Last week, Bitcoin (BTC) momentarily revisited the $72,000 level before relinquishing some of its gains, while several leading cryptocurrencies posted modest increases.
The overall market capitalization for cryptocurrencies saw a slight rise of $10 million, concluding the week at $2.54 trillion.
Highlighted cryptocurrencies to monitor this week based on their performance last week include:
- Toncoin (TON) showcased significant movement last week, kicking off with a substantial 8.6% rise on June 2. This surge propelled the Telegram-affiliated cryptocurrency to end above $6.8, marking a three-week high.
The momentum continued as TON achieved a new all-time high of $7.86 on June 5, eclipsing its previous peak of $7.67 set in April.
Despite a subsequent downturn, Toncoin wrapped up the week with an 11% gain. Nonetheless, its on-balance volume (OBV) indicated a decrease from 155.3 million to 127.8 million tokens, hinting at potential weakness in maintaining the upward trend. Should a pullback ensue, TON’s immediate resistance is anticipated at the 23.6% Fibonacci retracement level of $6.969.
- Cardano (ADA) continued its recent struggle, with last week being no exception.
Despite achieving a 3.3% rise following two days of gains on June 3 and 4, ADA’s price remained contested around the $0.40 mark.
A surge in BTC’s value on June 7 prompted ADA to briefly touch the $0.49 threshold, a level unseen in the past fortnight. However, the week concluded with a 3% decline for Cardano.
ADA’s position below the Ichimoku Cloud further confirms a bearish trend. A move above $0.46 is necessary for a shift to bullish momentum. Additionally, surpassing the resistance zone between Senkou Span A ($0.4588) and Senkou Span B ($0.5416) could provide the bulls with the necessary impetus.
- SwftCoin (SWFTC) emerged as a standout performer last week despite initial volatility. The cryptocurrency experienced two early losses, dipping below the $0.005 support level.
Subsequent recovery efforts led to a significant rally, with SWFTC touching the $0.0079 high on June 8, a level last seen three months prior. The week closed with a 36% surge for SWFTC.
During its ascent, the token entered overbought territory, with its relative strength index (RSI) peaking at 79.71 on June 8. Following a 10% correction to $0.006, the RSI has settled below 70, potentially allowing for further upward movement.