Altcoin prices took a step back from the significant hikes this week, unlike the third week of July 2024. However, this does not imply the absence of a few exceptions.
Even though the uptick is not evenly spread, some of the usual suspects remain present. However, the list of gainers for the last week of July is interesting as there are entirely new entries compared to the previous weeks.
cat in a dogs world (MEW) Is Changing the Theme on Solana
Things change very fast in the crypto market, and the emergence of MEW as the top altcoin gainer proves that. cats in a dogs world is a cat-themed meme coin built on the Solana blockchain.
This week, the price of MEW, as it is commonly called, stunned the market and jumped by 85.68%. When compared with other dog-themed meme coins like Bonk (BONK) and dogwifhat (WIF), there is an incredible difference.
The outstanding rise in MEW’s price strengthens the speculation that meme coin dominance on Solana is shifting from the dogs to the cats. It also agrees with the opinion that meme coins will likely dominate the altcoin season.
Another altcoin backing this sentiment is Popcat (POPCAT), whose price also notes an incredible rise. At press time, MEW trades at $0.0072, representing a notable drop from the weekly high of $0.0087.
Read More: Which Are the Best Altcoins To Invest in July 2024
Despite the recent drawdown, MEW’s price may soon rebound. This is because of the signs shown by the Moving Average Convergence Divergence (MACD), a trend-following momentum indicator that uses moving averages to determine price acceleration or deceleration.
As seen in the chart above, the MACD is positive on the daily chart. Therefore, if buying pressure returns, the value of the cryptocurrency may rise to $0.0087 again. However, if profit-taking increases, the bullish prediction may be invalidated, and MEW may drop to $0.0065.
Helium (HNT) Rises, But May Slow Down
HNT, the native token of Helium, a decentralized blockchain-powered network, is one of the top-performing altcoins.
At press time, HNT trades at $5.30 after noting a 23.76% increase in the last seven days. According to the daily chart, HNT experienced a decline on July 16, as the price fell to $3.57. This was the start of the uptrend, which saw the price ascend to $6 earlier.
However, Helium’s price risks a decline, according to signals from the Relative Strength Indicator (RSI). The RSI measures momentum and shows whether an asset is overbought or oversold. A reading of 70.00 or above means it is overbought, while those at 30.00 or below are overbought.
As of this writing, HNT is overbought, suggesting that a retracement could be next for the token. Consequently, the value of the altcoin may drop to $4.79. However, if buying pressure increases, the price could attempt to retest $6.
Pyth Network (PYTH) Looks Ready to Grab More Greens
Recently, BeInCrypto reported that PYTH’s Open Interest reached a two-week high, confirming that much attention has been paid to the altcoin. In the past seven days, the token price has risen by 15.12%, making it one of the top altcoin gainers of the last week of July 2024.
Unlike HNT, PYTH’s price may continue to hit new highs. This is because of the signs shown by two indicators — the Parabolic SAR and the Chaikin Money Flow (CMF).
The CMF shows if a token is experiencing a lot of moment flow or not. If it increases, then there will be a good level of accumulation. Should it decrease, it means participants are distributing. For Pyth, it is the former, suggesting that the price could hit a higher value.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
The Parabolic SAR, on the other hand, determines trend direction using a stop and reverse method. Put simply, the price tends to reverse downward if the dotted lines are above it. But in PYTH’s case, the dotted lines are below the price.
Should this continue, PYTH’s price may jump to $0.39 or reach $0.44 in the short term. However, if token holders begin to distribute, the price can fall to $0.33.
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.
