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The first week of September 2024 saw altcoins struggle to achieve significant gains as the broader market stayed relatively quiet. However, a few assets from the top 100 by market capitalization managed to defy the trend, registering gains due to market interest and notable developments.
Among these are Helium ($HNT), Starknet ($STRK), and Uniswap ($UNI), all of which have recorded notable upticks.
Helium ($HNT)
$HNT, the native token of Helium, the decentralized blockchain for the Internet of Things, climbed 19%. BeInCrypto’s analysis revealed no major developments behind the rise, similar to a pattern observed in August with other altcoin gainers.
From a technical perspective, the On Balance Volume (OBV) has been climbing since late August. OBV tracks cumulative volume to gauge buying and selling pressure; a drop indicates higher selling volume.
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The rising OBV on the daily chart suggests increased accumulation, which played a key role in $HNT’s rise above $8. If buying pressure continues, $HNT could reach $8.51. However, if interest in the token weakens, its price may drop to $6.88.
Starknet ($STRK)
$STRK, the native cryptocurrency of the Ethereum Layer-2 blockchain, made a surprising appearance among the top altcoin gainers this week. Since its launch, $STRK had struggled to post significant price gains.
However, the token surged to $0.40 shortly after Ethereum co-founder Vitalik Buterin transferred over 2 million $STRK tokens to a new wallet. Currently, the altcoin is trading at $0.43, after briefly dipping to $0.39.
The Bull Bear Power (BBP) indicator shows that bullish momentum has once again surpassed bearish pressure, suggesting another potential upswing. Additionally, $STRK has broken above its descending trendline, further supporting the bullish outlook.
If sustained, $STRK’s price might jump to $0.48. On the other hand, the cryptocurrency risks falling to an all-time low if it breaks below the support at $0.35.
Uniswap ($UNI)
$UNI’s inclusion in the biggest altcoin gainers list is connected to the blockchain protocol settlement with the Commodities Futures Trading Commission (CTFC). Moments after the development, the price jumped to $6.40, bringing the cumulative weekly increase to 8%.
As of this writing, $UNI is trading at $6.22, having dropped from its weekly peak. On the daily chart, the altcoin is close to slipping below the 20-day Exponential Moving Average (EMA).
Typically, breaking above the EMA signals a bullish trend, but if $UNI falls below this level, the price could dip below $6 and reach $5.60. The Relative Strength Index (RSI) also points to bearish momentum, reinforcing this downward outlook.
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However, if a positive development for $UNI emerges, this prediction could be invalidated, potentially pushing the price up to $6.91.