Altcoins
Here are the altcoin earnings for the first week of July 2024
Talk of an altcoin season has been shelved after the total cryptocurrency market cap briefly fell below $2 trillion. The drop was caused by a broader price collapse in which many altcoins hit extremely lows not seen in weeks, some months, and some years.
Despite the sharp correction, some 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% increase over the past seven days. However, the past 24 hours have been better, as the price has risen by 7.15%% while trading at $31.42.
At the beginning of the week, The price of EGLD increased to $32.18. But on July 3, the price dropped to $29.43. Eventually, the bulls failed to defend the support, dropping to $27.87.
However, the 4-hours showed that the bulls have set up a support around $27 to prevent further decline. As a result, a bullish engulfing candle appears on the chart, which pushes the value of the token higher.
Additionally, the token price is above 20 EMA (blue) and 50 EMA (yellow). EMA stands for Exponential Moving Average and measures the price changes over a period of time.
To know more: What is Altcoin Season? A Complete Guide
MultiversX 4-hour analysis. Source: Trading View
If the price is below the short-term EMAs, the trend is bearish. However, since it is above the indicators, it means that EGLD may continue to jump.
Furthermore, if this happens, the token will revisit its weekly high of $32.18. However, an invalidation could occur if the market correction worsens.
MANTRA (OM) triumphs after tokenization deal
In second place on the altcoin earnings list is MANTRA (OM). MANTRA is a layer 1 blockchain focused on safety of 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’s conclusion a $500 million tokenization deal.
It later dropped 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 happens when the MACD is negative. Since the reading is in the green zone, it implies that the momentum of OM is bullish. A look at the Fibonacci retracement indicator gives an idea of possible price targets.
From the above chart, OM can rise to $0.84, which is the location of the 0.618 Fib level. This will be the case if the buying pressure increases. However, if things change, OM could retrace, possibly taking the price to $0.72.
LayerZero (ZRO) Tops Altcoin Earnings Chart
LayerZero (ZRO) is a surprise entry among the top altcoin gainers of the first week. This is largely due to controversy that rocked the token launch and airdrop distribution.
But none of the top 3 rising altcoins come close to ZRO. The token is trading at $3.32, representing a 29.30% gain 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 that point.
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 jumping above the neutral point of 50.00.
To know more: What are the best altcoins to invest in July 2024?
If this happens, coupled with a rise in the CMF into the positive region, the price of ZRO can reach $3.45 in the near term. However, failure to reach the above-mentioned zones could invalidate the forecast. If this happens, ZRO could slide to $3.07.
Disclaimer
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