Weekly Crypto Market Update: Winners and Losers

Weekly Crypto Market Update: Winners and Losers – TEL, STRK, ICP, CC

The crypto market experienced significant fluctuations this week, with certain coins making impressive gains while others faced substantial losses. Notably, Telcoin (TEL), Starknet (STRK), and Decred (DCR) emerged as the top gainers, while Internet Computer (ICP), Canton (CC), and Filecoin (FIL) saw declines. As Bitcoin (BTC) dipped below the $95,000 threshold, concerns about market sustainability grew, highlighting a critical moment for investors.

Key Takeaways

Telcoin [TEL], Starknet [STRK], and Decred [DCR] were the leading gainers this week.
Internet Computer [ICP], Canton [CC], and Filecoin [FIL] experienced significant losses.
The cryptocurrency market has seen a dramatic downturn, with Bitcoin falling below $95,000 and institutional outflows increasing.
Despite the overall market drop, some projects showed remarkable increases, indicating continued investor interest in utility-driven narratives.

Weekly Winners

Telcoin (TEL)

Telcoin led the pack with an astonishing 108% rise this week, although it struggled to surpass the $0.0075 resistance level. The upcoming weeks will be pivotal for this altcoin. Initially, TEL saw a minor decline of 6.79%, but it rebounded strongly with a 46% surge on November 12, followed by a 30% increase the next day, contributing to 80% of its weekly gains in just two trading sessions. This demonstrates robust buying interest.

TELCOIN

Source: TradingView (TEL/USDT)

Despite these gains, the Relative Strength Index (RSI) is still below overbought levels, indicating room for growth. A dip of 14.29% on November 14 was absorbed quickly, leading to a positive two-day uptrend, hinting at increasing buying activity. As TEL enters a phase of strong accumulation, if this continues, the $0.007 may act as crucial support, setting the stage for further upward resistance tests.

Starknet (STRK)

Starknet, ranking as the second-largest gainer this week, rose by 50% from its opening price of $0.14. It successfully broke through two resistance barriers, indicating strong underlying momentum. A report from AMBCrypto outlined a $6.89 million spot buy, along with bullish technical indications, signifying a potential upward continuation. With STRK trading at approximately $0.24 at the time of writing, there is an active Fear Of Missing Out (FOMO) among traders, which is absorbing selling pressure. A short-term movement past $0.30 seems feasible if STRK maintains its position above key support levels.

Decred (DCR)

Decred ranked third among the week's top performers. However, it exhibited notable volatility, caught in a back-and-forth struggle between bulls and bears. The week began with DCR dropping around 17%, but midweek and end-of-week recoveries averaged about 15%, reflecting buyer interest. Nevertheless, DCR remains confined below the $0.40 resistance, lacking a decisive trend. With both bullish and bearish forces at play, it presents a riskier investment as the new week approaches.

Outside of the major players, some altcoins generated significant attention. Surge (SURGE) posted a 203% increase, Audiera (BEAT) rose by 200%, and Amiko (AMIKO) achieved a 102% gain.

Weekly Losers

Internet Computer (ICP)

Internet Computer was the top loser of the week, dropping by 30%. From a technical viewpoint, this decline appears to be a regular cooldown period rather than a steep sell-off. The week commenced with ICP experiencing a 9.86% decrease, compounded by a previous drop of 15.63%, following a remarkable 72% increase in the prior week that pushed prices above $9.

This pullback has likely triggered weaker hands to exit, coinciding with broader market caution. The weekly RSI also peaked, indicating this may be a healthy consolidation phase rather than a breakdown.

ICP

Source: TradingView (ICP/USDT)

If bulls can sustain their momentum around the $5 level, as confirmed by AMBCrypto’s thesis, another upward move could be in sight. However, a reversal in buying pressure could lead to sharper declines, potentially dropping ICP closer to $3.

Canton (CC)

Canton was the second-largest loser this week, falling to approximately $0.109. The coin broke through its rising wedge pattern, and repeated testing around the $0.134 mark revealed that sellers were in command. Market dynamics added pressure, with $385,000 exiting exchanges. Open Interest (OI) rose to $25.46 million, indicating more traders opening short positions while long liquidations increased as bullish attempts faltered.

In summary, CC is near a critical support level of $0.110–$0.109. While bears maintain control, a minor uptrend could emerge if selling pressure eases. The upcoming days will be significant to determine if consolidation is maintained.

Filecoin (FIL)

Filecoin dropped 25% from its opening price of $2.70 this week. Its price movements paralleled those of Internet Computer (ICP), suggesting a similar trajectory ahead. The week began with an immediate outflow following last week’s 66.87% rally, typical of a sell-off as traders secured their profits. By week’s end, FIL stabilized around the $2 mark, concluding with a minor 3% rebound.

Technically, the RSI has begun to normalize, suggesting that if bulls can defend the $2 level, FIL might be gearing up for a breakout. While it remains premature to declare a bottom, this consolidation hints at possible base formation.

In the wider market, volatility hit hard, with DeAgentAI (AIA) plunging 90%, Ore (ORE) declining by 64%, and Saros (SAROS) slipping 59% as momentum faded.

Conclusion

This week’s market activity was thrilling, characterized by significant gains for some cryptocurrencies, along with a sharp downturn for others. As always, it’s vital for investors to stay informed, conduct thorough research, and trade wisely.