- The price of ETH has moved marginally over the past 24 hours.
- PEPE, DOGE and SHIB performed well last week.
When the market turned bullish, several altcoins showed impressive performance. However, the latest data set indicated a further bull rally for altcoins.
Given the recent buzz around AI tokens and meme coins, will they be the start of the upcoming show?
Altcoins to Start a Rally
Mustache, a popular crypto analyst, recently posted a tweet about an interesting development. According to the tweet, altcoins have not even broken the November 2021 highs yet, indicating a further rally.
The coins were in a consolidation phase at the time of the tweet, which could soon cause an upward price surge.
A similar occurrence occurred in 2013, after which the altcoin market cap reached an ATH in 2017.
If history repeats itself, alts may soon show bull momentum, allowing them to reach a new ATH in the coming months or years.
How is the king of altcoins doing?
All eyes move on Ethereum [ETH] when it comes to an altcoin rally as it has the most potential to initiate a rally.
According to CoinMarketCap, the price of ETH was up more than 16% last week. However, its value has only changed marginally over the past 24 hours. At the time of writing this was the case trade for $3,949.87.
Most metrics also turned bearish as the Relative Strength Index (RSI) and stochastic ETH were in overbought zones at the time of writing.
Source: CryptoQuant
Quite a few other metrics also looked bearish on the altcoin. AMBCrypto’s analysis of CryptoQuant facts showed that ETH’s foreign exchange reserve increased, indicating high selling pressure.
Both Ethereum’s Korea Premium and Funds Premium were also in the red. This meant that selling sentiment was dominant among funds and Korean investors.
A look at meme coins
Unlike Ethereum, the meme coin rally was more prominent last week as most coins recorded double-digit growth. Remarkable, PEPE‘s value increased by almost 130%.
To see what caused this surge, AMBCrypto checked the meme coin’s daily chart. We found that the MACD remained in favor of the bulls over the past week.
Both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) remained high last week, allowing PEPE to demonstrate that impressive performance.
Source: TradingView
Dogecoin [DOGE] And Shiba Inu [SHIB] also performed well this past week as their values rose 33% and 72% respectively.
It was interesting to note that despite the price increase, DOGE market sentiment remained bearish, as evidenced by the dip in Weighted Sentiment. However, SHIB remained in the positive zone.
The price actions of all the above-mentioned meme coins remained dormant over the past 24 hours, suggesting that they could also potentially spark a bull rally in the near term.
Source: Santiment
All eyes on AI?
Like meme coins, AI tokens also suffered a similar fate. This could be due to general market conditions or because the altcoins were in a consolidation phase.
World currency [WLD], which recently made headlines for its massive price hike, witnessed a price drop of 5.11% in the last 24 hours alone.
At the time of writing, WLD was trading at $10.01 with a market cap of over $1.48 billion.
However, bullish sentiment surrounding the AI token has improved in recent days. Social volume also increased, reflecting its popularity in the crypto space.
Source: Santiment
To better understand whether things could change for the AI token in the coming days, we next took a look at the daily chart. Our analysis showed that the price of WLD reached the upper limit of the Bollinger bands.
When that happens, it signals that a price correction is coming.
The Relative Strength Index (RSI) also recorded a decline, meaning investors started selling. The token’s Chaikin Money Flow (CMF) followed a similar downward trend, further indicating a price decline.
Nevertheless, the MACD remained bullish.
Source: TradingView
Besides WLD, there is another popular AI token Collect.ai [FET]. Unfortunately, things were also similar for FET. According to CoinMarketCap, the FET is down more than 7% in the past 24 hours.
At the time of writing, it was trading at $2.83 with a market cap of over $2.36 billion.
The daily chart of FET also resembled that of WLD as the price of the former reached the upper band of the Bollinger Bands. Both the RSI and CMF also recorded downticks.
Source: TradingView
Read Ethereums [ETH] Price prediction 2024-25
The Bitcoin question
While the performance of the top altcoins plays most of the role in initiating a bull rally, the role of Bitcoin [BTC] cannot be ruled out either. BTC, the largest cryptocurrency, influences the entire market.
Recently, BTC boosted the $70,000 mark, giving investors hope for another rally. Therefore, it will be difficult for altcoins to challenge BTC’s bull rally given its massive dominance.