Top cryptocurrencies to watch this week: TON, ADA, SWFTC
Bitcoin (BTC) briefly retested the $72,000 mark last week before retracing some of its gains. Meanwhile, some of the top cryptocurrencies achieved modest gains.
The global cryptocurrency market capitalization rose modestly by $10 million, closing the week at $2.54 trillion.
Here are our top cryptocurrencies to watch this week, based on their notable performances last week:
TON reaches new all-time high
Toncoin (TON) exhibited significant price action last week, starting the week strong with an impressive 8.6% increase on June 2. This surge allowed the Telegram-based asset to close above $6.8 for the first time in three weeks.
TON maintained a bullish trajectory and reached a new all-time high of $7.86 on June 5, surpassing the previous ATH of $7.67 from April.
Although it experienced some declines later in the week, Toncoin closed last week with an 11% increase overall. However, its on-balance volume (OBV) dropped throughout the week, indicating a potential lack of strength to sustain the uptrend.
If a correction occurs, TON’s immediate resistance is around the 23.6% Fibonacci retracement ($6.969).
ADA retests $0.49
Cardano (ADA) has been underperforming in recent weeks, and last week was no different.
Despite two consecutive intraday gains on June 3 and 4, which resulted in a 3.3% increase, ADA struggled around the $0.40 territory.
After BTC’s spike on June 7, ADA experienced a sharp rise and retested the $0.49 level for the first time in over two weeks. However, it eventually closed the week with a 3% loss.
ADA has fallen further below the Ichimoku Cloud, confirming its downtrend. To reverse this momentum to bullish, Cardano must break above $0.46.
A break above the resistance between Senkou Span A ($0.4588) and Senkou Span B ($0.5416) would provide enough strength for the bulls.
SWFTC uncertainty
SwftCoin (SWFTC) was one of the top performers last week, despite a turbulent start. It initially saw two intraday losses, leading to a drop below the psychological support level of $0.005.
However, it staged a recovery and experienced significant gains in the following days. Eventually, SWFTC retested the high of $0.0079 on June 8, reaching a level not seen in three months. SWFTC closed last week with a 36% spike.
During the sustained uptrend, the asset entered overbought territory, with its relative strength index (RSI) surging to 79.71 on June 8. However, after a 10% correction to $0.006, SWFTC’s RSI has cooled below 70, indicating further room for growth.