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According to CoinMarketCap, the global cryptocurrency market capitalization is $2.29 trillion, up 3.50% from the previous day. Excluding stablecoins, 96% of the top 100 tokens are recording gains, with only LEO, Gnosis, Axelar, and Celestia in bearish territory, with losses of less than 1.2%.
Bitcoin also finished the week with at least one strong day, as it rose more than 4% in the last 24 hours and surpassed $61,800 at the time of writing, according to CoinGecko data.
There are also 64 top coins with better percentage gains than BTC. ORDI, TON and BONK are among the top performers with impressive price movements over the past 24 hours.
ORDI, a cryptocurrency based on blockchain technology and operating within the Ordinals protocol ecosystem, is the best-performing token in the top 100 in terms of price valuation over the past day. ORDI rose from $35.50 to $41.60, registering a growth of 17.55% in the last 24 hours. The coin is almost offsetting last week’s losses and is currently down less than 2.5% over the past seven days.
Despite being a new coin, ORDI is experiencing interesting patterns. The short-term trend is bearish, with EMA55 above EMA10. This is considered bearish because traders need to hold the coin for longer to make a profit. It also shows a strong ADX of 26 points.
However, today’s surge could push the price above the EMA 55, reducing the violation between the two EMAs and signaling the possibility of a bullish bounce in the coming days.
In a bullish scenario, ORDI could test new resistance near $53 for another 30% recovery. However, if the bearish trend continues, support could be tested by around 38% down around $25.50.
The second best-performing token in the top 100 is Toncoin (TON), the native cryptocurrency of The Open Network, a project started by Telegram and handed over to the open source community after a legal dispute with the SEC. TON rose 9.76% from $5 to $5.52 in the last 24 hours. TON also offset last week’s losses, posting weekly gains of 3.2%-9.2% over the past 30 days.
In terms of fundamentals, there has been overvaluation of TON after Pantera Capital, a cryptocurrency VC firm with over $5 billion in assets under management, announced an investment in the TON blockchain. Pantera did not disclose how much it has invested in developing the TON network, but did not hold back on praising blockchain and its potential.
“We believe TON has the ability to introduce cryptocurrency to the public due to its widespread use within the Telegram network,” Pantera Capital said in an official announcement yesterday.
TON appears to be slightly stronger than ORDI, indicating a stable bullish bounce. The price broke above the EMA10 resistance, which proved to be bullish, at least in the short term. The RSI at 50 points shows a balance of forces, while the Squeeze Momentum Indicator points to the end of a bearish trend and the beginning of a bullish impulse. The coin is currently testing weak resistance and operating margins are also low.
In a bullish scenario, TON would surge 12% to near $6, while in a bearish scenario, a 10.6% price decline would push the coin back to $4.90.
Another coin with interesting performance is BONK, a Solana-based meme coin that has gained popularity during the latest cryptocurrency bull market. The coin rose 9.75% in the last 24 hours from $0.00002467 to $0.00002716. Like ORDI and TON, it is up 3.3% over the past 7 days and 16.9% over the past 30 days, completely erasing last week’s losses.
BONK is currently trading sideways and has remained flat since mid-March. The coin rebounded between $0.00002950 and $0.00001940 after an uncharacteristic decline in mid-April. ADX is bearish with its price action essentially trading without any trend. However, the Squeeze Momentum Indicator indicates a bullish impulse that could turn into a steady bullish trend.
Bullish and bearish scenarios are indicated by both support and resistance. An optimistic performance would take the coin soaring 9% to $0.00002950, while a pessimistic performance would take the coin down 25% to $0.00001940.
Edited by Ryan Ozawa.
