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Altcoin Gainers of the Third Week of August 2024: Top 3 Cryptos

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The third week of August 2024 has surprised the crypto market, with some of the biggest altcoin gainers being tokens that previously suffered significant losses.

Notably, many altcoins within the top 100 by market capitalization are closing the week in the green. Here’s a look at the top three outperformers, what drove their gains, and what might come next.

Polygon (MATIC)

Last Friday, Polygon’s (MATIC) price was $0.40. As of now, the token has surged by 32.50% over the past seven days, reaching $0.53, making it one of the top-performing altcoins.

MATIC’s impressive recovery is likely linked to increased whale accumulation. Typically, a rise in large-scale purchases by whales boosts a cryptocurrency’s price, and that seems to be the case here. Additionally, anticipation surrounding the upcoming token migration to POL may have sparked renewed demand and optimism.

Technically, MATIC’s breakout was driven by a falling wedge formation. A falling wedge is a bullish pattern where two downward-sloping trendlines — representing lower highs and lower lows — converge. As buyers step in to slow the decline, a reversal occurs, as seen with MATIC.

The Moving Average Convergence Divergence (MACD) is also positive, confirming upward momentum. The MACD, a trend and momentum indicator, signals bullish momentum when in positive territory, supporting the ongoing price recovery.

Read more: 10 Best Altcoin Exchanges In 2024

Polygon Daily Analysis.
Polygon Daily Analysis. Source: TradingView

If the trend continues, MATIC could extend its rally toward $0.56. Following the POL migration on September 4, a further jump to $0.672 is possible. However, if the event triggers a “sell the news” reaction, MATIC’s price might drop to $0.46 instead.

Artificial Superintelligence Alliance (FET)

After several weeks of decline, FET’s price increased by 26% within the last seven days, helping it to make this coveted list. On August 3, the token fell below $1 despite cheers around the merger with the Artificial Superintelligence Alliance. 

The initial stages of the merger were challenging. However, increased accumulation since the last phase began has been crucial to the recent price pump.

FET is currently trading at $1.07, with the recent uptick likely fueled by increased capital inflow. On the daily chart, the Money Flow Index (MFI) is at its highest level since the start of August. This surge indicates that the price rise is supported by significant buying volume, reflecting strong investor interest and market participation.

FET Daily Analysis.
FET Daily Analysis. Source: TradingView

If sustained, the altcoin’s price could hit a cumulative 69% increase from the bullish defense at $0.78. However, the token also faces potential resistance at $0.15. If bulls fail to break above this region, FET’s price might retrace to $0.92.

BitTorrent (BTT)

BitTorrent (BTT), a cryptocurrency designed to support the largest decentralized peer-to-peer (P2P) data-sharing network, ranks among the biggest altcoin gainers this week. The coin’s recent surge is largely tied to the broader performance of Justin Sun-related cryptos.

Sun, the founder of the Tron blockchain, acquired BitTorrent in 2018. Since then, BTT’s price has often mirrored developments involving Sun. This time, the launch of SunPump, rising meme coin prices on Tron, and TRX’s price increase contributed to BTT’s strong performance. On August 21, BTT’s trading volume spiked by over 200%, signaling renewed interest in the token.

Currently, BTT trades at $0.00000093, its highest level since June 16. Two days ago, it briefly hit $0.0000010, reaching a historically significant supply zone that requires substantial buying pressure to break. As seen on the daily chart, bulls failed to maintain momentum at that level, leading to a rejection.

The Relative Strength Index (RSI) also 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 conditions.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

BitTorrent Daily Analysis.
BitTorrent Daily Analysis. Source: TradingView

Readings below 30.00 on the Relative Strength Index (RSI) indicate that an asset is oversold, while those above 70.00 suggest it is overbought. Additionally, the Cumulative Volume Delta (CVD), which tracks buying and selling pressure, shows that sellers currently dominate.

If this trend persists, BTT’s price could decline to $0.00000085. However, bullish sentiment surrounding Sun-related altcoins might reverse the situation, potentially pushing the token’s value up to $0.00000098.

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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XRP Price Struggles as Whale Selling Rises To $2.3 Billion

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XRP has been on a consistent downtrend in recent days, with its price falling sharply and approaching the $2 mark. This has resulted in extended losses for the cryptocurrency, with a notable rise in selling pressure.

Despite the bearish momentum, key investors are trying to offset the negative impact.

XRP Whales Are Uncertain

Whale activity has been a major factor contributing to the recent decline in XRP’s price. Addresses holding between 100 million and 1 billion XRP have sold over 1.12 billion XRP, worth $2.34 billion, in the past seven days. This has brought their total holdings down to 8.98 billion XRP. 

The selling activity from these whale addresses reflects a cautious outlook for XRP. While whale selling often indicates uncertainty in the market, it’s important to note that their behavior can also have significant short-term price movements. The recent heavy selling could signal that market participants are unsure about the short-term price action, and further bearish trends could follow if this continues.

XRP Whale Holdings
XRP Whale Holdings. Source: Santiment

On the broader market level, XRP’s macro momentum shows signs of divergence from the whale selling. The Liveliness metric, which tracks the behavior of long-term holders (LTHs), is currently declining.

A falling Liveliness typically signals that LTHs are accumulating more of the asset at lower prices rather than selling. This drop to a three-month low suggests that long-term holders are sticking to their conviction and accumulating XRP, even as whale selling intensifies.

The steady accumulation of LTHs might help cushion the bearish effects created by the whales. This behavior can counteract the selling pressure, potentially offering stability to XRP’s price and supporting a recovery if market conditions improve.

XRP Liveliness
XRP Liveliness. Source Glassnode

XRP Price Needs To Find Direction

XRP’s price has fallen by 14.5% this week, bringing it to $2.09, which is dangerously close to losing the critical $2.02 support level. The ongoing bearish momentum has created mixed signals in the market, which are likely to keep the price stuck in a narrow range for the time being.

If XRP can bounce back from the $2.02 support, it could recover some of the recent losses. However, the altcoin may remain consolidated below the $2.27 resistance level unless more positive news or market conditions arise to push it higher.

XRP Price Analysis
XRP Price Analysis. Source: TradingView

If XRP breaks through the $2.27 barrier or falls below $2.02, it could invalidate the current consolidation outlook. A successful breach of $2.27 could pave the way for a price recovery, with $2.56 being the next significant target.

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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Bitcoin Price Battles Key Hurdles—Is a Breakout Still Possible?

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Bitcoin price started another decline below the $83,500 zone. BTC is now consolidating and might struggle to recover above the $83,850 zone.

  • Bitcoin started a fresh decline below the $83,200 support zone.
  • The price is trading below $83,000 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $82,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another decline if it stays below the $83,850 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price failed to start a recovery wave and remained below the $85,500 level. BTC started another decline and traded below the support area at $83,500. The bears gained strength for a move below the $82,500 support zone.

The price even declined below the $82,000 level. A low was formed at $81,320 before there was a recovery wave. There was a move above the $82,500 level, but the bears were active near $83,850. The price is now consolidating and there was a drop below the 50% Fib retracement level of the upward move from the $81,320 swing low to the $83,870 high.

Bitcoin price is now trading below $83,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $82,550 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $83,250 level. The first key resistance is near the $83,850 level.

Bitcoin Price
Source: BTCUSD on TradingView.com

The next key resistance could be $84,200. A close above the $84,200 resistance might send the price further higher. In the stated case, the price could rise and test the $84,800 resistance level. Any more gains might send the price toward the $85,000 level or even $85,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $83,850 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,550 level. The first major support is near the $82,250 level and the 61.8% Fib retracement level of the upward move from the $81,320 swing low to the $83,870 high.

The next support is now near the $81,250 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $82,250, followed by $81,250.

Major Resistance Levels – $83,250 and $83,850.



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Is CZ’s April Fool’s Joke a Crypto Reality or Just Fun?

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On April 1, Binance co-founder Changpeng Zhao (CZ) shared an amusing hypothetical on social media platform X (Twitter).

He posed the hypothetical scenario of a user generating a cryptocurrency wallet address commonly used for token burns, which permanently remove tokens from circulation.

Binance’s CZ Shares Cryptic Hypothetical on April Fools Day

Changpeng Zhao’s April Fools’ joke about generating a token burn address sparked discussions. However, the chances of it happening are astronomically low. CZ shared the post during the early hours of the Asian session, kickstarting an interesting discourse.

“Imagine downloading Trust Wallet and finding your newly generated address is: 0x000000000000000000000000000000000000dead. Theoretically speaking, it has the same chance as any other address. Alright, enough imagining. Not gonna happen. Get back to building. Happy Apr 1!” Changpeng Zhao wrote.

It comes in time for April Fools’ Day, celebrated annually on April 1, dedicated to practical jokes, hoaxes, and playful deception. Trust Wallet, integrated as Binance’s non-custodial wallet provider, played along with the joke.

“Happy April Fool’s Day,” wrote Trust Wallet.

While the idea seems far-fetched, CZ was not technically wrong. Theoretically, there is an infinitesimally small probability that someone could randomly generate a wallet address matching “0x000…dead” using software like Trust Wallet.

However, the chances are comparable to winning the lottery multiple times. To put things into perspective, one can generate blockchain addresses using cryptographic hashing functions that produce 160-bit outputs.

This means there are 2¹⁶⁰ possible Ethereum addresses—a number so vast that generating any specific address, such as “0x000…dead,” is practically impossible.

“Haha, imagine the odds! That is a 1 in 2^160 type of vibe. Good one, CZ—back to work now, no distractions from the code,” Synergy Media wrote, putting the rarity into context.

While CZ’s April Fool’s joke entertained the crypto community, the reality remains unchanged. The likelihood of generating a wallet address identical to “0x000…dead” is close to zero. This means the post was a fun thought experiment but nothing more.

“Imagine that you can randomly generate a Bitcoin private key every second, and suddenly one day the private key you generated happens to correspond to Satoshi Nakamoto’s wallet or Binance’s wallet. That’s terrifying,” another user quipped.

However, the joke does highlight the fascinating cryptographic underpinnings of blockchain technology. While every address is technically possible, some are rare and might as well be myths. Crypto users will have to keep burning their tokens the old-fashioned way.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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