Top Altcoin Gainers of the First Week of September 2024
In early September 2024, amid a flat broader market, altcoins like Helium (HNT), Starknet (STRK), and Uniswap (UNI) experienced strong uptrends, driven by technical indicators and positive news.
In the first week of September 2024, while the broader crypto market remained relatively stagnant, several altcoins from the top 100 by market capitalization managed to stand out with notable gains. Noteworthy performers include Helium (HNT), Starknet (STRK), and Uniswap (UNI).
Helium (HNT)
Helium’s token, HNT, saw a significant 19% rise. Despite the lack of major news driving this increase, similar patterns were observed in August with other altcoins. Technical analysis reveals that the On Balance Volume (OBV), which tracks buying and selling pressure, has been increasing since late August.
This suggests growing accumulation and contributed to HNT's climb above $8. Should buying pressure persist, HNT might reach $8.51. Conversely, a decline in interest could see its price fall to $6.88.
Starknet (STRK)
Starknet’s STRK token, associated with the Ethereum Layer-2 blockchain, made an unexpected gain this week. STRK surged to $0.40 following a large transfer of over 2 million STRK tokens by Ethereum co-founder Vitalik Buterin. Currently trading at $0.43, the token briefly dipped to $0.39.
The Bull Bear Power (BBP) indicator shows that bullish momentum is outweighing bearish pressure, and STRK has broken above its descending trendline. If the trend continues, STRK could rise to $0.48. However, a drop below $0.35 could push it to an all-time low.
Uniswap (UNI)
Uniswap’s UNI token also made gains, partly due to a settlement with the Commodities Futures Trading Commission (CFTC). The price briefly spiked to $6.40, marking an 8% increase for the week. Currently trading at $6.22, UNI has pulled back from its weekly high and is approaching the 20-day Exponential Moving Average (EMA).
Falling below this EMA could see UNI drop below $6, potentially reaching $5.60. The Relative Strength Index (RSI) also suggests bearish momentum, though any positive news could counteract this trend and push the price up to $6.91.
Looking Ahead: Overall, while these altcoins have shown impressive gains, traders should monitor market conditions closely as these trends develop.
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