This week's cryptocurrency market shifted from an upward trend to a downward trend midweek, causing concern among investors. The weekend is known for higher volatility, and some altcoins may move in unexpected ways.
BeInCrypto has focused on the following 3 altcoins this weekend:
Conflux (CFX)
Conflux (CFX) is one of the best-performing altcoins this week, recording an impressive 85% increase. Currently trading at $0.188, further growth is expected. This price movement reflects renewed investor interest and indicates a continued upward trend, supported by the market's positive sentiment.
The golden cross formation between the 50-day and 200-day moving averages further supports CFX's upward outlook. When the 50-day moving average crosses above the 200-day moving average, it indicates momentum for price increases. This could allow CFX to target $0.240, surpassing the current resistance level of $0.194.
However, if investor sentiment changes and selling pressure increases, CFX could experience a significant decline. A sell-off could cause it to drop to $0.146, losing most of its recent gains. This downside risk emphasizes the importance of maintaining investor confidence to sustain CFX's upward momentum.
Pudgy Penguins (PENGU)
Pudgy Penguins (PENGU) has fallen 12% in the last 24 hours, trading at $0.037. It remains below the support level of $0.040 and failed to break through the all-time high (ATH) of $0.046. This decline reflects a decrease in momentum and investor uncertainty.
Despite recent setbacks, hope remains among investors for reaching the all-time high. The Parabolic SAR indicator below the candlestick suggests an active upward trend and implies PENGU could continue rising. If market conditions stabilize, the altcoin may recover its upward momentum and surpass its previous high.
However, if the market turns bearish, PENGU could experience additional losses, potentially dropping to the support level of $0.029, which could invalidate its upward prospects.
Pump.fun (PUMP)
Pump.fun (PUMP) has dropped 25% from its intraday low, trading at $0.00258. The PUMP coin is losing its market position, suggesting potential further decline.
The token's next major support level is at $0.00212, which could be tested this weekend if selling continues. This may trigger additional selling from PUMP holders and leave it vulnerable to further adjustments.
However, since PUMP has successfully recovered from today's decline, it could secure the support level at $0.00249. A successful rebound at this level could open the way to surpass $0.00292 and move towards $0.00380.
