<p>本周加密市场，投资者的耐心受到了考验。</p>
<p>尽管降息，比特币 [BTC] 表现尚可。以太坊 [ETH] 显示出更强的反弹，暗示着早期的山寨币季节迹象。在此期间，一些山寨币以大幅双位数的涨幅登上了榜单。</p>
<h2><strong>本周赢家</strong></h2>
<h3><strong>MemeCore [M] — 以 meme 为主题的 L1 领涨，强劲反弹</strong></h3>
<p>MemeCore [M] 以 42% 的反弹位居本周榜首。该结构闪现出早期的 FOMO 信号，M 在经历了连续三周的下跌后，首次印出了绿色的周蜡烛，之前经历了 60% 的惨痛回撤。</p>
<p>放大来看，这一轮的上涨将价格推回到去年 11 月底的区间，这自然引发了对后续走势的质疑。接近 50% 的周涨幅可能会很沉重，尤其是在动能减弱的情况下。</p>
<p>话虽如此，技术指标尚未过于紧绷。周 RSI 处于 60 附近，表明这一波动尚未过热。如果动能保持，M 可能会为向 $2 水平的反弹做好准备。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/MUSDT_2025-12-14_16-23-23.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/MUSDT_2025-12-14_16-23-23.png"/></p>
<p>来源：TradingView (M/USDT)</p>
<p>然而，空头正在悄然回归。在经历了 6.97% 的日内下跌后，卖方似乎在 $1.90–$2.00 的上方供应区施加了很大压力，这标志着 M 自去年 11 月底以来未能翻转的关键阻力位。</p>
<p>如果多头把握得当并维持住这一线，短期挤压可能会再次成为菜单上的选项，清晰的 $2 突破在望。如果不然，这里的拒绝很可能会导致价格回落重新测试更低的支撑位，随着动能减弱。</p>
<h3><strong>Merlin Chain [MERL] — 比特币 L2 需要突破阻力以延续涨幅</strong></h3>
<p>Merlin Chain [MERL] 是本周第二大赢家，从 $0.35 开盘上涨了 33%。周线图显示出教科书式的整合到突破的形态，经历了八周的横盘整理。</p>
<p>支持这一波动的链上数据看起来相当稳健。正如 AMBCrypto 所指出的，MERL 的双位数涨幅得益于不断增长的 HODLer 基数，显示出早期的 FOMO 信号。在这种情况下，动能仍然看起来积极。</p>
<p>话虽如此，$0.50 的阻力是需要关注的关键水平。</p>
<p>突破这一点对于持续上涨至关重要。随着基本面逐渐明朗，围绕阻力的空头陷阱看起来越来越可能。总体而言，如果多头继续发力，MERL 形成了强劲的短期动能交易机会。</p>
<h3><strong>Zcash [ZEC] — 隐私代币仍在寻找底部</strong></h3>
<h2><strong>本周亏损者</strong></h2>
<h3><strong>Story [IP] — Layer-1 代币抹去了之前所有的周涨幅</strong></h3>
<p>Story [IP] 是本周的亏损者，下跌了 10%。在风险规避的市场环境中，这种跌幅通常看起来是可控的，尤其是 L1 代币普遍面临链上流入减少的情况。</p>
<p>但 IP 的图表讲述了一个更糟糕的故事。周线结构明显看跌，自去年 10 月中旬跌破 $6 以来，已经连续印出了第七根红蜡烛，显示出明显的投降迹象。</p>
<p>从这里来看，扫荡 $1 水平的可能性非常大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/IPUSDT_2025-12-14_16-31-35.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/IPUSDT_2025-12-14_16-31-35.png"/></p>
<p>来源：TradingView (IP/USDT)</p>
<p>从技术角度来看，RSI 约在 38，尚未深度超卖，这表明仍有下行空间。在空头控制下，目前很难看到多头进行有效的防守。</p>
<h3><strong>Jupiter [JUP] — 基于 Solana 的 DEX 未能维持关键支撑位</strong></h3>
<p>Jupiter [JUP] 排名为本周第二大亏损者，从 $0.22 开盘下跌了 9.17%。与 IP 类似，JUP 正在经历持续的资金外流，目前较去年 11 月底的高点 $0.44 下跌了大约 50%。</p>
<p>那么，卖方压力是否在减轻？并不完全如此。周线图仍显示出空头控制的结构，多头反复未能捍卫关键支撑，表明卖方仍在施加压力。</p>
<p>即使在去年 11 月底短暂反弹 4% 后，多头也未能将 $0.25 转变为支撑。这一拒绝将价格推低，在这种情况下，如果空头继续控制，JUP 很可能会在下一个跌破 $0.20。</p>
<h3><strong>The Graph [GRT] — 数据协议显示出明显的空头控制</strong></h3>
<p>The Graph [GRT] 在本周亏损者中排名第三，下跌了 9%。虽然 GRT 和 JUP 都受到空头压力并努力维持支撑，但 GRT 的图表看起来稍微更具建设性。</p>
<p>自第三季度以来，多头进行了两次明确的底部尝试。第一次在 $0.08 附近，第二次在 $0.07 附近。每次，空头都将价格打回，导致 GRT 深入修正。</p>
<p>话虽如此，与 JUP 不同，买方仍在捍卫回调，这给 GRT 带来了一定的优势。如果这一点能够保持，下一阶段可能会出现更重的积累。目前，成交量是需要关注的关键指标。</p>
<h3><strong>其他显著亏损者</strong></h3>
<p>在更广泛的市场中，下行波动性严重。</p>
<p>Legacy Token [LGTC] 以 66% 的大幅下跌领跌，紧随其后的是 OKZOO [AIOT] 下跌 64%，以及 Pieverse [PIEVERSE] 下跌 52%，动能急剧减弱。</p>
<h2><strong>结论</strong></h2>
<p>本周如过山车般起伏。大幅上涨、急剧下跌和不断的市场波动。像往常一样，保持警惕，做好自己的研究，聪明交易。</p>
<hr/>
<h2><strong>最后思考</strong></h2>
<ul>
<li><em>MemeCore [M]、Merlin Chain [MERL]、Zcash [ZEC] 本周涨幅领先。</em></li>
<li><em>Story [IP]、Jupiter [JUP]、The Graph [GRT] 看到显著下跌。</em></li>
</ul>

<p>本周加密市场中，MemeCore [M] 以 42% 的反弹领涨，其次是 Merlin Chain [MERL] 上涨 33%。Zcash [ZEC] 也表现出积极的走势。在下跌方面，Story [IP] 下跌 10%，Jupiter [JUP] 下跌 9.17%，The Graph [GRT] 下滑 9%。市场经历了显著的波动，不同代币之间出现了显著的涨跌</p>

<p>This week in the crypto market, investor patience was tested.</p>
<div class="lb-trans"><p>本周加密市场，投资者的耐心受到了考验。</p>
</div><p>Despite the rate cut, Bitcoin [BTC] moved decently. Ethereum [ETH] showed a stronger recovery, hinting at early signs of an altcoin season. Among this, a few altcoins topped the charts with massive double-digit gains.</p>
<div class="lb-trans"><p>尽管降息，比特币 [BTC] 表现尚可。以太坊 [ETH] 显示出更强的反弹，暗示着早期的山寨币季节迹象。在此期间，一些山寨币以大幅双位数的涨幅登上了榜单。</p>
</div><h2><strong>Weekly winners</strong></h2>
<div class="lb-trans"><h2><strong>本周赢家</strong></h2>
</div><h3><strong>MemeCore [M] — Meme-focused L1 led gains with a solid rebound</strong></h3>
<div class="lb-trans"><h3><strong>MemeCore [M] — 以 meme 为主题的 L1 领涨，强劲反弹</strong></h3>
</div><p>MemeCore [M] topped the weekly charts with a 42% bounce. The structure is flashing early FOMO signals, with M printing its first green weekly candle after three straight red weeks, following a brutal 60% drawdown.</p>
<div class="lb-trans"><p>MemeCore [M] 以 42% 的反弹位居本周榜首。该结构闪现出早期的 FOMO 信号，M 在经历了连续三周的下跌后，首次印出了绿色的周蜡烛，之前经历了 60% 的惨痛回撤。</p>
</div><p>Zooming in, this run has pushed price back toward its late-November range, which naturally raises questions about follow-through. A near-50% weekly move can be heavy, especially if momentum cools.</p>
<div class="lb-trans"><p>放大来看，这一轮的上涨将价格推回到去年 11 月底的区间，这自然引发了对后续走势的质疑。接近 50% 的周涨幅可能会很沉重，尤其是在动能减弱的情况下。</p>
</div><p>That said, the technicals aren’t stretched yet. Weekly RSI is sitting near 60, suggesting the move hasn’t gone overbought. If momentum holds, M could be setting up for a pushback toward the $2 level.</p>
<div class="lb-trans"><p>话虽如此，技术指标尚未过于紧绷。周 RSI 处于 60 附近，表明这一波动尚未过热。如果动能保持，M 可能会为向 $2 水平的反弹做好准备。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/MUSDT_2025-12-14_16-23-23.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/MUSDT_2025-12-14_16-23-23.png"/></p>
<p>Source: TradingView (M/USDT)</p>
<div class="lb-trans"><p>来源：TradingView (M/USDT)</p>
</div><p>However, bears are creeping back in. After a 6.97% intraday dip, sellers appear to be leaning hard on the $1.90–$2.00 overhead supply zone, marking a key resistance M hasn’t flipped since late November.</p>
<div class="lb-trans"><p>然而，空头正在悄然回归。在经历了 6.97% 的日内下跌后，卖方似乎在 $1.90–$2.00 的上方供应区施加了很大压力，这标志着 M 自去年 11 月底以来未能翻转的关键阻力位。</p>
</div><p>If bulls play this right and hold the line, a short squeeze could be back on the menu, with a clean $2 breakout in sight. If not, rejection here likely sends price back to retest lower support as momentum fades.</p>
<div class="lb-trans"><p>如果多头把握得当并维持住这一线，短期挤压可能会再次成为菜单上的选项，清晰的 $2 突破在望。如果不然，这里的拒绝很可能会导致价格回落重新测试更低的支撑位，随着动能减弱。</p>
</div><h3><strong>Merlin Chain [MERL] — Bitcoin L2 needs a resistance break to extend gains</strong></h3>
<div class="lb-trans"><h3><strong>Merlin Chain [MERL] — 比特币 L2 需要突破阻力以延续涨幅</strong></h3>
</div><p>Merlin Chain [MERL] was the second-biggest weekly gainer, ripping 33% off the $0.35 open. The weekly chart is flashing a textbook consolidation-to-breakout setup after an eight-week sideways chop.</p>
<div class="lb-trans"><p>Merlin Chain [MERL] 是本周第二大赢家，从 $0.35 开盘上涨了 33%。周线图显示出教科书式的整合到突破的形态，经历了八周的横盘整理。</p>
</div><p>Backing the move, on-chain data looks solid. As AMBCrypto noted, MERL’s double-digit gains are supported by a growing HODLer base, showing early FOMO signals. In this setup, momentum still looks constructive.</p>
<div class="lb-trans"><p>支持这一波动的链上数据看起来相当稳健。正如 AMBCrypto 所指出的，MERL 的双位数涨幅得益于不断增长的 HODLer 基数，显示出早期的 FOMO 信号。在这种情况下，动能仍然看起来积极。</p>
</div><p>That said, the $0.50 resistance is the key level to watch.</p>
<div class="lb-trans"><p>话虽如此，$0.50 的阻力是需要关注的关键水平。</p>
</div><p>A clean break above it is crucial for continuation. With fundamentals lining up, a bear trap around resistance looks increasingly likely. Overall, MERL shapes up as a strong short-term momentum play if bulls follow through.</p>
<div class="lb-trans"><p>突破这一点对于持续上涨至关重要。随着基本面逐渐明朗，围绕阻力的空头陷阱看起来越来越可能。总体而言，如果多头继续发力，MERL 形成了强劲的短期动能交易机会。</p>
</div><h3><strong>Zcash [ZEC] — Privacy token is still searching for a bottom</strong></h3>
<div class="lb-trans"><h3><strong>Zcash [ZEC] — 隐私代币仍在寻找底部</strong></h3>
</div><h2><strong>Weekly losers</strong></h2>
<div class="lb-trans"><h2><strong>本周亏损者</strong></h2>
</div><h3><strong>Story [IP] — Layer-1 token erased all of its previous weekly gains</strong></h3>
<div class="lb-trans"><h3><strong>Story [IP] — Layer-1 代币抹去了之前所有的周涨幅</strong></h3>
</div><p>Story [IP] led this week’s losers, sliding 10%. In a risk-off tape, that kind of drop usually looks manageable, especially with L1s broadly seeing on-chain flows dry up.</p>
<div class="lb-trans"><p>Story [IP] 是本周的亏损者，下跌了 10%。在风险规避的市场环境中，这种跌幅通常看起来是可控的，尤其是 L1 代币普遍面临链上流入减少的情况。</p>
</div><p>But IP’s chart tells a rougher story. The weekly structure is firmly bearish, printing its seventh straight red candle since breaking below $6 in mid-October, showing clear signs of capitulation.</p>
<div class="lb-trans"><p>但 IP 的图表讲述了一个更糟糕的故事。周线结构明显看跌，自去年 10 月中旬跌破 $6 以来，已经连续印出了第七根红蜡烛，显示出明显的投降迹象。</p>
</div><p>From here, a sweep of the $1 level is very much on the table.</p>
<div class="lb-trans"><p>从这里来看，扫荡 $1 水平的可能性非常大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/IPUSDT_2025-12-14_16-31-35.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/IPUSDT_2025-12-14_16-31-35.png"/></p>
<p>Source: TradingView (IP/USDT)</p>
<div class="lb-trans"><p>来源：TradingView (IP/USDT)</p>
</div><p>From the technical perspective, the RSI sat at around 38, not deeply oversold yet, which suggests there’s still room for downside. With the bears in control, it’s hard to see the bulls mounting a meaningful defense for now.</p>
<div class="lb-trans"><p>从技术角度来看，RSI 约在 38，尚未深度超卖，这表明仍有下行空间。在空头控制下，目前很难看到多头进行有效的防守。</p>
</div><h3><strong>Jupiter [JUP] — Solana-based DEX failed to hold key support levels</strong></h3>
<div class="lb-trans"><h3><strong>Jupiter [JUP] — 基于 Solana 的 DEX 未能维持关键支撑位</strong></h3>
</div><p>Jupiter [JUP] ranked as the second-biggest weekly loser, dropping 9.17% from its $0.22 open. Like IP, JUP is seeing persistent outflows and is now down roughly 50% from its late-November high at $0.44.</p>
<div class="lb-trans"><p>Jupiter [JUP] 排名为本周第二大亏损者，从 $0.22 开盘下跌了 9.17%。与 IP 类似，JUP 正在经历持续的资金外流，目前较去年 11 月底的高点 $0.44 下跌了大约 50%。</p>
</div><p>So, is sell-side pressure easing? Not really. The weekly chart still shows a bear-controlled structure, with bulls repeatedly failing to defend key support—signaling sellers are still leaning in.</p>
<div class="lb-trans"><p>那么，卖方压力是否在减轻？并不完全如此。周线图仍显示出空头控制的结构，多头反复未能捍卫关键支撑，表明卖方仍在施加压力。</p>
</div><p>Even after a short 4% bounce in late November, bulls couldn’t flip $0.25 into support. That rejection pushed price lower, and in this setup, JUP remains at high risk of breaking below $0.20 next if bears stay in control.</p>
<div class="lb-trans"><p>即使在去年 11 月底短暂反弹 4% 后，多头也未能将 $0.25 转变为支撑。这一拒绝将价格推低，在这种情况下，如果空头继续控制，JUP 很可能会在下一个跌破 $0.20。</p>
</div><h3><strong>The Graph [GRT] — Data protocol shows clear bear control</strong></h3>
<div class="lb-trans"><h3><strong>The Graph [GRT] — 数据协议显示出明显的空头控制</strong></h3>
</div><p>The Graph [GRT] took third place among weekly losers, slipping 9%. While GRT and JUP are both stuck under bearish pressure and struggling to hold support, GRT’s chart still looks a bit more constructive.</p>
<div class="lb-trans"><p>The Graph [GRT] 在本周亏损者中排名第三，下跌了 9%。虽然 GRT 和 JUP 都受到空头压力并努力维持支撑，但 GRT 的图表看起来稍微更具建设性。</p>
</div><p>Since Q3, bulls have made two clear base attempts. The first around $0.08, then near $0.07. Each time, bears slapped price back down, dragging GRT deeper into correction.</p>
<div class="lb-trans"><p>自第三季度以来，多头进行了两次明确的底部尝试。第一次在 $0.08 附近，第二次在 $0.07 附近。每次，空头都将价格打回，导致 GRT 深入修正。</p>
</div><p>That said, unlike JUP, buyers are still defending dips, giving GRT a slight edge. If this holds, a phase of heavier accumulation could be next. For now, volume is the key tell to watch.</p>
<div class="lb-trans"><p>话虽如此，与 JUP 不同，买方仍在捍卫回调，这给 GRT 带来了一定的优势。如果这一点能够保持，下一阶段可能会出现更重的积累。目前，成交量是需要关注的关键指标。</p>
</div><h3><strong>Other notable losers</strong></h3>
<div class="lb-trans"><h3><strong>其他显著亏损者</strong></h3>
</div><p>In thebroader market, downside volatility hit hard.</p>
<div class="lb-trans"><p>在更广泛的市场中，下行波动性严重。</p>
</div><p>Legacy Token [LGTC] led the losers with a steep 66% drop, followed by OKZOO [AIOT] falling 64%, and Pieverse [PIEVERSE] slipping 52% as momentum sharply cooled.</p>
<div class="lb-trans"><p>Legacy Token [LGTC] 以 66% 的大幅下跌领跌，紧随其后的是 OKZOO [AIOT] 下跌 64%，以及 Pieverse [PIEVERSE] 下跌 52%，动能急剧减弱。</p>
</div><h2><strong>Conclusion</strong></h2>
<div class="lb-trans"><h2><strong>结论</strong></h2>
</div><p>This week was a rollercoaster. Big pumps, sharp dips, and nonstop action. As always, stay sharp, do your own research, and trade smart.</p>
<div class="lb-trans"><p>本周如过山车般起伏。大幅上涨、急剧下跌和不断的市场波动。像往常一样，保持警惕，做好自己的研究，聪明交易。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最后思考</strong></h2>
</div><ul>
<li><em>MemeCore [M], Merlin Chain [MERL], Zcash [ZEC] led the week in gains.</em></li>
<li><em>Story [IP], Jupiter [JUP], The Graph [GRT] saw significant declines.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>MemeCore [M]、Merlin Chain [MERL]、Zcash [ZEC] 本周涨幅领先。</em></li>
<li><em>Story [IP]、Jupiter [JUP]、The Graph [GRT] 看到显著下跌。</em></li>
</ul>
</div>

加密市场本周的赢家和输家：M, ZEC, STORY, JUP