Altcoins

The 3 Altcoins That Saw the Biggest Gains in the Second Week of July 2024

Published

7 months ago

13 July, 2024

Biggest Altcoin Gainers of the Second Week of July 2024

Unlike last week’s performance, altcoins saw notable gains in the second week of July. While there were some surprising inflows, some remained true to general expectations.

According to BeInCrypto’s observations, Notcoin (NOT), Celestia (TIA), and MANTRA (OM) are the three biggest gainers. This analysis explains how this happened and points out a few others that are part of the class.

Notcoin (NOT) Breaks Out of Descending Triangle

With a 42.25% increase over the past seven days, Telegram-based project Notcoin (NOT) is this week’s biggest gainer.

Currently, NOT is trading at $0.014. Between June 4 and July 5, Notcoin’s price increased from $0.027 to $0.0094. In the midst of this 65.78% drop, a descending triangle was formed. Considered a bearish pattern, a descending triangle appears 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, the triangle can sometimes precede an escapeas with Notcoin.

According to the 4-hour chart, bulls observed that the selling pressure weakened when the price reached $0.0094. In turn, they took advantage of the fatigue. Driven by higher demand, Notcoin reached $0.017 on July 8.

Notcoin analysis in 4 hours. Source: TradingView

However, the relative strength index (RSI), which measures momentum, shows that the altcoin has become overbought as the reading rose above 70.00. At press time, the RSI reading has declined, and so has Notcoin’s price

If the momentum continues to decline, NOT is likely to follow a similar direction. If so, the price could drop to $0.012. However, if buying pressure increases, the value of the biggest altcoin gainer could reverse towards $0.016.

Learn more: Notcoin (NOT) Price Prediction 2024/2025/2030

Celestia (TIA) Gains 35% for the First Time in Months

Earlier this week, we reported how Celestia (TIA) broke out of a five-month downtrend after reaching its lowest point since November.

This breakout made TIA the second-biggest 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 towards the last week of June. This was evidenced by the Money Flow Index (MFI). Usually, when the MFI is above 80.00, the concerned cryptocurrency is overbought.

On the other hand, values below or equal to 20.00 indicate that the price is oversold. During the week, the MFI climbed, indicating that TIA deployed more capital. This buying pressure was one of the reasons for the price increase.

TIA Price Rises, Altcoin Gains Celestia Daily Analysis. Source: TradingView

As the price has dropped to $6.62, MFI is about to break above the neutral line. If successful, TIA will return to $7 in a short period of time. Otherwise, the token will approach $6.06.

MANTRA (OM) is once again among the heavyweights

MANTRA (OM) was one of the biggest altcoin winners during the first week of July 2024. Thanks to its 32.05% increase over seven days, it makes a second consecutive appearance.

At the time of press, OM is trading at $1.03. Unlike the other two altcoins mentioned above, MANTRA is maintaining its upward trend.

Analysis shows that the strong support at $0.74 contributed to the token breaking the $0.90 resistance. By forming an ascending channel, it could be on the verge of reaching $1.10. This is also supported by the Awesome Oscillator (AO).

The AO measures momentum using the difference between the 34-period simple moving average (SMA) and the 5-period moving average.

MANTRA wins again in July 2024 MANTRA Daily Analysis. Source: TradingView

Learn more: 11 Cryptos to Add to Your Portfolio Before Altcoin Season

Positive values indicate increasing bullish momentum, while negative values suggest the opposite. At the time of writing, the rating remains positive, suggesting a further uptrend.

If this trend continues, the price of OM will reach near $1.10. Otherwise, the altcoin could fall back to $0.90.

Additionally, other winners of the week include Optimism (OP) — Ethereum’s layer 2 token, Conflux (CFX), and Ronin (RON).

Disclaimer

In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.

Fuente

Altcoins

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Published

6 months ago

29 July, 2024

CoinFlix Staff

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Popular crypto analyst Michael van de Poppe has highlighted his altcoin portfolio approach in light of the new Ethereum ETF. In a recent Youtube videoThe analyst explained the measures he would take for this major market event.

The Ethereum ETF was listed on the stock exchange and it took time to get approval and so far there has been no significant change in price. The analyst pointed out that the long-term effect could be quite significant, comparing it to the situation of the Bitcoin ETF where the initial decline was followed by large inflows.

According to Van de Poppe, the Ethereum ETF’s trading volume on the first day of trading was about 25% of the volume Bitcoin ETF He noted that the first day of trading was marked by low inflation, and said there was a net inflow of $150 million to $160 million, which reduced the available supply.

Altcoins are poised for growth

The analyst said that as Ethereum adoption increases in the future, the supply of Ethereum will decrease, which is a deflationary model. Ethereum is up about 15% since the ETF approval, the broader market reaction has yet to happen as several sell-offs have taken place, including the Grayscale Trust.

Van de Poppe also mentioned other important market events, including the end of Mount Gox The process of repaying creditors initially caused tensions in the markets, but had little effect subsequently. It also highlighted the role of macroeconomic factors, which can lead to Fed rate cuts, which can affect markets.

In this regard, looking at van de Poppe’s strategy, he is still keen to trade within the altcoins of the Ethereum ecosystem. He stated that there is a possibility of short-term price fluctuations that may discourage many people, but the long-term still looks good due to the improvement and adaptation that has been made to Ethereum and its environment.

According to the analyst, substantial inflows could propel Ethereum towards new historic highs with estimates ranging from $5,000 to $7,000. Despite the current market fluctuations, he is confident that macroeconomic changes and greater liquidity will be favorable for altcoins.

He explained that his broad approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis for his optimism comes from the fact that he believes that Ethereum and all associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.

Looking ahead and market adjustments regarding the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on altcoins. He suggested investors stay informed and believe that in the ever-changing world of crypto, they will eventually be rewarded.

Fuente

Altcoins

Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

IntoTheBlock Releases Report on Institutional DeFi Trilemma

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Disclaimer: Blockchain.news provides content for informational purposes only. Under no circumstances shall blockchain.news be liable for any direct, indirect, incidental or consequential damages arising out of the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making any financial decisions.

Fuente

Altcoins

Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

Disclaimer

Fuente

Altcoins

Epic Altcoin Rally Expected for August and September

Published

6 months ago

28 July, 2024

CoinFlix Staff

Crypto analyst predicts massive altcoin rally similar to Q1 2024, urging patience and accumulation.
Bitcoin’s potential as a reserve asset and its technical patterns suggest that it will drive the rise of the cryptocurrency market.

Captain Faibik, a renowned crypto analyst, has created excitement in the cryptocurrency sector with his latest prediction. He indicated that we are on the cusp of a massive altcoin rally, similar to the one we saw in Q1 2024.

We are on the verge of a massive Altcoin rally, similar to Q1 2024📈

Keep accumulating and hold with patience. (Patience will be rewarded)

The majority of #Altcoins have already hit rock bottom and are about to escape.

In my opinion, August-September is going to be epic for Altcoins.🚀🚀#Crypto pic.twitter.com/cMdHagiaYc

— Captain Faibik (@CryptoFaibik) July 24, 2024

Accumulating and Holding Altcoins: The Path to Potential Profits

He stressed the need to accumulate altcoins and hold them patiently, as it will eventually pay off. According to him, the majority of altcoins have already bottomed out and are about to break it. He believes August and September will be epic months for altcoins.

In a chart posted by Captain Faibik, the overall crypto market cap, excluding Bitcoin and Ether, known as TOTAL3, is approaching the upper boundary of a descending channel pattern.

This context suggests a potential breakout and a significant rally towards the $1 trillion mark. Technically, the decline since mid-March is interpreted as a corrective trend for the value of TOTAL3, signaling a preparation to enter a rally structure.

Bitcoin’s influence and legislative developments suggest good prospects for the future

Furthermore, based on sentiment and technical patterns, Bitcoin, the world’s leading cryptocurrency, appears poised to lead the charge in the cryptocurrency market. Bitcoin’s performance often sets the tone for the market as a whole, and a strong move in BTC could trigger a significant rally in altcoins.

Previously, as we have already said reportedSenator Cynthia Lummis said she plans to introduce a bill at the upcoming Bitcoin conference that would require the Federal Reserve to hold Bitcoin as a reserve asset.

If this law passes, the US will treat BTC as a long-term investment rather than selling huge amounts infrequently, which could disrupt the market.

In addition, asset management firm VanEck has proposed a bold scenario in which Bitcoin Price Could Reach $2.9 Million Per BTC By 2050based on its fundamental outlook. Matthew Sigel, head of digital assets at VanEck, and senior investment analyst Patrick Bush noted that their estimate is based on Bitcoin’s adoption as a global medium of exchange and reserve asset.

As Bitcoin price increases, altcoins are expected to gain popularity, indicating the start of a bullish rally shortly after the BTC halving event.

Meanwhile, at the time of writing, the price of BTC was hovering around $67,007.99up 4.67% over the past 24 hours following a short-term correction.