Altcoins
As Bitcoin pumps, these Altcoins are doing even better
The global cryptocurrency market capitalization stands at $2.29 trillion, marking an increase of 3.50% over the last day. second at CoinMarketCap. Excluding stablecoins, 96% of the top 100 tokens post gains, leaving only LEO, Gnosis, Axelar, and Celestia in bearish territory with less than 1.2% losses.
This ends the week with at least one bullish day, as Bitcoin is also on the rise up more than 4% in the last 24 hours and over $61,800 as of this writing, CoinGecko data shows.
There are also 64 major coins that are posting better percentage gains than BTC: ORDI, TON, and BONK are among the best, each with impressive price movements over the past 24 hours.
ORDI, a cryptocurrency that operates within the Ordinals protocol ecosystem based on blockchain technology, is the best performing token among the top 100 in terms of price appreciation over the past day. ORDI rose from $35.50 to $41.60, marking a growth of 17.55% in the last 24 hours. The coin is nearly erasing last week’s losses and has fallen less than 2.5% over the past seven days.
ORDI is going through an interesting pattern, even though it is a young coin. The short-term trend is bearish, with the EMA55 above the EMA10. This is considered bearish because traders need to hold the coin longer to be profitable. It also shows a strong ADX of 26 points.
Today’s peak, however, is taking the price above the 55 EMA, which could narrow the break between the two EMAs and signal a possible bullish bounce in the coming days.
In a bullish scenario, ORDI could test new resistance near $53 for a further 30% recovery. However, if the downtrend persists, it could drop around 38% testing the support at around $25.50.
The second best-performing token in the Top 100 is Toncoin (TON), the native cryptocurrency of The Open Network, a project started by Telegram and then handed over to the open source community after a legal tug-of-war with the SEC. TON has risen by 9.76% in the last 24 hours, rising from $5 to $5.52. TON also erased last week’s losses, posting a weekly gain of 3.2%—9.2% over the past 30 days.
In terms of fundamentals, there is some buzz surrounding TON following the announcement by Pantera Capital, a cryptocurrency firm with over $5 billion in assets under management, to an investment in the TON blockchain. Pantera did not reveal the amount of money invested in the development of the TON network, but they did not mince words in praising the blockchain and its potential.
“We believe that TON has the ability to introduce cryptocurrencies to the masses because it is widely used within the Telegram network,” Pantera Capital said in its official announcement yesterday.
TON looks slightly stronger than ORDI, which indicates a stable bullish bounce. The price broke above the resistance at the EMA10, proving to be bullish at least in the short term. The 50-point RSI shows a balance of forces and the Squeeze Momentum indicator points towards the end of the downtrend and the beginning of a bullish impulse. The coin is currently testing weak resistance and the trading margin is low.
A bullish scenario places TON in a zone near $6 with a peak of 12%, while a bearish scenario brings the coin back to $4.90 with a price drop of 10.6%.
Another coin with interesting performance is BONK, a Solana-based meme coin that has gained popularity in the latest cryptocurrency bull run. The coin has risen by 9.75% in the past 24 hours, rising from $0.00002467 to $0.00002716. Like ORDI and TON, it erased last week’s losses, rising 3.3% over the past 7 days and 16.9% over the past 30 days.
Right now, BONK is trading sideways and has remained stable since mid-March. The coin bounced between $0.00002950 and $0.00001940 with an atypical drop in mid-April. The ADX is weak due to price behavior that is essentially trading trendless. However, the Squeeze Momentum indicator indicates a bullish impulse that could turn into a steady uptrend.
Bullish and bearish scenarios are characterized by both support and resistance. An optimistic performance would take the coin to $0.00002950 with a peak of 9%, while a pessimistic performance would take the coin down 25% to $0.00001940.
By Ryan Ozawa.