June 2024 Altcoin Roundup : Altcoin Market’s Top Gainers and Biggest Decliners
Crypto News- The past week has been a rollercoaster for the cryptocurrency market, with some altcoins reaching impressive new highs while others have seen significant drops.
Leading the pack of top performers are Oasis (ROSE) and Toncoin (TON), both showcasing strong gains. On the flip side, Floki (FLOKI) and Wormhole (W) have been hit hard, experiencing some of the steepest declines in the market.
Oasis (ROSE) Reaches Two-Month Peak
Oasis (ROSE) has experienced a notable price increase, climbing 8% over the past week to reach $0.12, marking its highest level since April 8. Currently trading above its 20-day Exponential Moving Average (EMA), this indicates a strong buying momentum and a bullish outlook, suggesting that the token’s current value surpasses its average price over the last 20 days.
The Aroon Up Line for ROSE stands at 85.71%, confirming the ongoing uptrend. This indicator, which assesses the strength of a trend and potential reversal points, shows that the uptrend is robust. If this trend continues, ROSE could rise by another 8% to hit $0.13. Conversely, a downturn could see its price drop to $0.11.
Toncoin (TON) Bulls Assert Dominance
Toncoin (TON), associated with Telegram, has seen a 5% price surge over the past week, accompanied by a spike in daily trading volume, now totaling $517 million—the highest since May 16. The Directional Movement Index (DMI) shows a strong bullish trend, with the positive directional index (green) above the negative one (red), indicating that buying momentum exceeds selling pressure.
Additionally, TON’s positive Elder-Ray Index supports its bullish stance, suggesting that token accumulation is outpacing distribution. If this bullish sentiment continues, TON could rally above $8.05. However, a potential sell-off could drop its price to $7.05.
Floki (FLOKI) Sees Significant Decline
The meme coin Floki (FLOKI) has suffered the most significant losses among altcoins this week, with its price dropping 32% to $0.00021. This decline is partly due to substantial whale outflows, with 253 billion FLOKI tokens worth $53 million moved on June 12. The last such significant outflow was on March 9.
If the demand for FLOKI continues to decline, its price could further drop to $0.00020. However, a resurgence in whale activity and a positive shift in market sentiment could see its price rebound to $0.00022.
Wormhole (W) Faces Major Losses
Wormhole (W), the native token of the cross-chain bridge, has seen a steep 30% decline in value over the past week, currently trading at $0.48. The token is trading below both its 20-day EMA and its 50-day Simple Moving Average (SMA), indicating a bearish market trend.
This downtrend suggests that traders might consider selling their holdings or opening short positions. If selling pressure continues, W’s price could fall further to $0.46.
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