Top cryptocurrencies to watch this week: NOT, AXS, TIA

As a researcher with extensive experience in the cryptocurrency market, I’ve closely monitored the past week’s developments and identified some noteworthy performers among the top digital assets. Last week, Bitcoin (BTC) experienced declines that negatively impacted the broader crypto market, leading to a 1.16% decrease in the global market cap. However, select altcoins bucked this trend and posted significant gains.

I analyzed the cryptocurrency market last week and observed contrasting tendencies among the leading digital currencies. Bitcoin (BTC) experienced a downturn, causing most alternative coins (altcoins) to follow suit. However, a handful of assets bucked the trend, recording substantial increases that extended the rallies started two weeks prior.

As a crypto investor, I’ve noticed that while some digital currencies have experienced growth, Bitcoin’s price decline has had a ripple effect on the entire market. This has resulted in a decrease of 1.16% in the total value of all cryptocurrencies, bringing the global crypto market cap down to $2.54 trillion.

Based on their impressive showings the previous week, here is a list of our preferred cryptocurrencies to keep an eye on this coming week.

Top cryptocurrencies to watch this week: NOT, AXS, TIA

NOT spikes 304%, tops gainers list

Notcoin (NOT) stole the show last week.

As an analyst, I’d rephrase it this way: I recall that the Telegram-linked project went against the market flow, achieving triple-digit growth over a seven-day span. Notably, this project experienced a significant decline of 55% shortly after its launch, with early recipients of the airdrop opting to sell off their holdings.

Over the past two weeks, this asset failed to bounce back after hitting a low of $0.00458 on May 24th. However, it has managed to maintain an upward trend lately, recording six successful trading days out of seven during the previous week.

Due to a significant increase, Notcoin experienced a surge of 304% over the past week, making it the top gainer in the recent market chart.

The cryptocurrency experienced its largest daily percentage gains on May 27 (an increment of 59%) and June 1 (a rise of 35.91%). Currently, the asset is being traded at a price of $0.02505. Despite this price representing a significant surge of 348% from its low on May 24, it remains 44% below its peak value of $0.037, which was achieved on Binance when it was first listed.

As a researcher observing the market trends, I don’t see that Meanwhile has an RSI of 82.48 on the daily chart right now. This indicator reading implies overbought conditions for the asset.

The asset may experience a price drop in the near future, potentially causing its value to dip below the $0.02 mark.

If the bulls exhibit strength, a bounce-back from this upcoming pullback might take us back to the prior peaks surpassing $0.03.

AXS trades flat despite bumps

Axie Infinity (AXS) surrendered to the whims of the broader market last week.

After experiencing a 2.99% decline on May 26, AXS bounced back the next day and regained its previous losses.

However, the bears retook control of the scene shortly after.

The price of the asset dipped to $7.236, its lowest point in eight days, on May 31st, after experiencing a 5% decline on the 30th. However, AXS bounced back, posting a 6.72% increase during intraday trading on June 1st, allowing it to regain most of the ground lost over the previous seven days.

Axie Infinity escaped the market drop last week with a mere 0.9% loss.

With an RSI of 55.73, the asset indicates a moderate buying signal. The potential for further expansion remains as long as the bulls manage to surmount the resistance at the upper Bollinger Band ($8.348).

Reaching a new high above the price of $8.4, which was hit on April 24th, could potentially grant sufficient momentum to retake the annual peak at $13.5.

From a contrary perspective, it is essential for AXS to vigorously protect its position near the $7.60 mark, which serves as the 20-day exponential moving average.

As an analyst, I would interpret this as follows: Should the bearish pressure succeed in pushing the asset’s price below the current level, we may witness a further decline towards the $7 mark. It is essential to note that the immediate support for the asset lies at the lower Bollinger Band, which is situated at $6.882.

TIA retests one-month high above $11

Last week, I observed that Celestia (TIA) was one of the select stocks that demonstrated consistent upward trends. Specifically, it registered three successive daily increases right at the onset of the week.

From May 26 to 28, TIA experienced a significant surge, increasing by 26.2%. The most notable daily price jump reached 14.86%. Consequently, TIA regained the $11 mark for the first time since April.

On May 29th, the value of the asset continued to climb, reaching a new peak of $11.96 that had not been seen for a month. However, it encountered opposition from bearish forces and failed to break through this price level.

After the recent correction, TIA dipped beneath the $11 mark and fell below its 21-week Exponential Moving Average (EMA) that it had regained not too long ago.

The downtrend lasted for two additional days before TIA recovered, finishing the week with a closing price above $11 yet below the 21-week Exponential Moving Average ($11.47). The Daily Accumulation/Distribution indicator shows a significant increase in buying activity on May 28, which coincided with a 14.86% surge in its price.

As a crypto investor, I’ve noticed that TIA‘s accumulation trend has become more stable lately, without any clear signs of a change in direction. At the current price of $11.10, it’s important for TIA to hold its ground at the 23.6% Fibonacci retracement level around $11 to protect against potential bearish shifts. However, if we want to see TIA reaching new price highs, we need to get past the immediate resistance at $11.97.

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2024-06-02 21:50