CFX and AVAX are expected to see significant price volatility in the coming trading sessions.
ENS has shown signs of growth and it is currently following a bullish trend line.
Cryptocurrency prices are enjoying a surge of global optimism today. As of the time of writing, Bitcoin (BTC) briefly touched the $62,000 mark. Meanwhile, top altcoins such as Solana (SOL), Ethereum (ETH), and Ethereum Name Service (ENS) are showing similar upward momentum.
The global cryptocurrency market capitalization surged 1.88% to $2.29 trillion, according to CoinMarketCap.
Additionally, total cryptocurrency market trading volume surged 7.14% to $60.89 billion, sparking increased investor interest.
Let’s take a look at the top three cryptocurrencies that have gained the most in the past 24 hours and their performance as of June 28, 2024.
1. Akash Network
AKASH Network surged 18.40% intraday, reaching a market cap of $895.36 million and ranking 75th among the top 100 coins.
As of press time, AKT’s 24-hour trading volume on major platforms reached $84.97 million, an increase of 75.50%. The ratio of trading volume to market value is 9.43%, and liquidity remains strong.
The total supply of AKT is 242.071 million, and the current circulation is 62.30%. The maximum supply of AKT is capped at 388.539 million.
AKASH Network’s price structure showed a breakout from a falling wedge pattern, which was dynamically supported by the 20-day EMA band on a daily basis. After forming a low at $2.50, the price surged 45% to $3.65.
Technical oscillators confirmed the rise, with the MACD showing a bullish crossover and the RSI recovering from the extremely oversold levels of 25 to current levels of 51.34.
2. Avalanche
After spending an extended period inside a contracting falling wedge, the price was last trading near the previous resistance-turned-support level, rising 8.37% intraday to $28.03 at press time.
Its market capitalization has grown to $11.039 billion, making it the 11th-ranked cryptocurrency among the world’s top 100 cryptocurrencies by market capitalization. Despite moderate liquidity, the price suggests that it could break out of this range in the coming sessions.
AVAX has the potential to recover lost ground by breaking out of the wedge with an initial target of $37 and $50. AVAX price is approaching a dynamic resistance level from below, suggesting growth potential.
Technical indicators also support this outlook. The MACD formed a bullish crossover in the bearish zone, suggesting that the bearish dominance is weakening. Meanwhile, the RSI, currently at 43.13, has found support from the 14-SMA and has recovered from oversold conditions, further indicating potential upside momentum.
3. Conflux
Conflux (CFX) has had significant historical gains, rising between 200% and over 300% from current trading levels. As of the latest update, the intraday price was $0.1694, up a whopping 9.73%.
Conflux’s market capitalization ranks 97th among global assets, and its trading volume has increased significantly, with a total of US$39.625 million, an increase of 61.90%.
Conflux’s recent price action highlights its potential for exponential growth. This week alone, the asset has surged by more than 16%, indicating strong bullish momentum.
Such a move highlights Conflux’s position as a strong contender in the market, poised to take advantage of the current bullish sentiment.
Technical analysis tools indicate that Conflux (CFX) is approaching a dynamic resistance level indicated by the EMA bands.
The MACD indicator recently formed a bullish crossover, signaling potential upside momentum. Moreover, the relative strength index (RSI) is rebounding from oversold conditions, suggesting that buying interest is strengthening.
Together, these technical signals suggest that Conflux's near-term prospects may be favorable.
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