Altcoins with the strongest price increase in the second week of August 2024

The altcoin market has seen a mix of gains and losses this week. While some assets are showing signs of weakness, others have made gains and are looking to extend their gains.

Among the top 100 cryptocurrencies by market Capital , SATS (1000SATS), Fantom (FTM), and THORChain (RUNE) have recorded the most notable gains this week.

#1. SATS (1000SATS)

1000SATS, a Token created as a tribute to Bitcoin founder Satoshi Nakamoto, is currently trading at $0.00029. Over the past week, its value has increased by 20%, making it the asset that has gained the most in this period.

Analysis of the daily chart shows that 1000SATS has been trading within an ascending channel, which it broke out of on August 12 and 13. This pattern, formed by two parallel lines trending up, is usually a bullish signal, where the upper line represents resistance and the lower line indicates support.

However, the recent price increase has caused some 1000SATS holders to sell for profit, causing the Token 's price to fall below the channel's support line. When an asset falls below this level, it shows that buyers are unable to maintain support, suggesting that the uptrend is weakening and selling pressure is increasing.

If this trend continues, 1000SATS could give up some of its recent gains and drop to $0.00011. However, if demand increases and overcomes selling, the bearish outlook could be invalidated, allowing the Token ’s price to rise and target resistance at $0.00033.

Also Read: Meme coin SATS may break 4-month barrier after price surges 25%

#2. Fantom (FTM)

With a 17% price increase, FTM is the second-highest-performing asset this week, currently trading at $0.39. This double-digit price increase is fueled by a surge in bullish sentiment among market investors, as reflected in its Elder-Ray indicator. On the one-day chart, the indicator has consistently been positive since August 14, currently at $0.038. The Elder-Ray indicator measures the strength or weakness of the market. When its value is above zero, it indicates strong buying pressure, indicating high demand for the asset and signaling the possibility of further price gains.

Additionally, the rise in FTM ’s A/D index further reinforces this increase in demand. Currently at 251.31 million, the A/D index has increased by 14% over the past week. The A/D index tracks the flow of money into or out of an asset by comparing the closing price to the high-low range and multiplying it by the volume. Once the A/D index rises, it indicates ongoing Token accumulation, a bullish sign that suggests a possible continuation of the uptrend.

Continued demand for FTM could push its price to $0.48, the last price it traded on July 24. However, if bears reappear and selling pressure increases, FTM 's price could drop to $0.25, the last low it traded on August 5, during the broader market downturn.

#3. THORChain (RUNE)

RUNE’s price has risen 16% this week, hitting a seven-day high of $3.90. However, despite this growth, a decline in the Chaikin Money Flow (CMF) indicator signals a potential reversal. A bearish divergence occurs when an asset’s price rises while its CMF falls, indicating that the rally is not supported by strong buying pressure. This divergence suggests a reversal is likely.

As buyers lose momentum, RUNE could turn bearish, potentially falling to $2.53 — a 35% drop from its current value. But if money flows back into the market, pushing RUNE to $4.64, this bearish view would be completely disproved.

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