For the second consecutive week in July 2024, news surrounding seemingly bullish events continues to breathe life into the prices of altcoins. While several cryptos have benefited from the shifting sentiment, others have grabbed a much larger share.
Unlike last week, the biggest altcoin gainer is a meme coin — dogwifhat (WIF) specifically. However, the other biggest altcoin gainers of the week include Worldcoin (WLD) and Bittensor (TAO).
Dogwifhat (WIF) Defies the Odds, Rallies to Monthly High
WIF’s price increased substantially this week, going up 70.41%. At the beginning of the week, WIF traded around $1.50.
For some time, the meme coins oscillated between $1.50 and $1.70. However, the big break came on July 15 as the Relative Strength Index (RSI) crossed above the signal line.
The RSI measures momentum using the speed and size of price changes. If the reading is below 50.00, a bullish trend may not be validated. But on the mentioned date, the rating jumped above the threshold, confirming it as the top crypto out of the biggest altcoin gainers.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
Currently, WIF is at a crucial point, especially as it has surpassed the sell signal displayed by the Supertrend. Should the token break past the resistance around $2.46, it may reach $2.77 or as high as $3.08.
Meanwhile, Bitcoin’s (BTC) impact on the meme coin’s price is something to watch. If BTC falls, the prediction may be invalidated. If this is the case, WIF may drop toward $2.03.
Worldcoin’s (WLD) Descending Triangle Gives the Price an Upper Hand
WLD secured the second spot on the list of the biggest altcoin gainers in the third week of July 2024. At press time, the token trades at $2.61, representing a 49% hike in the last seven days.
Previously, BeInCrypto explained how the project had changed and extended its token unlock schedule, causing the price to jump.
At one point, Worldcoin’s price was $3.28. Before the surge, the token had formed a descending triangle on the daily chart.
A descending triangle clearly shows that demand for cryptocurrency is weakening, characterized by a series of lower highs and resistance levels. However, once sellers are exhausted, a breakout occurs, and that was the situation with WLD on July 12.
Despite the recent drawdown, the Awesome Oscillator (AO) shows that momentum is increasing again.
If sustained, WLD’s price may rebound, and the next level it could reach is $3.04. But if the opposite happens, Worldcoin may drop to $2.46.
Bittensor (TAO) Recovers After Earlier Shutdown
AI-themed token TAO joined the list of the biggest altcoin gainers after its price increased by 35.40%. After forming an ascending channel on the daily chart, TAO broke the $300 mark for the first time since June 21.
Apart from the pattern, the price growth is connected to the major surge in the price of cryptos with AI fundamentals. As of this writing, TAO’s price is $328.43.
This is a notable recovery after the price fell by 17% the previous week. However, based on the current situation and signals from the On Balance Volume (OBV), the token’s value might not undergo a notable correction.
The OBV measures the difference between the buying volume and selling volume. Since the rating is up, it implies a rise in buying pressure. If sustained, the price of TAO may reach close to $371.21.
Read More: Which Are the Best Altcoins To Invest in July 2024?
However, if the buying pressure decreases, the token’s value may fall, and the possible target could be around $321.48.
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.
