Altcoins
As Bitcoin Pumps, These Altcoins Do Even Better
The global crypto market cap stands at $2.29 trillion, an increase of 3.50% from the last day. according to at CoinMarketCap. Excluding stablecoins, 96% of the top 100 tokens are recording gains, leaving only LEO, Gnosis, Axelar and Celestia in bearish territory with less than 1.2% losses.
This closes the week with at least one bullish day, as Bitcoin is also on the rise more than 4% in the last 24 hours and over $61,800 at the time of writing, according to CoinGecko data.
There are also 64 top-performing coins that are showing better percentage gains than BTC: ORDI, TON, and BONK are among the top performers, 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 in the top 100 in terms of price appreciation over the past day. ORDI rose from $35.50 to $41.60, a growth of 17.55% in the last 24 hours. The coin almost reverses last week’s losses and is now down less than 2.5% over the past seven days.
ORDI is experiencing an interesting trend, 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. He also shows a strong ADX of 26 points.
Today’s spike, however, places the price above the 55 EMA, which could narrow the gap between the two EMAs and signal a possible bullish rebound over the coming days.
In a bullish scenario, ORDI could test new resistance near $53 for an additional 30% rally. However, if the downtrend persists, it could fall by around 38% by 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 launched by Telegram and then released to the open source community after a legal battle with the SEC. TON is up 9.76% in the last 24 hours, from $5 to $5.52. TON also reversed last week’s losses, posting a weekly gain of 3.2% to 9.2% over the past 30 days.
In terms of fundamentals, there is some hype around TON after an announcement from Pantera Capital, a crypto-VC firm with over $5 billion in assets under management, of an investment in the TON blockchain. Pantera has not disclosed the amount of money they have invested in developing the TON network, but they have not minced words in praising the blockchain and its potential.
“We believe TON has the ability to introduce crypto to the mainstream as it is widely used within the Telegram network,” Pantera Capital said in its official announcement yesterday.
TON appears a little stronger than ORDI, pointing to a stable bullish rebound. The price has broken above the resistance at the EMA10, proving that it is bullish at least in the short term. The 50-point RSI shows a balance of strength, and the Squeeze Momentum indicator points to the end of the downtrend and the start of a bullish impulse. The part is currently testing low resistance and operating margin is low.
A bullish scenario places TON in a zone near $6 for a 12% rise, with a bearish scenario sending the coin back to $4.90 for a 10.6% price decline.
Another coin with interesting performance is BONK, a Solana-based meme coin that gained popularity during the last crypto bull run. The coin increased by 9.75% in the last 24 hours from $0.00002467 to $0.00002716. Like ORDI and TON, it erased last week’s losses, up 3.3% over the past 7 days and 16.9% over the past 30 days.
Currently, BONK is trading sideways and has remained stable since mid-March. The coin bounced between $0.00002950 and $0.00001940 with an atypical decline in mid-April. ADX is weak due to price behavior that trades essentially trendless. However, the Squeeze Momentum indicator indicates a bullish impulse that could turn into a steady uptrend.
Bullish and bearish scenarios are marked by both support and resistance. An optimistic performance would take the coin to $0.00002950 for a 9% spike, and a pessimistic performance would take the coin down 25% to $0.00001940.
Edited by Ryan Ozawa.