Talks of an altcoin season have been put to rest after the total crypto market cap briefly slipped below $2 trillion. The decline resulted from a broader price crash in which many altcoins reached extremely low values that had not appeared in weeks, some months, and others— years.

Despite the steep correction, a few cryptocurrencies posted gains in the first week of July.  Here are the top five.

MultiversX (EGLD) Bulls Show Resilience

MultiversX (EGLD), the native token of the new Internet economy blockchain, registered a 1.5% increase in the last seven days. However, the last 24 hours have been better as the price climbed by 7.15%% while trading at $31.42.

Earlier in the week, EGLD’s price increased to $32.18. But on July 3, the price fell to $29.43. Eventually, bulls could not defend the support, falling to $27.87. 

However, the 4-hour showed that bulls mounted support around $27 to prevent a further fall. As a result, a bullish engulfing candle appears on the chart, leading the token value higher.

In addition, the token’s price is above the 20 EMA (blue) and 50 EMA (yellow). EMA stands for Exponential Moving Average and measures price changes over a period of time.

Read More: What Is Altcoin Season? A Comprehensive Guide

If the price is below the short-term EMAs, the trend is bearish. However, since it is above the indicators, it means that EGLD may continue to jump. 

In addition, if this happens, the token will revisit its weekly high of $32.18. However, invalidation may occur if the market correction worsens.

MANTRA (OM) Triumphant After Tokenization Deal

Second on the list of altcoin gainers is MANTRA (OM). MANTRA is a layer-1 blockchain focused on the security of Real-World Assets (RWAs). 

This week, OM’s price increased by 11%, trading at $0.78 at press time. Initially, the token’s price jumped to $0.89 after the project concluded a $500 million tokenization deal.

Afterward, the value declined to $0.74 before the recent revival. According to the OM/USD daily chart, the Moving Average Convergence Divergence (MACD) is positive.

As a key technical indicator, the MACD helps traders spot trend reversals by comparing the difference between the 26-day EMA (orange) and the 12-day EMA (blue). If the reading is positive, it implies that momentum is bullish and prices can increase.

The opposite happens when the MACD is negative. Since the reading is in the green zone, it implies that OM’s momentum is bullish. A look at the Fibonacci retracement indicator gives an idea of possible price targets.

From the chart above, OM can climb to $0.84, which is the 0.618 Fib level position. This will be the case if buying pressure increases. However, if things turn around, OM may retrace, possibly leading the price back to $0.72.

LayerZero (ZRO) Tops the Altcoin Gainers Table

LayerZero (ZRO) is a surprise entry into the top altcoin gainers of the first week. This is largely due to the controversy that rocked the token launch and airdrop distribution.

But none of the top 3 altcoin gainers comes close to ZRO. The token trades at $3.32, representing a 29.30% increase this week.

According to the 4-hour chart, ZRO was oversold on July 5. During this period, the Relative Strength Index (RSI), which measures momentum was below 30.00. The Chaikin Money Flow (CMF), which tracks accumulation and distribution, confirms the selling pressure at that time.

However, as of this writing, traders seem to be accumulating the token, as indicated by the CMF reading. The RSI is also on the cusp of jumping above the 50.00 neutral point. 

Read More: Which Are the Best Altcoins to Invest in July 2024?

If this happens, coupled with a rise of the CMF into the positive region, ZRO’s price can reach $3.45 in the short term. However, the inability to reach the zones mentioned above may invalidate the prediction. Should this happen, ZRO may slip to $3.07.

The Artificial Intelligence token space has surged considerably this year, and the beginning of Q3 witnessed a major event in this industry.

BeInCrypto has put together a list of tokens that not only performed well during this bearish week but also deserve investors’ attention.

Zignaly (ZIG)

Zignlay’s 2.5% price rise was the best performance by an AI token this week. The crypto asset’s early rise during the previous weekend countered the decline over the last four days. ZIG is thus currently changing hands at $0.105.

It is attempting to close above the crucial support at $0.105, one that has been rested as resistance in the past. Securing it as support would enable recovery towards $0.112.

Read More: How Will Artificial Intelligence (AI) Transform Crypto?

However, failure to do so would mean additional potential losses for the token. A drop to $0.093 is likely, and the same would invalidate the bullish thesis.

Aethir (ATH)

While Aethir is a newly launched token, despite its strength, it has not conceded to the broader market trends. Trading at $0.066, ATH’s price is looking at consolidation over a decline.

This consolidation range spans between $0.077 and $0.063. The altcoin, still a newcomer in the space, aims to facilitate DePIN’s role as a GPU cloud computing aggregator. Given DePIN’s considerable demand over the past few days, ATH is saved from losses.

Read More: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

Nevertheless, if ATH’s price were to drop below the support of $0.063 again, a drawdown to $0.057 is likely. Losing it would invalidate the consolidation thesis.

Artificial Superintelligent Alliance (ASI) 

The Artificial Superintelligent Alliance is one of the biggest events in the AI sector this quarter. As Ocean Protocol (OCEAN) and SingularityNET (AGIX) merged into Fetch.ai (FET), their collective identity has been converted into ASI.

They began the token merger this week and expect to complete it by mid-July. Until then, the Artificial Superintelligent Alliance will trade under the FET ticker. This altcoin, which now holds a market capitalization of almost $3 billion, has become the second biggest asset in the AI token market.

However, FET remained consolidated between $1.7 and $1.0 as the merger’s bullishness encountered resistance from the broader market decline.

Read More: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

Therefore, this consolidation will continue in the coming days until the merger is completed, and the resulting bullishness will help FET break out of it.

Reports suggest that Justin Sun lost $66 million on Friday as Ethereum price dipped to levels last seen in February. Crypto markets continue to endure a sell-off, overshadowing optimism for a possible launch of spot ETH ETFs.

Multiple signals indicate that the Ethereum price may not slide much lower after the 10% crash on Friday despite elevated
fear levels.

Justin Sun Loses $66 Million on Ethereum Price Crash

Spot On Chain reported that the Tron Founder and Huobi Global advisor could have seen all the $58 million in profit accrued in the last five months go down the drain as the Ethereum price descended to $2,810 on Friday.

“Such a volatile market! Just 24 hours ago, he had a $58M profit from these ETH transactions; but now, it is already a $66M loss after the dump,” the report read.

Based on the report, Justin Sun acquired 361,000 ETH tokens between February and June, worth approximately $1.1 billion. Most transactions happened on Binance, where he recently transferred several DeFi tokens.

The breakdown of transactions within the five months that Sun bought ETH through Binance includes:

• Bought 169,604 Ethereum (ETH) in February via “0x7a9” at an average price of $2,870
• Bought 176,117 Ethereum (ETH)  in April via “0x435” at an average price of $3,177
• Bought 15,416 Ethereum (ETH)   in June via “0xdbf” at an average price of $3,474

The three wallets often received ETH from Binance right after their stablecoin deposits.

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

The report comes only hours after his proposal to engage the German government to salvage its Bitcoin sell-off and minimize market impact. While the idea was noble, the offer stirred mixed reactions, with speculation of a possible market manipulation case.

“I believe that the German Government should reject Justin’s offer to buy the BTC via a private OTC transaction. That action, although noble sounding, would indeed be market manipulation, as well as, potentially lead itself to corruptive or unethical practices. This is where only people with the right contacts have access to these BTC and potentially at a less than market price. Also, nothing guarantees that the buyer won’t turn around and dump part of the holdings themselves,” Founder & CEO of Blockpliance Guillermo Fernandes told BeInCrypto.

Whether the German Government will take up Justin Sun on his offer remains unknown. Meanwhile, the market continues to endure bearish sentiment, with experts reporting extreme fear. According to Coinglass, over $104 million in ETH liquidations happened in the last 24 hours.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

The crypto community’s eyes remain peeled on the week of July 15. According to Bloomberg analysts James Seyffart and Eric Balchunas, this is the revised timeline for possible ETH ETF launches as prospective issuers submit their amended S-1 forms. Nevertheless, Seyffart acknowledged “fairly low confidence in those launch date predictions.”