Top 3 in the first week of August 2024
The first week of August 2024 began with a tumultuous start for the crypto market, leading to widespread apprehension.
Despite the lackluster growth, a few indices made significant gains, especially as the week drew to a close. This analysis highlights the biggest altcoin gains of the last few days, including Sui (SUI), Zcash (ZEC), and Helium (HNT).
The value of Sui (SUI) draws a grayscale call
The price of SUI, the native token of the Move-programmed Layer-1 blockchain, recorded one of its biggest one-day jumps on August 8. At $0.83, it will end the first week of August 2024 with a massive 28.77% gain.
The jaw-dropping growth of SUI is linked to recent grayscale advertising. In the year On August 7, crypto asset management firm SUI and Bittensor (TAO) announced that it has added to its list of investment trust products.
Prior to the announcement, the SUI price was $0.60. Moments later, it was met with an outpouring of positive comments online, sending weighted sentiment to its highest level of the year.
The technical view shows that SUI has seen a significant decline of 42% before its recent recovery. For example, on August 5, the price was as low as $0.46. However, a rise above the 20 (blue) and 50 (yellow) EMAs helped confirm the bullish trend.
Read more: 10 Best Altcoin Exchanges in 2024
An exponential moving average (EMA) tracks the direction of a trend over time. If the SUI price had fallen below the EMAs, the bullish trend would have been uncertain.
Although the price has pulled back slightly, the moving average converging divergence (MACD) indicates that the uptrend may resume. MACD measures momentum by analyzing the difference between two moving averages.
If the MACD reading is above the zero line, as in the case of the SUI, momentum is up. A negative reading indicates the opposite. If it continues to rise, SUI could reach $0.90. However, if the token experiences rejection, it may fall to $0.71.
Zcash (ZEC) capitalizes on the double-bottom
Zcash, a decentralized cryptocurrency that allows users to achieve a high level of privacy, is second on the list. ZEC has joined the list of biggest altcoin gainers after its price increased by 24.50% in the last seven days.
At the time of publication, ZEC is trading at $37.32. According to the daily chart, the price jumped after forming a double bottom. This pattern, which indicates a trend reversal, is characterized by a W-shaped movement in which the price rises after hitting two similar lows.
As shown below, ZEC has confirmed the reversal of the knee by breaking out from the neckline around $32.54. Meanwhile, the Relative Strength Index (RSI), which measures momentum, indicates that the token is overbought, reading 71.28.
Typically, an RSI reading of 30.00 or below indicates that the asset is oversold, while a reading of 70.00 and above indicates that it is overbought. As a result, the price of ZEC may bounce back, especially if profit taking is seen.
If this happens, the value could drop to $32.96. However, if the buying pressure remains strong, the price of the token may reach $40.
Helium (HNT) enters the fold for the second consecutive week
Last week, HNT was one of the biggest altcoin earners. This week, it is once again part of the group thanks to a 15.60% gain. The token, the 74th most valuable cryptocurrency and trading at $5.88, operates as a decentralized physical infrastructure network (DePIN) on Solana.
Helium's rise followed a sharp decline last week, but the signal recovered quickly, forming a V-shaped pattern, indicating a strong recovery.
Currently, the token is trading at $5.90. However, On Balance Volume (OBV) suggests that the value may be higher. OBV measures whether the volume flowing in and out of a cryptocurrency is positive or negative.
An increase in OBV indicates strong buying pressure, while a decrease indicates that sellers are in control. For HNT, the rising OBV indicates that buyers are currently driving the market direction.
Read more: Which are the best Altcoins to invest in August 2024?
If buying pressure continues, HNT may try to retest $6.50. However, if the selling pressure exceeds the buying volume, the price of the token may drop to $5.73.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
