This week, the global crypto market capitalization has slightly increased by 2% despite the broad sideways trend of many assets.
In this context, some altcoins have stood out and become the focus of attention over the weekend from August 9-10, recording significant weekly gains while showing potential to maintain the upward trend in the coming days.
Mantle (MNT)
Mantle has emerged as the top-performing altcoin over the past week, with a growth of more than 45%. According to Santiment, this price surge is accompanied by a stable increase in daily trading volume.
Over the past 7 days, the trading volume of MNT has increased by 250%, reaching $753 million at the current time.
When the price of an asset rises in parallel with trading volume, it signals strong market interest and confidence behind this movement.
The increasing daily trading volume of MNT confirms that the current price volatility is supported by active participation from investors, making the trend more reliable.
If buying pressure continues, MNT could soar to $1.14 in the near future.
However, if demand weakens and buying pressure decreases, the price of this altcoin risks dropping below the $1 mark.
Pump.fun (PUMP)
PUMP, the native token of the Pump.fun utility coin issuance platform, is also a notable name this weekend.
Currently trading around $0.0033, the price of PUMP has increased by 31% this week, making it one of the best-performing altcoins.
The Elder-Ray index indicates a high likelihood that this altcoin will continue to expand its upward momentum in the upcoming trading sessions. Currently, this index is at 0.000275, recording positive values in the last four trading sessions, a promising sign of sustainable growth.
The Elder-Ray index measures the balance between buying and selling pressure in the market by separately analyzing upward and downward forces. Positive results indicate that buyers are in control and pushing prices higher.
If buying pressure continues to dominate, PUMP could hit the $0.0040 mark.
On the other hand, increasing selling pressure could cause PUMP to lose some of its profits and drop below $0.0032.
MemeCore (M)
MemeCore has increased by 24% over the past week, reaching $0.44. However, sell signals are becoming increasingly apparent.
This is reflected in the Chaikin Money Flow (CMF) indicator, which is currently fluctuating around the 0 line and seems poised to drop below this threshold. This is a sign that selling pressure may increase, negatively impacting the price, making M one of the important assets to watch this weekend.
Chaikin Money Flow (CMF) is a trading volume indicator that measures buying and selling pressure over a certain period by analyzing price and volume data. When CMF is above 0, it indicates dominance and accumulation of buying pressure, while a level below 0 signals selling pressure and distribution.
In the case of M, the CMF is trending down below 0, indicating that the selling side may take control, increasing the likelihood of a price reversal downwards.
If profit-taking continues, the price of M could slide down to around $0.41.
Conversely, if buying pressure remains strong, this altcoin could continue its upward trend towards $0.47 in the near future.