The third week of August 2024 has stunned the crypto market, with some of the greatest altcoin gainers being tokens that beforehand suffered vital losses.
Notably, many altcoins inside the prime 100 by market capitalization are closing the week in the inexperienced. Here’s a take a look at the prime three outperformers, what drove their beneficial properties, and what may come subsequent.
Polygon (MATIC)
Last Friday, Polygon’s (MATIC) value was $0.40. As of now, the token has surged by 32.50% over the previous seven days, reaching $0.53, making it one of the top-performing altcoins.
MATIC’s spectacular restoration is probably going linked to increased whale accumulation. Typically, an increase in large-scale purchases by whales boosts a cryptocurrency’s value, and that appears to be the case right here. Additionally, anticipation surrounding the upcoming token migration to POL might have sparked renewed demand and optimism.
Technically, MATIC’s breakout was pushed by a falling wedge formation. A falling wedge is a bullish sample the place two downward-sloping trendlines — representing decrease highs and decrease lows — converge. As consumers step in to sluggish the decline, a reversal happens, as seen with MATIC.
The Moving Average Convergence Divergence (MACD) can be constructive, confirming upward momentum. The MACD, a pattern and momentum indicator, indicators bullish momentum when in constructive territory, supporting the ongoing value restoration.
Read extra: 10 Best Altcoin Exchanges In 2024
If the pattern continues, MATIC may prolong its rally towards $0.56. Following the POL migration on September 4, an additional soar to $0.672 is feasible. However, if the occasion triggers a “sell the news” response, MATIC’s value may drop to $0.46 as a substitute.
Artificial Superintelligence Alliance (FET)
After a number of weeks of decline, FET’s value elevated by 26% inside the final seven days, serving to it to make this coveted record. On August 3, the token fell beneath $1 regardless of cheers round the merger with the Artificial Superintelligence Alliance.
The preliminary phases of the merger had been difficult. However, increased accumulation since the final section started has been essential to the latest value pump.
FET is presently buying and selling at $1.07, with the latest uptick seemingly fueled by elevated capital influx. On the every day chart, the Money Flow Index (MFI) is at its highest stage since the begin of August. This surge signifies that the value rise is supported by vital shopping for quantity, reflecting robust investor curiosity and market participation.
If sustained, the altcoin’s value may hit a cumulative 69% improve from the bullish protection at $0.78. However, the token additionally faces potential resistance at $0.15. If bulls fail to interrupt above this area, FET’s value may retrace to $0.92.
BitTorrent (BTT)
BitTorrent (BTT), a cryptocurrency designed to assist the largest decentralized peer-to-peer (P2P) data-sharing community, ranks amongst the greatest altcoin gainers this week. The coin’s latest surge is essentially tied to the broader efficiency of Justin Sun-related cryptos.
Sun, the founder of the Tron blockchain, acquired BitTorrent in 2018. Since then, BTT’s value has typically mirrored developments involving Sun. This time, the launch of SunPump, rising meme coin costs on Tron, and TRX’s price increase contributed to BTT’s robust efficiency. On August 21, BTT’s buying and selling quantity spiked by over 200%, signaling renewed curiosity in the token.
Currently, BTT trades at $0.00000093, its highest stage since June 16. Two days in the past, it briefly hit $0.0000010, reaching a traditionally vital provide zone that requires substantial shopping for stress to interrupt. As seen on the every day chart, bulls failed to keep up momentum at that stage, resulting in a rejection.
The Relative Strength Index (RSI) additionally hit the overbought threshold of 70.00, prompting a retracement. The RSI is a key indicator that measures market momentum and identifies overbought or oversold situations.
Read extra: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Readings beneath 30.00 on the Relative Strength Index (RSI) point out that an asset is oversold, whereas these above 70.00 recommend it’s overbought. Additionally, the Cumulative Volume Delta (CVD), which tracks shopping for and promoting stress, reveals that sellers presently dominate.
If this pattern persists, BTT’s value may decline to $0.00000085. However, bullish sentiment surrounding Sun-related altcoins may reverse the state of affairs, probably pushing the token’s worth as much as $0.00000098.
Disclaimer
In line with the Trust Project pointers, this value 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 vary with out discover. Always conduct your individual analysis and seek the advice of with an expert earlier than making any monetary selections. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.
