The Bitcoin (BTC) price has risen by 6% over the past seven days, which is less than the overall cryptocurrency market, which has gained about 10% in total value over the same period.
Bitcoin has seen some upside over the past week for a number of reasons, but there are also altcoins that have delivered double-digit gains over the same period.
Let’s take a closer look at three altcoins that are outperforming Bitcoin.
SUI has recorded 100%+ returns.
SUI (SUI), the 30th largest cryptocurrency by market cap, has outperformed Bitcoin over the past seven days, rising 109% from a low of $0.5349 on August 6 to a five-week high of $1.118 on August 12.
The SUI rally follows Grayscale Investments’ launch of the Grayscale Sui Trust on August 7. The decision to add SUI to the firm’s portfolio was seen as a vote of confidence in the token’s future, leading to increased buying pressure last week.
relevant: Price Analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
From a technical perspective, SUI has established strong support at $0.86, between the 50-day exponential moving average (EMA) at $0.8096 and the 100-day EMA at $0.9086.
The Relative Strength Index (RSI) is in positive territory at 64, indicating that market conditions are still bullish.
As a result of this technical setup, the price of SUI may rise above the 200-day EMA of $0.9944 and re-test the local high of $1.118. A break above this barrier could push SUI higher and re-test the April 21 high of $1.4355 in the coming days.
Helium’s HNT has risen by more than 50%.
Hemium’s HNT price has surged by over 50.98% over the past seven days. According to data from Cointelegraph Markets Pro and TradingView, HNT has risen from its recent low of $3.47 reached during the market crash on August 5 to an intraday high of $7.11 on August 13.
Demand-side activity intensified further, with volumes increasing 86.6% from $13.78 million to $25.72 million between August 6 and August 13.
The surge follows a major announcement that two major U.S. carriers are conducting trials to offload mobile traffic onto the Helium network, which could potentially lead to a shift toward more decentralized network infrastructure.
The test results were positive and represent an important step toward Helium’s mission to decentralize network infrastructure.
These developments have rekindled interest in helium, driving up demand and prices.
Technically, the HNT price action has formed a golden cross on the daily chart, indicating that strong bullish momentum could continue to drive the token higher. The RSI value of 68, which is close to the overbought zone, reinforces the dominance of buyers in the market.
HNT price could continue its uptrend and rise to the March 2024 high of $9.60. A decisive close above this level could see the bulls retest the multi-year high of $11.16 as their next upside target.
Zcash up 51%
Zcash (ZEC) has gained 51.15% over the past seven days, rising from a low of $29 on August 6 to an intraday high of $44 on August 13. The rally was largely fueled by Zcash founder Zooko Wilcox joining Shielded Labs to push for a hybrid proof-of-stake (PoS) upgrade.
After eight years of using proof-of-work (PoW) mining, privacy currencies should transition to proof-of-work and proof-of-stake protocols, Wilcox said in an August 10 blog post.
The development was supported by Tyler Winklevoss, co-founder of Gemini Exchange. Winklevoss is an outspoken supporter of Zcash, describing it as one of the “most important and underrated” cryptocurrency projects.
The hybrid model aims to solve the problems caused by the PoW mechanism, provide staking opportunities for ZEC holders, further reduce the circulating supply, stabilize value, and have a positive impact on the ZEC price.
From a technical perspective, ZEC is at risk of a correction due to overbought conditions. In particular, the daily RSI reading of the token has been above 70 since August 9. At the same time, the price is trading near the stubborn resistance level of $44, which increases the possibility of a correction or consolidation phase next.
In case of a decline from current levels, traders expect a drop to $39.68, which is the 23.6% Fibonacci correction level.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.