SUI, Zcash (ZEC) and Helium (HNT) outperform everything except memecoins — Here is why
Bitcoin ( BTC ) price has rallied 6% over the past seven days, underperforming the broader crypto market, whose total value rose by nearly 10% in the same period.
Bitcoin has seen modest gains over the last week for several reasons , but there are altcoins that have attained double digit returns over the same period.
Let’s take a closer look at the three altcoins that are outperforming Bitcoin.
SUI books a 100%+ gain
SUI ( SUI ), the thirtieth-largest crypto by market cap, has outperformed Bitcoin over the last seven days, rising 109% from a low of $0.5349 on Aug. 6 to a five-week high of $1.118 on Aug. 12.
SUI’s rally follows the launch of the Grayscale Sui Trust by Grayscale Investments on Aug. 7. The decision to add SUI to the company’s portfolio is considered a vote of confidence in the future of the token, resulting in an increase in buying pressure witnessed over the last week.
Related: Price analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
From a technical perspective, SUI has established a strong support at $0.86, which lies between the 50-day exponential moving average (EMA) at $0.8096 and the 100-day EMA at $0.9086.
The relative strength index (RSI) is sitting in the positive region at 64, suggesting that the market conditions still favor the upside.
As a result of this technical setup, SUI’s price could rise above the 200-day EMA at $0.9944 to revisit the local high at $1.118. Breaching this barrier could see SUI rise to retest the April 21 range high at $1.4355 over the next few days.
Helium’s HNT is up more than 50%
Hemium’s HNT price has surged over 50.98% over the last seven days. Data from Cointelegraph Markets Pro and TradingView shows that HNT rose from recent lows at $3.47 reached during the Aug. 5 market crash, rising as much as 104% to reach an intraday high of $7.11 on Aug. 13.
There was an increase in its trading volume, which has jumped by 86.6% from $13.78 million to $25.72 million between Aug. 6 and Aug. 13, reinforcing the intensity of the demand-side activity.
This surge follows a major announcement that two prominent US carriers are conducting trials to offload their mobile traffic to the Helium Network , potentially leading to a shift toward a more decentralized network infrastructure.
The tests showed positive results and are a major step in Helium’s mission to decentralize network infrastructure.
This development has sparked renewed interest in Helium, driving up demand and prices.
Technically, HNT price action had produced a golden cross on the daily chart, indicating that high bullish momentum could continue driving the token higher. The value of the RSI at 68, close to the overbought region reinforces buyers’ dominance in the market.
HNT price may continue the uptrend, rising toward its March 2024 range high at $9.60. A decisive close above this level could have bulls retest its multi-year high at $11.16 as their next upside target.
Zcash jumps 51%
Zcash ( ZEC ) has jumped 51.15% over the last seven days, from a low of $29 on Aug. 6 to an intraday high of $44 on Aug. 13. This rally is largely fueled by a push for a hybrid proof-of-stake (PoS) upgrade by Zcash founder, Zooko Wilcox, upon joining Shielded Labs .
In a blog post on Aug. 10, Wilcox said that after eight years of using proof-of-work (PoW) mining, the privacy currency needs to move to a proof-of-work and proof-of-stake protocol.
This development received support from Tyler Winklevoss, co-founder of Gemini Exchange. Winklevoss has openly supported Zcash, describing it as one of the "most important and underrated" crypto projects available.
A hybrid model aims to solve problems brought on by the PoW mechanism, by opening up staking opportunities for ZEC holders and further reducing the circulating supply, stabilizing its value and positively impacting ZEC price.
From a technical point of view, ZEC risks correction due to its overbought status. Notably, the token’s daily RSI reading has been above 70 since Aug. 9. At the same time, its price is trading near a stubborn resistance at $44, raising its possibilities of undergoing a correction or consolidation phase next.
A pullback from the current level could have traders eye a decline toward the 23.6% Fibonacci retracement level at $39.68.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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