Altcoin
Top 3 in the First Week of August 2024
The first week of August 2024 began turbulently for the crypto market, causing widespread concern.
Despite the ill-fated development, a few tokens saw notable gains, particularly as the week drew to a close. This analysis highlights the biggest altcoin gainers of the last days, including Sui (SUI), Zcash (ZEC), and Helium (HNT).
Sui (SUI) Price Heeds Grayscale’s Call
The price of SUI, the native token of the Move-programmed Layer-1 blockchain, registered one of its biggest one-day jumps on August 8. Rallying to $0.83, it ends the first week of August 2024 with a significant 28.77% increase.
SUI’s jaw-dropping growth is connected to a recent Grayscale announcement. On August 7, the crypto asset management firm disclosed that it had added SUI and Bittensor (TAO) to its list of investment trust products.
Before the announcement, SUI’s price was $0.60. Moments later, it experienced a surge in positive comments online, leading the Weighted Sentiment to reach its highest point year-to-date.
The technical perspective shows that SUI experienced a notable 42% price drop before the recent recovery. For instance, on August 5, the price was as low as $0.46. However, the rise above the 20 (blue) and 50 (yellow) EMAs helped validate the bullish trend.
Read more: 10 Best Altcoin Exchanges In 2024
The Exponential Moving Average (EMA) tracks trend direction over time. If SUI’s price had fallen below the EMAs, the bullish trend would have been uncertain.
Although the price has slightly retraced, the Moving Average Convergence Divergence (MACD) indicates that the uptrend might resume. The MACD measures momentum by analyzing the difference between two moving averages.
If the MACD reading is above the zero line, as it is in SUI’s case, momentum is upward. A negative reading suggests the opposite. If the uptrend continues, SUI could reach $0.90. However, if the token encounters rejection, it might fall to $0.71.
Zcash (ZEC) Capitalizes on the Double-Bottom
Zcash, a decentralized cryptocurrency that allows users to attain a high level of privacy, is second on the list. ZEC joined the list of the biggest altcoin gainers after its price increased by 24.50% in the last seven days.
At press time, ZEC trades at $37.32. According to the daily chart, its price jumped after it appeared to have formed a double bottom. This pattern, which suggests a trend reversal, is characterized by a W-shaped movement where the price rises after hitting two similar lows.
As shown below, ZEC confirmed the bullish reversal by breaking out of the neckline around $32.54. Meanwhile, the Relative Strength Index (RSI), which measures momentum, indicates that the token is overbought, with a reading of 71.28.
Typically, an RSI reading of 30.00 or below indicates an asset is oversold, while readings of 70.00 or above suggest it is overbought. As a result, ZEC’s price could retrace, especially if profit-taking appears.
If this happens, the value could fall to $32.96. However, if buying pressure stays strong, the token’s price might approach $40.
Helium (HNT) Enters the Fold for the Second Consecutive Week
Last week, HNT was one of the biggest altcoin gainers. This week, it is part of the group again, thanks to a 15.60% increase. The token, which is ranked as the 74th most valuable cryptocurrency and trades at $5.88, operates as a Decentralized Physical Infrastructure Network (DePIN) on Solana.
Helium’s upswing last week was followed by a steep decline, but the token quickly recovered, forming a V-shaped pattern that indicates a strong rebound.
Currently, the token trades at $5.90. However, the On Balance Volume (OBV) suggests that the value could be higher. OBV measures whether the volume flowing in and out of a cryptocurrency is positive or negative.
An increase in OBV signals strong buying pressure, while a decrease suggests sellers are in control. For HNT, the rising OBV indicates that buyers are currently driving the market direction.
Read More: Which Are the Best Altcoins To Invest in August 2024?
If buying pressure continues, HNT may attempt to retest $6.50. However, if selling pressure outweighs buying volume, the token’s price could decrease to $5.73.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
As the cryptocurrency market evolves, it’s becoming evident that hype alone can’t sustain a token’s value. This realization has led some of the largest Bonk (BONK) holders, known as “whales,” to diversify their portfolios by investing in GoodEgg (GEGG). Experts are now predicting a potential 100x return on GoodEgg (GEGG), with some of the most prominent Bonk (BONK) whales taking early positions in the token’s presale.
More Than A Memecoin: Bonk Whale Shift to GEGG
One of the largest Bonk (BONK) holders, previously known for their substantial investments in the meme coin space, has recently made headlines by becoming an early investor in GoodEgg (GEGG). This shift comes as Bonk (BONK) continues to face declining momentum, losing 2% in value over the last 24 hours, with weekly losses stacking up to 10%. The whale’s move reflects a growing sentiment that the current meme coin market is becoming oversaturated, with investors searching for projects that offer more than just speculative gains.
Bonk (BONK), once a rising star on the Solana network, has seen a significant reduction in trading volume, and many analysts believe that its future will depend heavily on finding new utility or partnerships to maintain investor interest. While the Bonk (BONK) community remains hopeful, the shift of whales to projects like GoodEgg (GEGG) highlights a growing trend among larger investors who prioritize long-term growth over short-term gains.
GoodEgg’s Strong Fundamentals
In contrast, GoodEgg (GEGG) offers more than just hype. It is a utility-driven project with an AI-based dating platform that leverages blockchain for security and privacy. The project’s innovative approach to online dating has sparked interest from investors who see it as a real-world solution with significant potential for user adoption.
GoodEgg’s presale has already raised over $495,000, showing that investors are eager to get in early on this project. The platform’s combination of blockchain security and AI matching technology provides a fresh approach in a saturated online dating market, which is expected to grow significantly in the coming years.
Experts Predict 100x Gains and Long-Term Scalability
Market analysts are now predicting that GoodEgg (GEGG) has the potential to generate 100x returns for early investors, particularly as its platform begins to attract more users and integrates additional features. The scalability of GoodEgg (GEGG) in the dating industry, combined with its AI-driven capabilities, gives it an edge over traditional meme coins like Bonk (BONK).
While Bonk (BONK) struggles to maintain its market position, GoodEgg (GEGG) is gaining traction among both retail and institutional investors. The whale’s entry into GoodEgg (GEGG) has further validated the project’s potential, with many now looking at it as the next big thing in the crypto space.
As the presale continues, those who missed out on Bonk (BONK) during its early days are now looking at GoodEgg (GEGG) as their next opportunity for massive gains. With strong fundamentals and a clear roadmap, GoodEgg (GEGG) is positioned to become a major player in the crypto market, leaving Bonk (BONK) in the dust as it builds a long-term, sustainable future.
Join GoodEgg (GEGG) For More Information On Presale, Use links below to join our community:
Visit GoodEgg (GEGG)
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FIDA and MEW, cryptocurrencies based on the Solana blockchain, saw noteworthy positive sentiment on Thursday as they secured vital listings. Solana Name Service (FIDA) secured a listing on Binance, whereas cat in a dogs world (MEW) scored a listing on Upbit. These listings have garnered significant attention globally as the tokens’ prices skyrocketed 25%-30% in tandem with the announcement.
Solana Tokens FIDA & MEW Secure Vital Listings On Binance & Upbit
According to official announcements by the mentioned exchanges on September 19, both the tokens are set to witness particular listings today. As per Binance’s official announcement, the crypto exchange is set to launch FIDAUSDT USD-Margined perpetual contract today at 12:30 UTC. Simultaneously, Upbit’s announcement revealed that it listed MEW with BTC and USDT pairs on the same day.
Intriguingly, Binance revealed that it listed FIDA with up to 75x leverage for users on the platform. Further, the crypto exchange set the capped funding rate at +2.00% / -2.00%.
Simultaneously, Upbit Korea listed cat in a dogs world within BTC and USDT markets. The Asian crypto exchange revealed that it will also add transaction support starting today.
The Solana coins listings have primarily sparked market optimism over future movements, paving the way for new money inflow into the tokens.
Tokens’ Prices Rocket Over 25%
Simultaneously, FIDA price gained nearly 45% against the backdrop of Binance’s listing announcement. The coin rested at $0.3243 today with an intraday low and high of $0.2204 and $0.3297, respectively.
Similarly, MEW price pumped nearly 26% to reach $0.00533 riding the back of Upbit listing. The coin’s 24-hour low and high were $0.00407 and $0.005728, respectively.
Meanwhile, the rising price action primarily aligns with today’s listing announcements, as seen with numerous tokens previously. CoinGape Media reported Kadena (KDA) price surged nearly 30% with its futures listing on Binance.
Also, another report reveals that PEPE and BRETT prices pumped notably on their listings on Upbit. Altogether, the exchanges’ listings rationalize today’s massive price gains.
Simultaneously, Coinglass data illustrated an 82% surge in MEW’s futures OI to $76.31 million. Additionally, the coin’s derivatives volume skyrocketed 531% to $735.63 million today. This surge has projected further optimism for the Solana-based token. Also, it’s worth noting that Solana (SOL) price upsurged 8% to trade at $140 today.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP News: Ripple-partner SBI Holdings has confirmed participation in Project Agora, a joint initiative led by the Bank for International Settlements (BIS) and seven central banks. XRP community reacted to the development due to speculation of potential integration or alignment for the cross-border payments over a unified ledger initiative.
Ripple Partner SBI Reveals Participation in BIS-Led Project Agora
In a press release on September 19, SBI Holdings revealed participation by the bank in Project Agora. Ripple’s partner participation the initiative brings XRP in the spotlight as the bank is a key partner for XRP and XRP Ledger adoption.
Project Agora is an initiative jointly led by the Bank for International Settlements (BIS) and central banks to improve the functionality of cross-border transactions through tokenization. The central banks are Banque de France, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York.
“Through this project, we hope to improve the functionality of the financial system while maintaining the two-tiered structure of central bank money and private bank deposits, and provide new solutions that utilize smart contracts and programmability, thereby providing highly convenient services in cross-border transactions.”
The BIS/SWIFT-led initiative uses digital tokens representing assets, on a unified ledger, with smart contracts. The Institute of International Finance has convened 41 private sector institutions such as JPMorgan, Standard Chartered, Sygnum Bank, Visa, Mastercard, Citi, and HSBC.
XRP News: Token and XRPL In the Spotlight
While the initiative to revolutionize cross-border payments through tokenization doesn’t specifically mention XRP and XRP Ledger, the community believes Ripple’s technology aligns with Agora Project.
Ripple has focused on exploring the possibilities of tokenization on the XRP Ledger. In June, the company partnered with Archax to bring tokenized real-world assets (RWA) onto the XRP Ledger.
Moreover, the unified ledger concept resonates with Ripple’s Interledger Protocol (ILP), which connects banks and blockchains. This suggests a potential role for Ripple’s technology in the framework, if not XRP directly.
XRP community claims Ripple and BIS and several central banks have collaborated earlier for developments including central bank digital currencies (CBDC). Currently, Ripple CEO Brad Garlinghouse said that the company is seeking adoption in traditional finance.
XRP price jumped 2% in the past 24 hours, with the price currently trading at $0.58. The 24-hour low and high are $0.563 and $0.589, respectively. Furthermore, the trading volume has increased by 25% in the last 24 hours, indicating a rise in interest among traders.
Notably, Ripple is also a leader in remittance. If it captures 50% of the global remittance market, which is projected to reach $11.53 trillion in 2024 and $16.59 trillion by 2028, XRP price could even hit $5.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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