In contrast to last week’s performance, altcoins saw a notable uptick in the second week of July. While there were some surprising entries, some lived up to broader expectations.
According to BeInCrypto’s observations, Notcoin (NOT), Celestia (TIA), and MANTRA (OM) are the top three gainers. This analysis explains how this happened and points out several others in the same tier.
Notcoin (NOT) has broken out of the descending triangle.
Notcoin (NOT), a Telegram-based project, has seen its biggest gains this week, rising 42.25% over the past seven days.
Currently NOT is trading at $0.014. Between June 4 and July 5, the price of Notcoin dropped from $0.027 to $0.0094. A descending triangle was formed amid the 65.78% drop. A descending triangle, considered a bearish pattern, occurs when a cryptocurrency makes a series of lower highs and lower lows.
This pattern shows weakness and indicates that the bulls are no longer in control. However, triangles sometimes precede a breakout, as in the case of Notcoin.
According to the 4-hour chart, the bulls observed that the selling pressure was weakening when the price reached $0.0094. They took advantage of the fatigue. Driven by increased demand, Notcoin reached $0.017 on July 8th.
However, the Relative Strength Index (RSI), which measures momentum, shows that the altcoin is overbought as the reading is above 70.00. At the time of writing, the RSI reading is decreasing and is in line with the price of the Notcoin.
If momentum continues to drop, NOT is likely to follow in a similar direction. In this case, the price may fall to $0.012. However, if buying pressure increases, the value of the largest altcoin gainer may reverse to $0.016.
Read more: Notcoin (NOT) Price Prediction 2024/2025/2030
Celestia (TIA) up 35% for the first time in months
Earlier this week we reported that Celestia (TIA) had broken out of a five-month downtrend after hitting its lowest point since November.
This breakout made TIA the second-largest altcoin gainer in the second week of July. Over the past seven days, TIA’s price has increased by 35.04%.
According to the daily chart, the token was oversold around the last week of June. This was indicated by the Money Flow Index (MFI). Generally, when the MFI is above 80.00, the relevant cryptocurrency is overbought.
On the other hand, readings below 20.00 indicate overheating of selling. The MFI rose during the week, indicating that the capital deployed by TIA increased. This buying pressure was one of the reasons for the price increase.
While the price has dropped to $6.62, the MFI is on the verge of breaking the neutral line. If successful, TIA will rise back to $7 in the short term. Otherwise, the token will approach $6.06.
MANTRA (OM) joins the heavyweights again.
MANTRA (OM) was one of the altcoins that saw the biggest gains in the first week of July 2024. It was listed for the second time in a row thanks to a 7-day gain of 32.05%.
At the time of writing, OM is trading at $1.03. Unlike the other two altcoins mentioned above, MANTRA is maintaining an upward trend.
According to our analysis, the strong support at $0.74 played a significant role in the token breaking the $0.90 resistance. If it forms an ascending channel, it could reach $1.10. This is also supported by the Awesome Oscillator (AO).
AO measures momentum using the difference between a 34-period simple moving average (SMA) and a 5-period one.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
A positive value indicates that the upward momentum is increasing, while a negative value indicates that it is not. As of this writing, the valuation is still positive, which suggests a further uptrend.
If this trend continues, the price of OM will approach $1.10. If not, this altcoin may fall back to $0.90.
Other coins that saw gains this week include Optimism (OP), an Ethereum layer 2 token, Conflux (CFX), and Ronin (RON).
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