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Top 3 in the First Week of August 2024

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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.

Sui Weighted Sentiment.
Sui Weighted Sentiment. Source: Santiment

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

Sui Daily Analysis.
Sui Daily Analysis. Source: TradingView

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.

Zcash Daily Analysis.
Zcash Daily Analysis. Source: TradingView

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?

Helium Daily Analysis.
Helium Daily Analysis. Source: TradingView

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Altcoin

XRP Price to $27? Expert Predicts Exact Timeline for the Next Massive Surge

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Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.

Expert Reveals Time For XRP Price To Hit $27

In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.

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Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.

In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.

In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.

Decision Time For The Altcoin

In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”

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The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.

The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.

CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.

For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

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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Binance Update Sparks 50% Decline For Solana Meme Coin ACT: Details

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A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.

Several Altcoins on Binance Suffer Massive Corrections

According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.

Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.

“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.

Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”

The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.

What Triggered The 50% Decline For Solana Meme Coin

A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.

Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.

“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”

Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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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BTC, ETH, XRP, DOGE Fall Following Weak PMI, JOLTS Data

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A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.

Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline

CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.

This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.

The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.

This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

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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