5 altcoins that gained more than 30% in a week.

Although many altcoins have benefited from increased demand, this analysis focuses on the top five that stood out the most and saw price increases of at least 30%: Bittensor (TAO), Immutable (IMX), Sui (SUI), Sei (SEI ), and Aptos ( APT).

Bittensor (TAO)

TAO, the native token of Bittensor, a blockchain-based machine learning network, is up 95% in the past week. This incredible performance makes the AI-themed token one of the highest-grossing altcoins in the past week.

TAO’s price growth is related to the overall growth of AI-based cryptocurrencies. Some of the key catalysts could also be linked to Grayscale’s TAO trust and several recent developments in the AI ​​sector.

Technically, the daily chart revealed that the cryptocurrency had earlier formed a head and shoulders inversion pattern. This bullish pattern was instrumental in helping the TAO price maintain support at $298.07 and move back above resistance at $349.75.

Currently, the price of TAO is very close to $570, but the relative strength index (RSI) of more than 70 tells us that the token is overbought. This could lead to a retracement to $484.13 as holders take profit.

However, the Moving Average Convergence Divergence (MACD) remains positive and shows continued upward momentum. If this trend continues, it could prevent a decline. In this case, the price of TAO could go up to $700 instead of going down.

Immutable (IMX)

Known as the first layer 2 scaling solution on Ethereum (ETH), Immutable (IMX) is second among altcoins with more than 30% gains in the past week.

IMX actually saw a 43% increase in price during that period, but ran into resistance at $1.80, leading it back to $1.75, where it remains at its current price. Bull Bear Power (BBP) on the daily chart shows that bulls are ready to push IMX higher.

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If confirmed, the value of the cryptocurrency could then rise to $1.95. However, Immutable planned to release 32.47 million tokens on October 4th. This very likely supply shock could thus slow the expected rise of the altcoin. If so, IMX shares could drop to $1.55.

Sui (SUI)

SUI, the native blockchain tier 1 cryptocurrency of the same coin, not only performed well in the past week, but was also one of the altcoins with a stunning 30-day performance.

Over the past seven days, the price of SUI has increased by 40% and currently stands at $1.55. At the same time, the SUI/USD daily chart shows an increase in the money flow index (MFI). This indicates an increase in buying pressure. However, MFI can also indicate when a cryptocurrency is overbought or undervalued.

So a value below 20.00 means it is undervalued. However, at the time of writing, the reading is above 80.00, indicating that SUI is overbought. Thus, the token could see a drop to $1.37 while facing resistance at $1.59.

On the contrary, if the bulls continue to show their strength, the SUI price could finally break the resistance. If that happens, the altcoin could jump to $1.88 and eventually hit the $2 mark.

sei (SEI)

Sei’s native token, known as one of the fastest layer 1 blockchains in the industry, is also one of the altcoins that increased by more than 30% in a week. Currently trading at $0.36, the price of SEI formed an ascending triangle pattern on the daily chart between August 26 and September 17. Finally, the token broke the triangle, confirming a price rally that helped the altcoin climb 33%.

An inspection of the daily chart revealed that the Awesome Oscillator (AO) is showing rising green histogram bars. This increase suggests increasing bullish momentum for the SEI, which could potentially reach $0.42 in the near term.

However, traders should remain cautious as bears could eventually drag the price down. In this case, SEI could drop to $0.31.

Aptos (APT)

Another Tier 1 project that performed well last week is Aptos (APT). Its price has risen by 32% in the last seven days. Although the price initially fell by 22%, technical analysis shows that the golden cross pattern was the key to the token’s recovery.

This is because a golden cross occurs when the shorter EMA crosses the longer EMA. As seen below, the 20 EMA (blue) crossed the 50 EMA (yellow) on September 20. The price thus jumped to $8.25.

Currently, the price of APT has dropped back to $7.93. If the current EMA position holds, the altcoin could return to $8.83 in the near term. However, if a “death cross” pattern forms (where the longer EMA crosses the shorter one), Aptos could eventually fall to $6.83.

Moral of the story: Where it’s on top, crypto smiles.