Altcoins have been struggling for much of 2024, but the second week of September brought some relief for some cryptocurrencies.
While many of the top 10 altcoins saw only modest gains, others attracted significant market attention. Notable performers this week included Quant (QNT), Fetch.ai (FET), and Fantom (FTM), which were the largest altcoins to show the biggest gains.
Quantum (QNT)
Quant (QNT) is one of the largest altcoins, the price of which has increased by 26.70% in the last seven days. The noticeable increase in price is due to the regulatory approval that the crypto project received for staking on the Overledger platform in the Quant ecosystem.
This event caused a surge in open interest in QNT, indicating that market participants were actively speculating around the token.
At press time, QNT is trading at $76.18. The daily chart shows the moving average convergence divergence (MACD) in positive territory, signaling bullish momentum.
If this trend continues, the QNT price could rise to the target of $91.16. However, if profit-taking occurs, this forecast could be invalidated, potentially causing the token to fall to the support level of $69.13.
Read more: 10 Alternative Crypto Exchanges After Bybit Leaves France
Alliance for Artificial Superintelligence (FET)
FET price saw a significant increase of 26% thanks to the launch of AI features on the iPhone and some developments around OpenAI.
On the daily chart, FET has strong support near $1.06. Due to this, the altcoin is unlikely to fall below the $1 threshold anytime soon. However, FET faces resistance at $1.38, which may prevent the uptrend from continuing.
Moreover, the balance of power (BoP) has gone down, indicating that the sellers’ power is much greater than the buyers’ power. Given this forecast, the FET price may decline to $1.14 in the short term.
However, the token could resist downward pressure if buyers outpace sellers. If that happens, FET could see its price rise to $1.85, potentially putting it among the biggest altcoins to rally next week.
Phantom (FTM)
FTM’s price recently dropped to $0.47, but its seven-day performance still reflects a 23% gain.
The daily chart shows a surge in capital inflows as measured by the Money Flow Index (MFI). This surge in capital was one of the key factors that initially pushed the FTM price up to $0.51.
Read more: What are the best altcoins to invest in September 2024?
After hitting resistance at $0.49, FTM could see a 13% correction, potentially falling to $0.41. However, if another round of capital inflows occurs, the token could avoid this decline and instead rise to $0.58.
