Contrary to last week’s performance, altcoins recorded significant gains in the second week of July. While there were some surprising entries, some continued to adhere to broader expectations. During this period, Notcoin (NOT), Celestia (TIA), and MANTRA (OM) emerged as the top three gainers. Here are the notable details and important levels.
Notcoin Chart Analysis
With a 42.25% increase over the past seven days, Notcoin (NOT) became the top gainer of the week. Currently, NOT is trading at $0.014. Between June 4 and July 5, Notcoin’s price dropped from $0.027 to $0.0094, forming a descending triangle amid a 65.78% decline.
This pattern indicates weakness and shows that the bulls are no longer in control. However, as seen with Notcoin, the triangle sometimes precedes a breakout. According to the 4-hour chart, the bulls observed that the selling pressure weakened when the price reached $0.0094. They took advantage of the exhaustion, and with increasing demand, Notcoin reached $0.017 on July 8.
Celestia Chart Analysis
At the beginning of the week, Celestia (TIA) managed to break out of a five-month downtrend after reaching its lowest point since November. This breakout made TIA the second-largest altcoin gainer in the second week of July, with its price increasing by 35.04% over the past seven days.
According to the daily chart, the token was oversold in the last week of June. This was indicated by the Money Flow Index (MFI). Typically, when the MFI is above 80.00, the cryptocurrency in question is overbought. As the price fell to $6.62, the MFI was on the verge of crossing the neutral line. If successful, TIA will revisit $7 in a short time. Otherwise, the token will approach $6.06.
MANTRA Chart Analysis
MANTRA (OM) was one of the top-gaining altcoins in the first week of July 2024. Thanks to a 32.05% increase over seven days, it appears for the second consecutive time. At the time of writing, OM is trading at $1.03. Unlike the other two altcoins mentioned above, MANTRA continues its upward trend.
The analysis shows that the strong support at $0.74 was effective in breaking the token’s resistance at $0.90. Forming an ascending channel, it is on the verge of reaching $1.10. This is also supported by the Awesome Oscillator (AO). AO measures momentum using the difference between the 34-period Simple Moving Average (SMA) and the 5-period SMA. If this trend continues, OM’s price will be close to $1.10. Otherwise, the altcoin may fall to $0.90.
