Analysis

Top cryptocurrencies to watch this week: CKB, W, PENDLE

Nervos Network (CKB) and PENDLE are two of the best cryptocurrencies to keep an eye on in the next days as they both broke over several resistance levels. Wormhole (W), on the other hand, had a decrease in price soon after its release.

While several cryptocurrencies experienced price increases, the market as a whole saw a little decline. This week, the value of the global cryptocurrency market dropped by almost $111 billion, to $2.55 trillion as of the last check.

This is a summary of how some of the most popular cryptocurrencies performed throughout the course of the week:

CKB hits 28-month high

Nervos Network did not surpass the highs reached during the previous bull run in 2021, despite benefiting from the general market upswing between October 2023 and March 2024.

Even with the market’s current downturn, CKB aims to reach its earlier peaks. The token was first impacted by negative pressure, and on April 1 and 2, it saw a significant drop of 19.13%, which caused its value to fall to a two-week low of $0.0164.

In the days that followed, Nervos Network attempted to recover the losses, but ran into resistance at the 50-day EMA ($0.01689). However, on April 6, the token’s comeback gained momentum, enabling it to cross the 50-day moving average and go toward higher ground.

CKB saw its largest intraday increase in more than a month on April 6, when it posted an intraday gain of 32%. As of the time of reporting, the cryptocurrency has continued on its upward track, up 4.43%. CKB saw a brief dip earlier today after rising to a 28-month high of $0.0268.

This represents the asset’s attempt to surpass its peak of $0.03567 from November 2021. Nervos Network has grown by 314% thus far this year, with a significant 28% gain in only this month. The token, which is currently worth $0.0261, has increased in value by 39% this week, placing it among the best performers during this period.

W down 21% since launch

Protocol for cross-chain Wormhole debuted its governance token, W, on April 3, but the price fell as a result of several early investor selloffs. Soon after its launch, W shot up from $1.35 to $1.50, fetching a huge volume of $781 million because it was listed on several exchanges.

But after peaking at $1.50, the cryptocurrency asset saw falls, falling as low as $1.17 on April 4 despite a surge in volume to $1.35 billion. This resulted from an enormous volume of deals made by market participants looking to profit from the first surge.

The majority of April 4 saw the asset consolidate, but as the selloffs started the following day, there was yet another wave of falls. W ultimately fell below the $1 threshold on April 5, hitting an all-time low of $0.9247. Nonetheless, the asset experienced a recovery from this price floor.

Wormhole has now proven to be resilient, protecting itself from any additional price declines below $1. With a current market valuation of $1.903 billion, the asset is now trading for $1.06, although despite its recent rise, it has dropped 21.4% from its opening price.

PENDLE clinches new ATH

One of the best performers this week was PENDLE, which reached record highs by taking advantage of the brief period of recovery in the overall market. From April 1 to April 3, the asset had three days in a row of intraday losses, falling 12% to a low of $4.64.

On April 4, however, as the market as a whole and Bitcoin (BTC) entered a recovery phase, PENDLE capitalized on the rally to record exceptional profits.

The project’s management revealed on April 4 that two extra LRTs will be added to Arbitrum, which would increase the price.

In the end, Pendle ended April 4 with a whopping 28.56% gain, its largest intraday gain of the year.

It’s interesting to note that PENDLE, like Bitcoin, has entered a price discovery phase and is currently rising to new all-time highs. On April 6, the token reached its most recent ATH, rising to $7.21.

Although PENDLE has lost 8.9% of its ATH thus far this week, the majority of the gains have been held.

With its current price, the asset has increased by 19% this week and has a $636 million market capitalization. This year, the asset has gained 455%.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button