Altcoin costs took a step again from the important hikes this week, not like the third week of July 2024. However, this doesn’t suggest the absence of just a few exceptions.
Even although the uptick just isn’t evenly unfold, some of the typical suspects stay current. However, the checklist of gainers for the final week of July is attention-grabbing as there are completely new entries in comparison with the earlier weeks.
cat in a canine world (MEW) Is Changing the Theme on Solana
Things change very quick in the crypto market, and the emergence of MEW as the prime altcoin gainer proves that. cats in a canine world is a cat-themed meme coin constructed on the Solana blockchain.
This week, the worth of MEW, as it’s generally referred to as, surprised the market and jumped by 85.68%. When in contrast with different dog-themed meme cash like Bonk (BONK) and dogwifhat (WIF), there’s an unbelievable distinction.
The excellent rise in MEW’s worth strengthens the hypothesis that meme coin dominance on Solana is shifting from the canine to the cats. It additionally agrees with the opinion that meme cash will seemingly dominate the altcoin season.
Another altcoin backing this sentiment is Popcat (POPCAT), whose worth additionally notes an unbelievable rise. At press time, MEW trades at $0.0072, representing a notable drop from the weekly excessive of $0.0087.
Read More: Which Are the Best Altcoins To Invest in July 2024
Despite the current drawdown, MEW’s worth might quickly rebound. This is as a result of of the indicators proven by the Moving Average Convergence Divergence (MACD), a trend-following momentum indicator that makes use of transferring averages to find out worth acceleration or deceleration.
As seen in the chart above, the MACD is constructive on the each day chart. Therefore, if shopping for stress returns, the worth of the cryptocurrency might rise to $0.0087 once more. However, if profit-taking will increase, the bullish prediction could also be invalidated, and MEW might drop to $0.0065.
Helium (HNT) Rises, But May Slow Down
HNT, the native token of Helium, a decentralized blockchain-powered community, is one of the top-performing altcoins.
At press time, HNT trades at $5.30 after noting a 23.76% increase in the final seven days. According to the each day chart, HNT skilled a decline on July 16, as the worth fell to $3.57. This was the begin of the uptrend, which noticed the worth ascend to $6 earlier.
However, Helium’s worth dangers a decline, in keeping with alerts from the Relative Strength Indicator (RSI). The RSI measures momentum and reveals whether or not an asset is overbought or oversold. A studying of 70.00 or above means it’s overbought, whereas these at 30.00 or beneath are overbought.
As of this writing, HNT is overbought, suggesting {that a} retracement could possibly be subsequent for the token. Consequently, the worth of the altcoin might drop to $4.79. However, if shopping for stress will increase, the worth may try to retest $6.
Pyth Network (PYTH) Looks Ready to Grab More Greens
Recently, BeInCrypto reported that PYTH’s Open Interest reached a two-week high, confirming that a lot consideration has been paid to the altcoin. In the previous seven days, the token worth has risen by 15.12%, making it one of the prime altcoin gainers of the final week of July 2024.
Unlike HNT, PYTH’s worth might proceed to hit new highs. This is as a result of of the indicators proven by two indicators — the Parabolic SAR and the Chaikin Money Flow (CMF).
The CMF reveals if a token is experiencing rather a lot of second movement or not. If it will increase, then there might be a great stage of accumulation. Should it lower, it means contributors are distributing. For Pyth, it’s the former, suggesting that the worth may hit a better worth.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
The Parabolic SAR, on the different hand, determines pattern path utilizing a cease and reverse technique. Put merely, the worth tends to reverse downward if the dotted traces are above it. But in PYTH’s case, the dotted traces are beneath the worth.
Should this proceed, PYTH’s worth might soar to $0.39 or attain $0.44 in the quick time period. However, if token holders start to distribute, the worth can fall to $0.33.
Disclaimer
In line with the Trust Project tips, this worth evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. Always conduct your individual analysis and seek the advice of with an expert earlier than making any monetary selections. Please observe that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.
