Markets
Top cryptocurrencies to watch this week: NOT, AXS, TIA
Last week we saw divergent trends among major cryptocurrencies. While Bitcoin (Bitcoin) suffered declines, with most altcoins following suit, a few selected assets posted significant gains, continuing the rallies that began two weeks earlier.
However, despite some cryptocurrencies recording gains, the fall in Bitcoin’s price negatively impacted the broader market valuation. Consequently, the global crypto market capitalization decreased by 1.16% to $2.54 trillion.
Here are our top cryptocurrency picks to watch this week following their remarkable performance last week:
NOT, AXS and TIA prices – June 2 | Source: Santíment
NOT reaches 304%, is at the top of the winners list
Notcoin (NO) stole the show last week.
The Telegram-linked project bucked the market trend of recording triple-digit gains in seven days. Recall that NOT initially fell 55% shortly after its debut as airdrop recipients began selling their holdings.
NOT recovered from this downturn two weeks ago after collapsing to $0.00458 on May 24. The asset has now maintained this upward trend, witnessing six winning days out of seven over the past week.
As a result of its emergence, Notcoin increased by 304% in seven days, placing it at the top of the list of gainers from the previous week.
Its biggest intraday gains came 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 $0.037 peak it reached on Binance upon debut.
Meanwhile, NOT currently features a relative strength index (RSI) of 82.48 on the daily chart, suggesting overbought conditions.
At this point, the asset could be on the verge of a correction, which could pull prices below the $0.02 territory in the short term.
If bulls show resilience, a recovery from this impending pullback could lead to previous highs above $0.03.
AXS Trades Flat Despite Bumps
Infinite Axie (AXS) surrendered to the whims of the broader market last week.
The currency managed to recover the losses at a later stage. After a 2.99% drop on May 26, AXS began a recovery the following 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, following a 5% loss on May 30. AXS recovered from this turbulence, posting a 6.72% intraday gain on June 1 to recover most of the losses over the past seven days. .
Axie Infinity escaped last week’s market crash with a loss of just 0.9%.
Its RSI currently stands at 55.73. This suggests that the asset still has room for further growth. Bulls must break resistance at the top of the Bollinger Band ($8,348) to sustain any upward momentum from this level.
A break above the April 24 highs at $8.4 could provide enough strength for a rebound from a yearly peak of $13.5.
On the other hand, AXS needs to strongly defend support at the 20-day exponential moving average (EMA), currently hovering around $7.60.
If the bears manage to push below this level, a drop below $7 could occur as the asset’s immediate defense rests in the lower Bollinger band at $6,882.
TIA retests one-month high above $11
Celestia (AUNT) was among the few gainers last week, recording three consecutive days of gains to start the week.
TIA soared 26.2% from May 26 to May 28, with its highest gain totaling 14.86% on May 28. Following this sustained recovery, TIA recovered $11 for the first time since April.
The asset continued the uptrend on May 29, retesting a 1-month high of $11.96 before witnessing resistance from the bears.
The ensuing correction pushed TIA below the $11 level and below the 21-week EMA, which it recently recovered.
The downturn persisted for two more days before TIA recovered, closing the week above $11 but below the 21-week EMA ($11.47). Its daily Accumulation/Distribution metric reveals an increase in accumulation recorded on May 28, the day there was a 14.86% price gain.
Since then, the accumulation trend has stabilized, with no visible change in the trend. Currently trading at $11.10, TIA needs to defend the 23.6% Fibonacci retracement level at $11 to protect against a trend change towards bearish territories. Meanwhile, $11.97 serves as an immediate obstacle to higher prices.