The first week of August 2024 started turbulently for the crypto market, inflicting widespread concern.
Despite the ill-fated improvement, a couple of tokens noticed notable features, significantly as the week drew to a detailed. This evaluation highlights the largest altcoin gainers of the final days, together with Sui (SUI), Zcash (ZEC), and Helium (HNT).
Sui (SUI) Price Heeds Grayscale’s Call
The worth of SUI, the native token of the Move-programmed Layer-1 blockchain, registered one of its largest one-day jumps on August 8. Rallying to $0.83, it ends the first week of August 2024 with a major 28.77% enhance.
SUI’s jaw-dropping development is connected to a recent Grayscale announcement. On August 7, the crypto asset administration agency disclosed that it had added SUI and Bittensor (TAO) to its listing of funding belief merchandise.
Before the announcement, SUI’s worth was $0.60. Moments later, it skilled a surge in constructive feedback on-line, main the Weighted Sentiment to succeed in its highest level year-to-date.
The technical perspective reveals that SUI skilled a notable 42% worth drop earlier than the current restoration. For occasion, on August 5, the worth was as little as $0.46. However, the rise above the 20 (blue) and 50 (yellow) EMAs helped validate the bullish development.
Read extra: 10 Best Altcoin Exchanges In 2024
The Exponential Moving Average (EMA) tracks development path over time. If SUI’s worth had fallen beneath the EMAs, the bullish development would have been unsure.
Although the worth has barely retraced, the Moving Average Convergence Divergence (MACD) signifies that the uptrend may resume. The MACD measures momentum by analyzing the distinction between two shifting averages.
If the MACD studying is above the zero line, as it’s in SUI’s case, momentum is upward. A detrimental studying suggests the reverse. If the uptrend continues, SUI may attain $0.90. However, if the token encounters rejection, it’d fall to $0.71.
Zcash (ZEC) Capitalizes on the Double-Bottom
Zcash, a decentralized cryptocurrency that enables customers to achieve a excessive stage of privateness, is second on the listing. ZEC joined the listing of the largest altcoin gainers after its worth elevated by 24.50% in the final seven days.
At press time, ZEC trades at $37.32. According to the every day chart, its worth jumped after it appeared to have shaped a double backside. This sample, which suggests a trend reversal, is characterised by a W-shaped motion the place the worth rises after hitting two related lows.
As proven beneath, ZEC confirmed the bullish reversal by breaking out of the neckline round $32.54. Meanwhile, the Relative Strength Index (RSI), which measures momentum, signifies that the token is overbought, with a studying of 71.28.
Typically, an RSI studying of 30.00 or beneath signifies an asset is oversold, whereas readings of 70.00 or above recommend it’s overbought. As a consequence, ZEC’s worth may retrace, particularly if profit-taking seems.
If this occurs, the worth may fall to $32.96. However, if shopping for strain stays robust, the token’s worth may method $40.
Helium (HNT) Enters the Fold for the Second Consecutive Week
Last week, HNT was one of the biggest altcoin gainers. This week, it’s half of the group once more, due to a 15.60% enhance. The token, which is ranked as the 74th most dear cryptocurrency and trades at $5.88, operates as a Decentralized Physical Infrastructure Network (DePIN) on Solana.
Helium’s upswing final week was adopted by a steep decline, however the token shortly recovered, forming a V-shaped sample that signifies a robust rebound.
Currently, the token trades at $5.90. However, the On Balance Volume (OBV) means that the worth may very well be greater. OBV measures whether or not the quantity flowing in and out of a cryptocurrency is constructive or detrimental.
An enhance in OBV alerts robust shopping for strain, whereas a lower suggests sellers are in management. For HNT, the rising OBV signifies that consumers are presently driving the market path.
Read More: Which Are the Best Altcoins To Invest in August 2024?
If shopping for strain continues, HNT could try to retest $6.50. However, if promoting strain outweighs shopping for quantity, the token’s worth may lower to $5.73.
Disclaimer
In line with the Trust Project pointers, 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 circumstances are topic to vary with out discover. Always conduct your individual analysis and seek the advice of with knowledgeable earlier than making any monetary selections. Please word that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.
