This week, the global cryptocurrency market capitalization showed a slight increase of 2%, despite the overall sideways movement of several assets.
Against this backdrop, some altcoins have emerged as notable coins ahead of the weekend of August 9-10, recording significant gains during the week and likely to continue their upward trend.
Mantle (MNT)
Mantle emerged as the top-performing altcoin last week, with its price surging by more than 45%. According to Sentiment, this price increase was accompanied by a steady increase in daily trading volume.
Over the past 7 days, MNT's trading volume increased by 250%, reaching $753 million at the time of writing.
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When an asset's price rises alongside a surge in trading volume, it indicates strong market interest and confidence in the movement. MNT's increased daily trading volume confirms that more market participants are actively engaging with the asset, enhancing the trend's credibility.
If the current buying momentum continues, MNT's price could potentially rise to $1.14 in the short term.
However, if demand decreases and buying pressure subsides, the token's price risks falling below $1.
Pump.fun (PUMP)
PUMP, the native token of the Pump.fun utility coin launch platform, is another altcoin to watch this weekend.
Trading at $0.0033 at the time of reporting, it rose by 31% last week, becoming one of the top-performing altcoins during that period.
The token's Elder-Ray index reading suggests a high likelihood of continuing its upward trend during the weekend session. At the time of reporting, the index was at 0.000275, recording only positive values over the past four trading days, indicating a positive momentum signal.
The Elder-Ray index analyzes the balance of buying and selling pressures in the market, separately analyzing bullish and bearish forces. A positive reading indicates that buyers are dominant and driving prices upward.
If PUMP buyers continue to maintain dominance, the price could rise to $0.0040.
Conversely, if selling pressure increases, PUMP could lose some of its gains and fall below $0.0032.
Meme Core (M)
Meme Core rose by 24% last week, increasing by $0.44. However, signs of selling pressure are emerging, reflected in the Chaikin Money Flow (CMF) indicator, which is currently hovering near the zero line and preparing to decline.
This suggests potential downward pressure on the token price, making M an important asset to watch over the weekend.
The Chaikin Money Flow (CMF) is a volume-weighted indicator that analyzes price and volume data to measure buying and selling pressure over a specific period. When CMF is above 0, it indicates buying dominance and accumulation, and when below 0, it indicates selling pressure and distribution.
Similar to M, the CMF preparing to fall below the zero line suggests sellers may gain dominance, increasing the likelihood of a price decline.
If profit-taking continues, M's price could fall to around $0.41.
Conversely, if buying interest remains strong, the token could rise further and potentially reach $0.47 in the short term.
