beincrypto.com
The crypto market changed its tone midway through the week from bullish to bearish, creating concern for the investors. Since the weekend is known for being a high volatility period, some altcoins could be moving in an unprecedented manner.
Thus, BeInCrypto has highlighted three such tokens that the investors should watch for the better and for the worse.
Conflux (CFX)
CFX has been one of the top-performing altcoins this week, posting an impressive 85% rally. Trading at $0.188, the altcoin is set for potential recovery, with further upward movement expected. This price action reflects renewed investor interest and signals a continued uptrend, supported by the broader market’s positive sentiment.
The formation of a Golden Cross between the 50-day and 200-day EMAs further supports the bullish outlook for CFX. As the 50-day EMA crosses over the 200-day EMA, it indicates momentum building for a potential price surge. This could push CFX past the current resistance of $0.194, targeting $0.240.
However, if investor sentiment shifts and selling pressure increases, CFX could face a significant decline. A sell-off could result in a drop to $0.146, erasing much of the recent gains. This downside risk highlights the importance of maintaining investor confidence to sustain the bullish momentum for CFX.
Pudgy Penguins (PENGU)
PENGU fell 12% in the last 24 hours, trading at $0.037. The altcoin slipped below the support level of $0.040 after a failed attempt to breach its all-time high (ATH) of $0.046. This downturn reflects waning momentum and investor uncertainty.
Despite the recent setback, there remains hope for a new ATH among investors. The Parabolic SAR indicator below the candlesticks suggests an active uptrend, signaling that PENGU could continue to rise. If the market conditions stabilize, the altcoin could regain its bullish momentum, potentially surpassing the previous highs.
However, if the market turns bearish, PENGU could face further losses. A drop to the support level of $0.029 is possible, invalidating the bullish outlook.
Pump.fun (PUMP)
PUMP has noted a sharp 25% drop during the intra-day lows over the last 24 hours, trading at $0.00258. The altcoin, continues to lose traction in the market which is signaling further decline.
The next major support for the token sits at $0.00212, and if the selling persists, this level might be tested this weekend. This, in turn, could trigger further selling from PUMP holders, making it vulnerable to further correction.
However, since PUMP managed to recover from today’s slump, it could secure the support at $0.00249. A successful rebound at this level could pave the way for a push past $0.00292, sending the altcoin towards $0.00380.