The third week of August 2024 has shocked the crypto market, with among the largest altcoin gainers being tokens that beforehand suffered important losses.
Notably, many altcoins inside the prime 100 by market capitalization are closing the week within the inexperienced. Right here’s a have a look at the highest three outperformers, what drove their beneficial properties, and what would possibly come subsequent.
Polygon (MATIC)
Final Friday, Polygon’s (MATIC) worth was $0.40. As of now, the token has surged by 32.50% over the previous seven days, reaching $0.53, making it one of many top-performing altcoins.
MATIC’s spectacular restoration is probably going linked to increased whale accumulation. Sometimes, an increase in large-scale purchases by whales boosts a cryptocurrency’s worth, and that appears to be the case right here. Moreover, anticipation surrounding the upcoming token migration to POL could have sparked renewed demand and optimism.
Technically, MATIC’s breakout was pushed by a falling wedge formation. A falling wedge is a bullish sample the place two downward-sloping trendlines — representing decrease highs and decrease lows — converge. As consumers step in to sluggish the decline, a reversal happens, as seen with MATIC.
The Shifting Common Convergence Divergence (MACD) can also be constructive, confirming upward momentum. The MACD, a development and momentum indicator, indicators bullish momentum when in constructive territory, supporting the continuing worth restoration.
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If the development continues, MATIC might prolong its rally towards $0.56. Following the POL migration on September 4, an extra leap to $0.672 is feasible. Nevertheless, if the occasion triggers a “promote the information” response, MATIC’s worth would possibly drop to $0.46 as a substitute.
Synthetic Superintelligence Alliance (FET)
After a number of weeks of decline, FET’s worth elevated by 26% inside the final seven days, serving to it to make this coveted record. On August 3, the token fell beneath $1 regardless of cheers across the merger with the Synthetic Superintelligence Alliance.
The preliminary phases of the merger have been difficult. Nevertheless, increased accumulation because the final part started has been essential to the current worth pump.
FET is at the moment buying and selling at $1.07, with the current uptick probably fueled by elevated capital influx. On the each day chart, the Cash Stream Index (MFI) is at its highest stage because the begin of August. This surge signifies that the worth rise is supported by important shopping for quantity, reflecting robust investor curiosity and market participation.
If sustained, the altcoin’s worth might hit a cumulative 69% improve from the bullish protection at $0.78. Nevertheless, the token additionally faces potential resistance at $0.15. If bulls fail to interrupt above this area, FET’s worth would possibly retrace to $0.92.
BitTorrent (BTT)
BitTorrent (BTT), a cryptocurrency designed to assist the most important decentralized peer-to-peer (P2P) data-sharing community, ranks among the many largest altcoin gainers this week. The coin’s current surge is essentially tied to the broader efficiency of Justin Solar-related cryptos.
Solar, the founding father of the Tron blockchain, acquired BitTorrent in 2018. Since then, BTT’s worth has usually mirrored developments involving Solar. This time, the launch of SunPump, rising meme coin costs on Tron, and TRX’s price increase contributed to BTT’s robust efficiency. On August 21, BTT’s buying and selling quantity spiked by over 200%, signaling renewed curiosity within the token.
Presently, BTT trades at $0.00000093, its highest stage since June 16. Two days in the past, it briefly hit $0.0000010, reaching a traditionally important provide zone that requires substantial shopping for strain to interrupt. As seen on the each day chart, bulls failed to take care of momentum at that stage, resulting in a rejection.
The Relative Power Index (RSI) additionally hit the overbought threshold of 70.00, prompting a retracement. The RSI is a key indicator that measures market momentum and identifies overbought or oversold circumstances.
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Readings beneath 30.00 on the Relative Power Index (RSI) point out that an asset is oversold, whereas these above 70.00 recommend it’s overbought. Moreover, the Cumulative Quantity Delta (CVD), which tracks shopping for and promoting strain, reveals that sellers at the moment dominate.
If this development persists, BTT’s worth might decline to $0.00000085. Nevertheless, bullish sentiment surrounding Solar-related altcoins would possibly reverse the state of affairs, doubtlessly pushing the token’s worth as much as $0.00000098.
Disclaimer
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