SUI, Zcash (ZEC) and Helium (HNT) outperform everything except memecoins – here’s why
The price of Bitcoin (BTC) has risen 6% over the past seven days, underperforming the broader crypto market, which has seen its overall price rise by about 10% over the same period.
Bitcoin saw modest gains last week for a number of reasons, but there were altcoins that saw double-digit returns during the same period.
Let's take a closer look at three altcoins that outperform Bitcoin.
SUI Books have earned 100%+ profit
SUI (SUI), the thirtieth largest crypto by market value, has outperformed Bitcoin over the past seven days, rising 109% from a low of $0.5349 on August 6.
The SUI rally follows the launch of the Grayscale Sui Trust by Grayscale Investments on August 7. The decision to add SUI to the company's portfolio is considered a vote of confidence in the future, which leads to an increase in the buying pressure witnessed in the purchase. last week.
Related: 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, which is 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 the market is still bullish.
Due to this technical setup, the price of SUI may rise above the 200-day EMA at $0.9944 to revisit the domestic high at $1.118. A breach of this barrier could see the SUI rise to test the April 21 high range at $1.4355 over the next few days.
The HNT of helium is more than 50%.
Hemium HNT price has increased more than 50.98% in the last seven days. According to data from Cointelegraph Markets Pro and TradingView, HNT has risen from its low of $3.47 during the market crash on August 5, rising as much as 104% to reach an intraday high of $7.11 on August 13.
It rose 86.6% to $25.72 million from $13.78 million in the August 6 to August 13 period, underpinning the demand-side movement.
The spike follows announcements by two major US carriers that they are experimenting with offloading mobile traffic to the Helium network, a shift to a decentralized network infrastructure.
The tests showed positive results and are a big step in Helium's mission to decentralize the network infrastructure.
This growth spurred demand for helium, driving up demand and prices.
Technically, HNT's price action has produced a golden cross on the daily chart, indicating that the bullish momentum will continue to push the token higher. The RSI value at 68 from the overbought region reinforces the dominance of the buyers in the market.
The price of HNT may continue to rise, reaching a high of $9.60 by March 2024. A critical close above this level could prompt the bulls to test the multi-year high of $11.16 as their next upside target.
Zcash jumps 51%
Zcash (ZEC) jumped 51.15% in the last seven days, It rose from a low of $29 on August 6 to a high of $44 on August 13. This rally was largely fueled by a push to acquire mixed stocks. (PoS) by Zcash founder, Zoko Wilcox, improving upon joining Shield Labs.
In the year In a blog post on August 10, Wilcox said that after eight years of proof-of-work (PoW) mining, the privacy currency should transition to a proof-of-work and stake protocol.
This development received support from Tyler Winklevoss, co-founder of Gemini Exchange. Winklevoss has openly backed Zcash, describing it as one of the “most important and underrated” crypto projects out there.
The hybrid model aims to solve the problems caused by the PoW mechanism, open up opportunities for ZEC holders to collect and further reduce the indirect supply, stabilize the price and have a positive impact on the value of ZEC.
From a technical point of view, ZEC is at risk of a correction due to overbought conditions. Notably, the token's daily RSI reading has been above 70 since August 9. At the same time, the price is trading near stubborn resistance at $44, which raises the possibility of entering the next correction or consolidation phase.
A pullback from the current level could lead traders to decline to the 23.6% Fibonacci retracement level at $39.68.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
