Altcoins have faced challenges throughout much of 2024, but the second week of September brought some relief for certain cryptocurrencies.
While many of the top 10 altcoins saw only modest gains, others captured significant market attention. This week’s standout performers include Quant (QNT), Fetch.ai (FET), and Fantom (FTM), which emerged as the biggest altcoin gainers.
Quant (QNT)
Quant (QNT) is one of the biggest altcoin gainers, as its price climbed by 26.70% over the last seven days. The notable price increase is linked to the regulatory greenlight the crypto project received to allow staking on the Overledger platform on the Quant ecosystem.
The development caused a surge in QNT’s Open Interest, indicating that market participants engaged in extensive speculative activity around the token.
At press time, QNT is trading at $76.18. The daily chart shows the Moving Average Convergence Divergence (MACD) in positive territory, signaling bullish momentum.
If this trend continues, QNT’s price could rise toward the target of $91.16. However, if profit-taking occurs, this prediction could be invalidated, potentially leading the token to drop to the $69.13 support level.
Read more: 10 Alternative Crypto Exchanges After Bybit Exits France
Artificial Superintelligence Alliance (FET)
FET’s price recorded an extensive 26% rally due to the launch of AI features on the iPhone and some developments around OpenAI.
On the daily chart, FET has a strong support close to $1.06. Due to this, the altcoin might not drop below the $1 threshold anytime soon. However, FET faces resistance at $1.38, which could hinder the continuation of the uptrend.
Furthermore, the Balance of Power (BoP) trended downwards, indicating that sellers’ strength is much greater than that of buyers. Considering this outlook, FET’s price might decline to $1.14 in the short term.
However, the token might resist downward pressure if buyers outpace sellers. If that happens, FET’s price could rise toward $1.85, potentially positioning it among the biggest altcoin gainers of the coming week.
Fantom (FTM)
FTM’s price recently dipped to $0.47, but its seven-day performance still reflects a 23% increase.
The daily chart shows a surge in capital inflow, as indicated by the Money Flow Index (MFI). This spike in capital was one of the key factors that initially drove FTM’s price to $0.51.
Read more: Which Are the Best Altcoins To Invest in September 2024?
After encountering resistance at $0.49, FTM could see a 13% correction, potentially dropping to $0.41. However, if another round of capital inflow occurs, the token may avoid this decline and instead rally to $0.58.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Victor Olanrewaju
https://beincrypto.com/altcoin-gainers-second-week-september/
2024-09-13 18:14:45
