Altcoins
Top Altcoin Gainers and Losers in the Second Week of June 2024
Last week, the cryptocurrency market saw mixed feelings. While some assets reached new highs, others fell to new lows.
Over the past week, Oasis (ROSE) and Toncoin (TON) have become the best performing altcoins. In contrast, Floki (FLOKI) and Wormhole (W) saw the most declines during the same period.
Oasis (PINK) hits two-month high
The price per Oasis Token (PINK) rose 8% last week. The altcoin is currently trading at $0.12, its highest price since April 8.
Currently, the altcoin is above its 20-day exponential moving average (EMA). This moving average tracks the average price of the token over the last 20 days.
When an asset’s price is above this level, it signals a spike in buying pressure. This is a bullish signal that suggests the current value of the asset is higher than its average price over the last 20 days.
ROSE’s Aroon Up Line was 85.71%, confirming the current uptrend. This indicator identifies an asset’s trend strength and potential price reversal points.
When an asset’s Aroon Up line is near 100, it indicates that the uptrend is strong and the most recent high was reached relatively recently.
Analysis of oases. Source: Trading View
If this trend continues, ROSE’s value could increase by 8% to trade at $0.13.
However, if it is invalidated, it will drop to sell at $0.11.
Toncoin (TON) bulls take matters into their own hands
The price of Toncoin (TON), the cryptocurrency linked to the popular messaging app Telegram, has climbed 5% over the past seven days. TON’s daily trading volume also increased during the period under review.
As of this writing, TON’s trading volume stands at $517 million. The last time the altcoin’s daily trading volume reached such a high level was on May 16.
According to TON’s Directional Movement Index (DMI), the bullish sentiment behind the altcoin is significant. Readings for this indicator show its positive directional index (green) above its negative directional index (red).
An asset’s DMI identifies the direction and strength of a trend. When the positive index is above the negative index, it confirms the uptrend of the market and suggests that the buying momentum exceeds token sales.
TON’s positive Elder-Ray index confirms its bullish bias. This indicator identifies the direction of an asset’s price trends and potential buying or selling opportunities in the market.
When its value is positive, it is a bullish signal, which suggests that token accumulation exceeds distribution.
If bullish sentiment continues to grow, TON price could surpass $8.05.
Learn more: What are Telegram bot parts?
However, if traders start making profits and TON sales increase, its price could drop to $7.05.
Floki (FLOKI) leads from behind
The popular meme coin Floki (FLOKI) is the top altcoin with the most losses over the past week. Exchanging hands at $0.00021 at the time of writing, the price of the dog-themed token has fallen by 32%. in the last seven days.
The fall in its prices is partly due to the large whale outings it witnessed last week. As a reminder, on June 12, outflows from large FLOKI holders totaled 253 billion FLOKI, valued at $53 million at current market prices.
The meme coin last saw such high outflows on March 9.
If the demand for FLOKI continues to decline, its value could fall to $0.00020.
Learn more: What are Meme Coins?
However, if whale activity sees a resurgence and overall sentiment towards the altcoin becomes positive, its price could rise to $0.00022.
Wormhole (W) Creates a 30% Hole in Investors’ Profits
W, the native token of the Wormhole cross-chain bridge, saw its value drop 30% over the past seven days. He currently is trading at $0.48.
At its current price, the altcoin is trading below its 20-day EMA (blue) and its small 50-day moving average (orange).
When the price of an asset trades below these moving averages, it confirms the market’s downtrend and suggests that the overall trend in recent months has been negative. Traders often take this as a sign to sell their holdings or open short positions.
If retailers intensify their W distribution efforts, its price could drop to $0.46.
If the trend reverses and buying momentum increases, the altcoin could rally back to $0.51.
Disclaimer
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