Top cryptocurrencies to watch this week: TON, ADA, SWFTC

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As an experienced analyst, I closely monitor the cryptocurrency market and its trends. Last week’s price action was a mixed bag, with Bitcoin briefly testing $72,000 before retracing some gains, while other top coins recorded modest increases. The global crypto market capitalization saw a modest rise of $10 million, closing at $2.54 trillion.

Last week, Bitcoin (BTC) momentarily touched the $72,000 threshold but then scaled back some of its advances. On the other hand, several leading cryptocurrencies experienced minor growths.

As a market analyst, I can tell you that the total value of all cryptocurrencies in circulation experienced a slight increase of around $10 million last week, reaching a closing market capitalization of approximately $2.54 trillion.

Based on their impressive showings the previous week, here is a list of the leading cryptocurrencies worth keeping an eye on.

Top cryptocurrencies to watch this week: TON, ADA, SWFTC

TON hits new ATH

Last week, Toncoin (TON) displayed significant price movement, opening the week with a bang following an impressive 8.6% rise on June 2. As a result, this Telegram-supported token managed to finish the week above $6.8 for the first time in three weeks.

Until the 5th of June, TON‘s price continued to rise at an upward angle and reached a new peak of $7.86 – surpassing its previous record high of $7.67, which it achieved back in April.

Last week, Toncoin experienced a noteworthy rise of 11%, contrary to the significant decreases seen in the days preceding it. Nevertheless, its on-balance volume (OBV) demonstrated a consistent downtrend during the same timeframe.

Last week, the number of TON‘s OBV tokens decreased from 155.3 million to 127.8 million. This significant decline may indicate that the token lacks the necessary momentum to continue its upward trend into the upcoming week.

As an analyst, I would advise that if a correction occurs in TON‘s price action, the first strong resistance level to watch out for would be at the 23.6% Fibonacci retracement mark, which is located around $6.969.

ADA retests $0.49

Cardano (ADA) has underperformed over the past few weeks, and last week was no different.

Despite two successive daily price rises on June 3rd and 4th, the struggle for the altcoin persisted near the $0.40 mark, resulting in a 3.3% advance.

As a crypto investor, I experienced an exhilarating ride on Bitcoin’s surge on June 7. This sudden price increase propelled Cardano (ADA) upwards, allowing it to challenge the $0.49 resistance level for the first time in more than two weeks. However, this upward trend was short-lived as a correction followed, resulting in a disappointing 3% loss for Cardano by the end of the week.

As a Cardano investor, I’ve noticed that the price has dipped significantly and now sits below the Ichimoku Cloud. This bearish trend can only be reversed if we manage to push the price above the resistance level at $0.46.

As a technical analyst, I can suggest that surpassing the current resistance levels formed by Senkou Span A at $0.4588 and Senkou Span B at $0.5416 would significantly boost the bullish momentum for the market.

SWFTC uncertainty

Last week, SwftCoin (SWFTC) stood out as one of the top-performing cryptocurrencies, managing to recover well from a rocky beginning. Initially, SWFTC experienced two intraday setbacks that caused its price to dip below the significant support level of $0.005.

After experiencing a significant surge, the token’s price bounced back robustly in the ensuing days. Notably, SWFTC touched its highest point of $0.0079 since March on June 8. The cryptocurrency ended last week with a notable gain of 36%.

During the prolonged price increase, the asset moved into overbought territory as its relative strength index (RSI) reached a high of 79.71 on June 8. However, after experiencing a significant 10% decline to $0.006, SWFTC‘s RSI has since dropped below 70, providing more potential for further growth.

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2024-06-09 18:06