important resistance area. Morpho [MORPHO] and Arbitrum [ARB] also increased by 26% and 6%, respectively, reflecting a noticeable capital shift into the mid-cap group.
OKB [OKB] rises in price thanks to strong buying momentum
OKB made a strong breakthrough, rising 66% over the week, closely approaching the important resistance area sustainably. The buying momentum has been continuously maintained, especially highlighted when two consecutive sessions on August 20 and 21 saw two candles rising over 40%, pushing the price up to a peak of $258.
"The continuous flow of capital into exchange tokens is a signal that institutional investors are not pulling out but are restructuring their portfolios to prepare for a new cycle."
– Do Xuan Tho, Market Analysis Expert in Ho Chi Minh City, Vietnam Blockchain Market Report 2024
Although there has been a 24% adjustment from the peak, the MACD indicator still gives a bullish crossover signal. According to AMBCrypto, if the support area of $190–200 is maintained, OKB may continue to ride the wave, aiming for the $300 price level in upcoming sessions.
Morpho [MORPHO] surpasses resistance, capital flow returns
Morpho made a mark with a 26% increase from a price base of $2, despite a struggle at the beginning of the week with a 3.9% drop. Four consecutive sessions of increases cut off short selling, bringing MORPHO back to early year price levels.
After two sessions of a total 5% adjustment, the token remains above the old resistance level of $2.6. However, trading volume is decreasing by 66%, suggesting that if buyers do not continue to hold firm, there is a risk of a significant drop to $2.3.
Arbitrum [ARB] maintains a stable upward trend
Arbitrum rose 6% but is the token showing the most sustainability as it closed in the green for three consecutive weeks, maintaining the best technical strength in the leading group.
At the beginning of the week, ARB challenged the supply zone of $0.5, then adjusted by 11% but quickly recovered mid-week to peak at $0.6, reaffirming active buying power. With a 7% adjustment on the day down to $0.56, ARB still maintains the outlook for recovery towards the Q1 peak.
What other standout altcoins surged?
In addition to major names, many small altcoins recorded record increases, indicating an increased risk-taking sentiment in the broader market.
Alturu [ALU] leads with a staggering increase of 222%, Huobi [HT] climbs 141%, and Wayfinder [PROMPT] increases by 137%. Data from CoinGecko continues to show a strong speculative wave in the small-cap group.
Which tokens dropped sharply in the past week?
In contrast to the upward trend, some tokens fell sharply, notably Pump.fun, SKY, and SPX6900, exhibiting more negative performance than the overall market, reflecting a strong correction trend in the memecoin and utility token group.
Pump.fun [PUMP] adjusts sharply after a period of excitement
PUMP leads the decline group, losing nearly 20% of its value from the opening level of $0.036, ending a four-week consecutive increase and confirming a weakening signal as it failed to turn $0.04 into support.
The week started at $0.035, but a 14% drop on August 18 weakened demand. The decline below $0.03 along with a 7% drop near the end of the week indicates that buying power has not returned, with a risk of falling to $0.024 if the $0.03 level is not maintained.
SKY [SKY] continues to probe for a bottom, showing no signs of reversal.
SKY lost 14% from the price level of $0.07, continuing to probe deeper into the short-term low. The MACD indicator still maintains a downward signal, reinforcing the pessimistic trend.
Despite an attempt to rebound to test the $0.075 area at the beginning of the week, just a day later it broke through support, falling to $0.06. The weak technical structure suggests that the downward trend may continue if demand does not reappear.
SPX6900 [SPX] breaks support, deep drop risk
SPX6900 lost 13% from a price of $1.52, marking a series of consecutive new lows within the month due to buying power failing to hold the important support level. After peaking at $2.3 at the end of July, this token experienced a sharp decline to around $1.3 and then continued to break the low.
This confirms a medium-term downward trend with weakening signals. If $1.3 cannot be maintained, the risk of approaching $1.00 could very well occur in the near future.
"Short-term speculative sentiment and rapid absorption of macro information always lead to extreme fluctuations in the memecoin and utility token group, especially during market wave transitions."
– Le Hoang Anh, Head of Investment Analysis Department at FINTECH Vietnam JSC, Asia Blockchain Forum 2024
Which altcoins fell sharply outside the main group?
In the broader market, some small altcoins faced heavy selling, reflecting rapidly shrinking speculative capital as risks increased.
Codatta [XNY] fell 71%, Ket [KET] dropped 54%, and MYX Finance [MYX] slipped 44% as liquidity unexpectedly turned cold, indicating a widespread fleeing trend in the small-cap group.
How did the cryptocurrency market move this week?
The market this week experienced intense fluctuations, with Bitcoin down 3% while Ethereum surged strongly. Capital flows moved away from large tokens, shifting to mid-cap and altcoin waves. The dovish statement from Fed Chairman Jerome Powell shifted investor sentiment from concern to anticipating opportunities.
However, alongside that, small-cap tokens and memecoins face the risk of deep adjustments, requiring investors to closely monitor technical developments and choose safe trading strategies.
Token Gain/Loss (%) Key Features OKB [OKB] +66% Leading the increase group, strong buying momentum from institutions Morpho [MORPHO] +26% Strongly surpassing resistance, volume subsiding Arbitrum [ARB] +6% Stable capital flow, closing three consecutive weeks of increase Pump.fun [PUMP] -20% Strong selling, no signs of recovery SKY [SKY] -14% New low probing, poor technical structure SPX6900 [SPX] -13% Continuously breaking support, high selling pressure Alturu [ALU] +222% Trading explosion in the small-cap group Codatta [XNY] -71% Deep drop as capital flees from altcoins
Frequently Asked Questions
What was the strongest price gainer token last week?
OKB rose 66%, leading the main price increase group, closely followed by Alturu [ALU] with a 222% increase in the small-cap group (source: TradingView, CoinGecko).
What factors caused the cryptocurrency market sentiment to reverse this week?
The dovish statement from Fed Chairman Jerome Powell, along with the strong recovery of Ethereum and the capital flow into mid-cap tokens, is a key factor (according to macro reports in 2024).
Which token dropped the most this week?
Codatta [XNY] led the decline at 71%, followed by Ket [KET] down 54%, and MYX Finance [MYX] down 44%, reflecting a trend of liquidity drying up in small altcoins.
How to minimize risks when investing in memecoins?
Prioritize tight capital management, closely monitor technical trends, and avoid chasing purchases in hot zones, relying on the practical experience of digital asset investment experts.
What is the main trend of Bitcoin and Ethereum this week?
Bitcoin fell slightly by 3% after a series of increases, while Ethereum surged, leading the optimism and capital flows (TradingView data from last week).
Source: https://tintucbitcoin.com/okb-tang-arb-pump-spx-giam/
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