Jupiter (JUP) rose 29%, fueled by increasing institutional demand. If buying activity continues, it could break above $0.57.
The past week saw a brief rebound across the crypto market, following reports of a ceasefire agreement between Israel and Iran.
This development injected renewed optimism into risk markets, leading to a short-lived recovery that might extend into the first week of July. With the broader market sentiment bullish today, some altcoins are poised to keep climbing.
PENGU is up 70% over the past week and currently trades at $0.014. During Monday’s early Asian trading session, the altcoin surged to a 47-day high of $0.0155 as demand soared.
Apart from improvements in the broader market’s sentiment, PENGU’s rally is driven by the climbing demand for Pudgy Penguins’ non-fungible tokens (NFTs). According to CryptoSlam, the collection recorded $1.44 million in sales over the past seven days, representing a 34% increase compared to the previous week.
The surge in trading activity was not limited to volume alone. The number of sales transactions also climbed to 63 during the same period, marking a 31% uptick week-over-week.
If this demand rises, PENGU could see a demand spike pushing its price to $0.015. A breach of this resistance could propel the altcoin to $0.017.
On the other hand, if demand falls, PENGU could fall to $0.012
Described as “the king of memes and the official mascot of the bull market,” BULLA is another top Coingecko gainer to pay attention to in the first week of July. As of this writing, it trades at $0.1173, climbing by 178% over the past week.
On the BULLA/USD one-day chart, the token’s Aroon Up Line is at 85.71%, confirming the rally’s strength. The Aroon indicator measures the strength and direction of a trend. It comprises two lines: Aroon Up, which tracks bullish momentum, and Aroon Down, which tracks bearish pressure.
When an asset’s Aroon Up line is at or close to 100%, it has recently hit a new high, signaling strong upward momentum and a dominant bullish trend.
If demand remains high, BULLA’s price could revisit its all-time high of $0.128.
On the other hand, if demand falls, the token’s price could fall to $0.105
JUP, the native token of the Solana-based decentralized exchange (DEX) Jupiter, is one of Coingecko’s top-performing assets to watch this week. It is up 29% during the review period, exchanging hands at $0.44 at press time.
Readings from the JUP/USD one-day chart show a steady rise in the token’s Smart Money Index in the past seven days, highlighting increased demand from key token holders. This is currently at 1.35, climbing 8% in the past week.
An asset’s SMI tracks the activity of experienced or institutional investors by analyzing market behavior during the first and last hours of trading.
When it drops, it suggests selling activity from these holders, pointing to expectations of price declines.
Conversely, as with JUP, when the indicator rises, it indicates increased buying activity, signaling growing confidence in the asset.
If demand continues to increase, JUP’s price could break above $0.47.
On the other hand, if buying pressure flattens, the token’s price could drop toward $0.38.
