Third Week of August 2024 Altcoin Gainer: Top 3 Cryptos

The third week of August 2024 took the crypto market by surprise, with some of the biggest altcoin earners being tokens that had previously experienced heavy losses.

In particular, many altcoins in the top 100 by market capitalization will close during the green week. Check out three of the best, what's driven their success, and what's coming next.

Polygon (MATIC)

Last Friday, Polygon (MATIC) price was $0.40. So far, the token has increased by 32.50% in the last seven days, reaching $0.53, making it one of the top performing altcoins.

MATIC's remarkable recovery is likely related to increased whale stocks. Traditionally, an increase in purchases by big whales drives up the price of a cryptocurrency, and it appears to be the case here. Additionally, the speculation surrounding the upcoming token migration to POL may have sparked renewed interest and optimism.

Technically, the MATIC breakout is actuated by a falling wedge shape. A falling wedge is a large pattern in which two downtrends – representing lower highs and lower lows – converge. As buyers move in to slow the decline, the reverse occurs as seen by MATIC.

The Moving Average Consolidation Divergence (MACD) is also positive, confirming the upward momentum. The MACD, a trend and momentum indicator, is in positive territory, which supports continued price recovery.

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If the trend continues, MATIC may extend its rally to $0.56. Following the pole move on September 4th, a further jump to $0.672 is possible. However, if the event triggers a “news sell” reaction, MATIC's price could drop to $0.46 instead.

Artificial Superintelligence Federation (FET)

After several weeks of declines, FET prices are up 26% in the past seven days. On August 3rd, the token fell below $1 despite the euphoria surrounding the merger with the Artificial Superintelligence Alliance.

The early stages of integration were challenging. However, the increased inventory from the previous quarter was crucial to the recent price pump.

FET is currently trading at $1.07, likely due to the recent increase in capital inflows. On the daily chart, the Money Flow Index (MFI) is at its highest level since early August. This increase indicates that inflation is supported by higher buying volume, which reflects strong investor interest and market participation.

If it continues, the altcoin's price could hit a 69% increase from the breakout barrier to $0.78. However, the token faces potential resistance at $0.15. If bulls fail to break above this range, FET price may return to $0.92.

BitTorrent (BTT)

BitTorrent (BTT), designed to support the largest decentralized peer-to-peer (P2P) data sharing network, was among the biggest altcoin earners this week. The recent rise of the coin is mainly tied to the performance of cryptos associated with Justin Sun.

Tron blockchain founder Sun acquired BitTorrent in 2018. Since then, BTT's price has often reflected developments involving solar. During this period, the launch of SunPump, the increase in the price of Memcoin on Tron and the increase in the price of TRX contributed to the strong performance of BTT. In the year On August 21, BTT's trading volume increased by more than 200%, indicating renewed interest in the token.

Currently, BTT is trading at $0.00000093, its highest level since June 16th. Two days ago, they briefly hit $0.0000010 and reached a historically significant supply zone, which calls for a break of buying pressure. As seen on the daily chart, the bulls failed to sustain momentum at that level, resulting in a decline.

The Relative Strength Index (RSI) also hit the overbought 70.00 level, making a resurgence. RSI is a key indicator that measures market momentum and identifies overbought or oversold conditions.

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On the Relative Strength Index (RSI), a reading below 30.00 indicates that an asset is oversold, while a reading above 70.00 indicates that it is overbought. Additionally, Cumulative Volume Delta (CVD), which tracks buying and selling pressure, shows that sellers are currently dominant.

If this trend continues, BTT price may drop to $0.00000085. However, the bullish sentiment surrounding solar-related altcoins could change the situation, pushing the token's price up to $0.00000098.