Altcoin Winners for the First Week of July 2024.

Talk of altcoin season has died down after the total cryptocurrency market cap briefly fell below $2 trillion. The decline was the result of a wide-ranging price crash that saw many altcoins reach extremely lows that haven’t been seen in weeks, months, and even years.

Despite the steep correction, several cryptocurrencies showed gains in the first week of July. The top five are:

MultiversX (EGLD) Bulls Show Resilience

MultiversX (EGLD), the native token of the new Internet Economy blockchain, has seen a 1.5% increase in the last 7 days. However, it has performed better in the last 24 hours, with the price up 7.15% to trade at $31.42.

Earlier this week, the price of EGLD rose to $32.18. However, on July 3, the price fell to $29.43. Eventually, the bulls failed to defend the support and fell to $27.87.

However, on the 4-hour chart, the bulls formed support near $27 to prevent further declines. As a result, a bullish engulfing candle appeared on the chart, pushing the token value higher.

Also, the token price is above the 20 EMA (blue) and the 50 EMA (yellow). EMA stands for Exponential Moving Average and measures price changes over a period of time.

Read more: What is Altcoin Season? A Comprehensive Guide

If the price is below the short term EMA, the trend is bearish. However, if it is above the indicator, it means that EGLD can continue to rise.

Also, if this happens, the token will go back up to its weekly high of $32.18. However, if the market correction worsens, an invalidation may occur.

MANTRA (OM) Wins After Tokenization Trading

The second on the list of altcoin beneficiaries is MANTRA (OM), a Layer 1 blockchain focused on securing Real-World Assets (RWA).

This week, the price of OM has increased by 11%, trading at $0.78 at the time of writing. Initially, the token price jumped to $0.89 after the project signed a $500 million tokenization agreement.

After that, it fell to $0.74 before the recent recovery. According to the daily chart of OM/USD, the Moving Average Convergence Divergence (MACD) is positive.

MACD is a key technical indicator that helps traders identify trend reversals by comparing the difference between the 26-day EMA (orange) and the 12-day EMA (blue). A positive reading indicates that momentum is strong and prices may move higher.

The opposite happens when the MACD is negative. The reading is in the green zone, which means that the momentum of the OM is bullish. Looking at the Fibonacci correction indicator, you can get an idea of ​​possible price targets.

In the chart above, OM can go up to $0.84, which is the 0.618 Fibonacci level. If buying pressure increases, it will do so. However, if the situation changes, OM can pull back and bring the price back to $0.72.

LayerZero (ZRO) tops the list of altcoin gainers.

LayerZero (ZRO) made a surprise appearance in the list of top altcoin gainers in the first week, largely due to the controversy surrounding its token launch and airdrop distribution.

However, none of the top three altcoin gainers are even close to ZRO, which is trading at $3.32 and is up 29.30% this week.

According to the 4-hour chart, ZRO was oversold on July 5. During this period, the Relative Strength Index (RSI), which measures momentum, was below 30.00. Chaikin Money Flow (CMF), which tracks accumulation and distribution, confirms the selling pressure at that time.

However, at the time of writing, it appears that traders are accumulating tokens, as indicated by the CMF readings. The RSI is also on the verge of jumping above the neutral level of 50.00.

Read more: What are the best altcoins to invest in in July 2024?

If this happens and the CMF rises to the positive zone, the price of ZRO could reach $3.45 in the short term. However, if it fails to reach the above-mentioned zone, the prediction could be invalidated. If this happens, ZRO could fall to $3.07.