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Seveal altcoins could extend their gains in the coming week as Bitcoin and Ethereum dominance continue their downward trend.
MemeCore (M), Story (IP), Pump.fun ($PUMP), Sky ($SKY) and $POL ($POL) are the top five tokens in terms of weekly gains, per CoinGecko data.
- MemeCore added nearly 230% to its value in the last seven days.
- Story posted 35% gains and holds steady above $8 support on Friday.
- Pump.fun extended its rally by nearly 7% on the day.
- $SKY adds 15% to its value in the last seven days, trades at $0.0735.
- $POL posts 14% weekly and nearly 5% daily gains, rally likely to be extended next week.
- Bitcoin’s ($BTC) price is nearly unchanged in the last seven days, currently hovering below $111,000.
- Ethereum (ETH), meanwhile, erased 3% of its value in a week and is steady just below $4,300 support.
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Price analysis
The tokens have observed double-digit rallies in the last seven days, at a time when Bitcoin price was nearly unchanged and Ethereum wiped out almost 3% of its value.
MemeCore
The M/$USDT daily price chart shows the likelihood of further gains in MemeCore. M is trading at $1.6520 at the time of writing. Key resistance is at $1.7688, the highest level on September 5. M could find support at S1 and S2, two support levels that have held steady in September, at $1.40 and $1.13, respectively.
The momentum indicators RSI and MACD support a bullish thesis for M. RSI reads 87, while it is in the overvalued zone, traders should watch for a drop under 70, as it would generate a sell signal.
MACD flashes consecutively taller green histogram bars, indicating an underlying bullish momentum in M’s price trend on the daily timeframe.
A daily candlestick close under S1 at $1.40 could invalidate the bullish thesis and M could sweep liquidity at $1.13.
Story
Story Protocol’s IP is trading at $7.8687. The token could extend its gains and test resistance at R1, $8.5705, a 9% rally for IP. RSI and MACD signal an underlying bullish momentum in IP’s price trend.
IP could test resistance at R2, at $9.0958, if it extends its gains.
Pump.fun
Pump.fun is in an upward trend and the target is $0.005199, the all-time high for $PUMP. The two key support levels for the token of the meme coin launchpad is S1 and S2, at $0.004500 and $0.004137.
RSI and MACD support $PUMP’s gains, with RSI sloping upwards and MACD flashing green histogram bars above the neutral line.
Sky Protocol
Sky Protocol’s $SKY token has been consolidating between $0.07882 and $0.06025. The token is trading at $0.07454 at the time of writing. $SKY could test resistance at $0.07882. $SKY could find support at the lower boundary of the consolidation zone at $0.06025.
The technical indicators on the daily timeframe support further gains in $SKY in the coming week, unless there is a daily candlestick close under $0.06886.
$POL is likely to extend its gains as it ranges between resistance at $0.2964 and S1 at $0.2500. There is another support level, S2 at $0.2309. RSI and MACD support the likelihood of further gains and $POL trades at $0.2770 at the time of writing on September 5.
Bitcoin dominance
Bitcoin dominance has been in a downward trend since June 27. At the time of writing, $BTC dominance is 58.69%, close to the August 24 low of 57.69%. While Bitcoin dominance is in decline, altcoin prices could climb higher.
While technical indicators suggest Bitcoin dominance may rise and break out of consolidation, if $BTC dominance remains stable below the 60% resistance, altcoins could continue to gain as capital rotates and inflows from retail and institutional investors increase.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.