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

Among the top cryptocurrencies to watch in the days ahead are Nervos Network (CKB) and PENDLE, which surpassed multiple resistance levels. In contrast, Wormhole (W) experienced a price decline shortly after its debut.

Despite the price increases observed in select cryptocurrencies, the broader market saw a marginal downturn. The global crypto market cap shed over $111 billion this week, bringing its valuation to $2.55 trillion at last check.

Here is an overview of the performance from some of the top cryptocurrencies throughout the week:

CKB hits 28-month high

Although Nervos Network benefited from the broader market upswing between October 2023 and March 2024, its gains were insufficient to surpass the highs achieved during the previous bull run in 2021. 

Despite the market’s recent slowdown, CKB seeks to reclaim its previous highs. Initially affected by bearish pressure, the token experienced a notable decline of 19.13% on April 1 and 2, resulting in its value dropping to a two-week low of $0.0164.

Nervos Network looked to recoup the losses in the subsequent days, but encountered resistance at the 50-day EMA ($0.01689). Nonetheless, on April 6, the token’s recovery gained traction, allowing it to surpass the 50-day EMA and pursue higher grounds.

On April 6, CKB achieved an intraday gain of 32%, representing its most significant intraday increase in over a month. The cryptocurrency has maintained its upward trajectory, currently up 4.43% today at the time of reporting. Earlier today, CKB surged to a 28-month high of $0.0268 before experiencing a slight decline.

This marks the asset’s endeavor to surpass the November 2021 high at $0.03567. Nervos Network has experienced a 314% increase year-to-date, with a notable 28% surge this month alone. Currently valued at $0.0261, the token has rallied by 39% this week, positioning it as one of the top performers within this timeframe.

W down 21% since launch

Cross-chain protocol Wormhole launched its governance token W on April 3, but a series of selloffs from early investors resulted in a price drop. W initially surged from $1.35 to $1.50 shortly after its debut, commanding a massive volume of $781 million due to listings on multiple exchanges. 

However, the crypto asset recorded declines after hitting the $1.50 high, dropping to a low of $1.17 on April 4, as volume spiked to $1.35 billion. This was due to a massive number of profit-taking trades executed by market participants who looked to cash in on the initial rise.

The asset consolidated for most of April 4, but saw another round of declines the next day as the selloffs resumed. W eventually dropped below the $1 mark on April 5, hitting an all-time low of $0.9247. Nonetheless, the asset experienced a recovery from this price floor.

Since then, Wormhole has demonstrated resilience, hedging against any further drops below the $1 price. The asset currently trades for $1.06, but despite its newfound strength, it is now down 21.4% from the initial trading price, with a current market cap of $1.903 billion.

PENDLE clinches new ATH

PENDLE was one of the top performers this week, leveraging the short period of recovery in the broader market to hit record highs. The asset first witnessed three consecutive days of intraday losses from April 1 to 3, dropping 12% to a low of $4.64.

However, as Bitcoin (BTC) and the rest of the market entered a recovery phase on April 4, PENDLE took advantage of the uptrend to record unique gains.

The team behind the project announced the introduction of two new LRTs on Arbitrum on April 4, contributing to the price gains. 

Pendle eventually closed April 4 with a massive 28.56% increase, representing its biggest intraday gain this year.

Interestingly, PENDLE, like Bitcoin, has also slipped into a price discovery phase, hitting new ATHs amid the current uptrend. The latest ATH was attained on April 6 as the token surged to $7.21. 

PENDLE is now down 8.9% from this ATH, but it has retained most of the gains captured throughout the week.

At its current price, the asset is up 19% this week, now boasting a market cap of $636 million. The asset is up 455% this year.