The week so far has been marked by an uptrend in the altcoin market, with many crypto assets reaching new milestones.
JasmyCoin (JASMY), Wormhole (W), and Toncoin (TON) are some of the top altcoins with the highest gains in the past seven days.
JasmyCoin (JASMY) Rallies to a Two-Year High
In the past seven days, the price per JasmyCoin (JASMY) has risen by 46%. Exchanging hands at $0.043 at press time, the altcoin currently trades at a price level last observed in March 2022.
Following an extended trending period within a range, with a relative balance between buying and selling pressures, the bulls emerged dominant on May 14. JASMY’s Elder-Ray Index confirmed this as it has since returned positive values (marked by green bars) since then.
This indicator identifies the direction of an asset’s price trends and potential buying or selling opportunities in the market. When its value is positive, it is a bullish signal, which suggests that token accumulation outpaces distribution.
As of this writing, JASMY’s Elder-Ray Index was 0.014.
Further, readings from its Moving Average Convergence Divergence (MACD) showed its MACD line (orange) positioned above its signal (blue) and zero lines at press time.
This indicator also measures an asset’s price trends and potential changes in direction. It is considered a bullish signal when its lines are set up this way, as buying momentum is higher than selling pressure.
If this trend is maintained, JASMY’s value may rally to exchange hands at $0.055, a price it last traded at on March 18, 2022.
However, if buyer exhaustion sets in, the token’s value may fall to $0.058
Wormhole (W) Puts Holders in Profit
W, the native token of the cross-chain bridge Wormhole, has seen its value climb by 30% in the past seven days. That period also saw a significant spike in the token’s daily trading volume. For example, at press time, W’s trading volume totaled $238 million, its highest in over 30 days.
W’s positive Chaikin Money Flow (CMF) buttresses the point above, confirming the uptick in capital inflow into the W market. As of this writing, the indicator’s value was 0.03.
W’s CMF tracks how money flows into and out of the market. With a CMF value above zero, the W market sees more liquidity inflow than capital outflows. This bullish signal is interpreted as a sign that altcoin will continue its uptrend.
If this continues, W might surge to exchange hands at $0.68 if this continues.
However, if invalidated, it will dip to sell at $0.63.
Toncoin (TON) Reaches For Resistance
Rising by 16% in the past seven days, Toncoin (TON) is attempting to break above the upper line of its ascending channel. It has trended within this channel since May 2.
An ascending channel forms when an asset’s price consistently makes higher highs and higher lows over a period of time. The channel typically indicates a bullish trend, which suggests that buyers are in control and the asset’s price is likely to continue rising.
The fact that TON trades above its 20-day Exponential Moving Average lends credence to this. This moving average tracks an asset’s average price over the past 20 days.
When the price trades above it, it means that the current value of an asset is higher than its average price in the past 20 days. This bullish sign shows buying activity is higher than selling pressure.
If TON bulls maintain this trend, the token’s price might rally past $7.74 and toward a new all-time high at $7.80.
However, if they fail and allow the bears to regain control, selling pressure may push the altcoin’s value down to $7.01.
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