The Altcoin Ascendancy: A Dive Into Last Week’s Top Performers and What’s Ahead
Last week, we witnessed a volatile rally within the cryptocurrency market, a riveting surge that propelled a few select altcoins to the forefront. BTC and ETH’s price movements were eye-catching, but the standout performances came from sui, KuCoin’s KCs token, the Trust Wallet Token (TWT), Aptos, and Phantom. Let’s take a closer look at these altcoins, the reasons behind their recent growth, and speculate about what the future may hold for these digital assets.
Sui coin, the native token of the sui project, rose significantly, ostensibly in response to the project’s newly released developer roadmap. This roadmap, while lacking in specific milestones, details a series of technical upgrades planned for the future iterations of the sui blockchain. A closer look at sui’s price action shows it grappling with the Bollinger band moving average on the daily charts—a surprisingly accurate indicator of support and resistance for virtually every cryptocurrency across different timeframes. If sui can maintain its position above 75 cents, the rally is likely to continue. Failure to do so, however, could result in a substantial drop.
Next, we saw a robust performance from KuCoin’s KCs token. As an exchange token, its price action is inherently linked to KuCoin’s trading activity. The last week’s heightened trading volumes, sparked by the dump pump and USDT d-peg, naturally resulted in the KCs token price surge.
The Trust Wallet Token (TWT) also experienced a notable rally, likely catalyzed by a judge’s decision to block the SEC’s request to freeze Binance US’s assets. Binance acquired Trust Wallet in 2018, explaining the possible price correlation. However, if TWT’s rally was indeed prompted by the Binance-related news, it could signal potential future volatility.
Aptos’ native token, APT, enjoyed a considerable pump, likely driven by the announcement of forthcoming upgrades to the Aptos blockchain aimed at enhancing its speed. Interestingly, Aptos shares a similar growth catalyst with sui, as both have roots in Facebook’s ill-fated crypto project, DM. The APT token seems to have more room for growth in the short term, but resistance looms at around the seven and a half dollar mark, as indicated by the Bollinger band moving average. A rejection at this level could lead to a decrease, whereas breaking above may spur a further rise.
Finally, we observed a significant surge from Phantom, whose FTM coin seems to have benefited from a recently announced upgrade that lowers the threshold for participating in consensus and an improvement to the Phantom F wallet that added more languages and fixed several bugs. The FTM token currently hovers just below the Bollinger band moving average on the daily charts, indicating minor upside potential before it either faces rejection or continues its rally.
Looking at the overall crypto market, it’s safe to say that a broad-based rally appears overdue. Whether or not it transpires depends heavily on a variety of factors, including broader economic conditions, regulatory developments, and technological advances within the crypto ecosystem. Regardless, it’s clear that these altcoins are worth watching closely in the coming weeks.