Looking at the top crypto rankings, there are few altcoins in the green over the past week. However, Toncoin ($TON), Kaspa ($KAS), and Injective Protocol ($INJ) are among the few top-rated altcoins that have been gaining over the last seven days.
Bucking the fear trend
In the current depressed cryptocurrency market, Bitcoin ($BTC) is down over the past week, and most of the altcoins are also recording losses. Sentiment has swung quite drastically to the negative, as can be seen in the Fear and Greed Index, where only last week the index was registering ‘Greed’ (60), and this week the dial is at ‘Fear’ (40).
However, there are a few top-rated altcoins that are bucking the negative trend. Of course, some might point to other altcoins that have also made gains over the previous week, but if one looks at the more fundamentally stronger coins and tokens, $TON, $KAS, and $INJ are the stand-out performers for the last seven days.
$TON gains 271% since February
Source: TradingView
Toncoin ($TON) is a stand-out performer in fact since February of this year. A 271% rise since then has seen $TON make new all-time highs. The trend is up, and $TON has been respecting it. Currently the price is at the resistance at $7.73. If the price can get above here and consolidate, the next target would be the 1.618 fibonacci level, at $9.60. The 0.786 fibonacci looks to be a strong level of support should the price be rejected.
$KAS knocking at the top of the range
Source: TradingView
Kaspa ($KAS) has been in a range since November 2023, with the range high not being reached until February 19, 2024. Since that time, the price has been back to the bottom of the range, and is currently bumping against the top of the range again. If the price is rejected once again, the 0.786 and 0.618 fibonacci levels are support areas below.
A confirmed breakout from the range could see the $KAS price move up to the 1.618 fibonacci, for an upside target of $0.24. This would be a 33% move from the top of the range.
$INJ builds strong price structure
Source: TradingView
Injective Protocol ($INJ) is inside its own range, and this is a big one. From December 2023, $INJ rose to the top of the range and bumped up against $45 a few times before piercing it and climbing to $53. From there it fell back into the range and retested the bottom at $18. The price has recently come back to retest this again, and is currently trying to break resistance at $24. Getting above this would mean returning to the middle of the range, and all being well breaking into the top half of the range once more.
All this sideways price action might be causing some frustrations for $INJ holders, but this is some great price structure that is being built, and will be an incredibly strong base for when $INJ finally leaves this range behind. $75 would be the target for if and when $INJ breaks out of the range.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
