Last week saw mixed trends among the top cryptocurrencies. While Bitcoin (BTC) suffered declines, and most altcoins followed suit, some select assets posted significant gains, continuing the rallies that began two weeks ago.
However, despite some cryptocurrencies recording gains, Bitcoin's price decline negatively impacted the broader market's valuation. As a result, the global cryptocurrency market capitalization fell by 1.16% to $2.54 trillion.
Here are our top picks for cryptocurrencies to watch this week after their remarkable performance last week:
It did not rise by 304%, topping the list of gainers
Notcoin (NOT) stole the spotlight last week.
The Telegram-related project bucked the market trend to post triple-digit gains over seven days. Remember, NOT initially fell by 55% shortly after its debut, as airdrop recipients moved to sell their holdings.
It did not recover from this downturn two weeks ago, after collapsing to $0.00458 on May 24. The asset has now maintained this uptrend, seeing six out of seven winning days throughout the past week.
As a result of its rise, Notcoin's value rose by 304% in seven days, putting it at the top of the previous week's gainers list.
Its biggest intraday gains came on May 27 (59%) and June 1 (35.91%). At press time, $0.02505 had not changed hands. While this price represents a 348% increase from the May 24 low, the cryptocurrency asset is still down 44% from the peak of $0.037 it reached on Binance when it debuted.
Meanwhile, NOT currently features a Relative Strength Index (RSI) of 82.48 on the daily time frame, indicating overbought conditions.
At this point, the asset could be on the verge of a correction, which could drag prices below the $0.02 area in the short term.
If the bulls show resilience, a recovery from this impending bounce could lead to earlier highs above $0.03.
AXS is trading flat despite the bumps
Axie Infinity (AXS) succumbed to the whims of the broader market last week.
The currency was able to recover its losses at a later stage. After a 2.99% decline on May 26, AXS made a recovery push the next day.
However, the bears regained control of the scene soon after.
The asset fell to an eight-day low of $7,236 on the last day of May after a 5% loss on May 30. AXS rebounded from the turmoil, posting an intraday gain of 6.72% on June 1 to offset most of the losses over the past seven days. .
Axie Infinity weathered last week's market drop with a loss of just 0.9%.
The Relative Strength Index is currently at 55.73. This indicates that the asset still has room for further growth. The bulls must break the resistance at the upper border of the Bollinger Band ($8,348) to sustain any upward push from this level.
A break above the April 24 highs of $8.4 could provide enough strength to reclaim the yearly peak of $13.5.
On the flip side, AXS 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, a drop below $7 could ensue, as the immediate defense for the asset lies at the lower Bollinger Band at $6,882.
TIA retests one-month high above $11
Celestia (TIA) stock was among the few gainers last week, recording three straight days of gains at the start of the week.
TIA rose 26.2% from May 26-28, with its largest intraday gain of 14.86% on May 28. After this sustained rise, TIA regained $11 for the first time since April.
The asset maintained the uptrend on May 29, retesting its one-month high at $11.96 before seeing resistance from the bears.
The ensuing correction pushed the TIA below the $11 level and below the 21-week moving average, which it recently reclaimed.
The contraction continued for two more days before the TIA rebounded, eventually closing the week above $11 but below the 21-week moving average ($11.47). The daily accumulation/distribution metric reveals a significant spike in accumulation recorded on May 28, a day that saw a price increase of 14.86%.
Since then, the accumulation trend has stabilized, without any obvious change in trend. TIA is currently trading at $11.10, and needs to defend the 23.6% Fibonacci retracement level at $11 to hedge against a trend shift towards bearish areas. Meanwhile, the $11.97 level serves as a direct barrier to larger price rises.
