Altcoins
Is Altcoin Season on Hold?
Altcoin dominance has dropped 2% over the past week, indicating that cryptocurrencies other than Bitcoin (BTC) have underperformed the leading cryptocurrency.
Meanwhile, Bitcoin’s dominance has seen a modest 1% increase over the same period. This suggests that the coin has seen more trading activity than altcoins in the seven-day period under review.
Brett (BRETT) Leads Altcoin With Most Losses
Referred to as Pepe’s (PEPE) best friend on Base Chain, Brett (BRETT) is the altcoin with the biggest losses over the past seven days. Trading at $0.12 at press time, the altcoin has plummeted 23% in value over the past week.
Due to the general decline in activity in the altcoin market, demand for BRETT from market participants has decreased in recent weeks. Measured by its Relative Strength Index (RSI), the on-chain metric shows that BRETT selling pressure is currently outweighing all buying activity. At the time of writing, the metric is below the neutral 50 line at 49.52.
Brett Relative Strength Index. Source: Holiness
An asset’s RSI measures its overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and set to decline, while values below 30 signal that the asset is oversold and may see a reversal.
Confirming the bearish trend towards the altcoin, its Elder-Ray index has returned only negative values since July 3. At the time of writing, the indicator’s value is -0.01.
If the current downtrend is maintained, BRETT price could drop to $0.10.
To know more: Top 12 Altcoin Exchanges for Cryptocurrency Trading in July 2024
However, a spike in buying activity will invalidate the above bearish projection. It will push the altcoin price to $0.13.
On (SUI) Charges to the key moving average
Furthermore, mirroring the overall decline in the altcoin market, the value of Sui (SUI) has dropped by 10% in the last seven days.
However, its price movement readings on a daily chart suggest a spike in buying activity. For example, SUI’s price trends towards its 20-day exponential moving average (EMA) seem poised to cross it.
An asset’s 20-day EMA measures its average price over the past 20 days. When an asset’s price attempts to break above this key moving average, it is a bullish signal. It suggests that buyers are taking control, potentially pushing the price higher.
If SUI’s buying activity continues to increase, its price could rise to $0.76.
However, if a profit-making activity starts, SUI will lose its recent gains to trade at $0.72.
Disclaimer
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