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ONDO, TON and ICP Led the Crypto Market Last Week – Will the Trend Continue This Week?

Last Updated March 25, 2024 6:25 PM
Valdrin Tahiri
Last Updated March 25, 2024 6:25 PM

Key Takeaways

  • ONDO, TON and ICP were last week’s biggest gainers.
  • Several cryptocurrencies posted nearly 40% increases.
  • Will this positive trend continue this week?

After sharp price surges last week, ONDO and TON both reached new all-time high prices. Despite a significant increase, ICP is still well below its all-time high price.

Cryptocurrencies often ride their positive momentum from one week to the next, leading to the possibility that they will be amongst the biggest gainers next week.

Biggest Crypto Market Gainers

The crypto market was bullish last week. While there was a significant drop on March 18, Bitcoin rebounded significantly the next day, picking up the rest of the crypto market.

However, not all altcoins increased at the same rate. While some have already retraced the entire preceding correction, some still linger near last week’s lows.

The three biggest gainers are ONDO, TON and ICP. ONDO leads the pack with an increase of over 80%, while TON and ICP posted gains closer 40%.

Top 10 Biggest Crypto Gainers
Custom Daily Chart | Credit: TradingView

There does not seem to be a narrative commonality between the top 10 biggest gainers. While TON and ICP are both layer-1 blockchains, ONDO is the native token of a DAO and the rest of the group is comprised of Layer-2s, memecoins and AI tokens.

Can ONDO Reach $1?

The ONDO price has increased rapidly since its launch on January 18. On March 25, it reached a new all-time high price of $0.98. The high amounted to a nearly 1,100% increase since launch.

The wave count suggests that ONDO is in the fifth and final wave of its increase. Today’s high gave wave five the same exact length as waves one and three combined, a common length for a wave five extension, after which ONDO was rejected (red icon).

ONDO Price Increase All-Time High
ONDO/USDT Daily Chart | Credit: TradingView

However, there is no weakness in the RSI nor MACD yet, allowing for the possibility that the upward movement will continue. So, if the ONDO price closes above the $0.95 level on the daily time frame, it can increase by another 45% to $1.30.

Conversely, failure to close above the $0.95 level can cause a 30% drop to the closest support at $0.63.

TON Reaches New All-Time High Price

Similarly to ONDO, the TON price reached a new all-time high of $5.69 today. The wave count suggests that TON is in wave three of a five-wave upward movement (black).

The sub-wave count is given in white, indicating that TON is in sub-wave three, which is often the sharpest part of the upward trend.

TON Price Wave Count
TON/USDT Daily Chart | Credit: TradingView

Wave three has extended considerably and is nearing 2.61 times the length of wave one. While there is potential for a short-term drop, TON is likely to eventually reach the next target at $6.60, an increase of 20% from the current price.

Both the RSI and MACD support the continuing of the increase. Despite being overbought, they both show upward trends.

ICP Clears Long-Term Resistance

The ICP price has increased markedly since breaking out from a descending resistance trend line  in December 2023. However, the rally stalled for more than three months at the $15 horizontal resistance area, triggering several rejections (red icon).

This all changed last week, when ICP reached a weekly close inside the area and then moved above it this week.

ICP Price Breakout
ICP/USDT Daily Chart | Credit: TradingView

It is worth mentioning that ICP has not reached a weekly close above the area yet, confirming its breakout. If the bullish trend continues, the next resistance is at $40, 140% above the current price.

The Positive Trend Can Continue This Week

While both ONDO and TON reached new all-time highs, ONDO trades close to a Fib resistance level while TON has cleared its main Fib resistance, a sign that the latter could increase more this week. ICP  also broke out from its main resistance area and is well-positioned for further gains this week.

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