The first week of September 2024 saw a relatively calm market for altcoins, but a few assets from the top 100 by market capitalization managed to stand out. Despite the broader market’s inactivity, Starknet (STRK), Helium (HNT), and Uniswap (UNI) bucked the trend with notable price gains, driven by market interest and key developments.
Starknet (STRK)
Starknet (STRK), the native token of Ethereum’s Layer-2 solution Starknet, saw an unexpected rally with a weekly surge of 22%, hitting $0.40 following a significant transfer by Ethereum co-founder Vitalik Buterin, who moved 2 million STRK tokens to a new wallet. This sparked a wave of buying, pushing the token to $0.43. Technical indicators, such as the Bull Bear Power (BBP), point to bullish momentum, with STRK breaking above its descending trendline, indicating potential for further growth. If sustained, STRK could climb to $0.48. On the downside, a break below the $0.35 support level could lead to further declines.
Helium (HNT)
Helium's native token, HNT, surged 13% during the first week of September. Interestingly, there were no major news updates to explain this rise, mirroring patterns seen in August with other altcoin gains. From a technical standpoint, the On Balance Volume (OBV), a key indicator of buying and selling pressure, showed a steady increase since late August, suggesting strong accumulation of HNT. The token rose to over $8, and if the current buying momentum continues, HNT could reach $8.51. However, a weakening interest might pull the price down to $6.88.
Uniswap (UNI)
Uniswap (UNI) token benefited from a major regulatory settlement between the blockchain protocol and the Commodities Futures Trading Commission (CTFC). Following the announcement, UNI's price jumped to $6.40, marking an 8% weekly gain. Despite its climb, the token has since dipped to $6.22 and risks falling below its 20-day Exponential Moving Average (EMA), which could signal a bearish trend. If UNI drops further, it might slide to $5.60. However, should any positive news surface, the price could surge toward $6.91.
These three altcoins showed notable movement amidst a relatively calm market, and future developments will determine whether they can maintain their positions or face corrections.
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