It is worth noting that many altcoins from the TOP-100 market capitalization end the week in the positive. Here are the top three altcoins – we analyze the reasons for their growth and future price scenarios.
Polygon (MATIC)
Last Friday, Polygon (MATIC) traded at $0.40. The token is currently up 32.50% in the last seven days to reach $0.53. This makes it one of the best altcoins of recent times.
The dramatic improvement in MATIC is likely due to increased hoarding by whales. Generally, an increase in whale purchases increases the price of cryptocurrency, which was the case in this case. In addition, the anticipation of the future migration of tokens to POL may have sparked renewed interest and optimism.
Technically, the MATIC breakout was caused by a falling wedge formation. A falling wedge is an ascending pattern where two converging trend lines representing lower highs and lower lows converge. When buyers begin to slow the decline, a reversal and breakout occurs. This is exactly what happened with MATIC.
The MACD (Moving Average Convergence Divergence) indicator is also positive, which confirms the upward dynamics. MACD, a trend and momentum indicator, signals bullish momentum when it is in positive territory. However, this supports the current price recovery. #MACD #matic
Most Popular Altcoins: Artificial Super Intelligence Alliance (FET)
After several weeks of decline, the price of FET has increased by 26% in the last seven days. This earned it a place in our TOP 3 list of the best altcoins last week. On August 3, the token fell below $1, despite the enthusiasm surrounding its merger with the Artificial Superintelligence Alliance.
The initial stages of the merger were difficult. However, the increase in accumulation since the beginning of the last phase has been crucial to the current rally cFET is currently trading at $1.07, with the recent rally likely driven by increased capital flows. On the daily chart, the Money Flow Index (MFI) is at its highest level since early August. This increase indicates that price growth is supporting significant buying volumes, reflecting strong investor interest and market engagement.
If this trend continues, the price of the altcoin could rise a total of 69% from the $0.78 support. However, the token also faces potential resistance at $1.15. If the bulls fail to break through this area, the FET price could fall to $0.92. #FET
BitTorrent (BTT)
BitTorrent (BTT), the cryptocurrency designed to support the largest decentralized peer-to-peer (P2P) data sharing network, entered the TOP 3 best performing altcoins in the third week of August. The recent rise in the price of this coin is largely due to the overall performance of Justin Sun-related cryptocurrencies.
Sun, the founder of the Tron blockchain, acquired BitTorrent in 2018. Since then, the price of#BTThas often been sensitive to events related to the Sun. This time around, the launch of SunPump , rising memcoin prices on the Tron network, and rising TRX prices contributed to BTT's strong price action. On August 21, BTT trading volume increased by more than 200%, signaling renewed interest in the token. BTT is now valued at $0.00000093, the highest level since June 16. Two days ago, it briefly touched $0.0000010, reaching a historically important supply zone that needs significant pressure from buyers to break through. As you can see on the daily chart, the bulls failed to sustain the momentum at this level, leading to a failure.
The Relative Strength Index ( RSI ) also reached the overbought level of 70.00, leading to a correction. RSI is a key indicator that measures market dynamics and identifies overbought or oversold conditions
.Relative Strength Index (RSI) readings below 30 mean that the asset is undervalued. However, values above 70 indicate that it is overvalued. Additionally, the Cumulative Volume Difference (CVD) shows that the sellers are currently dominating.
If this trend continues, BTT price may fall to $0.00000085. However, positive sentiment for Sun-related altcoins could turn things around. This can increase the value of the token to $0.00000098.
