The second week of June shows a somewhat sluggish start for the cryptocurrency market. The total market capitalization recorded a slight increase of 0.12% over the past 24 hours, reflecting a still weak momentum.
Despite the overall poor performance of the cryptocurrency market, some tokens are going against this trend. According to CoinGecko, SPX6900 (SPX), Internet Computer (ICP), Fartcoin (FARTCOIN), and QNT are showing notable gains this week.
SPX6900 (SPX)
Meme coin SPX is one of the top gainers on CoinGecko today, rising 8%. This altcoin is trading at its highest level in 4 months at $1.25 at the time of reporting.
Analysis of the SPX/dollar daily chart shows that this token has been trading above the upward trend line since mid-May, emphasizing the continued buying momentum in the market.
The upward trend line is formed when the token consistently records higher lows over time. This pattern indicates buying sentiment, suggesting that SPX buyers are increasingly buying at higher levels.
If this trend continues, the price of SPX could rise to $1.35.
However, if profit-taking begins, SPX could lose its recent gains and fall to the support level of $1.21. If this price level is not maintained, the value of SPX could further decline to $1.11.
Internet Computer (ICP)
ICP rose 11% today and is currently trading at its highest level in 26 days at $5.94. The trading volume increased by 154% over the past 24 hours to $165 million, indicating sufficient demand to support the price increase.
This trend suggests that actual market participation, rather than speculative trading activity or low liquidity surge, is supporting the ICP price increase. If this trend continues, the token's price could break through $6.12 and rise to $6.46.
On the other hand, if profit-taking begins, the altcoin's value could fall to $5.49.
Fartcoin (FARTCOIN)
Solana-based meme coin FARTCOIN is one of the top gainers on CoinGecko today. Trading at $1.07, it recorded a 9% price increase over the past 24 hours.
On the daily chart, a positive Balance of Power (BoP) reflects increased demand for the altcoin. Currently, this indicator is located at 0.44.
The BoP indicator helps identify momentum changes by measuring the strength of buyers and sellers in the market. When this value is positive, buyers dominate the market and drive new price increases.
If this trend continues, the price of FARTCOIN could rise to $1.16.
FARTCOIN Price Analysis. Source: TradingView
Conversely, if profit-taking resumes, the meme coin's value could fall to $0.94.
