Market
These Altcoins Can Outperform Bitcoin (BTC) in September 2024
Over the past few months, there has been an expectation that Bitcoin (BTC) would lag behind altcoins in terms of performance. However, this hasn’t materialized, as only six out of the top 50 altcoins have outperformed BTC over the last 90 days.
Currently, Bitcoin’s dominance stands at 57.18%, indicating that its market capitalization has been growing faster than that of the average altcoin. Despite this strong performance, BeInCrypto identifies three altcoins that are expected to outperform BTC in the near future, providing detailed analysis and reasoning for this forecast.
Tron (TRX)
Tron (TRX), the cryptocurrency linked to controversial blockchain billionaire Justin Sun, recently hit a three-year high of $0.17. This milestone helped TRX break into the top 10 cryptocurrencies by market capitalization, overtaking Cardano (ADA). Over the last 30 days, TRX’s price has increased by 15%, outperforming Bitcoin (BTC) during the same period.
This price surge is largely due to the launch of the meme coin generator SunPump in August, which has driven up demand for TRX. The altcoin’s rising social dominance, now at 6.23%, indicates growing attention toward the project.
From a technical perspective, Tron’s On Balance Volume (OBV) line has been increasing on the daily chart, indicating strong buying pressure. A higher OBV reflects more buying activity, which is often a precursor to further price increases.
If the accumulation of TRX continues, the price could potentially drop to $0.14 before bouncing back to its recent high of $0.17, and possibly even reaching $0.19 in September.
Read more: Who Owns the Most Bitcoin in 2024?
However, this optimistic outlook could be challenged if Bitcoin outperforms top altcoins next month. In that case, TRX’s upward momentum might face resistance, and the predicted price targets could be harder to achieve.
Aave (AAVE)
Over the past 30 days, AAVE’s price has risen by 18.68%. This cryptocurrency, which serves as the governance token for the decentralized finance (DeFi) protocol Aave, has recently attracted significant interest from whales. This surge in interest places AAVE among the bullish altcoins that could potentially outperform Bitcoin (BTC) in September.
Aave has also proposed increasing its involvement with the Real World Assets (RWA) sector by integrating BlackRock’s BUIDL infrastructure. If this proposal is approved soon, it could lead to a spike in demand for AAVE.
On August 5, AAVE’s price dropped below $80. However, the altcoin began forming Higher Lows (HL), eventually reaching $146.49 on August 24. At this level, the Relative Strength Index (RSI) indicated that the token was overbought.
The RSI measures momentum; a reading of 30.00 or below signals that an asset is oversold, while a reading of 70.00 or above indicates that it is overbought. As shown, the RSI hit the overbought region last Saturday.
Following this, AAVE’s price dropped to $118. The RSI has since remained above the 50.00 neutral line, suggesting that a bullish reversal could be possible. For this to happen, bulls need to defend the $118.01 support level and break past the resistance at $129.64.
If successful, AAVE could become one of the altcoins to outperform Bitcoin in September. However, if the support at $118.01 fails, the altcoin’s price might face a significant decline.
Cardano (ADA)
Cardano’s position in this list is largely influenced by its upcoming major upgrade on September 1, known as the Chang hard fork. This upgrade will introduce on-chain governance to the Cardano blockchain for the first time, marking the initial phase toward the project’s ultimate goal, Voltaire.
ADA holders have shown considerable optimism leading up to the event. In 2021, a similar hard fork on the Cardano network led to a 130% price surge within a month. If history repeats itself, ADA could see exceptional price performance in September. Currently, ADA is trading at $0.35, down from $0.40 just three days ago.
The Moving Average Convergence Divergence (MACD) indicator suggests that this recent price dip could be a buying opportunity for market participants. The MACD is used to gauge momentum and helps traders identify potential entry and exit points.
A positive MACD reading indicates bullish momentum, signaling a good time to buy, especially after a downtrend. A negative reading, conversely, points to bearish momentum and a potential time to sell.
Read more: 10 Best Altcoin Exchanges In 2024
For ADA, the MACD currently indicates bullish momentum. If this trend continues, the price could rebound to $0.40 soon, and if buying pressure intensifies, it might even reach $0.44.
However, there is a risk of invalidation if the hard fork becomes a “sell the news” event, where the price drops following the anticipated event. In that case, ADA’s price could decline to $0.32.
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.
Market
Banana Gun Rises After Justin Sun’s $6.2 Million Art Purchase
Justin Sun, founder of TRON and Poloniex CEO, has purchased the viral art piece Comedian—a banana duct-taped to a wall—for $6.2 million at Sotheby’s.
Following the purchase, Sun announced on X (formerly Twitter) that he plans to eat the artwork. This has ignited a frenzy of memes, commentary, and market reactions, even causing the crypto token Banana Gun to spike in value.
Crypto Reacts: Banana Gun on the Rise
Maurizio Cattelan’s Comedian gained international fame in 2019 when it was first displayed at Art Basel Miami. Its simplicity and absurdity—a banana taped to a wall—sparked debates about the nature of art. The so-called artwork became viral when performance artist David Datuna ate it in a stunt dubbed Hungry Artist.
Sun’s pledge to eat the $6.2 million fruit has also drawn parallels, adding another layer of humor to the piece’s history. The Tron founder even said he’s willing to donate the banana to Elon Musk and send it to Mars.
Meanwhile, several users even recreated their own version of Comedian and shared it on social media. One fan followed up by taping bananas around the Massachusetts Institute of Technology (MIT) campus, encouraging others to “tape all over the world” and start a movement.
What they are campaigning for, precisely, remains to be seen.
“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. Stay tuned,” Sun said on X.
The ripple effects of Sun’s purchase eventually trickled beyond the confines of art and humor and into crypto markets. The token Banana Gun, which shares its name with the theme, surged nearly 16% following the news. Traders and enthusiasts, ever attuned to cultural moments, appear to have seized the chance to capitalize on the buzz.
Sun’s acquisition and the banana’s virality bring to mind another recent development in the art-crypto nexus. Earlier this week, Ethereum co-founder Vitalik Buterin allegedly minted 400 Patron NFTs. This development sparked hopes of a resurgence for the NFT market.
This aged well…. $BANANA is an insane project. For me, this is in the same league as $ZIG. Fundamentals are truly insane. No matter which narrative will cook next, $BANANA will profit from it,” said one trader on X.
The combination of Sun’s high-profile purchase and the market’s reaction to Banana Gun demonstrates how art, humor, and technology continue to blur boundaries. Whether Sun’s banana-eating spectacle will leave a lasting impact or peel away (pun intended) into meme history, one thing is certain—the intersection of crypto and culture remains as unexpected as ever.
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.
Market
Cardano (ADA) Price Hits 41% Weekly Growth, $1 Target in Sight
Cardano (ADA) price has surged 41.89% in the last seven days, signaling strong bullish momentum in the market. The uptrend remains strong, supported by key technical indicators like the ADX and Ichimoku Cloud, which point to sustained positive sentiment.
However, signs of consolidation and narrowing gaps in short-term indicators suggest that the rally could face challenges if buying pressure weakens.
ADA Current Uptrend Is Still Strong
Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The metric has remained above 40 since November 7. This high ADX value confirms the robustness of ADA ongoing uptrend, signaling solid momentum behind the recent price movements.
With the positive directional index (D+) at 21.3 and the negative directional index (D-) at 11, bullish pressure continues to outweigh bearish activity, further supporting the upward trajectory.
The ADX measures the strength of a trend without considering its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or nonexistent trend. With an ADX at 42.7, ADA is clearly in a strong uptrend, showing significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA price could sustain its upward movement if current conditions persist.
Cardano Ichimoku Cloud Shows An Important Signal
The Ichimoku Cloud chart for Cardano indicates a generally bullish trend, as the price remains above the cloud (Kumo). The Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA’s recent rally.
While the price is still trading above these lines, the narrowing gap between the price and the Tenkan-sen suggests weakening short-term momentum.
The green cloud ahead signals potential support for ADA uptrend, but the current consolidation phase highlights the need for sustained buying pressure to maintain this momentum.
If the price drops below the Kijun-sen or approaches the cloud, it could signal a possible shift toward bearish sentiment.
ADA Price Prediction: Can It Reach $1 In November?
If Cardano (ADA) maintains its strong uptrend, it could test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 threshold, marking a 20% rise from current levels and the highest price for Cardano since April 2022.
However, as indicated by the Ichimoku Cloud, a potential reversal could be on the horizon. If bearish momentum takes over, ADA price could face significant downward pressure, potentially dropping to $0.51.
If this support fails, the price could decline further to $0.32, representing a steep 59% correction. This highlights the importance of the current support and resistance levels in determining ADA’s next direction.
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.
Market
Why SUI Network Outage Did Not Cause a Price Crash
Earlier today, the Layer-1 blockchain Sui experienced a two-hour blackout, halting block production and rendering transaction processing impossible. This network outage led to a slight dip in SUI’s price, falling from $3.73 to $3.64.
Despite concerns of a more significant decline, the price stabilized after the project announced that the network was fully restored and operational.
Sui Comes Back Online, Altcoin Still in Good Position
Around 10:52 UTC, web3 security firm ExVull disclosed that a DOS bug caused the Sui network outage. Fully known as a Denial-of-Service (DoS) attack, the bug” refers to a software attack that overwhelms a system with excessive traffic or requests, causing it to become unavailable to legitimate users by crashing or severely slowing its functionality.
“After our analysis, it was found that the Sui Network node occur DOS due to integer overflow,” ExVul stated.
Following this development, several exchanges halted SUI transactions as the price also dipped a little. However, nearly two hours later, the project updated its community, saying that validators had assisted in resolving the issue.
“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” it explained.
Meanwhile, data from Messari showed that, amid the outage, the Sharpe ratio remained positive. The Sharpe ratio is a key measure of risk-adjusted return, indicating how much excess return an investment generates relative to its volatility.
It helps investors assess whether the returns of a riskier asset justify the risk taken. A higher ratio signifies better risk-adjusted performance. Typically, when the ratio is negative, it means that the risk might not be worth the reward.
However, since it is positive for SUI, it indicates that accumulating the altcoin around its current value could still yield positive returns.
SUI Price Prediction: Run Above $4
On the daily chart, SUI continues to trade within an ascending channel. An ascending channel, also called a rising channel or channel up, is a chart pattern defined by two parallel upward-sloping lines.
It forms when the price shows higher swing highs and higher swing lows, indicating an ongoing uptrend. Furthermore, the Chaikin Money Flow (CMF) has increased, suggesting that buying pressure has outpaced distribution.
If this continues, SUI’s price could climb above $4. However, if a Sui network outage occurs again, this might not happen. In that scenario, the value could drop below $3.
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.
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