The third week of August 2024 has shocked the crypto market, with a few 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 within the inexperienced. Right here’s a take a look at the highest three outperformers, what drove their positive aspects, and what would possibly come subsequent.
Polygon (MATIC)
Final 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 many top-performing altcoins.
MATIC’s spectacular restoration is probably going linked to elevated whale accumulation. Usually, an increase in large-scale purchases by whales boosts a cryptocurrency’s value, and that appears to be the case right here. Moreover, 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 patrons step in to gradual the decline, a reversal happens, as seen with MATIC.
The Shifting Common Convergence Divergence (MACD) can be optimistic, confirming upward momentum. The MACD, a development and momentum indicator, alerts bullish momentum when in optimistic territory, supporting the continued value restoration.
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If the development continues, MATIC may lengthen its rally towards $0.56. Following the POL migration on September 4, an extra leap to $0.672 is feasible. Nevertheless, if the occasion triggers a “promote the information” response, MATIC’s value would possibly drop to $0.46 as a substitute.
Synthetic 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 checklist. On August 3, the token fell under $1 regardless of cheers across the merger with the Synthetic Superintelligence Alliance.
The preliminary phases of the merger have been difficult. Nevertheless, elevated accumulation because 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 possible fueled by elevated capital influx. On the day by day chart, the Cash Movement Index (MFI) is at its highest stage because the begin of August. This surge signifies that the value rise is supported by vital shopping for quantity, reflecting sturdy investor curiosity and market participation.
If sustained, the altcoin’s value may hit a cumulative 69% improve from the bullish protection at $0.78. Nevertheless, the token additionally faces potential resistance at $1.15. If bulls fail to interrupt above this area, FET’s value would possibly retrace to $0.92.
BitTorrent (BTT)
BitTorrent (BTT), a cryptocurrency designed to help the most important decentralized peer-to-peer (P2P) data-sharing community, ranks among the many greatest altcoin gainers this week. The coin’s latest surge is basically tied to the broader efficiency of Justin Solar-related cryptos.
Solar, the founding father of the Tron blockchain, acquired BitTorrent in 2018. Since then, BTT’s value has typically mirrored developments involving Solar. This time, the launch of SunPump, rising meme coin costs on Tron, and TRX’s value improve contributed to BTT’s sturdy efficiency. On August 21, BTT’s buying and selling quantity spiked by over 200%, signaling renewed curiosity within the token.
At the moment, 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 strain to interrupt. As seen on the day by day chart, bulls failed to take care of momentum at that stage, resulting in a rejection.
The Relative Energy 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 circumstances.
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Readings under 30.00 on the Relative Energy Index (RSI) point out that an asset is oversold, whereas these above 70.00 counsel it’s overbought. Moreover, the Cumulative Quantity Delta (CVD), which tracks shopping for and promoting strain, exhibits that sellers presently dominate.
If this development persists, BTT’s value may decline to $0.00000085. Nevertheless, bullish sentiment surrounding Solar-related altcoins would possibly reverse the state of affairs, probably pushing the token’s worth as much as $0.00000098.
Disclaimer
According to the Belief Venture tips, 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 circumstances are topic to vary with out discover. At all times conduct your individual analysis and seek the advice of with an expert earlier than making any monetary choices. Please word that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
