RARE Secures 223% Weekly Gain, While FXS and COTI Exhibit Mixed Sentiments
- 王林Original
- 2024-08-19 06:30:29769browse
Altcoins took a hit last week, leading to a $40 billion decline in the global crypto market cap, which dropped to $2.09 trillion.
Altcoins faced a difficult week last week, with the global crypto market cap declining by $40 billion and dropping to $2.09 trillion. However, some tokens managed to defy the broader market trend and post impressive gains. Here are three cryptocurrencies that had a noteworthy week and are worth watching in the coming days.
RARE token price up 223% in 7 days
SuperRare (RARE), the native token of the NFT marketplace, experienced significant volatility last week. The token began the week with a 34% surge before encountering three days of decline from August 12 to 14, dropping by 18%.
However, RARE rebounded on August 15, which coincided with a surge in social volume, according to a disclosure from LunarCrush. Amid increasing interest, RARE sustained the run, spiking by 127% in three days and closing the week with a 223% gain.
The token’s RSI now stands at 91.14, indicating an overbought condition. This suggests a possible upcoming correction. The CCI, at 374.45, also signals massive overbought levels, confirming these sentiments.
The latest run has helped RARE surpass the 0.236 Fibonacci level, as it currently looks to sustain its position above $0.3. If RARE holds the 0.236 Fibonacci support, it may continue upwards.
FXS token price largely unchanged
Frax Share (FXS) exhibited limited volatility last week, closing at $1.906. This marked a slight 0.67% drop. The lackluster movement came amid a primarily bearish trend in the broader market, suggesting a hint of resilience from FXS.
However, Frax Share’s moving averages indicate bullish potential. The asset recently crossed above the nine-day MA (orange line) as its short-term momentum flipped bullish.
Additionally, the nine-day MA looks to cross above the 21-day MA (green line). If this MA cross occurs, it could suggest a bullish reversal on the horizon.
The Stochastic Momentum Index also supports this outlook. The SMI line (blue) has surged above the MA line (orange), indicating building bullish momentum. As both indicators align, FXS could be poised for an upward move. However, confirmation in the coming days is essential.
COTI token price drops despite late week surge
COTI was bearish throughout last week, dropping 14% from August 11 to 15. However, it recorded a 21% surge on Saturday to close the week with a 10% increase.
The asset has now encountered selling pressure, which is evident in the daily pivot points. Key resistance lies at $0.10017, $0.12553, and $0.14120. COTI’s immediate support is at $0.07481, representing S1.
A breakdown below S1 could push prices towards S2 at $0.05914.
Meanwhile, the Directional Moving Index indicates bearish momentum. The ADX (red line) is at 30.4, suggesting a strong trend, while the -DI (orange line) at 22.57 is above the +DI (blue line) at 19.04, confirming bearish pressure.
COTI’s ability to hold above S1 is crucial. Failure to do so could trigger further downside, whereas breaking through the Pivot might offer a chance for a recovery rally.
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