In the last seven days, several altcoins have surged impressively, each recording notable gains not seen in a long while. This remarkable uptrend highlights a shift in market sentiment and the potential for lucrative opportunities from the cryptocurrencies listed in the top 100.
While many of these altcoins saw increased demand, this analysis focuses on the top five that stood out, registering at least 30% price increases — Bittensor (TAO), Immutable (IMX), Sui (SUI), Sei (SEI), and Aptos (APT).
Bittensor (TAO)
TAO, the native token of Bittensor, a blockchain-based machine learning network, has risen by 95% in the past week. This incredible performance makes the AI-themed token one of the highest-gaining altcoins in the past week.
TAO’s price increase is linked to an all-inclusive rally in AI-based cryptocurrency. Some of the major catalysts could also be connected to the Grayscale TAO trust and several recent developments in artificial intelligence sector.
From a technical point of view, the daily chart revealed that the cryptocurrency had formed an inverse head-and-shoulder pattern earlier. This bullish pattern was crucial in helping TAO sustain the $298.07 support and bounce above the $349.75 resistance.
Currently, TAO is priced at nearly $570, but the Relative Strength Index (RSI) signals it is overbought with a reading above 70. This could lead to a retracement to $484.13 as holders may take profits.
However, the Moving Average Convergence Divergence (MACD) remains positive, showing continued bullish momentum. If this trend persists, it could prevent a pullback. In that case, TAO’s price might rally toward $700 instead of declining.
Immutable (IMX)
Immutable (IMX), known as the first Layer-2 scaling solution on Ethereum (ETH), ranks second among altcoins with over a 30% gain in the past week.
IMX saw a price increase of 43% during this period but hit resistance at $1.80, leading to a retracement to $1.75, its current trading price. The Bull Bear Power (BBP) on the daily chart indicates that bulls are prepared to push IMX higher once again.
Read more: 10 Best Altcoin Exchanges In 2024
If validated, the cryptocurrency’s value could rally to $1.95. However, Immutable is scheduled to unlock 32.47 million tokens on October 4. This projected supply shock could halt IMX’s anticipated hike. If that is the case, IMX’s price could decline to $1.55.
Sui (SUI)
SUI, the native cryptocurrency of the layer-1 blockchain, has not only performed well over the past week but has also been one of the altcoins with a staggering 30-day performance.
In the last seven days, SUI’s price has increased by 40% and is currently $1.55. Meanwhile, the daily SUI/USD chart flashes a rise in the Money Flow Index (MFI). This hike indicates a surge in buying pressure. However, the MFI can also tell when a crypto is overbought or oversold.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Readings below 20.00 means it is oversold. However, at press time, the reading is above 80.00, indicating that SUI is overbought. Thus, the token could experience a drawdown to $1.37 as it faces resistance at $1.59.
Alternatively, if bulls continue to show strength, SUI’s price could break above the resistance. If that happens, the altcoin could jump to $1.88 and eventually hit the $2 mark.
Sei (SEI)
Knows as one of the fastest Layer-1 blockchains, Sei’s native token is one of the altcoins that has increased by more than 30%. Currently trading at $0.36, SEI formed an ascending triangle on the daily chart between August 26 and September 17. Eventually, the token broke above the triangle, validating a price increase, which helped SEI climb by 33%.
A look at the daily chart revealed that the Awesome Oscillator (AO) flashed rising green histogram bars. This rise indicates increasing upward momentum for SEI, possibly leading to a $0.42 in the short term.
However, traders need to be cautious as bears could tug the price back. If that happens, SEI’s price might decline to $0.31.
Aptos (APT)
Another Layer-1 project that has performed significantly in the past week is Aptos (APT). In the last seven days, its price has increased by 32%. While the price initially dropped by 22%, technical analysis shows that a golden cross was vital to the token’s recovery.
A golden cross occurs when the shorter EMA crosses above the longer EMA. As seen below, the 20 EMA (blue) rose past the 50 EMA (yellow) on September 20. Due to this, the price jumped to $8.25.
As of this writing, APT has retraced to $7.93. If the current EMA positions hold, the price could bounce to $8.83 in the short term. However, if a death cross forms (where the longer EMA moves above the shorter one), Aptos’ price might drop to $6.83.
The post These 5 Altcoins Are Up More Than 30% in the Past Week appeared first on BeInCrypto.
