The past week has seen a variety of trends emerge among the top cryptocurrencies. While Bitcoin (BTC) declined, most altcoins followed suit, with some assets seeing significant gains, continuing the upward trend that began two weeks ago.
But despite record profits for some cryptocurrencies, Bitcoin’s price decline has had a negative impact on its broader market value. As a result, the global cryptocurrency market capitalization decreased by 1.16% to $2.54 trillion.
Following last week’s noteworthy performance, here are our picks for the best cryptocurrencies to watch this week:
Not up 304%, top gainers list
Notcoin (NOT) was in the spotlight last week.
Telegram-linked projects bucked the market trend and recorded triple-digit gains in seven days. Recall that NOT initially fell 55% shortly after its debut as airdrop recipients moved to sell their holdings.
It plummeted to $0.00458 on May 24 and has not recovered from this decline two weeks ago. The asset has now maintained this upward trend, winning six out of seven days throughout the past week.
As a result of the surge, Notcoin topped the list of gainers last week, surging 304% in seven days.
The largest intraday gains occurred on May 27 (59%) and June 1 (35.91%). At press time, it was not changing hands at $0.02505. While the price is up 348% from its May 24 low, the cryptocurrency asset is still down 44% from the high of $0.037 it set on Binance at the time of its debut.
Meanwhile, NOT currently has a daily relative strength index (RSI) of 82.48, suggesting that it is overbought.
At this point, the asset may be on the verge of a correction, which could push the price below the $0.02 area in the near term.
If the bulls are resilient, they could bounce back from the impending retracement and surpass the previous high of $0.03.
AXS trades flat despite crash.
Axie Infinity (AXS) succumbed to the whims of the broader market last week.
The coin recovered its losses at a later stage. AXS fell 2.99% on May 26 before recovering the next day.
But the bears soon regained control of the scene.
The asset fell to an eight-day low of $7.236 on the last day of May, following a 5% loss on May 30. AXS bounced back from this turbulence, posting an intraday gain of 6.72% on June 1, recovering most of its losses over the past seven days. .
Axie Infinity avoided the market decline last week, losing 0.9%.
RSI is currently at 55.73. This means that the asset still has room to grow further. The bulls would need to break the resistance of the upper Bollinger Band ($8.348) to sustain their uptrend at this level.
A break above the April 24 high of $8.4 could provide enough strength to reclaim the yearly high of $13.5.
AXS, on the other hand, needs to strongly defend support at the 20-day exponential moving average (EMA), which is currently hovering around $7.60.
If the bears can break below this level, it could fall below $7 as the asset’s immediate defense lies in the lower Bollinger Band at $6.882.
TIA retests one-month high above $11
Celestia (TIA) was one of the few gains last week, posting three consecutive days of gains earlier in the week.
TIA surged 26.2% from May 26th to 28th, with the largest intraday gain of 14.86% on May 28th. Following this continued upward trend, TIA regained $11 for the first time since April.
The asset maintained its upward trend on May 29, retesting the one-month high of $11.96 before witnessing bearish resistance.
The subsequent correction took TIA below the $11 level and below the recently recovered 21-week EMA.
The decline continued for two more days before TIA rebounded, eventually closing the week above $11 but below the 21-week EMA ($11.47). The daily accumulation/distribution indicator shows a cumulative surge recorded on May 28 with a price increase of 14.86%.
Since then, the cumulative trend has remained stable with no noticeable trend changes. Currently trading at $11.10, TIA needs to defend the 23.6% Fibonacci retracement level at $11 to guard against a trend reversal into bearish territory. Meanwhile, $11.97 acts as an immediate barrier to higher price increases.