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The global crypto market cap stands at $2.29 trillion, marking a 3.50% increase over the last day, according to CoinMarketCap. Excluding stablecoins, 96% of the Top 100 tokens are registering gains, leaving only LEO, Gnosis, Axelar, and Celestia in bearish territory with less than 1.2% in losses.
That closes out the week with at least one bullish day, as Bitcoin is also up over 4% in the last 24 hours and above $61,800 at time of writing, CoinGecko data shows.
There are also 64 top coins that are posting better percentual gains than BTC: ORDI, TON, and BONK are among the top performers, each with impressive price movements in the last 24 hours.
ORDI, a cryptocurrency that operates within the Ordinals protocol ecosystem based on blockchain technology, is the best-performing token in the top 100 in terms of price appreciation in the last day. ORDI went from $35.50 to $41.60, marking 17.55% growth in the last 24 hours. The coin is almost canceling out the losses of last week and is now down less than 2.5% in the last seven days.
ORDI is going through an interesting pattern, even though it's a young coin. The short-term trend is bearish, with the EMA55 above of the EMA10. This is considered bearish because traders need to hold the coin for longer in order to be profitable. It also shows a strong ADX of 26 points.
Today's spike is putting the price over the EMA 55, however, which could reduce the breach between the two EMAs and signal a possible bullish bounce over the next few days.
In a bullish scenario, ORDI could test a new resistance near $53 for an additional 30% recovery. However, if the bearish trend remains, it could dip around 38% testing support at 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 then handed over to the open-source community after a legal tussle with the SEC. TON is up 9.76% in the last 24 hours, going from $5 to $5.52. TON also canceled out last week's losses, registering a weekly gain of 3.2%—9.2% over the last 30 days.
In terms of fundamentals, there’s some hype around TON after an announcement by Pantera Capital, a crypto VC firm with over $5 billion in assets under management, of an investment in the TON blockchain. Pantera didn’t disclose the amount of money they put into the development of the TON network, but they didn’t mince words praising the blockchain and its potential.
“We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network,” Pantera Capital said in its official announcement yesterday.
TON seems a little stronger than ORDI, pointing to a stable bullish bounce. The price broke past the resistance of the EMA10, proving it's bullish at least in the short term. The RSI at 50 points shows a balance of forces, and the Squeeze Momentum Indicator is pointing toward an end to the bearish trend and the beginning of a bullish impulse. The coin is currently testing a weak resistance and the margin of operation is low.
A bullish scenario puts TON into a zone near $6 for a 12% spike, with a bearish scenario sending the coin back to $4.90 for a price dip of 10.6%.
Another coin with an interesting performance is BONK, a Solana-based meme coin that gained popularity in the latest crypto bull run. The coin is up 9.75% in the last 24 hours, going from $0.00002467 to $0.00002716. Like ORDI and TON, it wiped out last week's losses, rising 3.3% in the last 7 days and 16.9% in the last 30 days.
Right now, BONK is trading sideways and has remained flat since mid-March. The coin has been bouncing between $0.00002950 and $0.00001940 with an atypical dip in mid-April. The ADX is weak due to the price behavior that is basically trading with no trend. However, the Squeeze Momentum Indicator points to a bullish impulse that may turn into a steady bullish trend.
The bullish and bearish scenarios are marked by both support and resistance. An optimistic performance would take the coin to $0.00002950 for a 9% spike, and a pessimistic performance would dip the coin 25% to $0.00001940.
Edited by Ryan Ozawa.