Market
3 Altcoin Biggest Gainers in July 2024 Second Week
Contrary to last week’s performance, altcoins have registered notable upswings in the second week of July. While there are some astonishing entries, some stayed true to the wider expectations.
From BeInCrypto’s observations, Notcoin (NOT), Celestia (TIA), and MANTRA (OM) are the top three biggest gainers. This analysis explains how it happened and points out a few others who are in the class.
Notcoin (NOT) Breaks Out of the Descending Triangle
With a 42.25% increase in the last seven days, Telegram-based project Notcoin (NOT) is this week’s top gainer.
Currently, NOT trades at $0.014. Between June 4 and July 5, Notcoin’s price fell from $0.027 to $0.0094. Amid the 65.78% decrease, a descending triangle formed. Considered a bearish pattern, a descending triangle appears when a cryptocurrency hits a series of lower highs and lower lows.
This pattern exhibits weakness and indicates that bulls are no longer in control. However, the triangle can sometimes precede a breakout, as with Notcoin.
According to the 4-hour chart, bulls observed that selling pressure became weak when the price reached $0.0094. In turn, they took advantage of the fatigue. Driven by higher demand, Notcoin reached $0.017 on July 8.
However, the Relative Strength Index (RSI), which measures momentum, shows that the altcoin became overbought as the reading crossed 70.00. At press time, the RSI reading has decreased, and it is the same with Notcoin’s price
If the momentum continues to fall, NOT will likely follow in a similar direction. If this is the case, the price may drop to $0.012. However, if buying pressure increases, the value of the biggest altcoin gainer may reverse toward $0.016.
Read More: Notcoin (NOT) Price Prediction 2024/2025/2030
Celestia (TIA) Gains 35% For the First Time In Months
Earlier in the week, we reported how Celestia (TIA) broke out of a five-month downtrend after reaching its lowest point since November.
The breakout resulted in TIA being the second biggest altcoin gainer of July’s second week. Within the last seven days, TIA’s price increased by 35.04%.
According to the daily chart, the token was oversold around the last week of June. This was shown by the Money Flow Index (MFI). Usually, when the MFI is over 80.00, the crypto involved is overbought.
On the other hand, readings at 20.00 or below mean it is oversold. During the week, the MFI climbed, indicating that TIA experienced increased capital deployed. This buying pressure was one of the rationales for the price hike.
While the price decreased to $6.62, the MFI is on the brink of jumping past the neutral line. If successful, TIA will revisit $7 within a short period. If not, the token will approach $6.06.
MANTRA (OM) Is Again Part of the Heavyweights
MANTRA (OM) was one of the biggest altcoin gainers in the first week of July 2024. Thanks to its 32.05% seven-day increase, it makes a second consecutive appearance.
At press time, OM trades at $1.03. Unlike the other two altcoins mentioned above, MANTRA is maintaining the uptrend.
Analysis shows that strong support at $0.74 was instrumental to the token’s break of the $0.90 resistance. By forming an ascending channel may be on the verge of reaching $1.10. This is also backed by the Awesome Oscillator (AO).
The AO measures momentum using the difference between the 34-period Simple Moving Average (SMA) and the 5-period.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Positive values indicate increasing upward momentum, while negative ones suggest otherwise. As of this writing, the rating remains positive, hinting at a further uptrend.
If this trend continues, OM’s price will reach close to $1.10. If not, the altcoin may drop back to $0.90.
In addition, other gainers of the week include Optimism (OP) — the token of the Ethereum layer-2, Conflux (CFX), and Ronin (RON).
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.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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