The first week of September 2024 saw altcoins struggle to achieve significant gains as the broader market stayed relatively quiet. However, a few assets from the top 100 by market capitalization managed to defy the trend, registering gains due to market interest and notable developments.
Among these are Helium (HNT), Starknet (STRK), and Uniswap (UNI), all of which have recorded notable upticks.
Helium (HNT)
HNT, the native token of Helium, the decentralized blockchain for the Internet of Things, climbed 19%. BeInCrypto’s analysis revealed no major developments behind the rise, similar to a pattern observed in August with other altcoin gainers.
From a technical perspective, the On Balance Volume (OBV) has been climbing since late August. OBV tracks cumulative volume to gauge buying and selling pressure; a drop indicates higher selling volume.
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The rising OBV on the daily chart suggests increased accumulation, which played a key role in HNT’s rise above $8. If buying pressure continues, HNT could reach $8.51. However, if interest in the token weakens, its price may drop to $6.88.
Starknet (STRK)
STRK, the native cryptocurrency of the Ethereum Layer-2 blockchain, made a surprising appearance among the top altcoin gainers this week. Since its launch, STRK had struggled to post significant price gains.
However, the token surged to $0.40 shortly after Ethereum co-founder Vitalik Buterin transferred over 2 million STRK tokens to a new wallet. Currently, the altcoin is trading at $0.43, after briefly dipping to $0.39.
The Bull Bear Power (BBP) indicator shows that bullish momentum has once again surpassed bearish pressure, suggesting another potential upswing. Additionally, STRK has broken above its descending trendline, further supporting the bullish outlook.
If sustained, STRK’s price might jump to $0.48. On the other hand, the cryptocurrency risks falling to an all-time low if it breaks below the support at $0.35.
Uniswap (UNI)
UNI’s inclusion in the biggest altcoin gainers list is connected to the blockchain protocol settlement with the Commodities Futures Trading Commission (CTFC). Moments after the development, the price jumped to $6.40, bringing the cumulative weekly increase to 8%.
As of this writing, UNI is trading at $6.22, having dropped from its weekly peak. On the daily chart, the altcoin is close to slipping below the 20-day Exponential Moving Average (EMA).
Typically, breaking above the EMA signals a bullish trend, but if UNI falls below this level, the price could dip below $6 and reach $5.60. The Relative Strength Index (RSI) also points to bearish momentum, reinforcing this downward outlook.
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However, if a positive development for UNI emerges, this prediction could be invalidated, potentially pushing the price up to $6.91.
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-first-week-september/
2024-09-07 19:54:11
