News
Top cryptocurrencies to watch this week: NOT, AXS, TIA
Last week we saw diverging trends among the major cryptocurrencies. While Bitcoin (Bitcoin) suffered declines, with most altcoins following suit, select assets posting significant gains, continuing the rallies that began two weeks earlier.
However, while some cryptocurrencies posted gains, Bitcoin’s price decline had a negative impact on the broader market valuation. As a result, the global cryptocurrency market capitalization decreased by 1.16% to $2.54 trillion.
Here are our top cryptocurrency picks to watch this week following their notable performances last week:
NOT, AXS and TIA prices – June 2 | Source: Santimento
It does NOT reach 304%, at the top of the winners list
Noncoin (NOT) stole the show last week.
The Telegram-linked project bucked the market trend by posting triple-digit gains in seven days. Recall that NOT initially fell by 55% shortly after its debut, as airdrop recipients decided to sell their holdings.
It has NOT recovered from this decline two weeks ago, after plummeting to $0.00458 on May 24. The asset has now maintained this bullish trend, witnessing six out of seven winning days over the past week.
Following its surge, Not money it increased 304% in seven days, placing it at the top of the list of winners in the previous week.
The largest intraday gains occurred on May 27 (59%) and June 1 (35.91%). As of this writing, NOT is trading at $0.02505. While this price represents a 348% increase from the May 24 low, the crypto asset is still down 44% from the peak of $0.037 reached on Binance upon debut.
Meanwhile, NOT currently sports a Relative Strength Index (RSI) of 82.48 on the daily time frame, suggesting overbought conditions.
At this point, the asset may be on the verge of a correction, which could take prices below the $0.02 territory in the short term.
If the bulls show resilience, a recovery from this impending retracement could lead to previous highs above $0.03.
AXS remains stable despite obstacles
Axie Infinity (AXS) surrendered to the whims of the broader market last week.
The coin managed to recover its losses at a later stage. After a 2.99% decline on May 26, AXS began a recovery push the next day.
However, shortly thereafter the bears regained control of the scene.
The asset slumped to an eight-day low of $7,236 on the last day of May, following a 5% loss on May 30. AXS has recovered from this turbulence, posting an intraday gain of 6.72% on June 1 to recoup most of its losses over the past seven days. .
Axie Infinity escaped last week’s market decline with a loss of just 0.9%.
Its RSI currently stands at 55.73. This suggests that the asset still has room for more growth. Bulls need to break out of resistance at the upper Bollinger band ($8.348) to sustain any upside push from this level.
A break above the April 24 highs of $8.4 could provide enough strength for a recovery to a yearly high of $13.5.
On the other hand, AXS needs to vehemently defend the support of the 20-day exponential moving average (EMA), which is currently hovering around $7.60.
If the bears manage to push below this level, a drop below $7 could occur, as the asset’s immediate defense lies in the lower Bollinger band at $6.882.
The TIA repeats a one-month high above $11
Celestia (TIA) was among the few gainers last week, posting three consecutive days of gains to start the week.
TIA rose 26.2% from May 26 to 28, with its largest intraday value I earn equal to 14.86% on May 28th. Following this sustained recovery, TIA recovered $11 for the first time since April.
The asset maintained its uptrend on May 29, retesting a one-month high of $11.96 before encountering bear resistance.
The ensuing correction pushed the TIA below the $11 level and below the 21-week EMA, which it had recently recovered.
The decline continued for two more days before the TIA rebounded, closing the week above $11 but below the 21-week EMA ($11.47). Its daily Accumulation/Distribution metric reveals a peak accumulation recorded on May 28, the day it saw a price increase of 14.86%.
Since then, the accumulation trend has stabilized, without any visible change. Currently trading at $11.10, TIA needs to defend the 23.6% Fibonacci retracement level at $11 to protect itself from a trend shift into bearish territories. Meanwhile, the $11.97 serves as an immediate hurdle towards higher price levels.