Despite Dips in Bitcoin and Ethereum, SATS, FTM, and RUNE Prices Witness Spike

Bitcoin has dropped 0.48% in the past 24 hours to trade at $58,486.84. Compared to last week, it is 3.59% down.

Bitcoin price showed signs of weakness on Monday, dropping 0.48% over the last 24 hours to trade at $58,486.84 by press time. Compared to last week, BTC’s price is down 3.59%. However, other altcoins like SATS, FTM, and RUNE prices witnessed a price hike.

The second most popular token, Ethereum, dropped 0.88% from yesterday and trades at $2,616.48. From the previous week, ETH’s price is down 1%.

Bitcoin and Ethereum have a market capitalization of $1,154.026 billion and $314.608 billion, respectively. Combining both of the top assets had market dominance in the crypto-verse of 71.1% in total, making most altcoins tend to its sentiment and price trend.

Despite the weekly dips in top assets, few assets stand out with weekly price activity in green. Let’s have a look at them.

SATS Price’s Next Move

The ace in the list had 18.47% growth this week, where the price traded at $0.0002904. Earlier, the trend had been a downtrend. In the SATS price, entire trading activity had occurred in a channel, where the past 42 days of price activity had led to the falling wedge’s breakout. The breakout was confirmed when the price pierced the upper border after July 15th, 2024.

A recent breakout pullback has been completed, and it was expected before that the price might make a Change of Character (CHoCH) by moving past the 200-day EMA. This could have taken SATS’s price to the moon, but instead, the price fell nearly 20% in a mere 3 days, and an intraday dip of 6% has been registered.

Since the price is already above the support of $0.0000002467, the price could still bounce back, but breaking it would change the sentiment.

The SATS price indicators suggested that the bullish optimism has decreased, as the histogram showed decreased interest. Meanwhile, the RSI was at 50.74 and has pierced 14-SMA towards oversold, signifying current developed pessimism against the optimistic breakout in the market.

At press time, the hurdle is $0.0000004478 and $0.0000005867, respectively. However, the resistance could push the price toward the near support at $0.0000002467 and $0.0000001166, respectively.

RUNE Price Signifies

By the first quarter of 2024, RUNE surged over 1200%, climbing from a crucial support level of $0.833 to $11.474 from the end of the last quarter of 2023. However, the momentum fizzled out, and by August 5, 2024, the price had dropped nearly 65%. This sharp decline resulted in the formation of a descending wedge, narrowing the price range.

Recently, the price has adhered to the wedge pattern and bounced back from the lower edge, approaching the upper edge. The 50-day and 200-day EMAs are currently significant obstacles, but a breakthrough could be imminent. If RUNE manages to surpass these EMAs and break through the horizontal resistance at $5, it could signal a Change of Character (CHoCH), indicating a potential bullish trend.

The RSI has recovered from oversold conditions and is at 50.04, while the MACD has displayed a bullish crossover with a histogram reading of 0.055. Given these technical indicators, if RUNE breaks above the upper boundary of the wedge, potential target levels could be $6.0 and $9.0. However, support could move down to $2.

FTM Price Highlights

At press time, the price has traaded 3% down in intraday, but stayed 17% positive this week. The price structure was mostly bearish after peaking by the end of the first quarter of 2024.

The MACD has shown a bullish cross, with a histogram at 0.0102, and the RSI has taken support from 36.59, which was at 46.99.

Therefore, the resistance lies at $0.439 and $0.551, followed by the supports present at $0.308 and $0.173, respectively.

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