Contrary to last week’s performance, altcoins have registered notable upswings in the second week of July. While there are some astonishing entries, some stayed true to the wider expectations.
From BeInCrypto’s observations, Notcoin (NOT), Celestia (TIA), and MANTRA (OM) are the top three biggest gainers. This analysis explains how it happened and points out a few others who are in the class.
Notcoin (NOT) Breaks Out of the Descending Triangle
With a 42.25% increase in the last seven days, Telegram-based project Notcoin (NOT) is this week’s top gainer.
Currently, NOT trades at $0.014. Between June 4 and July 5, Notcoin’s price fell from $0.027 to $0.0094. Amid the 65.78% decrease, a descending triangle formed. Considered a bearish pattern, a descending triangle appears when a cryptocurrency hits a series of lower highs and lower lows.
This pattern exhibits weakness and indicates that bulls are no longer in control. However, the triangle can sometimes precede a breakout, as with Notcoin.
According to the 4-hour chart, bulls observed that selling pressure became weak 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.
However, the Relative Strength Index (RSI), which measures momentum, shows that the altcoin became overbought as the reading crossed 70.00. At press time, the RSI reading has decreased, and it is the same with Notcoin’s price
If the momentum continues to fall, NOT will likely follow in a similar direction. If this is the case, the price may drop to $0.012. However, if buying pressure increases, the value of the biggest altcoin gainer may reverse toward $0.016.
Read More: Notcoin (NOT) Price Prediction 2024/2025/2030
Celestia (TIA) Gains 35% For the First Time In Months
Earlier in the week, we reported how Celestia (TIA) broke out of a five-month downtrend after reaching its lowest point since November.
The breakout resulted in TIA being the second biggest altcoin gainer of July’s second week. Within the last seven days, TIA’s price increased by 35.04%.
According to the daily chart, the token was oversold around the last week of June. This was shown by the Money Flow Index (MFI). Usually, when the MFI is over 80.00, the crypto involved is overbought.
On the other hand, readings at 20.00 or below mean it is oversold. During the week, the MFI climbed, indicating that TIA experienced increased capital deployed. This buying pressure was one of the rationales for the price hike.
While the price decreased to $6.62, the MFI is on the brink of jumping past the neutral line. If successful, TIA will revisit $7 within a short period. If not, the token will approach $6.06.
MANTRA (OM) Is Again Part of the Heavyweights
MANTRA (OM) was one of the biggest altcoin gainers in the first week of July 2024. Thanks to its 32.05% seven-day increase, it makes a second consecutive appearance.
At press time, OM trades at $1.03. Unlike the other two altcoins mentioned above, MANTRA is maintaining the uptrend.
Analysis shows that strong support at $0.74 was instrumental to the token’s break of the $0.90 resistance. By forming an ascending channel may be on the verge of reaching $1.10. This is also backed by the Awesome Oscillator (AO).
The AO measures momentum using the difference between the 34-period Simple Moving Average (SMA) and the 5-period.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Positive values indicate increasing upward momentum, while negative ones suggest otherwise. As of this writing, the rating remains positive, hinting at a further uptrend.
If this trend continues, OM’s price will reach close to $1.10. If not, the altcoin may drop back to $0.90.
In addition, other gainers of the week include Optimism (OP) — the token of the Ethereum layer-2, Conflux (CFX), and Ronin (RON).
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.
Be the first to comment