Altcoins are seeing a surge in activity, led by Uniswap’s UNI, SUI, First Neiro on Ethereum (NEIRO), and Worldcoin (WLD). UNI has climbed 19% following the announcement of its new Layer-2 solution, Unichain, which aims to improve scalability and reduce costs.
SUI and NEIRO have also posted impressive gains, with SUI nearing its all-time high and NEIRO benefiting from multiple exchange listings. WLD has regained a $1 billion market cap, but it faces key resistance on its path to $2.5. Despite the recent gains, caution is advised as several tokens are approaching overbought levels, suggesting potential corrections ahead.
Uniswap (UNI)
UNI has seen a significant rise in the past week, climbing roughly 19% following the announcement of its own Layer-2 solution, Unichain.
The market’s positive response to the announcement has driven UNI’s price up, but despite the bullish sentiment, the token seems to be struggling to surpass the resistance at $8.2. The inability to break through this resistance suggests that selling pressure is present, keeping UNI below a critical level for now.
Nevertheless, the announcement of Unichain has certainly invigorated investor interest, which could sustain buying pressure in the days to come.
The EMA lines for UNI remain bullish, indicating that the overall trend is still positive. If UNI maintains its uptrend, it could make another attempt to break through the resistance at $8.2, and if successful, the next target would be $8.6. However, the Relative Strength Index (RSI) for UNI has fallen to 63, down from a high of 81 just a day ago.
This suggests that some of the intense buying pressure has eased, and the market may be cooling off slightly after a period of being overbought. A lower RSI now provides some breathing room for UNI.
That means it could continue to rise without immediately becoming overbought again, but it also highlights the potential for increased volatility. If the current uptrend reverses, UNI may look for support at $7.4 or even as low as $6.6, which would represent a potential 16% decline from its current levels.
Sui (SUI)
SUI has emerged as one of the biggest gainers over the past seven days, with its price increasing nearly 16% during this period. This notable uptick has drawn attention from traders who are capitalizing on the coin’s recent bullish momentum. The EMA lines for SUI remain positive, indicating that the overall trend is still upward.
However, a recent contraction in one of its short-term EMA lines suggests that the strength of the uptrend may be weakening compared to earlier movements. This contraction hints that while there is still buying interest, it may not be as strong as it was. This is potentially signaling a shift towards a more cautious market sentiment.
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Currently, the RSI for SUI stands at 63.43, indicating that the coin is approaching overbought territory, but it still has some room to continue its upward movement. This level of RSI shows that buying pressure is still present, but the market is not yet overheated.
That gives SUI a chance to push higher before reaching critical levels of exhaustion. SUI is now just 5% below its all-time high, which was reached in May 2024. If the uptrend continues, SUI will likely test the resistance at $2.15 and could then attempt to reach a new all-time high at $2.18.
On the other hand, if the current bullish momentum fades, SUI could see a significant correction. That would potentially cause SUI to fall as low as $1.59, representing a possible 22% decline.
NEIRO
NEIRO has experienced a strong surge this week, rising roughly 65% as enthusiasm around the token grows. Having been listed on multiple exchanges in September, NEIRO’s price has almost doubled since then, indicating a wave of growing interest.
The current upward trend has brought NEIRO closer to its all-time high, which appears within reach if the bullish sentiment continues to dominate the market. The listing effect, coupled with recent gains, has reinforced the optimism that NEIRO might soon break into new price levels.
The EMA lines for NEIRO currently indicate a bullish trajectory, suggesting that the coin is in a strong uptrend. Traders and investors are now watching closely as the price approaches a potential new all-time high of $0.00193, which is just 10% away from its current value.
With the EMA lines showing strength, there is growing confidence that NEIRO could continue pushing upward, possibly setting new records. The RSI is also looking quite healthy at 59.55, indicating that the coin is gaining momentum without being overbought.
This could imply that there is still room for more upside in the short term. However, if the uptrend were to reverse, the lack of strong nearby support levels poses a significant risk. A reversal could lead to a sharp correction, with the possibility of NEIRO losing up to 50% of its value in a matter of days.
Worldcoin (WLD)
WLD has made a strong comeback in the altcoins ecosystem, regaining a $1 billion market cap. That happened after its price rose by more than 15% in the last week.
The renewed interest has pushed WLD back into the spotlight as one of the notable gainers in the market. Despite the recent rally, WLD has remained below the $2.5 mark since mid-July, and the prospect of returning to this value hinges on the continuation of its current uptrend.
The ability to maintain upward momentum will be crucial for WLD to reclaim higher price levels. The current movement has been promising, but traders are closely watching whether this momentum can be sustained or if it will run out of steam before reaching significant resistance levels.
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The RSI for WLD is currently at 63.85, suggesting that the asset is approaching overbought conditions, but there is still room for further gains. For WLD to return to $2.5, it is essential to surpass key resistance levels at $1.93, $2, and $2.17. Breaking through these resistance points would increase the likelihood of reaching $2.5, which would be WLD’s highest price since July.
However, if WLD is unable to sustain its current momentum, it could face a significant retracement. If that happens, it would potentially fall to support around $1.52. Such a correction would represent a sharp 21% decline. The next few days will be crucial for determining whether WLD can break through these key resistances or if it will be forced to give up some of its recent gains.
Ethena (ENA)
ENA has risen nearly 7% this week after announcing four key assets for its RWA fund, sparking renewed interest. However, unlike others on this list, ENA’s EMA lines currently appear bearish. That suggests that the recent price surge may not be sustainable.
The long-term EMA lines being above the short-term lines is a bearish indicator. This highlights that the overall trend remains downward despite recent gains.
The RSI for ENA has surged to 73.19, up from 39 in less than a day. That is a signal of a strong buying pressure but also that the asset is now overbought. If the rally continues, ENA could reach $0.42, a potential 27% increase.
However, the bearish EMA and the overbought RSI suggest that a correction could be imminent. That would possibly push the price back down to support levels at $0.27 or even $0.20. Traders should be cautious, as volatility is likely in the near term.
The post Biggest Altcoin Gainers of the Second Week of October 2024 appeared first on BeInCrypto.
