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ThecoinrepublicAltcoins3 Top Cryptos To Watch Out For...
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3 Top Cryptos To Watch Out For This Week: EGLD, OM, NOT

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  • Amid a general crypto market downturn, some altcoins are still going strong.
  • This article analyzes three altcoins (EGLD, OM, NOT) that have been trending upward this week and discusses their potential for future growth.

The altcoin market peaked at $1.462 Trillion by March 14th, 2024, but has been going sideways since then like the larger crypto market. Altcoins recovered after consolidating in response to the April 2024 Bitcoin halving and rose to the $1.387 Trillion level by June 6th, 2024.

However, global talk of an altcoin season has been put aside after the altcoin market cap started to decline from June 7th, 2024, analogous to BTC.

Altcoin Market Capitalization
Altcoin Market Capitalization | Source: CoinGecko

According to Coingecko, at the time of writing, the altcoins market cap stood at $1.029 Trillion and the decline caused many altcoins from the top 100 to meet their lows. Only 4 cryptos have been on the gainers list over the past week.

4 Cryptos For the Win

Out of the 4 cryptos that managed to gain, one appeared to be a gold-backed stablecoin, Tether Gold (XAUT) that ranked 93rd, reflecting a 2.41% weekly price surge. So, excluding XAUT, 3 altcoins gained this week.

Top Crypto Gainers
Top Crypto Gainers | Source: CoinMarketCap

Every investor and trader knows that every big dip gives an opportunity. As a result, many investors are now looking for the next crypto to explode, especially with the crypto verse market yet to peak.

Let’s delve into the price charts of these three altcoins and know why they are in the trend this week and if their price could witness growth in the forthcoming week.

Over the past seven trading days, the MultiversX (EGLD) crypto advanced by 11.73% and is the top gainer. At the same time, the one with the least gains on the list was Notcoin (NOT) (5.44% gain).

What do EGLD, OM, and NOT Show on the Daily Chart?

The MultiversX (EGLD) showcased bullish signs and strong potential as it gradually rose upward. Despite the bearish trend, it performed well last week with a 12.47% surge.

However, the MACD and RSI indicators support this bullish trend, with resistance levels at $37.01 and $45.01. Failing to do so could lead to a drop towards the $22.01 mark.

The Mantra (OM) crypto rose this week with a 8.27% growth. Intraday, it met a high volume-based volume profile resistance. Since it has been trading in a volume profile-based support and resistance, the move could be epic on the daily chart.

Therefore, if it goes higher, it could ascend to $1.10. However, if it declines, it could reach $0.713. The indicators are giving bullish signs, and the 50-day and 200-day EMAs back the price. While the MACD produced a bullish cross with a rising histogram, the RSI flashed at 54.79.

In the last couple of trading session by Sam_TCR on TradingView.com

Notcoin (NOT) broke out from the falling wedge pattern and looks primed for a sharp rise. The RSI has been recovering from oversold to overbought regions.

Therefore, on the run, it could hit the $0.0216 and $0.0265 hurdles. While failing to rise, it could drop to lower levels and end the pattern.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Varuni Trivedi
Varuni Trivedi
Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.
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