Top cryptocurrencies to watch this week: NOT, AXS, TIA

Last week saw divergent trends among the top cryptocurrencies. While Bitcoin (BTC) suffered declines, with most altcoins following suit, a select few assets posted significant gains, continuing the rallies initiated two weeks before.

However, despite some cryptocurrencies recording gains, Bitcoin’s price drop negatively impacted the broader market valuation. Consequently, the global crypto market cap decreased by 1.16% to $2.54 trillion.

Here are our top cryptocurrency picks to watch this week following their notable performances last week:

Top cryptocurrencies to watch this week: NOT, AXS, TIA - 1
NOT, AXS and TIA prices – June 2 | Source: Santiment

NOT spikes 304%, tops gainers list

Notcoin (NOT) stole the show last week.

The Telegram-linked project bucked the market trend to record three-digit gains over seven days. Recall that NOT initially dropped 55% shortly after its debut, as airdrop recipients moved to sell off their holdings.

NOT recovered from this downturn two weeks back, following a collapse to $0.00458 on May 24. The asset has now retained this uptrend, witnessing six winning days out of seven throughout last week.

As a result of its upsurge, Notcoin spiked 304% in seven days, placing it atop the gainers list in the previous week.

Its biggest intraday gains came up on May 27 (59%) and June 1 (35.91%). At press time, NOT changes hands at $0.02505. While this price represents a 348% increase from the May 24 low, the crypto asset is still down 44% from the peak of $0.037 it clinched on Binance upon debut.

Meanwhile, NOT currently features a relative strength index (RSI) of 82.48 on the daily timeframe, suggesting overbought conditions.

At this point, the asset could be on the verge of a correction, which might pull prices below the $0.02 territory for the short term.

If the bulls show resilience, a recovery from this imminent retracement could lead to previous highs above $0.03.

AXS trades flat despite bumps

Axie Infinity (AXS) surrendered to the whims of the broader market last week.

The coin managed to recover its losses at a later stage. After a 2.99% drop on May 26, AXS staged a recovery push on the following day.

However, the bears retook control of the scene shortly after.

The asset slumped to an eight-day low of $7.236 on the last day of May following a 5% loss on May 30. AXS rebounded from this turbulence, recording a 6.72% intraday gain on June 1 to recover most losses over the last seven days.

Axie Infinity escaped the market drop last week with a mere 0.9% loss.

Its RSI currently sits at 55.73. This suggests that the asset still has room for more growth. The bulls must breach the resistance at the upper Bollinger Band ($8.348) to sustain any upward push from this level.

A break above the April 24 highs at $8.4 could provide enough strength for the reclamation of a yearly peak of $13.5.

On the flip side, AXS needs to vehemently defend the support at the 20-day exponential moving average (EMA), currently hovering around $7.60.

If the bears can push below this level, a drop beneath $7 could ensue, as the asset’s immediate defense rests at the lower Bollinger Band at $6.882.

TIA retests one-month high above $11

Celestia (TIA) was among the few gainers last week, recording three consecutive days of gains at the start of the week.

TIA spiked 26.2% from May 26 to 28, with its largest intraday gain amounting to 14.86% on May 28. Following this sustained upswing, TIA reclaimed $11 for the first time since April.

The asset retained the uptrend on May 29, retesting a 1-month high of $11.96 before witnessing resistance from the bears.

The correction that followed pushed TIA below the $11 level and underneath the 21-week EMA, which it recently reclaimed. 

The downturn persisted for two more days before TIA rebounded, eventually closing the week above $11 but below the 21-week EMA ($11.47). Its daily Accumulation/Distribution metric reveals a spike in accumulation recorded on May 28, the day it saw a 14.86% price gain.

Since then, the accumulation trend has steadied, with no visible change in trend. Currently trading for $11.10, TIA needs to defend the 23.6% Fibonacci retracement level at $11 to hedge against a trend shift toward bearish territories. Meanwhile, the $11.97 serves as its immediate roadblock to greater price heights.

Source link

About The Author

Scroll to Top