<p>本週加密市場，投資者的耐心受到了考驗。</p>
<p>儘管降息，比特幣 [BTC] 表現尚可。以太坊 [ETH] 顯示出更強的反彈，暗示着早期的山寨幣季節跡象。在此期間，一些山寨幣以大幅雙位數的漲幅登上了榜單。</p>
<h2><strong>本週贏家</strong></h2>
<h3><strong>MemeCore [M] — 以 meme 為主題的 L1 領漲，強勁反彈</strong></h3>
<p>MemeCore [M] 以 42% 的反彈位居本週榜首。該結構閃現出早期的 FOMO 信號，M 在經歷了連續三週的下跌後，首次印出了綠色的周蠟燭，之前經歷了 60% 的慘痛回撤。</p>
<p>放大來看，這一輪的上漲將價格推回到去年 11 月底的區間，這自然引發了對後續走勢的質疑。接近 50% 的周漲幅可能會很沉重，尤其是在動能減弱的情況下。</p>
<p>話雖如此，技術指標尚未過於緊繃。周 RSI 處於 60 附近，表明這一波動尚未過熱。如果動能保持，M 可能會為向 $2 水平的反彈做好準備。</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>來源：TradingView (M/USDT)</p>
<p>然而，空頭正在悄然迴歸。在經歷了 6.97% 的日內下跌後，賣方似乎在 $1.90–$2.00 的上方供應區施加了很大壓力，這標誌着 M 自去年 11 月底以來未能翻轉的關鍵阻力位。</p>
<p>如果多頭把握得當並維持住這一線，短期擠壓可能會再次成為菜單上的選項，清晰的 $2 突破在望。如果不然，這裏的拒絕很可能會導致價格回落重新測試更低的支撐位，隨着動能減弱。</p>
<h3><strong>Merlin Chain [MERL] — 比特幣 L2 需要突破阻力以延續漲幅</strong></h3>
<p>Merlin Chain [MERL] 是本週第二大贏家，從 $0.35 開盤上漲了 33%。周線圖顯示出教科書式的整合到突破的形態，經歷了八週的橫盤整理。</p>
<p>支持這一波動的鏈上數據看起來相當穩健。正如 AMBCrypto 所指出的，MERL 的雙位數漲幅得益於不斷增長的 HODLer 基數，顯示出早期的 FOMO 信號。在這種情況下，動能仍然看起來積極。</p>
<p>話雖如此，$0.50 的阻力是需要關注的關鍵水平。</p>
<p>突破這一點對於持續上漲至關重要。隨着基本面逐漸明朗，圍繞阻力的空頭陷阱看起來越來越可能。總體而言，如果多頭繼續發力，MERL 形成了強勁的短期動能交易機會。</p>
<h3><strong>Zcash [ZEC] — 隱私代幣仍在尋找底部</strong></h3>
<h2><strong>本週虧損者</strong></h2>
<h3><strong>Story [IP] — Layer-1 代幣抹去了之前所有的周漲幅</strong></h3>
<p>Story [IP] 是本週的虧損者，下跌了 10%。在風險規避的市場環境中，這種跌幅通常看起來是可控的，尤其是 L1 代幣普遍面臨鏈上流入減少的情況。</p>
<p>但 IP 的圖表講述了一個更糟糕的故事。周線結構明顯看跌，自去年 10 月中旬跌破 $6 以來，已經連續印出了第七根紅蠟燭，顯示出明顯的投降跡象。</p>
<p>從這裏來看，掃蕩 $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>來源：TradingView (IP/USDT)</p>
<p>從技術角度來看，RSI 約在 38，尚未深度超賣，這表明仍有下行空間。在空頭控制下，目前很難看到多頭進行有效的防守。</p>
<h3><strong>Jupiter [JUP] — 基於 Solana 的 DEX 未能維持關鍵支撐位</strong></h3>
<p>Jupiter [JUP] 排名為本週第二大虧損者，從 $0.22 開盤下跌了 9.17%。與 IP 類似，JUP 正在經歷持續的資金外流，目前較去年 11 月底的高點 $0.44 下跌了大約 50%。</p>
<p>那麼，賣方壓力是否在減輕？並不完全如此。周線圖仍顯示出空頭控制的結構，多頭反覆未能捍衞關鍵支撐，表明賣方仍在施加壓力。</p>
<p>即使在去年 11 月底短暫反彈 4% 後，多頭也未能將 $0.25 轉變為支撐。這一拒絕將價格推低，在這種情況下，如果空頭繼續控制，JUP 很可能會在下一個跌破 $0.20。</p>
<h3><strong>The Graph [GRT] — 數據協議顯示出明顯的空頭控制</strong></h3>
<p>The Graph [GRT] 在本週虧損者中排名第三，下跌了 9%。雖然 GRT 和 JUP 都受到空頭壓力並努力維持支撐，但 GRT 的圖表看起來稍微更具建設性。</p>
<p>自第三季度以來，多頭進行了兩次明確的底部嘗試。第一次在 $0.08 附近，第二次在 $0.07 附近。每次，空頭都將價格打回，導致 GRT 深入修正。</p>
<p>話雖如此，與 JUP 不同，買方仍在捍衞回調，這給 GRT 帶來了一定的優勢。如果這一點能夠保持，下一階段可能會出現更重的積累。目前，成交量是需要關注的關鍵指標。</p>
<h3><strong>其他顯著虧損者</strong></h3>
<p>在更廣泛的市場中，下行波動性嚴重。</p>
<p>Legacy Token [LGTC] 以 66% 的大幅下跌領跌，緊隨其後的是 OKZOO [AIOT] 下跌 64%，以及 Pieverse [PIEVERSE] 下跌 52%，動能急劇減弱。</p>
<h2><strong>結論</strong></h2>
<p>本週如過山車般起伏。大幅上漲、急劇下跌和不斷的市場波動。像往常一樣，保持警惕，做好自己的研究，聰明交易。</p>
<hr/>
<h2><strong>最後思考</strong></h2>
<ul>
<li><em>MemeCore [M]、Merlin Chain [MERL]、Zcash [ZEC] 本週漲幅領先。</em></li>
<li><em>Story [IP]、Jupiter [JUP]、The Graph [GRT] 看到顯著下跌。</em></li>
</ul>

<p>本週加密市場中，MemeCore [M] 以 42% 的反彈領漲，其次是 Merlin Chain [MERL] 上漲 33%。Zcash [ZEC] 也表現出積極的走勢。在下跌方面，Story [IP] 下跌 10%，Jupiter [JUP] 下跌 9.17%，The Graph [GRT] 下滑 9%。市場經歷了顯著的波動，不同代幣之間出現了顯著的漲跌</p>

<p>This week in the crypto market, investor patience was tested.</p>
<div class="lb-trans"><p>本週加密市場，投資者的耐心受到了考驗。</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>儘管降息，比特幣 [BTC] 表現尚可。以太坊 [ETH] 顯示出更強的反彈，暗示着早期的山寨幣季節跡象。在此期間，一些山寨幣以大幅雙位數的漲幅登上了榜單。</p>
</div><h2><strong>Weekly winners</strong></h2>
<div class="lb-trans"><h2><strong>本週贏家</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 為主題的 L1 領漲，強勁反彈</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% 的反彈位居本週榜首。該結構閃現出早期的 FOMO 信號，M 在經歷了連續三週的下跌後，首次印出了綠色的周蠟燭，之前經歷了 60% 的慘痛回撤。</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>放大來看，這一輪的上漲將價格推回到去年 11 月底的區間，這自然引發了對後續走勢的質疑。接近 50% 的周漲幅可能會很沉重，尤其是在動能減弱的情況下。</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>話雖如此，技術指標尚未過於緊繃。周 RSI 處於 60 附近，表明這一波動尚未過熱。如果動能保持，M 可能會為向 $2 水平的反彈做好準備。</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>來源：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，空頭正在悄然迴歸。在經歷了 6.97% 的日內下跌後，賣方似乎在 $1.90–$2.00 的上方供應區施加了很大壓力，這標誌着 M 自去年 11 月底以來未能翻轉的關鍵阻力位。</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>如果多頭把握得當並維持住這一線，短期擠壓可能會再次成為菜單上的選項，清晰的 $2 突破在望。如果不然，這裏的拒絕很可能會導致價格回落重新測試更低的支撐位，隨着動能減弱。</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] — 比特幣 L2 需要突破阻力以延續漲幅</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] 是本週第二大贏家，從 $0.35 開盤上漲了 33%。周線圖顯示出教科書式的整合到突破的形態，經歷了八週的橫盤整理。</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>支持這一波動的鏈上數據看起來相當穩健。正如 AMBCrypto 所指出的，MERL 的雙位數漲幅得益於不斷增長的 HODLer 基數，顯示出早期的 FOMO 信號。在這種情況下，動能仍然看起來積極。</p>
</div><p>That said, the $0.50 resistance is the key level to watch.</p>
<div class="lb-trans"><p>話雖如此，$0.50 的阻力是需要關注的關鍵水平。</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>突破這一點對於持續上漲至關重要。隨着基本面逐漸明朗，圍繞阻力的空頭陷阱看起來越來越可能。總體而言，如果多頭繼續發力，MERL 形成了強勁的短期動能交易機會。</p>
</div><h3><strong>Zcash [ZEC] — Privacy token is still searching for a bottom</strong></h3>
<div class="lb-trans"><h3><strong>Zcash [ZEC] — 隱私代幣仍在尋找底部</strong></h3>
</div><h2><strong>Weekly losers</strong></h2>
<div class="lb-trans"><h2><strong>本週虧損者</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 代幣抹去了之前所有的周漲幅</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] 是本週的虧損者，下跌了 10%。在風險規避的市場環境中，這種跌幅通常看起來是可控的，尤其是 L1 代幣普遍面臨鏈上流入減少的情況。</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 的圖表講述了一個更糟糕的故事。周線結構明顯看跌，自去年 10 月中旬跌破 $6 以來，已經連續印出了第七根紅蠟燭，顯示出明顯的投降跡象。</p>
</div><p>From here, a sweep of the $1 level is very much on the table.</p>
<div class="lb-trans"><p>從這裏來看，掃蕩 $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>來源：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>從技術角度來看，RSI 約在 38，尚未深度超賣，這表明仍有下行空間。在空頭控制下，目前很難看到多頭進行有效的防守。</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] — 基於 Solana 的 DEX 未能維持關鍵支撐位</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] 排名為本週第二大虧損者，從 $0.22 開盤下跌了 9.17%。與 IP 類似，JUP 正在經歷持續的資金外流，目前較去年 11 月底的高點 $0.44 下跌了大約 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>那麼，賣方壓力是否在減輕？並不完全如此。周線圖仍顯示出空頭控制的結構，多頭反覆未能捍衞關鍵支撐，表明賣方仍在施加壓力。</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 月底短暫反彈 4% 後，多頭也未能將 $0.25 轉變為支撐。這一拒絕將價格推低，在這種情況下，如果空頭繼續控制，JUP 很可能會在下一個跌破 $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] — 數據協議顯示出明顯的空頭控制</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] 在本週虧損者中排名第三，下跌了 9%。雖然 GRT 和 JUP 都受到空頭壓力並努力維持支撐，但 GRT 的圖表看起來稍微更具建設性。</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>自第三季度以來，多頭進行了兩次明確的底部嘗試。第一次在 $0.08 附近，第二次在 $0.07 附近。每次，空頭都將價格打回，導致 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>話雖如此，與 JUP 不同，買方仍在捍衞回調，這給 GRT 帶來了一定的優勢。如果這一點能夠保持，下一階段可能會出現更重的積累。目前，成交量是需要關注的關鍵指標。</p>
</div><h3><strong>Other notable losers</strong></h3>
<div class="lb-trans"><h3><strong>其他顯著虧損者</strong></h3>
</div><p>In thebroader market, downside volatility hit hard.</p>
<div class="lb-trans"><p>在更廣泛的市場中，下行波動性嚴重。</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% 的大幅下跌領跌，緊隨其後的是 OKZOO [AIOT] 下跌 64%，以及 Pieverse [PIEVERSE] 下跌 52%，動能急劇減弱。</p>
</div><h2><strong>Conclusion</strong></h2>
<div class="lb-trans"><h2><strong>結論</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>本週如過山車般起伏。大幅上漲、急劇下跌和不斷的市場波動。像往常一樣，保持警惕，做好自己的研究，聰明交易。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最後思考</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] 本週漲幅領先。</em></li>
<li><em>Story [IP]、Jupiter [JUP]、The Graph [GRT] 看到顯著下跌。</em></li>
</ul>
</div>

加密市場本週的贏家和輸家：M, ZEC, STORY, JUP