Altcoin Gainers of the Third Week of August 2024: Top 3 Cryptos

The
third
week
of
August
2024
has
surprised
the
crypto
market,
with
some
of
the
biggest
altcoin
gainers
being
tokens
that
previously
suffered
significant
losses.

Notably,
many
altcoins
within
the
top
100
by
market
capitalization
are
closing
the
week
in
the
green.
Here’s
a
look
at
the
top
three
outperformers,
what
drove
their
gains,
and
what
might
come
next.

Polygon
(MATIC)

Last
Friday,
Polygon’s
(MATIC)
price
was
$0.40.
As
of
now,
the
token
has
surged
by
32.50%
over
the
past
seven
days,
reaching
$0.53,
making
it
one
of
the
top-performing
altcoins.

MATIC’s
impressive
recovery
is
likely
linked
to
increased
whale
accumulation.
Typically,
a
rise
in
large-scale
purchases
by
whales
boosts
a
cryptocurrency’s
price,
and
that
seems
to
be
the
case
here.
Additionally,
anticipation
surrounding
the
upcoming
token
migration
to
POL
may
have
sparked
renewed
demand
and
optimism.

Technically,
MATIC’s
breakout
was
driven
by
a
falling
wedge
formation.
A
falling
wedge
is
a
bullish
pattern
where
two
downward-sloping
trendlines
—
representing
lower
highs
and
lower
lows
—
converge.
As
buyers
step
in
to
slow
the
decline,
a
reversal
occurs,
as
seen
with
MATIC.

The
Moving
Average
Convergence
Divergence
(MACD)
is
also
positive,
confirming
upward
momentum.
The
MACD,
a
trend
and
momentum
indicator,
signals
bullish
momentum
when
in
positive
territory,
supporting
the
ongoing
price
recovery.

Read
more: 10
Best
Altcoin
Exchanges
In
2024

If
the
trend
continues,
MATIC
could
extend
its
rally
toward
$0.56.
Following
the
POL
migration
on
September
4,
a
further
jump
to
$0.672
is
possible.
However,
if
the
event
triggers
a
“sell
the
news”
reaction,
MATIC’s
price
might
drop
to
$0.46
instead.

Artificial
Superintelligence
Alliance
(FET)

After
several
weeks
of
decline,
FET’s
price
increased
by
26%
within
the
last
seven
days,
helping
it
to
make
this
coveted
list.
On
August
3,
the
token
fell
below
$1
despite
cheers
around
the
merger
with
the
Artificial
Superintelligence
Alliance. 

The
initial
stages
of
the
merger
were
challenging.
However,
increased
accumulation
since
the
last
phase
began
has
been
crucial
to
the
recent
price
pump.

FET
is
currently
trading
at
$1.07,
with
the
recent
uptick
likely
fueled
by
increased
capital
inflow.
On
the
daily
chart,
the
Money
Flow
Index
(MFI)
is
at
its
highest
level
since
the
start
of
August.
This
surge
indicates
that
the
price
rise
is
supported
by
significant
buying
volume,
reflecting
strong
investor
interest
and
market
participation.

If
sustained,
the
altcoin’s
price
could
hit
a
cumulative
69%
increase
from
the
bullish
defense
at
$0.78.
However,
the
token
also
faces
potential
resistance
at
$0.15.
If
bulls
fail
to
break
above
this
region,
FET’s
price
might
retrace
to
$0.92.

BitTorrent
(BTT)

BitTorrent
(BTT),
a
cryptocurrency
designed
to
support
the
largest
decentralized
peer-to-peer
(P2P)
data-sharing
network,
ranks
among
the
biggest
altcoin
gainers
this
week.
The
coin’s
recent
surge
is
largely
tied
to
the
broader
performance
of
Justin
Sun-related
cryptos.

Sun,
the
founder
of
the
Tron
blockchain,
acquired
BitTorrent
in
2018.
Since
then,
BTT’s
price
has
often
mirrored
developments
involving
Sun.
This
time,
the
launch
of
SunPump,
rising
meme
coin
prices
on
Tron,
and
TRX’s
price
increase
contributed
to
BTT’s
strong
performance.
On
August
21,
BTT’s
trading
volume
spiked
by
over
200%,
signaling
renewed
interest
in
the
token.

Currently,
BTT
trades
at
$0.00000093,
its
highest
level
since
June
16.
Two
days
ago,
it
briefly
hit
$0.0000010,
reaching
a
historically
significant
supply
zone
that
requires
substantial
buying
pressure
to
break.
As
seen
on
the
daily
chart,
bulls
failed
to
maintain
momentum
at
that
level,
leading
to
a
rejection.

The
Relative
Strength
Index
(RSI)
also
hit
the
overbought
threshold
of
70.00,
prompting
a
retracement.
The
RSI
is
a
key
indicator
that
measures
market
momentum
and
identifies
overbought
or
oversold
conditions.

Read
more: 11
Cryptos
To
Add
To
Your
Portfolio
Before
Altcoin
Season

Readings
below
30.00
on
the
Relative
Strength
Index
(RSI)
indicate
that
an
asset
is
oversold,
while
those
above
70.00
suggest
it
is
overbought.
Additionally,
the
Cumulative
Volume
Delta
(CVD),
which
tracks
buying
and
selling
pressure,
shows
that
sellers
currently
dominate.

If
this
trend
persists,
BTT’s
price
could
decline
to
$0.00000085.
However,
bullish
sentiment
surrounding
Sun-related
altcoins
might
reverse
the
situation,
potentially
pushing
the
token’s
value
up
to
$0.00000098.