Altcoin prices took a step back from their significant gains this week, unlike the third week of July 2024. However, that doesn’t mean there weren’t some exceptions.
While the gains were not evenly distributed, there were still some of the usual suspects. However, the list of gainers for the last week of July is interesting because there were some completely new entries compared to previous weeks.
The Dog in the Cat World (MEW) is changing Solana’s theme
The cryptocurrency market is a fast-moving one, and MEW, the biggest altcoin to ever rise, is proof of this. Cats in a Dogs World is a cat-themed meme coin built on the Solana blockchain.
This week, the price of MEW (commonly called MEW) surprised the market, jumping by 85.68%. This is a huge difference when compared to other dog-themed meme coins such as Bonk (BONK) and dogwifhat (WIF).
The notable rise in the MEW price reinforces the speculation that the dominance of meme coins on Solana is shifting from dogs to cats. It also aligns with the opinion that meme coins are likely to dominate the altcoin season.
Another altcoin that supports this sentiment is POPCAT, which is also seeing a massive price surge. At the time of writing, MEW is trading at $0.0072, down significantly from its weekly high of $0.0087.
Read more: What are the best Altcoins to invest in in July 2024?
Despite the recent decline, the price of MEW may soon rebound. This is due to the signal given by the Moving Average Convergence Divergence (MACD). The MACD is a trend-following momentum indicator that uses moving averages to determine price acceleration or deceleration.
As you can see in the chart above, the MACD is positive on the daily chart. Therefore, if buying pressure returns, the value of the cryptocurrency may rise again to $0.0087. However, if profit taking increases, the bullish prediction may be invalidated and MEW may fall to $0.0065.
Helium (HNT) Rising, But May Slow Down
HNT, the native token of Helium, a decentralized blockchain-based network, is one of the best performing altcoins.
At the time of writing, HNT is trading at $5.30 after rising 23.76% over the past 7 days. According to the daily chart, HNT was in a downtrend on July 16, with the price dropping to $3.57. This was the start of an uptrend, with the price rising to $6.
However, according to the Relative Strength Indicator (RSI) signal, the price of Helium is at risk of falling. The RSI measures momentum and shows whether the asset is overbought or oversold. A reading above 70.00 indicates overbought, while a reading below 30.00 indicates overbought.
At the time of writing, HNT is overbought, which suggests that the next rally for the token is likely. As a result, the value of this altcoin may drop to $4.79. However, if buying pressure increases, the price may attempt to retest $6.
Pyth Network (PYTH) seems ready to get more green
Recently, BeInCrypto reported that PYTH’s open interest hit a two-week high, confirming the huge interest in this altcoin. Over the past seven days, the token’s price has increased by 15.12%, making it one of the top performing altcoins in the last week of July 2024.
Unlike HNT, the price of PYTH can continue to hit new highs. This is due to signals from two indicators: Parabolic SAR and Chaikin Money Flow (CMF).
CMF shows whether the token is experiencing a lot of moment flow. If it is increasing, there will be a good level of accumulation. If it is decreasing, it means that participants are distributing. In the case of Pyth, it is the former, suggesting that the price may reach a higher value.
Read more: 7 Popular Meme Coins and Altcoins That Will Trend in 2024
On the other hand, Parabolic SAR uses the stop and reversal method to determine the trend direction. Simply put, if the dotted line is above the price, the price tends to reverse downwards. However, in the case of PYTH, the dotted line is below the price.
If this continues, the price of PYTH may jump to $0.39 or even reach $0.44 in the short term. However, once token holders start distributing, the price may drop to $0.33.
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