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Top cryptocurrencies to watch this week: TON, ADA, SWFTC
Bitcoin (Bitcoin) briefly tested the $72,000 mark again last week before retracing some of its gains. Meanwhile, some major cryptocurrencies made modest gains.
The global cryptocurrency market capitalization increased modestly by $10 million, closing the week at $2.54 trillion.
Here are our top cryptocurrencies to watch this week, based on their impressive performance last week:
ADA, TON and SWFTC prices – June 9 | Source: Santimento
TON reaches a new ATH
Toncoin (TONNE) has shown noteworthy price action this past week, starting the week strong after a massive 8.6% increase on June 2nd. 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 reaching a new all-time high of $7.86 on June 5. This figure surpassed the previous all-time high (ATH) of $7.67 reached in April.
Although there were notable decreases in the following days, Toncoin it closed last week with an increase of 11%. However, it overall saw a decline in on-balance volume (OBV) over the course of the week.
TON’s OBV dropped from 155.3 million tokens to 127.8 million tokens last week. This divergence suggests that it may 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% ($6.969) Fibonacci retracement.
ADA retests $0.49
Cardan (ADA) has underperformed over the last few weeks, and last week was no different.
The altcoin’s battles around $0.40 territory continued despite two consecutive intraday gains on June 3 and 4, culminating in a 3.3% increase.
On the heels of BTC’s June 7 peak, ADA rallied sharply to retest the $0.49 level for the first time in over two weeks. This led to a correction, with Cardano ultimately ending the week with a 3% loss.
Notably, ADA slipped further below the Ichimoku cloud, confirming its downtrend. Cardano needs to break out of $0.46 to turn this momentum upside.
Furthermore, a breakout of the resistance between Senkou Span A ($0.4588) and Senkou Span B ($0.5416) would provide sufficient strength for the bulls.
SWTCC uncertainty
SwftCoin (SWFTC) was one of the best performing stocks last week, despite a turbulent start. SWFTC posted two intraday losses early last week, leading to a drop below the psychological support of $0.005.
However, a push for recovery saw the token rise by notable margins in the following days. Ultimately, SWFTC retested the $0.0079 high on June 8 for the first time in three months. SWFTC closed last week at a high of 36%.
Amid a sustained uptrend, the asset slipped into overbought regions, with its relative strength index (RSI) rising to 79.71 on June 8. Nonetheless, following a sharp 10% correction to $0.006, SWFTC’s RSI fell below 70, leaving more room for growth. .