Altcoin costs took a step again from the numerous hikes this week, not like the third week of July 2024. Nevertheless, this doesn’t indicate the absence of some exceptions.
Though the uptick shouldn’t be evenly unfold, a number of the normal suspects stay current. Nevertheless, the checklist of gainers for the final week of July is attention-grabbing as there are totally new entries in comparison with the earlier weeks.
cat in a canine world (MEW) Is Altering the Theme on Solana
Issues change very quick within the crypto market, and the emergence of MEW as the highest altcoin gainer proves that. cats in a canine world is a cat-themed meme coin constructed on the Solana blockchain.
This week, the worth of MEW, as it’s generally known as, surprised the market and jumped by 85.68%. Compared with different dog-themed meme cash like Bonk (BONK) and dogwifhat (WIF), there’s an unbelievable distinction.
The excellent rise in MEW’s worth strengthens the hypothesis that meme coin dominance on Solana is shifting from the canine to the cats. It additionally agrees with the opinion that meme cash will possible dominate the altcoin season.
Another altcoin backing this sentiment is Popcat (POPCAT), whose worth additionally notes an unbelievable rise. At press time, MEW trades at $0.0072, representing a notable drop from the weekly excessive of $0.0087.
Learn Extra: Which Are the Best Altcoins To Invest in July 2024
Regardless of the current drawdown, MEW’s worth could quickly rebound. That is due to the indicators proven by the Transferring Common Convergence Divergence (MACD), a trend-following momentum indicator that makes use of shifting averages to find out worth acceleration or deceleration.
As seen within the chart above, the MACD is constructive on the every day chart. Subsequently, if shopping for stress returns, the worth of the cryptocurrency could rise to $0.0087 once more. Nevertheless, if profit-taking will increase, the bullish prediction could also be invalidated, and MEW could drop to $0.0065.
Helium (HNT) Rises, However Might Gradual Down
HNT, the native token of Helium, a decentralized blockchain-powered community, is likely one of the top-performing altcoins.
At press time, HNT trades at $5.30 after noting a 23.76% increase within the final seven days. In keeping with the every day chart, HNT skilled a decline on July 16, as the worth fell to $3.57. This was the beginning of the uptrend, which noticed the worth ascend to $6 earlier.
Nevertheless, Helium’s worth dangers a decline, in keeping with indicators from the Relative Power Indicator (RSI). The RSI measures momentum and exhibits whether or not an asset is overbought or oversold. A studying of 70.00 or above means it’s overbought, whereas these at 30.00 or under are overbought.
As of this writing, HNT is overbought, suggesting {that a} retracement may very well be subsequent for the token. Consequently, the worth of the altcoin could drop to $4.79. Nevertheless, if shopping for stress will increase, the worth may try to retest $6.
Pyth Community (PYTH) Seems Able to Seize Extra Greens
Not too long ago, BeInCrypto reported that PYTH’s Open Interest reached a two-week high, confirming that a lot consideration has been paid to the altcoin. Previously seven days, the token worth has risen by 15.12%, making it one of many prime altcoin gainers of the final week of July 2024.
In contrast to HNT, PYTH’s worth could proceed to hit new highs. That is due to the indicators proven by two indicators — the Parabolic SAR and the Chaikin Cash Move (CMF).
The CMF exhibits if a token is experiencing lots of second move or not. If it will increase, then there will probably be a superb stage of accumulation. Ought to it lower, it means individuals are distributing. For Pyth, it’s the former, suggesting that the worth may hit the next worth.
Learn Extra: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
The Parabolic SAR, then again, determines development path utilizing a cease and reverse technique. Put merely, the worth tends to reverse downward if the dotted traces are above it. However in PYTH’s case, the dotted traces are under the worth.
Ought to this proceed, PYTH’s worth could bounce to $0.39 or attain $0.44 within the quick time period. Nevertheless, if token holders start to distribute, the worth can fall to $0.33.
Disclaimer
In keeping with the Trust Project tips, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. At all times conduct your personal analysis and seek the advice of with an expert earlier than making any monetary selections. Please observe that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.