Altcoin Analysis of the Second Week of September 2024
Altcoin Analysis of Major Performers
Altcoins have faced challenges throughout 2024, but the second week of September brought relief for certain cryptocurrencies. While many of the top 10 altcoins saw only modest gains, others captured significant market attention. This week's standout performers include Quant (QNT), Fetch.ai (FET), and Fantom (FTM), which emerged as the biggest altcoin gainers.
Quant (QNT)
Quant (QNT) is one of the biggest altcoin gainers, as its price climbed by 26.70% over the last seven days. The notable price increase is linked to the regulatory greenlight the crypto project received to allow staking on the Overledger platform. The development caused a surge in QNT ’s Open Interest, indicating that market participants engaged in extensive activity around the token.
As of now, QNT is trading at $76.18. The chart shows the Moving Average Convergence Divergence (MACD) is in positive territory, signaling bullish momentum. If this trend continues, QNT could rise toward the target of $91.16.
Fetch.ai (FET)
FET’s price recorded an impressive 26% rally due to the launch of AI features and developments around OpenAI. On the daily chart, FET has strong support close to $1.06, which may prevent it from dropping below the $1 threshold anytime soon. However, it faces resistance at $1.38.
- The outlook indicates a potential decline to $1.14.
- If buyers outpace sellers, FET's price may rise toward $1.85, positioning it among the biggest altcoin gainers.
Fantom (FTM)
FTM’s price recently dipped to $0.47, but its seven-day performance shows a 23% increase. The daily chart indicates a surge in capital inflow, driven by the Money Flow Index (MFI), which pushed FTM’s price to $0.51.
- Fantom may encounter resistance at $0.49.
- A correction could happen, dropping it to $0.41. However, further capital inflow might help it rally to $0.58.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.