The third week of July 2024 saw significant price increases for several altcoins, with meme coin Dogwifhat （WIF） leading the pack, followed by Worldcoin （WLDUSD） and Bittensor （TAO）.
Points
- Dogwifhat （WIF） surged 70.41% to lead the altcoin gainers.
- Worldcoin （WLDUSD） and Bittensor （TAO） also saw substantial price increases.
- Altcoin rallies driven by shifting market sentiment and bullish events.
For the second consecutive week in July 2024, bullish events have spurred price increases in the altcoin market, with several cryptocurrencies benefiting from the positive sentiment. The biggest gainer this week is the meme coin Dogwifhat （WIF）, which experienced a remarkable 70.41% increase, reaching a monthly high.
At the start of the week, WIF was trading around $1.50. The price remained between $1.50 and $1.70 until July 15, when the Relative Strength Index （RSI） crossed above the signal line, signaling a bullish trend. WIF’s price subsequently surged, with the RSI indicating strong momentum.
Currently, WIF faces resistance at $2.46, with potential targets at $2.77 and $3.08 if it breaks through. Conversely, if Bitcoin’s price drops, WIF could fall towards $2.03.
Worldcoin （WLDUSD） secured the second spot among the biggest altcoin gainers, with a 49% increase, trading at $2.61. The token’s price was driven by a revised token unlock schedule and formed a descending triangle on the daily chart, indicating strong buying pressure.
Bittensor （TAO）, an AI-themed token, also saw significant growth, rising by 35.40% to $328.43. The price increase was linked to a surge in AI-related cryptos and the formation of an ascending channel on the daily chart. The On Balance Volume （OBV） indicator suggests sustained buying pressure, with potential targets at $371.21 if the trend continues.
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解説
- Meme Coin Rally: The significant price increase of Dogwifhat （WIF） highlights the influence of market sentiment and technical indicators like the RSI on meme coins. Investors should monitor resistance levels and market trends to anticipate potential price movements.
- Token Unlocks and Market Impact: Worldcoin’s price surge following the revised token unlock schedule demonstrates how changes in tokenomics can drive market interest and price movements. Understanding token release schedules can provide insights into future price trends.
- AI-themed Tokens: The rise of Bittensor （TAO） amidst the popularity of AI-related cryptocurrencies underscores the growing interest in AI and blockchain integration. Investors should keep an eye on sector-specific trends and indicators like OBV to gauge market momentum.