Altcoin
Top Altcoin Gains and Losses in the Second Week of June 2024
Last week, the cryptocurrency market experienced mixed feelings. While some assets rose to new highs, others plummeted to new lows.
Over the past week, Oasis (ROSE) and Toncoin (TON) have emerged as the best performing altcoins. In contrast, Floki (FLOKI) and Wormhole (W) saw the biggest declines over the same period.
Oasis (ROSE) hits a two-month high
The price for Oasis Token (PINK). it is up 8% in the last week. The altcoin is currently trading at $0.12, the 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 remains above this level, it signals a spike in buying pressure. It is a bullish signal that suggests that the current value of the asset is higher than the average price of the last 20 days.
ROSE’s Aroon Up Line was 85.71%, confirming the current uptrend. This indicator identifies the strength of an asset’s trend and potential price reversal points.
When an asset’s Aroon Up line is near 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.
Analysis of the oasis. Source: TradingView
If this trend is maintained, the value of ROSE could increase by 8% to trade at $0.13.
However, if invalidated, it will drop to $0.11
Toncoin (TON) bulls take the lead
The price of Toncoin (TON), the cryptocurrency linked to the popular messaging app Telegram, has increased by 5% in the last 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 was this high was May 16.
According to TON’s Directional Movement Index (DMI), the bullish sentiment following the altcoin is significant. The readings of this indicator show that its positive directional index (green) is above its negative 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 market’s bullish trend and suggests that buying momentum outweighs token selling.
TON’s positive Elder-Ray Index confirms its bullish trend. This indicator identifies the direction of an asset’s price movement and potential buying or selling opportunities in the market.
When its value is positive, it is a bullish signal, which suggests it token accumulation exceeds distribution.
If the bullish sentiment continues to grow, TON price could rise above $8.05.
To know more: What are Telegram bot coins?
However, if traders start taking profits and TON sales increase, its price could plummet to $7.05.
Floki (FLOKI) leads from behind
The popular meme coin Floki (FLOKI) is the top altcoin with the most losses in the last week. Trading at $0.00021 at the time of writing, the price of the dog-themed token is down 32% in the last seven days.
The drop in prices is partly due to the significant whale outflows witnessed last week. For context, on June 12, the large outflow of FLOKI holders amounted to 253 billion FLOKI, valued at $53 million at current market prices.
The last time the meme coin saw such high outflows was March 9.
If demand for FLOKI continues to decline, its value could drop to $0.00020.
To know more: What are meme coins?
However, if whale activity picks up and overall sentiment towards the altcoin turns positive, its price would not change it could rise to $0.00022.
Wormhole (W) Creates a 30% hole in investors’ profits
W, the native token of the Wormhole cross-chain bridge, has seen its value decline by 30% in the last seven days. Currently trades at $0.48.
At its current price, the altcoin is trading below its 20-day EMA (blue) and its 50-day small moving average (orange).
When the price of an asset trades below these moving averages, it confirms the market’s bearish trend and suggests that the overall trend over the past few months has been negative. Traders often take this as a signal to sell their holdings or open short positions.
If traders step up their W distribution efforts, its price could drop to $0.46.
If the trend is reversed and buying momentum increases, the altcoin could reach $0.51
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