The primary week of August 2024 started turbulently for the crypto market, inflicting widespread concern.
Regardless of the ill-fated improvement, just a few tokens noticed notable good points, significantly because the week drew to a detailed. This evaluation highlights the most important altcoin gainers of the final days, together with Sui (SUI), Zcash (ZEC), and Helium (HNT).
Sui (SUI) Worth Heeds Grayscale’s Name
The value of SUI, the native token of the Transfer-programmed Layer-1 blockchain, registered certainly one of its greatest one-day jumps on August 8. Rallying to $0.83, it ends the primary week of August 2024 with a big 28.77% improve.
SUI’s jaw-dropping development is connected to a recent Grayscale announcement. On August 7, the crypto asset administration agency disclosed that it had added SUI and Bittensor (TAO) to its listing of funding belief merchandise.
Earlier than the announcement, SUI’s value was $0.60. Moments later, it skilled a surge in constructive feedback on-line, main the Weighted Sentiment to achieve its highest level year-to-date.
The technical perspective exhibits that SUI skilled a notable 42% value drop earlier than the current restoration. For example, on August 5, the value was as little as $0.46. Nonetheless, the rise above the 20 (blue) and 50 (yellow) EMAs helped validate the bullish development.
Learn extra: 10 Best Altcoin Exchanges In 2024
The Exponential Transferring Common (EMA) tracks development route over time. If SUI’s value had fallen beneath the EMAs, the bullish development would have been unsure.
Though the value has barely retraced, the Transferring Common Convergence Divergence (MACD) signifies that the uptrend may resume. The MACD measures momentum by analyzing the distinction between two transferring averages.
If the MACD studying is above the zero line, as it’s in SUI’s case, momentum is upward. A unfavourable studying suggests the other. If the uptrend continues, SUI may attain $0.90. Nonetheless, if the token encounters rejection, it would fall to $0.71.
Zcash (ZEC) Capitalizes on the Double-Backside
Zcash, a decentralized cryptocurrency that permits customers to realize a excessive stage of privateness, is second on the listing. ZEC joined the listing of the most important altcoin gainers after its value elevated by 24.50% within the final seven days.
At press time, ZEC trades at $37.32. In line with the each day chart, its value jumped after it appeared to have fashioned a double backside. This sample, which suggests a trend reversal, is characterised by a W-shaped motion the place the value rises after hitting two related lows.
As proven beneath, ZEC confirmed the bullish reversal by breaking out of the neckline round $32.54. In the meantime, the Relative Power Index (RSI), which measures momentum, signifies that the token is overbought, with a studying of 71.28.
Usually, an RSI studying of 30.00 or beneath signifies an asset is oversold, whereas readings of 70.00 or above counsel it’s overbought. In consequence, ZEC’s value may retrace, particularly if profit-taking seems.
If this occurs, the worth may fall to $32.96. Nonetheless, if shopping for strain stays sturdy, the token’s value may method $40.
Helium (HNT) Enters the Fold for the Second Consecutive Week
Final week, HNT was one of the biggest altcoin gainers. This week, it’s a part of the group once more, due to a 15.60% improve. The token, which is ranked because the 74th most precious cryptocurrency and trades at $5.88, operates as a Decentralized Bodily Infrastructure Community (DePIN) on Solana.
Helium’s upswing final week was adopted by a steep decline, however the token shortly recovered, forming a V-shaped sample that signifies a powerful rebound.
At the moment, the token trades at $5.90. Nonetheless, the On Stability Quantity (OBV) means that the worth might be increased. OBV measures whether or not the quantity flowing out and in of a cryptocurrency is constructive or unfavourable.
A rise in OBV indicators sturdy shopping for strain, whereas a lower suggests sellers are in management. For HNT, the rising OBV signifies that patrons are at the moment driving the market route.
Learn Extra: Which Are the Best Altcoins To Invest in August 2024?
If shopping for strain continues, HNT could try and retest $6.50. Nonetheless, if promoting strain outweighs shopping for quantity, the token’s value may lower to $5.73.
Disclaimer
In step with the Trust Project pointers, this value evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. All the time 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.