Altcoins
Here Are The Winning Altcoins For The First Week Of July 2024
Rumors of an altcoin season were put to rest after the total cryptocurrency market cap briefly fell below $2 trillion. The drop was the result of a broader price crash that saw many altcoins hit extremely low values not seen in weeks, some months, and some years.
Despite the sharp correction, a few cryptocurrencies saw gains in the first week of July. Here are the top five.
MultiversX (EGLD) Bulls Show Resilience
MultiversX (EGLD), the native token of the new internet economy blockchain, has seen a 1.5% gain over the past seven days. However, the past 24 hours have been better as the price has climbed 7.15% while trading at $31.42.
Earlier in the week, EGLD Awards The price rose to $32.18. But on July 3, the price fell to $29.43. Eventually, the bulls were unable to defend the support, dropping to $27.87.
However, the 4-hour chart showed that the bulls have set up support around $27 to prevent a further fall. As a result, a bullish engulfing candle appears on the chart, leading the token’s value higher.
Additionally, the token price is above the EMA 20 (blue) and EMA 50 (yellow). EMA stands for “exponential moving average” and measures price changes over a given period of time.
Learn more: What is Altcoin Season? A Complete Guide
4 hour analysis by MultiversX. Source: TradingView
If the price is below the short-term moving averages, the trend is bearish. However, since it is above the indicators, it means that EGLD could continue to rise.
Moreover, if this happens, the token will return to its weekly high of $32.18. However, an invalidation may occur if the market correction worsens.
MANTRA (OM) triumphs after tokenization deal
Second on the list of altcoin gainers is MANTRA (OM). MANTRA is a layer 1 blockchain focused on security real world assets (RWA).
This week, the price of OM increased by 11%, trading at $0.78 at press time. Initially, the token price jumped to $0.89 after the project ended $500 million tokenization deal.
Subsequently, the value declined to $0.74 before the recent recovery. According to the OM/USD daily chart, the Moving Average Convergence Divergence (MACD) is positive.
As a key technical indicator, the MACD helps traders spot trend reversals by comparing the difference between the 26-day EMA (orange) and the 12-day EMA (blue). If the reading is positive, it implies that momentum is bullish and prices may rise.
The opposite occurs when the MACD is negative. Since the reading is in the green zone, it implies that the momentum of the OM is bullish. A look at the Fibonacci retracement indicator gives an idea of possible price targets.
From the chart above, OM may climb to $0.84, which is where the 0.618 Fibonacci level is. This will be the case if buying pressure increases. However, if things reverse, OM may retrace, possibly taking the price back to $0.72.
LayerZero (ZRO) Tops Altcoin Gainers Chart
LayerZero (ZRO) is a surprise entry into the top altcoins gaining in the first week. This is largely due to the controversy that rocked the token launch and airdrop distribution.
But none of the top three altcoin gainers are getting close to ZRO. The token is trading at $3.32, which is up 29.30% this week.
According to the 4-hour chart, ZRO was oversold on July 5. During this period, the Relative Strength Index (RSI), which measures momentum, was below 30.00. The Chaikin Money Flow (CMF), which tracks accumulation and distribution, confirms the selling pressure at this time.
However, at the time of writing, traders seem to be accumulating the token, as indicated by the CMF reading. The RSI is also on the verge of crossing the neutral point of 50.00.
Learn more: What are the best altcoins to invest in July 2024?
If this happens, coupled with a rise in CMF into the positive region, ZRO price may reach $3.45 in the short term. However, failure to reach the above-mentioned areas may invalidate the prediction. If this happens, ZRO could slide to $3.07.
Disclaimer
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