DailySun
The cryptocurrency market has just exited a notably bullish phase, with the total global crypto market capitalization skyrocketing by $220 billion, reaching a record high of $3.8 trillion as of Sunday.
This positive trajectory was primarily fueled by Bitcoin (BTC), which surpassed the $100,000 mark. Nevertheless, numerous altcoins also took advantage of this uptrend, posting significant gains.
In light of their impressive performances last week, here are our key cryptocurrency selections to monitor this week:
JASMY Achieves 2-Year High
JasmyCoin (JASMY) significantly benefited from the upward shift last week, continuing a trend that started on Nov. 27, and wrapping up the week with an impressive 69% surge. See below.
Launched by Jasmy Corporation for its Ethereum-based platform, JASMY aims to address data security issues. It operates on the Ethereum blockchain as an ERC-20 token.
The token experienced a notable intraday rise of 27.49% on Dec. 3—its most significant single-day gain in nearly 10 months. Although there was a slight pullback the following day, JASMY achieved another impressive 45% increase on Dec. 5, ultimately hitting a two-year high of $0.0590.
JASMY has since retraced to test the $0.047 level. Its relative strength index (RSI) has also dipped to 68.
To mitigate the risk of sharper declines, the token needs to hold above $0.03912. If it slips below this level, the next support lies at the 20-day moving average of $0.03178.
QNT Surges 67%
Quant (QNT) also kicked off the week on a strong note, riding the momentum of Bitcoin’s uptrend to post a significant weekly increase of 67%.
This marked one of its most robust weekly performances this year.
QNT serves as the ERC-20 utility token for the Quant blockchain project, which aims to enhance interoperability amongst various networks via its Overledger Network.
The token has been among the top performers during this bull run. Quant has developed an upward trajectory since early November, with bulls utilizing the lower trendline to prevent a drop below $96 on Dec. 1.
If the bullish momentum begins to wane, QNT must sustain its position above the Fibonacci 0.618 retracement at $126.3 to stay within the channel and continue the uptrend. A resurgence could lead to a further breakout above $170.7, potentially initiating a new explosive phase.
Overledger facilitates the connection of blockchains and traditional systems without necessitating infrastructure alterations. It supports the development of multi-chain applications (mDApps) for seamless inter-network interactions.
With applications spanning finance, healthcare, and supply chain, Quant enables solutions like cross-border payment systems, supply chain visibility, and digital identity management.
With collaborations including Oracle and Hyperledger, Quant distinguishes itself by bridging blockchain technology with regulated sectors.
MEW Stabilizes Below $0.01
In contrast to the broader market’s upward momentum last week, cat in a dog’s world (MEW) primarily consolidated its position. Nonetheless, the meme coin managed to post a 2.5% gain on a weekly basis.
Launched in March, MEW is a cat-themed meme coin based on Solana, distinguishing itself in a market otherwise dominated by dog-themed tokens. It garnered attention through the burning of 90% of its supply at the onset.
In May, the project partnered with LOCUS Animation Studios to produce a 3D animated series, further enhancing its story and expanding its following. Shortly after its launch, MEW reportedly reached a transaction value of $150 million and gained considerable traction within the Solana network.
On Dec. 1, MEW began the week with a notable 4.62% increase, but faced a decline thereafter. The token fell 7.32% over two days, testing the $0.0083 low, before consolidating around $0.009 following a slight recovery.
The MACD indicator suggests a bearish trend, signaling the need for a positive intervention. This week, MEW must recover above the Pivot level at $0.010016 to regain bullish momentum. Should it succeed, the first line of resistance lies at $0.01204, followed by another at $0.01329.
Disclosure: This article does not constitute investment advice. The content and materials presented on this page are intended for educational purposes only.
