Bitcoin (BTC) briefly retested the $72,000 mark last week before regaining some of its gains. Meanwhile, some of the top cryptocurrencies posted modest gains.
The global cryptocurrency market capitalization rose modestly by $10 million, closing the week at $2.54 trillion.
Here are the top cryptocurrencies to watch this week, based on their notable performance last week:
TON hits the new ATH
Ton Coin (TON) showed noteworthy price action last week, starting the week strong after a massive 8.6% increase on June 2. This stunning increase allowed the Telegram-based asset to close above $6.8 for the first time in three weeks.
TON maintained its upward trajectory until reaching a new all-time high of $7.86 on June 5. This figure surpassed the previous all-time high (ATH) of $7.67 achieved in April.
Despite significant declines in the following days, Toncoin closed last week with an 11% increase. However, overall it recorded a decline in trading volume (OBV) throughout the week.
TON's OBV fell from 155.3 million to 127.8 million tokens last week. This divergence indicates that it may not have enough strength to maintain the uptrend in the new week.
In case of a correction, the immediate resistance for TON lies at the 23.6% Fibonacci retracement level ($6,969).
ADA retests $0.49
Cardano (ADA) has been performing poorly over the past few weeks, and last week's performance was no different.
The altcoin battles around the $0.40 region continued despite back-to-back intraday gains on June 3 and 4, which culminated in a 3.3% increase.
Taking advantage of BTC's surge on June 7, ADA posted a sharp rally to retest the $0.49 level for the first time in over two weeks. This led to a correction, with Cardano eventually ending the week with a 3% loss.
It is worth noting that ADA has fallen further below the Ichimoku Cloud, confirming its downward trend. Cardano must break the $0.46 level to flip this momentum to the upside.
Moreover, a break above the resistance between Senkou Span A ($0.4588) and Senkou Span B ($0.5416) would give the bulls enough leverage.
Uncertainty in SWFTC
SwftCoin (SWFTC) was one of the best performing coins last week despite a turbulent start. SWFTC saw two intraday losses at the beginning of last week, which led to a drop below the psychological support of $0.005.
However, the recovery push saw the token rise by notable margins in the following days. Eventually, SWFTC retested the $0.0079 high on June 8 for the first time in three months. SWFTC closed last week up 36%.
Amid the ongoing uptrend, the asset slid into overbought territory, with the relative strength index (RSI) rising to 79.71 on June 8. However, after a sharp 10% correction to $0.006, SWFTC's RSI fell below 70, leaving more room for growth. .