The third week of August 2024 has stunned the crypto market, with a few of the largest altcoin gainers being tokens that beforehand suffered vital losses.
Notably, many altcoins inside the high 100 by market capitalization are closing the week within the inexperienced. Right here’s a take a look at the highest three outperformers, what drove their positive factors, and what may come subsequent.
Polygon (MATIC)
Final Friday, Polygon’s (MATIC) value was $0.40. As of now, the token has surged by 32.50% over the previous seven days, reaching $0.53, making it one of many top-performing altcoins.
MATIC’s spectacular restoration is probably going linked to elevated whale accumulation. Usually, an increase in large-scale purchases by whales boosts a cryptocurrency’s value, and that appears to be the case right here. Moreover, anticipation surrounding the upcoming token migration to POL might have sparked renewed demand and optimism.
Technically, MATIC’s breakout was pushed by a falling wedge formation. A falling wedge is a bullish sample the place two downward-sloping trendlines — representing decrease highs and decrease lows — converge. As patrons step in to sluggish the decline, a reversal happens, as seen with MATIC.
The Transferring Common Convergence Divergence (MACD) can be optimistic, confirming upward momentum. The MACD, a pattern and momentum indicator, alerts bullish momentum when in optimistic territory, supporting the continued value restoration.
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If the pattern continues, MATIC might lengthen its rally towards $0.56. Following the POL migration on September 4, an extra bounce to $0.672 is feasible. Nevertheless, if the occasion triggers a “sell the news” response, MATIC’s value may drop to $0.46 as a substitute.
Synthetic Superintelligence Alliance (FET)
After a number of weeks of decline, FET’s value elevated by 26% inside the final seven days, serving to it to make this coveted record. On August 3, the token fell beneath $1 regardless of cheers across the merger with the Synthetic Superintelligence Alliance.
The preliminary levels of the merger have been difficult. Nevertheless, elevated accumulation because the final part started has been essential to the latest value pump.
FET is at present buying and selling at $1.07, with the latest uptick probably fueled by elevated capital influx. On the each day chart, the Cash Move Index (MFI) is at its highest stage because the begin of August. This surge signifies that the value rise is supported by vital shopping for quantity, reflecting sturdy investor curiosity and market participation.
If sustained, the altcoin’s value might hit a cumulative 69% enhance from the bullish protection at $0.78. Nevertheless, the token additionally faces potential resistance at $0.15. If bulls fail to interrupt above this area, FET’s value may retrace to $0.92.
BitTorrent (BTT)
BitTorrent (BTT), a cryptocurrency designed to help the biggest decentralized peer-to-peer (P2P) data-sharing community, ranks among the many largest altcoin gainers this week. The coin’s latest surge is essentially tied to the broader efficiency of Justin Solar-related cryptos.
Solar, the founding father of the Tron blockchain, acquired BitTorrent in 2018. Since then, BTT’s value has typically mirrored developments involving Solar. This time, the launch of SunPump, rising meme coin costs on Tron, and TRX’s value enhance contributed to BTT’s sturdy efficiency. On August 21, BTT’s buying and selling quantity spiked by over 200%, signaling renewed curiosity within the token.
At the moment, BTT trades at $0.00000093, its highest stage since June 16. Two days in the past, it briefly hit $0.0000010, reaching a traditionally vital provide zone that requires substantial shopping for strain to interrupt. As seen on the each day chart, bulls failed to keep up momentum at that stage, resulting in a rejection.
The Relative Energy Index (RSI) additionally 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 circumstances.
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Readings beneath 30.00 on the Relative Energy Index (RSI) point out that an asset is oversold, whereas these above 70.00 counsel it’s overbought. Moreover, the Cumulative Quantity Delta (CVD), which tracks shopping for and promoting strain, exhibits that sellers at present dominate.
If this pattern persists, BTT’s value might decline to $0.00000085. Nevertheless, bullish sentiment surrounding Solar-related altcoins may reverse the scenario, doubtlessly pushing the token’s worth as much as $0.00000098.
Disclaimer
In step with the Belief Venture tips, this value evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. All the time conduct your personal analysis and seek the advice of with an expert earlier than making any monetary selections. Please notice that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.