Last week, Bitcoin (BTC) briefly touched the $72,000 mark before pulling back slightly. Meanwhile, several top cryptocurrencies posted modest gains. The global cryptocurrency market capitalization rose by $10 million, closing the week at $2.54 trillion. Here are the standout performers to watch this week:
TON Sets New All-Time High
Toncoin (TON) displayed impressive price action, beginning the week with an 8.6% surge on June 2. This upward momentum allowed the Telegram-based asset to close above $6.8 for the first time in three weeks. TON continued its bullish trend, reaching a new all-time high (ATH) of $7.86 on June 5, surpassing its previous ATH of $7.67 from April.
Despite some declines later in the week, Toncoin closed with an 11% increase. However, a drop in its on-balance volume (OBV) from 155.3 million to 127.8 million tokens suggests potential weakness in sustaining this uptrend. Should a correction occur, the immediate resistance lies at the 23.6% Fibonacci retracement level of $6.969.
ADA Retests $0.49
Cardano (ADA) has struggled in recent weeks, and last week was no exception. The altcoin hovered around the $0.40 mark, despite two consecutive intraday gains on June 3 and 4, resulting in a 3.3% increase. Following Bitcoin’s spike on June 7, ADA briefly retested the $0.49 level for the first time in over two weeks, but ultimately closed the week with a 3% loss.
Currently, ADA has fallen further below the Ichimoku Cloud, reinforcing its downtrend. To reverse this momentum, Cardano needs to breach $0.46. A break above the resistance between Senkou Span A ($0.4588) and Senkou Span B ($0.5416) would strengthen the bullish case.
SWFTC Shows Potential Despite Uncertainty
SwftCoin (SWFTC) emerged as a top performer last week, despite a rocky start with two intraday losses pushing it below the $0.005 psychological support level. However, a strong recovery saw the token spike significantly, reaching $0.0079 on June 8, a high not seen in three months. SWFTC closed the week with a 36% increase.
During its uptrend, SWFTC’s relative strength index (RSI) surged to 79.71 on June 8, indicating overbought conditions. A subsequent 10% correction to $0.006 cooled the RSI below 70, potentially leaving room for further growth.
Market Outlook
The positive performance of TON, ADA, and SWFTC highlights the ongoing dynamism in the cryptocurrency market. While Bitcoin’s brief rally to $72,000 set the stage, these altcoins showed resilience and potential for future gains. Investors should keep a close eye on these assets as they navigate key support and resistance levels in the coming days.
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