The cryptocurrency market is on the verge of achieving another significant milestone within the past month. This notable progress can be attributed to the growing confidence in Bitcoin, the leading cryptocurrency, as it has managed to maintain stability above the crucial $30,000 mark.
Consequently, various Bitcoin forks, such as Bitcoin Cash, Bitcoin SV, eCash, and numerous altcoins, have emerged as significant beneficiaries, experiencing substantial gains and capturing the attention of investors.
Based on data provided by CoinMarketCap, the total market capitalization of cryptocurrencies reached a fresh 30-day peak of $1.21 trillion on Monday. Interestingly, while Bitcoin’s price saw a modest increase of only 0.30% over the past week, the overall cryptocurrency market witnessed a notable surge of 1.34% thanks to a rally in the altcoin sector.
Unstoppable Surge: Meet the Top Weekly Gainers
1. Compound (COMP) – Top Gainer of the Week
Last week, Compound (COMP), the 80th-ranked cryptocurrency, displayed remarkable performance, capturing the attention of buyers as it recorded an impressive 81% gain, surging from $35 to $70.7. This notable upswing was credited to a significant increase in Trading volume and observed capital outflows on the Binance Platform.
Also Read: Binance Whales Fuel 88% Growth of COMP Token This Week
Today, the Compound (COMP) token is decreasing from the $70 resistance level and currently trading at around $63.5. According to the RSI, there might be some sellers taking profits, which could affect the price of COMP and the $58 level can provide immediate support. However, there is an important support level for buyers at the 200 SMA, specifically around $42.
2. Bitcoin Cash (BCH)
Bitcoin Cash (BCH), a Bitcoin spin-off, made the altcoin market optimistic. Thus, BCH reached a yearly high of $329 on June 28, with over 200% gains in the last two weeks. Last week, buyers made an effort to surpass the vital resistance level of $300 and achieved a weekly gain of 54%.
Currently, the BCH seems to be going through a period of consolidation, specifically around the $300 mark. The bulls are putting up a weak defense around the $275-$270 support level. The moving averages are well below the current price, which could potentially serve as critical points for a shift in the overall trend. However, there is a cause for concern as the RSI is gradually declining, which might lead to increased selling activity in the near future.
3. eCash (XEC)
eCash experienced an impressive beginning to July with intense accumulation of XEC tokens by buyers, leading to a staggering 1860% surge in trading volume to $1.1 billion. Consequently, this heightened buying pressure propelled eCash (XEC) by 54% during the previous week. However, despite the significant interest from buyers, the XEC failed to surpass the formidable resistance level of $0.000045.
Currently, the XEC token appears to be slightly bearish, sitting at a price of $0.0000345 and approaching the immediate support level of $0.000033. RSI is indicating the possibility of a price decline in the near future, which could potentially be halted by the crucial 200-SMA support level at $0.000029.
4. FLOW Token
FLOW cryptocurrency has attracted significant interest from buyers, positioning itself as the fourth top gainer of the week with a 37% increase. Currently, FLOW is steadily approaching the $1.0 level, while nearing the 100-SMA in the $0.780 range.
As of now, FLOW is trading at the $0.75 mark, indicating a potential for further growth, particularly as the Relative Strength Index is approaching the overbought zone. Buyers may potentially witness an additional 20% gain above the 100-SMA. However, in order to reach the $1.0 mark, FLOW must overcome a strong resistance level at the 200-SMA.
Closing Thought
The altcoin market witnessed positive growth last week, primarily driven by the sustained price of Bitcoin (BTC) above the $30,000 level. Presently, BTC is consolidating within the crucial $30,000 zone, which has the potential to attract more capital inflow into the altcoin market in the coming period. While BCH, XEC, and COMP tokens are experiencing a retracement phase, FLOW token is showing potential for gains and may reach the $1.0 level in the near future.
