Weekly overview of the cryptocurrency market: MYX, LINK, CC, ZEC – Who are the winners and losers?

Bitcoin (BTC) at times lost key support levels before making a weak rebound, while Ethereum (ETH) also experienced similar volatility. Widespread profit-taking pressure caused the entire cryptocurrency market to sink into the red, as capital flows tended to move away from high-risk assets.

However, amid the wave of intense volatility, some blockchains focused on real-world applications (utility chains) unexpectedly bucked the general trend, recording impressive double-digit growth.

Top Gainers of the Week

MYX Finance (MYX) — Reinforcing a Bullish Structure

MYX Finance (MYX) is the market’s focal point this week, rising 17% to $3.04, marking an impressive fifth consecutive week of gains. Among the rising assets, MYX stands out as a “flagship,” outperforming the rest.

Amid the overall market downturn, MYX’s surge might be suspected as the result of short-term money rotation. However, with a gain of more than 50% in just over a month, MYX’s uptrend indicates more of an internal momentum than a fleeting effect.

MYX/USDT weekly chart | Source: TradingView Reinforcing this bullish scenario, on the weekly timeframe, MYX has established a series of three higher highs, continuously breaking through key resistance levels and clearly confirming a bullish market structure.

In summary, the scenario of MYX decisively breaking above the $3 mark is no longer far-fetched, but is gradually becoming a very realistic possibility.

The durability of this trend is also clearly reflected in MYX’s outstanding performance over the past week. According to Coin Photon, this 17% gain was strongly fueled by leverage, as open interest (OI) spiked. Nevertheless, technical indicators still lean clearly towards a positive trend, showing the bulls are in control and preparing for another upward move.

Bitcoin Cash (BCH) — Bitcoin’s fork approaches key resistance

Bitcoin Cash (BCH) is the second strongest gainer of the week, up 8% to $580. Like MYX, BCH has maintained a solid uptrend on the weekly chart with three consecutive green candles—a clear sign that buying pressure still prevails.

However, a true breakout has yet to be confirmed. On the price chart, BCH is currently “stuck” just below a critical resistance zone—a level that this coin has repeatedly failed to conquer in early October, before plunging 16% to $480. Therefore, this remains a decisive technical barrier for the short-term trend.

From a technical perspective, the relative strength index (RSI) has not yet entered overbought territory, indicating further upside potential. If the bulls can hold the $560–$580 support zone next week, the scenario of BCH breaking above $600 is entirely feasible.

Chainlink (LINK) — The oracle network is showing signs of bottoming

Chainlink (LINK) climbed to third place this week with a gain of 6.84%, bringing the price to around $13.8. Unlike the technical rebounds seen with MYX or BCH, LINK’s rally is more significant as the price is approaching a crucial inflection point on the chart.

Notably, this is LINK’s second consecutive week of gains since the sharp drop in mid-Q3, suggesting the recovery is gradually taking shape after the previous heavy sell-off. If the current momentum is maintained, a V-shaped recovery scenario is entirely possible.

Alongside the price action, Coin Photon also recorded a whale purchase of around $22 million—a signal further supporting the accumulation trend.

With selling pressure seemingly having weakened significantly, LINK is likely entering a phase of vertical acceleration, emerging as one of the most promising “buy-the-dip” candidates on the market right now.

Other Notable Gainers

Outside the large-cap group, the market stage last week truly belonged to the “rocket” altcoins as they collectively surged.

Leading the way was GaiAi (GAIX) with a staggering 287% gain, followed by Terra Luna Classic (LUNC) climbing 187%, while TerraClassicUSD (USTC) also made a mark with an impressive 98% rise, rounding out the group of outstanding performers.

Top Losers of the Week

Canton (CC) — The smart contract platform leads the losers

Canton (CC) was the biggest loser of the week, dropping as much as 25% in value. However, with a broader perspective, this is not simply a short-term correction. In fact, CC has been in a prolonged downtrend for quite some time.

On the weekly chart, CC has formed a series of three consecutive lower lows—a clear technical signal confirming a bearish structure. Notably, even the recovery at the end of November quickly failed, showing that the bulls lack the confidence to defend the price zone.

CC/USDT weekly chart | Source: TradingView According to Coin Photon, momentum indicators currently do not show any significant technical support for CC’s decline. This further confirms that the current price action is mainly driven by selling pressure, rather than being supported by genuine bottom-fishing inflows.

More concerning, the recent breakout occurred amid an active derivatives market. This shows traders are leaning towards short-term speculative positions, rather than preparing for a reversal scenario. This is typically a sign of a continuing downtrend.

Summing up these factors, with spot market demand still absent and derivatives flows strongly favoring the sell side, CC’s price structure remains extremely fragile. Without a clear return of the bulls accompanied by real trading volume, Canton is likely to face a deeper drop in the near future.

Zcash (ZEC) — The privacy coin sharply corrects after a hot rally

Zcash (ZEC) continued to be a negative focal point this week, losing 19% from its $427 opening price, making it the second biggest loser in the market. The weekly chart shows the bears are in control, and ZEC is currently searching for a bottom.

After three consecutive weeks of red candles, each dropping more than 15%, ZEC is under heavy profit-taking pressure, following a “scorching” 1,120% rally from September 29 to October 10—one of the most spectacular recoveries of the year.

At this point, long-term investors (HODLer) seem to be gradually realizing profits, amid spreading FUD sentiment threatening previously achieved gains. However, with increasing use cases for privacy coins, this correction appears to be just a normal “cooling off” phase, rather than a complete capitulation.

Morpho (MORPHO) — DeFi lending protocol token weakens slightly

Morpho (MORPHO) continued to sink, becoming the third biggest loser of the week with a 15% drop from its $1.40 opening price. Like ZEC, MORPHO has yet to fully break through key support levels, but signs of capitulation from the bulls are gradually emerging.

This decline follows three straight weeks of red candles, after a three-month sideways period during which the bulls repeatedly failed to produce a significant breakout. The current situation shows control is gradually shifting to the bears.

The chart shows MORPHO’s buy-side support zone is quite thin, making the psychological $1 level an important focal point. If buying interest does not improve in this area, the altcoin will likely face a deeper correction towards the $0.80 zone.

Other Notable Losers

Broadly, the price decline has hit the market hard.

TOMI (TOMI) led the losers with a 66% plunge, followed by Legacy Token (LGTC) dropping 64%, and Humanity (H) losing 52% as growth momentum cooled rapidly.

Conclusion

The past week was like an emotional roller coaster: from spectacular breakouts, deep corrections, to relentless trading volatility. Amid these waves of volatility, investors need to stay alert, research carefully, and make smart trading decisions.

SN_Nour