Top cryptocurrencies to watch this week: PEPE, NOT, ONDO

by

As a seasoned crypto investor with a few battle scars from past market volatilities, I’ve learned to keep an eye on trends and be patient in this rollercoaster ride. Last week’s price upswings across multiple top cryptocurrencies were a breath of fresh air after the turbulence we experienced earlier in May.

Last week, various leading cryptocurrencies experienced a resurgence in pricing, building on the uptrend initiated in the previous week.

I analyzed the data and found that the global cryptocurrency market capitalization experienced a significant surge, expanding by an impressive $140 billion. This growth represented a noteworthy 5.7% rise, bringing the total market value to an impressive $2.57 trillion.

As a cryptocurrency analyst, I’ve identified some digital assets worth keeping an eye on this week based on recent price fluctuations:

Top cryptocurrencies to watch this week: PEPE, NOT, ONDO

PEPE hits new ATH for second straight week

Since mid-April, PEPE (Pepe the Frog coin) has consistently risen in value, bucking the market instability observed during this period. According to market data, PEPE has achieved four successive daily price increases starting from April 20th.

This trend occurred from April 20 to 23; from May 1 to 4; and from May 11 to 14.

Pepe experienced a remarkable surge of 45.86% during May 21 and 22, bucking the market-wide downturn that occurred at the same time. It is important to note that just two weeks prior, Pepe reached an unprecedented new peak of $0.00001161 as the frog-themed meme coin continued to defy market trends.

Last week, Pepe reached a new peak in its history when its price surged to $0.00001577 on May 25. This unexpected price increase contrasted the market’s prevailing downtrend instigated by Bitcoin (BTC) plummeting from its $71,000 high on May 20.

Over the past week, Pepe has experienced a significant increase of 75.88%, making it the leading gainer among the top 100 assets during this time frame. Currently, the meme coin is going through a phase of price exploration, with a trading volume of $1.946 billion in the last 24 hours, which ranks seventh largest within the crypto market.

Last week’s increase in PEPE‘s price was primarily driven by significant demand, according to Pepe’s Accumulation/Distribution metric. The metric indicated a PEPE supply of 615.79 trillion tokens as of May 19th. However, it surged to 775.91 trillion tokens by the week’s end. Currently, PEPE is trading at $0.00001606, aiming to establish a foothold above this price point.

NOT collapses by another 10%

Notcoin began the week with a massive 16.1% slump on May 19.

The coin, launched as a closed beta on Telegram in November 2023, experienced a heavy selling pressure soon after its release.

After its launch, the value of the token dropped by 55%. Due to the airdrop event, many people rushed to sell their tokens, contributing to this persistent price decline over the past week.

I missed out on the chance to recoup a significant portion of my crypto losses on May 20th. That day, Bitcoin and the broader cryptocurrency market experienced a notable rebound.

As a crypto investor, I’ve observed that Notcoin experienced a modest gain of 2.57%, but unfortunately, it failed to sustain this growth and instead plunged further in the subsequent days.

Last week, the newcomer decreased by an additional 10.63%, causing its value to fall beneath the $0.005 mark and end the week at a lower price.

On May 25, NOT managed to recoup a mere 10.01% of its losses from the previous week. However, this partial recovery failed to make up for the significant decrease in value. At present, NOT is priced at $0.004964, representing an alarming drop of 86.76% since it reached its peak of $0.0370 during its debut on Binance.

ONDO clinches new ATH

Last week, Ondo (ONDO) stood out as one of the top performing assets, despite starting off on a downward trend like the overall market. The asset experienced a decline of 3.82% on May 19th.

I analyzed the market trends and noticed that despite suffering a loss earlier in May, the stock managed to bounce back, recording a significant gain of 8.29% by the end of the month.

As an analyst, I’ve observed an intriguing development in the cryptocurrency market. While most other tokens experienced a pullback following their gains that day, Ondo – the native token of the Ondo Finance tokenization platform – underwent only a brief correction before continuing its upward trajectory. Ultimately, it reached a new peak price of $1.16 on May 24th.

The asset has now surpassed that price point, putting it in the same league as PEPE for exploring new pricing heights. At a price of $1.28 during reporting, ONDO experienced a significant surge of 40.73% over the last week, securing its position as one of the top five gainers within this timeframe.

The token has now recovered the 23% loss it suffered in April, up 71.88% this month.

Ondo’s position above the $1.28 mark is precarious, as indicated by a Relative Strength Index (RSI) of 77.29, which suggests the asset may be overbought.

As a researcher studying financial markets, I’ve identified that the asset is showing signs of correction. However, if bulls aim to prevent significant losses, they must hold the support line at the 23.6% Fibonacci retracement level ($1.1873). Failure to do so could result in further declines towards the lower end of the $1 price range.

Read More

2024-05-26 18:06