🌎 Bitcoin Nears $72K as TON, ADA, SWFTC Show Mixed Performance

Bitcoin (BTC) briefly tested the $72,000 mark last week before retracing some gains. Meanwhile, several top cryptocurrencies saw modest gains. The global cryptocurrency market capitalization rose by $10 million, closing the week at $2.54 trillion.

Here are the top cryptocurrencies to watch this week based on their recent performances:

TON Hits New All-Time High

Toncoin (TON) showed significant price action last week. Starting strong with an 8.6% increase on June 2, TON closed above $6.8 for the first time in three weeks. The bullish trend continued, and TON reached a new all-time high of $7.86 on June 5, surpassing the previous ATH of $7.67 from April.

Despite some declines in the following days, Toncoin closed last week with an 11% increase. However, its on-balance volume (OBV) dropped from 155.3 million to 127.8 million tokens, suggesting potential challenges in sustaining the uptrend. Immediate resistance rests at the 23.6% Fibonacci retracement level ($6.969).

ADA Retests $0.49

Cardano (ADA) has struggled over the past few weeks. Despite two consecutive intraday gains on June 3 and 4, which led to a 3.3% increase, ADA’s price battles around the $0.40 territory continued. Riding on Bitcoin’s spike on June 7, ADA retested the $0.49 level for the first time in over two weeks, but eventually closed the week with a 3% loss.

ADA has slipped further below the Ichimoku Cloud, confirming its downtrend. To flip the momentum to bullish, Cardano must breach $0.46 and break above the resistance between Senkou Span A ($0.4588) and Senkou Span B ($0.5416).

SWFTC Uncertainty

SwftCoin (SWFTC) was one of the top performers last week despite a rocky start. SWFTC experienced two intraday losses early in the week, dropping below the $0.005 psychological support. However, a recovery effort saw the token spike, retesting the $0.0079 high on June 8 for the first time in three months. SWFTC closed the week with a 36% spike.

During this uptrend, the asset entered overbought regions, with its relative strength index (RSI) reaching 79.71 on June 8. After a sharp 10% correction to $0.006, SWFTC’s RSI cooled below 70, indicating more room for growth.