Altcoin
Top Altcoin gains in the last seven days
The week so far has been characterized by an uptrend in the altcoin market, with many crypto assets reaching new heights.
JasmyCoin (JASMINE), Wormhole (W) and Toncoin (TON) are some of the top altcoins with the highest gains in the last seven days.
JasmyCoin (JASMY) hits a two-year high
Over the past seven days, the price of JasmyCoin (JASMY) has increased by 46%. As of this writing, the altcoin is trading at $0.043, and is currently trading at a price level last seen in March 2022.
After a long period of range-trending, with a relative balance between buying and selling pressure, the bulls emerged dominant on May 14. JASMY’s Elder-Ray Index confirmed this as it has since returned positive values (marked by green bars).
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 that token accumulation outpaces distribution.
At the time of this writing, JASMY’s Elder-Ray Index was 0.014.
Additionally, its Moving Average Convergence Divergence (MACD) readings showed its MACD line (orange) positioned above its signal (blue) and zero lines as of this writing.
This indicator also measures the price movement of an asset and potential changes in direction. It is considered a bullish signal when its lines are set this way, as the buying momentum is greater than the selling pressure.
If this trend is maintained, JASMY’s value could increase trading hands at $0.055a price it last traded at on March 18, 2022.
JasmyCoin Analysis. Source: TradingView
However, if buyer burnout occurs, the value of the token could drop to $0.058
Wormhole (W) Brings holders into profit
W, the native token of the Wormhole cross-chain bridge, has seen its value rise by 30% in the last seven days. That period also saw a significant spike in the token’s daily trading volume. For example, at the time of writing, W’s trading volume stood at $238 million, the highest in over 30 days.
W’s positive Chaikin Money Flow (CMF) reinforces the point above, confirming the increase in capital inflow into the W market. At the time of writing, the indicator value was 0.03.
W’s CMF tracks the flow of money into and out of the market. With a CMF value above zero, the W market experiences more liquidity inflows than capital outflows. This bullish signal is interpreted as a sign that the altcoin will continue its uptrend.
If this continues, W could trade hands at $0.68 if this continues.
However, if invalidated, it will drop to $0.63.
Toncoin (TON) reaches resistance
Up 16% in the last seven days, Toncoin (TON). trying to overcome the upper line of its ascending canal. It has been trending within this channel since May 2nd.
An ascending channel forms when the price of an asset consistently makes higher highs and lower lows over a period of time. The channel typically indicates an uptrend, which suggests that buyers are in control and the asset price is likely to continue rising.
The fact that TON is trading above its 20-day exponential moving average lends credence to this. This moving average tracks the average price of an asset over the last 20 days.
When the price trades above this, it means that the current value of an asset is higher than the average price of the last 20 days. This bullish signal shows that buying activity is greater than selling pressure.
If TON bulls maintain this trend, the token’s price could surpass $7.74 and reach a new all-time high at $7.80.
However, if they fail and allow the bears to regain control, selling pressure could push the altcoin’s value as high as $7.01.
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