After the news of a ceasefire agreement between Israel and Iran last week, there was a brief rebound across the cryptocurrency market.
This development injected new optimism into the risk market, leading to a short-term recovery that could continue until the first week of July. With the overall market sentiment showing an upward trend today, some altcoins may continue to rise.
Pudgy Penguin (PENGU)
PENGU has risen 70% last week and is currently trading at $0.014. During Monday's early Asian trading session, this altcoin reached a 47-day high of $0.0155 as demand surged.
In addition to the improved market sentiment, PENGU's rise is being driven by increased demand for Pudgy Penguin's Non-Fungible Token (NFT). According to CryptoSlam, this collection recorded sales of $1.44 million over the past 7 days, a 34% increase from the previous week.
The trading activity surge was not limited to volume alone. During the same period, the number of sales transactions increased to 63, a 31% week-on-week rise.
With increasing demand, PENGU could rise to $0.015 due to demand surge. If it breaks through this resistance, the altcoin could rise to $0.017.
Conversely, if demand decreases, PENGU could fall to $0.012.
Bull (BULLA)
Described as the "King of Memes and Official Mascot of the Bull Market", BULLA is another major riser on CoinGecko to watch in the first week of July. Currently trading at $0.1173, it rose 178% last week.
On the BULLA/USD daily chart, the token's Aroon Up line is located at 85.71%, confirming the strength of the uptrend. The Aroon indicator measures the strength and direction of a trend. Consisting of two lines, Aroon Up tracks upward momentum, while Aroon Down tracks downward pressure.
When an asset's Aroon Up line is close to or reaches 100%, it indicates a recent new high point, signaling strong upward momentum and a dominant upward trend.
If demand continues to remain high, BULLA's price could revisit its all-time high of $0.128.
Conversely, if demand decreases, the token's price could fall to $0.105.
Jupiter (JUP)
JUP, the native token of Solana-based decentralized exchange (DEX) Jupiter, is one of CoinGecko's top-performing assets to watch this week. It rose 29% during the review period and is trading at $0.44 at the time of reporting.
Indicators on the JUP/USD daily chart show that the token's Smart Money Index has been steadily rising over the past 7 days, highlighting increased demand from major token holders. Currently at 1.35, it rose 8% last week.
The asset's SMI tracks the activity of experienced or institutional investors, analyzing market behavior during the first and last hours of trading.
A declining index suggests selling activity by these holders, indicating expectations of a price drop.
Conversely, as with JUP, a rising index indicates increased buying activity, signaling growing confidence in the asset.
If demand continues to increase, JUP's price could break through $0.47.
Meanwhile, if buying pressure flattens, the token's price could fall to $0.38.
