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 hits new ATH
Toncoin (TON) exhibited noteworthy price action last week, starting the week strong after a massive 8.6% increase on June 2. This impressive surge allowed the Telegram-based asset to close above $6.8 for the first time in three weeks.
TON maintained the bullish trajectory until it clinched a new all-time high of $7.86 on June 5. This figure surpassed the previous all-time high (ATH) of $7.67 that was attained in April.Â
Despite witnessing considerable declines in the days that followed, Toncoin closed last week with an 11% increase. However, it generally recorded a drop in its on-balance volume (OBV) throughout the week.
TON’s OBV dropped from 155.3 million to 127.8 million tokens last week. This divergence suggests that it might not have enough strength to sustain the uptrend into the new week.
Should a correction occur, TON’s immediate resistance rests on the 23.6% Fibonacci retracement ($6.969).
ADA retests $0.49
Cardano (ADA) has underperformed over the past few weeks, and last week was no different.
The altcoin’s battles around the $0.40 territory lingered despite two consecutive intraday gains on June 3 and 4, which culminated in a 3.3% increase.
Riding on BTC’s spike on June 7, ADA recorded a sharp rise to retest the $0.49 level for the first time in over two weeks. This led to a correction, with Cardano eventually closing the week on a 3% loss.
Notably, ADA has slipped further below the Ichimoku Cloud, confirming its downtrend. Cardano must breach $0.46 to flip this momentum to bullish.
Moreover, a break above the resistance between Senkou Span A ($0.4588) and Senkou Span B ($0.5416) would grant enough strength to the bulls.
SWFTC uncertainty
SwftCoin (SWFTC) was one of the top performers last week despite a turbulent start. SWFTC saw two intraday losses at the beginning of last week, leading to a drop below the $0.005 psychological support.
However, a recovery push saw the token spike by remarkable margins in the days that followed. Eventually, SWFTC retested the $0.0079 high on June 8 for the first time in three months. SWFTC closed last week with a 36% spike.
Amid the sustained uptrend, the asset slipped into overbought regions, as its relative strength index (RSI) surged to 79.71 on June 8. Nonetheless, following a sharp 10% correction to $0.006, SWFTC’s RSI has cooled below 70, leaving more room for growth.
