Altcoins
Top 3 Altcoins With Biggest Gains In The Second Week Of July 2024
Contrary to last week’s performance, altcoins have seen notable gains in the second week of July. While there are some surprising gains, some have remained true to broader expectations.
From BeInCrypto’s observations, Notcoin (NOT), Celestia (TIA), and MANTRA (OM) are the three biggest winners. This analysis explains how it happened and highlights a few others that are in 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 the top gainer this week.
NOT is currently trading at $0.014. Between June 4 and July 5, Notcoin price dropped from $0.027 to $0.0094. Amid the 65.78% decline, 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 shows weakness and indicates that the bulls are no longer in control. However, the triangle can sometimes precede an escapeas in the case of Notcoin.
According to the 4-hour chart, the bulls observed that the selling pressure weakened when the price reached $0.0094. They, in turn, took advantage of the fatigue. Driven by higher demand, Notcoin reached $0.017 on July 8.
Notcoin 4-hour analysis. Source: Trading View
However, the relative strength index (RSI), which measures momentum, shows that the altcoin became overbought when the reading surpassed 70.00. At press time, the RSI reading has declined, and so has the price of Notcoin
If the momentum continues to decline, NOT will likely follow a similar direction. If that is the case, the price could drop to $0.012. However, if the buying pressure increases, the value of the biggest altcoin gainer could reverse towards $0.016.
To know more: Notcoin (NOT) Price Prediction 2024/2025/2030
Celestia (TIA) Gains 35% For First Time In Months
Earlier this week, we reported how Celestia (TIA) broke a five-month downtrend after hitting its lowest point since November.
The breakout made TIA the second highest gaining altcoin 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 around the last week of June. This was shown by the Money Flow Index (MFI). Usually, when the MFI is above 80.00, the cryptocurrency involved is overbought.
On the other hand, readings of 20.00 or below indicate that it is oversold. During the week, the MFI has risen, indicating that TIA has experienced an increase in capital employed. This buying pressure has been one of the reasons for the price increase.
While the price has dropped to $6.62, MFI is on the verge of breaking the neutral line. If successful, TIA will return to $7 in a short period. If not, the coin will approach $6.06.
MANTRA (OM) is back among the heavyweights
MANTRA (OM) was one of the biggest gainers among altcoins in the first week of July 2024. Thanks to its increase of 32.05% in seven days, it makes its second consecutive appearance.
At press time, OM is trading at $1.03. Unlike the other two altcoins mentioned above, MANTRA is maintaining the uptrend.
Analysis shows that the strong support at $0.74 was instrumental in the token breaking the resistance of $0.90. 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 and 5-period simple moving average (SMA).
To know more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
Positive values indicate increasing upward momentum, while negative values suggest the opposite. At the time of writing, the valuation remains positive, suggesting a further uptrend.
If this trend continues, the price of OM will reach almost $1.10. If not, the altcoin could drop back to $0.90.
Other winners of the week include Ethereum’s layer 2 token Optimism (OP), 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 strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.