Altcoins
The 3 Altcoins That Saw the Biggest Gains in the Second Week of July 2024
Unlike last week’s performance, altcoins saw notable gains in the second week of July. While there were some surprising inflows, some remained true to general expectations.
According to BeInCrypto’s observations, Notcoin (NOT), Celestia (TIA), and MANTRA (OM) are the three biggest gainers. This analysis explains how this happened and points out a few others that are part of the class.
Notcoin (NOT) Breaks Out of Descending Triangle
With a 42.25% increase over the past seven days, Telegram-based project Notcoin (NOT) is this week’s biggest gainer.
Currently, NOT is trading at $0.014. Between June 4 and July 5, Notcoin’s price increased from $0.027 to $0.0094. In the midst of this 65.78% drop, a descending triangle was formed. Considered a bearish pattern, a descending triangle appears when a cryptocurrency makes a series of lower highs and lower lows.
This pattern shows weakness and indicates that the bulls are no longer in control. However, the triangle can sometimes precede an escapeas with Notcoin.
According to the 4-hour chart, bulls observed that the selling pressure weakened 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.
Notcoin analysis in 4 hours. Source: TradingView
However, the relative strength index (RSI), which measures momentum, shows that the altcoin has become overbought as the reading rose above 70.00. At press time, the RSI reading has declined, and so has Notcoin’s price
If the momentum continues to decline, NOT is likely to follow a similar direction. If so, the price could drop to $0.012. However, if buying pressure increases, the value of the biggest altcoin gainer could reverse towards $0.016.
Learn more: Notcoin (NOT) Price Prediction 2024/2025/2030
Celestia (TIA) Gains 35% for the First Time in Months
Earlier this week, we reported how Celestia (TIA) broke out of a five-month downtrend after reaching its lowest point since November.
This breakout made TIA the second-biggest altcoin gainer in the second week of July. Over the past seven days, TIA’s price has increased by 35.04%.
According to the daily chart, the token was oversold towards the last week of June. This was evidenced by the Money Flow Index (MFI). Usually, when the MFI is above 80.00, the concerned cryptocurrency is overbought.
On the other hand, values below or equal to 20.00 indicate that the price is oversold. During the week, the MFI climbed, indicating that TIA deployed more capital. This buying pressure was one of the reasons for the price increase.
As the price has dropped to $6.62, MFI is about to break above the neutral line. If successful, TIA will return to $7 in a short period of time. Otherwise, the token will approach $6.06.
MANTRA (OM) is once again among the heavyweights
MANTRA (OM) was one of the biggest altcoin winners during the first week of July 2024. Thanks to its 32.05% increase over seven days, it makes a second consecutive appearance.
At the time of press, OM is trading at $1.03. Unlike the other two altcoins mentioned above, MANTRA is maintaining its upward trend.
Analysis shows that the strong support at $0.74 contributed to the token breaking the $0.90 resistance. By forming an ascending channel, it could be on the verge of reaching $1.10. This is also supported by the Awesome Oscillator (AO).
The AO measures momentum using the difference between the 34-period simple moving average (SMA) and the 5-period moving average.
Learn more: 11 Cryptos to Add to Your Portfolio Before Altcoin Season
Positive values indicate increasing bullish momentum, while negative values suggest the opposite. At the time of writing, the rating remains positive, suggesting a further uptrend.
If this trend continues, the price of OM will reach near $1.10. Otherwise, the altcoin could fall back to $0.90.
Additionally, other winners of the week include Optimism (OP) — Ethereum’s layer 2 token, Conflux (CFX), and Ronin (RON).
Disclaimer
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