This week, global Crypto market capitalization saw a modest increase of 2% despite a widespread horizontal trend across multiple assets.
Among this background, some altcoins stand out as important to watch them head towards the weekend of August 9-10th. They have recorded big profits in the week and show strong potential to continue their upward momentum in the coming days.
Mantle (MNT)
The Mantle has appeared as the top-performing Altcoin over the past week, with prices rising by more than 45%. According to Santiment, the price rally has steadily increased daily trading volume.
Over the past seven days, MNT’s trading volume has risen 250%, reaching $753 million at the time of writing.
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As assets prices rise with a surge in trading volume, it indicates strong market interest and convictions behind the movement. The increase in MNT’s daily trading volume confirms that its price action is supported by increasing market participants who are actively involved in the assets, and trends are more reliable.
If the current buying momentum continues, MNT prices could rise to $1.14 in the short term.
However, when demand slows and pressure drops, the risk of the token price risk falling below $1 is slipped.
pump.fun
Pump.Fun Utility Coin Launch Platform’s native token, Pump, is another Altcoin this weekend.
The price, which was traded at $0.0033 at press, has increased 31% over the past week, becoming one of the top-performing altcoins during that period.
Measurements from Token’s Elder-Ray index suggest that tokens are likely to continue to extend profits during upcoming weekend sessions. At Press Time, the index is 0.000275, and has recorded only positive value in the past four trading sessions, a sign of encouragement for bullish momentum.
The Elderley Index measures the balance of trading pressures in the market by analyzing the forces of bullishness and bearishness separately. Positive readings indicate that buyers are dominant and are priced higher.
If the pump buyer maintains control, the price can be increased to $0.0040.
Meanwhile, rising sell-side pressure could result in the pump losing some of its profits, falling below $0.0032.
Memecore(m)
MemeCore has won 24% in the past week, up $0.44. However, signs are beginning to appear that will strengthen the sale. This is reflected in the Chaikin Money Flow (CMF) indicator, which now appears to be poised to float around the zero line and soak underneath it.
This suggests potential downward pressure on token prices, making it a key asset for watching over the weekend.
Chaikin Money Flow (CMF) is a volume weighted indicator that measures buying and selling pressure over a specified period by analyzing price and volume data. If the CMF is above zero, a reading below zero indicates a purchase of domination and accumulation, while selling sales pressure and distribution.
Like M, CMFs below the zero line suggest that sellers may gain control and increase the likelihood of a price drop.
If you make a profit, the price of M could drop to around $0.41.
Conversely, if purchasing rights are strong, the tokens can ralend even more, reaching $0.47 in the short term.
Post 3 altcoins to watch this weekend | August 9th to 10th first appeared on Beincrypto.
