Despite a 4% drop in global cryptocurrency market capitalization and a 6% decrease in altcoin market dominance, several altcoins have experienced significant gains. Here are the top altcoin performers for the third week of June 2024:
Leads with 20% Gain
#ENS/USDT the native token of the Ethereum-based decentralized domain name system, has surged by 20% in the past week, currently trading at $25.31. This price increase is driven by heightened trading activity, with daily volume reaching $237 million on June 19. Positive market sentiment, measured by a 30-day high weighted sentiment of 1.21 on June 19, has contributed to the bullish trend. ENS’s RSI is at 59.21, and its MFI is at 61.05, both indicating strong buying pressure. If demand continues, ENS could reach $27.59, but profit-taking might push it down to $25.21.
Lido (LDO) Clears Key Moving Averages with a 13% Rise
#LDO/USDT the governance token of Lido Finance, has seen a 13% price hike over the past week. It is trading above its 20-day EMA and 50-day SMA, indicating a strong bullish trend. The Aroon Up Line for $LDO is at 85.71%, confirming the uptrend’s strength. If this momentum continues, LDO could reach $2.41. However, a bearish reversal could see it fall to $2.13.
Pendle (PENDLE) Rallies by 11%
#PENDLE/USDT the governance token of the Pendle protocol, has gained 11% over the past week and is now trading at $5.78. The token saw a spike in daily trading volume, reaching $121 million on June 19. The MACD indicator shows a bullish trend, with the MACD line above the signal line and approaching the zero line. If the bullish sentiment persists, PENDLE might rise to $6.19. Conversely, a bearish takeover could see it drop to $5.79. $PENDLE
These altcoins have shown resilience and growth despite a broader market decline, making them noteworthy performers in the cryptocurrency space this week.
