The cryptocurrency market witnessed significant fluctuations this week, dominated by major price surges and notable political headlines involving President Donald Trump and Elon Musk.
However, despite the political drama, the market’s reaction seemed muted as Bitcoin (BTC) experienced a slip, and Ethereum (ETH) saw a drop as traders remained cautious.
Amidst this backdrop, utility tokens emerged as the star performers, recording impressive double-digit gains, while A.I.-based tokens found themselves among the weekly losers.
**Weekly Winners**
Leading the pack, AB (AB) triumphed as the top gainer, posting a remarkable 25.63% rally to close at $0.0108.
Over half of this surge occurred in a single trading session on June 7th, when AB shot up by 22% in one day.
Though such sharp spikes often indicate potential overextensions, especially as prices hit a one-month high, the Relative Strength Index (RSI) remained well below overbought levels.
Additionally, trading volume jumped over 77%, signaling that momentum may still be in play.
AMBCrypto has indicated this is a prime short squeeze territory, contingent on the sell-side liquidity being absorbed.
Traders should monitor on-chain volume closely.
If the current bid wall tumbles, shorts could take control; however, if bullish sentiment remains intact, a retest of the $0.011 mark appears likely.
Secondly, SPX6900 (SPX) secured its position as runner-up, climbing 22.97% this week.
This memecoin stood out by extending its bullish run from the previous week, starting with a 10% increase that brought it to a closing price of $1.13.
Despite experiencing a bearish phase that saw a decline of 5.35%, bringing SPX down to $1.07, the bulls regained the momentum with an 8% jump the day after.
SPX ultimately closed the week at $1.18, showcasing a bullish structure, despite potential volatility near overhead supply.
Unless significant capitulation occurs, FOMO seems to be driving SPX towards a target of breaking out at the $1.20 level.
Sky (SKY) rounded out the top three weekly gainers with an 11.89% increase, closing from an opening of $0.06.
The week began on a positive note for SKY, which extended its prior rally, establishing solid support at $0.064.
However, bears soon took control, with prices retracting to $0.07 as weaker hands exited trading.
The upcoming sessions will be crucial in determining whether bulls can maintain support at this level, possibly allowing for a breakout beyond the key $0.10 resistance.
In addition to these major players, notable altcoins rose sharply, with KLED AI (KLED) leading the charge at an astounding 536% surge, followed by BUILD On BNB (BOB) with a 413% increase and GIZA (GIZA) rallying 235%.
**Weekly Losers**
On the other end of the spectrum, DeXe (DEXE) led the losers with a staggering 24.52% decline from its opening price of $14.22.
The week opened ominously for DEXE, which suffered a severe 31.95% single-day drop, marking its largest red candle in history and dragging the token to a six-month low of $8.20.
This swift downturn was particularly surprising given DEXE’s recent strong recovery attempt to break out of its $12-$14 consolidation range, where it had briefly emerged as the leading performer.
This sudden collapse triggered extensive long liquidations, severely impacting its bullish structure and driving the RSI to a two-month low.
Despite the turmoil, DEXE managed to recover 2.6% to reach $10.66 at press time, indicating signs of resilience.
Market participants are closely watching for a decisive breakout above the $14 resistance, which could signal a potential reversal and the restoration of bullish momentum.
Jupiter (JUP) claimed the second position among weekly losers, slipping 13.81% to close at $0.44.
JUP’s week started with a modest 1.48% gain, however, this early strength quickly evaporated.
Repeated price declines since May demonstrated a consistent failure to find a sustainable support level, with every small bounce being met with selling pressure, indicating a lack of buying confidence.
Should the bulls fail to decisively change the trend, JUP risks slipping toward a critical level near $0.40.
Lastly, Bittensor (TAO) found itself as the third-biggest loser, suffering a 10.97% drop to close at $370.
Since reaching near $500 in May, TAO has retraced back to mid-February levels, establishing three consecutive lower lows that confirm ongoing bearish pressure.
The weak support structure has allowed shorts to maintain their betting positions while deleveraging futures traders caused the Open Interest on TAO to decrease by 9%.
While TAO ended the week with a minor 5% rebound, sustaining momentum may prove challenging without substantial accumulation by smart money.
If selling continues, a retrace towards $330 could be in the cards.
Other notable losers throughout the broader market experienced significant downward swings, including MinoTari (XTM), which saw a 39.2% drop, Collateralize (COLLAT) at 28.9%, and WalletConnectToken (WCT) suffering a 28.4% slip as overall momentum cooled.
**Conclusion**
In summary, the crypto market experienced another chaotic week characterized by substantial gains, considerable losses, and incessant volatility that left many traders guessing their next move.
As always, conducting diligent research remains imperative before diving into trades.
Traders are encouraged to stay sharp, manage risks wisely, and navigate these shifting tides effectively.
image source from：https://ambcrypto.com/crypto-market-weekly-review-8-june/
