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Biggest Altcoin Gainers of the Third Week of June 2024

source-logo  beincrypto.com 21 June 2024 14:04, UTC

The week under review has seen a decline in trading activity in the cryptocurrency market. Within that period, global cryptocurrency market capitalization has dropped by 4%. These are the top altcoins gainers for the third week of June.

The altcoin market has seen a 6% drop in dominance during this period. However, some altcoins, such as Ethereum Name Service (ENS), Lido (LDO), and Pendle (PENDLE), have still been able to grow their prices by double digits in the past seven days.

Ethereum Name Service (ENS) Leads the Altcoin Market With the Most Gains

ENS, the native token that powers Ethereum Name Service, the Ethereum-based decentralized domain name system, has seen its price rise by 20% in the past seven days. It currently trades at $25.31.

It has seen a surge in trading activity during the period under review. In fact, on June 19, ENS’ daily trading volume climbed to a monthly high of $237 million. The double-digit price hike is partly attributable to the positive weighted sentiment that has trailed the altcoin since June 17. By June 19, this had climbed to a 30-day high of 1.21.

An asset’s weighted sentiment tracks the overall mood of the market regarding it. The metric considers the sentiment following the asset and the volume of social media discussions. When its value is positive, market sentiment is bullish.

Confirming the bullish trend, ENS’ Relative Strength Index (RSI) and Money Flow Index (MFI) are currently in uptrends. ENS’ RSI is 59.21, while its MFI is 61.05.

These indicators measure overbought and oversold market conditions by tracking an asset’s price changes. They range from 0 to 100, with values above 70 suggesting that an asset is overbought and due for a correction, while values below 30 signal that the asset is oversold and may witness a rebound.

At their current values, ENS’ RSI and MFI suggest that buying pressure is significant and continues to outweigh selling activity.

If ENS’ demand continues to skyrocket, its price might trend toward $27.59.

Read More: Ethereum Name Service (ENS): Everything You Need To Know

Ethereum Name Service Analysis. Source: TradingView

However, if sellers begin to make a profit at this point, the token’s price might fall to $25.21.

Lido (LDO) Clears Key Moving Averages

LDO, the governance token of Ethereum’s largest liquid staking protocol, Lido Finance, has witnessed a 13% price hike during the week under review.

The hike in LDO’s trading activity in the past few days has caused it to trade significantly above its 20-day Exponential Moving Average (EMA) (blue) and 50-day Small Moving Average (SMA) (yellow).

An asset’s 20-day EMA tracks its average price over the past 20 trading days, while its 50-day SMA measures its average closing price over the last 50 days.

When an asset trades above these key moving averages, it indicates a strong bullish trend. By trading above the 20-day EMA, the asset’s price shows a short-term uptrend, while trading above the 50-day SMA indicates a longer-term upward trend.

LDO’s Aroon Up Line confirms the strength of the current uptrend. At press time, the indicator’s value is 85.71%.

An asset’s Aroon Indicator measures its trend strength and potential price reversal points. When the Up Line is at or near 100%, the market uptrend is strong, and the most recent high was reached relatively recently.

If the uptrend continues, LDO might touch $2.41.

Read more: 11 Best DeFi Platforms To Earn With Lido’s Staked ETH (stETH)

Lido Analysis. Source: TradingView

However, if the bears re-emerge and gain market control, they may force the token’s price downward toward $2.13.

Pendle (PENDLE) Holders Pocket Gains

PENDLE is the governance token of Pendle, a protocol focused on yield generation and management across decentralized finance (DeFi) platforms.

Trading at $5.78 at press time, the altcoin’s value has rallied by 11% in the past seven days. The period under review has also been marked by a spike in the token’s daily trading volume.

On-chain data revealed that on June 19, PENDLE’s daily trading volume was $121 million, representing its highest since May 28.

Readings from the altcoin’s moving average convergence divergence (MACD) confirmed the bullish bias toward it. The MACD line (blue) rallied above the signal line (orange) and gears to cross above the zero line.

An asset’s MACD indicator tracks its price changes and trend strength. When the MACD line crosses above the signal line, it generally suggests increasing upward momentum. When the MACD line rallies above the zero line, it confirms the bullish trend in the market. Traders often interpret this to mean that the asset’s price will continue to grow.

If the sentiment trailing PENDLE remains bullish, its price may rally to $6.19.

Pendle Analysis. Source: TradingView

However, if this projection is invalidated by a bearish takeover, PENDLE’s price may fall to $5.79.