GAL might retest $2.65 while ZETA’s capital inflow dropped, suggesting a decrease to $1.47. PYTH might extend to $0.70 if buying pressure returns, while BEAM’s fall to $0.020 looked imminent as bearish momentum appeared.
GAL’s upward movement started around February 3 when the price was $1.77. Over the next few days, bulls drove the price up to $2.15 by February 7. However, from February 7 to 8, the price remained relatively stable, suggesting that some traders were selling to take profits while others were still buying.
Altcoin Prices Surge: GAL, ZETA, PYTH, and BEAM Lead the Way
Altcoin prices, including Galxe (GAL), Zeta Chain (ZETA), Pyth Network (PYTH), and Beam (BEAM), have experienced significant gains over the past seven days, according to CoinMarketCap data.
GAL’s price surged by 18.29% within this period, showcasing robust growth compared to other altcoins.
ZETA saw a notable increase of 12.55% in its value, while PYTH climbed by 14.39%, reflecting positive momentum for both projects.
BEAM emerged as the top performer among the group, with its price skyrocketing by 50.65%. This remarkable increase positions BEAM as one of the best-performing projects in the cryptocurrency market over the last week.
Galxe (GAL) Price Analysis: Potential Upside Momentum
The rise of Galxe (GAL) commenced around February 3, with the price hovering around $1.77 at that time. Subsequently, bulls drove the price to $2.15 by February 7. However, from February 7 to 8, the price exhibited sideways movement, indicating a balance between profit-taking and buying activity among participants.
At present, the Relative Strength Index (RSI) stands at 67.54, indicating the presence of active buyers. If this buying momentum persists, GAL’s price could potentially surge to $2.65. However, for such an increase to occur, an engulfing candlestick would need to appear following the recent red bar at $2.26.
GAL/USD 4-Hour Chart (Source: TradingView)
Analysis of the Bollinger Bands (BB) suggests that GAL’s volatility is not exceptionally high, implying that price fluctuations may not be significant. In a highly bullish scenario, GAL may not surpass $2.65. Conversely, if the market sentiment turns bearish, the token could decline below $2.
Zeta Chain (ZETA) Price Analysis: Potential Resistance and Support Levels
The market structure of Zeta Chain (ZETA) reflects a token that appears to still be in the phase of price discovery. Within the 1-hour timeframe, ZETA’s price experienced a decline from $1.79 on February 2 to $1.24 in the following days. However, renewed interest in the cryptocurrency led to a retest of the $1.79 level.
Despite this, a recent price decrease indicated resistance around $1.76. A decisive close above this resistance level could propel ZETA towards the $2 region. However, if the price faces rejection again, ZETA might retreat to $1.47, where significant support is found.
ZETA/USD 1-Hour Chart (Source: TradingView)
Upon examining the Money Flow Index (MFI), a decline in the reading was observed. This decrease suggests a reduction in capital inflow into ZETA. If this trend persists, ZETA’s market structure could lean towards the bearish side, potentially resulting in a price decline.
Pyth Network (PYTH) Price Analysis: Potential Support
The 2-hour chart of PYTH/USD reveals a token striving for upward movement but encountering resistance at various points. Initially, PYTH surged to $0.55 on February 24, only to retreat shortly after to $0.50, which later transformed into a support level.
Subsequently, PYTH climbed to $0.56 on February 12, but faced rejection and was trading at $0.55 at the time of writing. Notably, the $0.55 region appears to have transitioned into a support zone for the token.
With an increase in buying pressure, PYTH’s price could surpass $0.57. However, the Moving Average Convergence Divergence (MACD) indicates a potential shift to bearish momentum.
PYTH/USD 2-Hour Chart (Source: TradingView)
Consequently, PYTH may decline to $0.53. However, in the short to mid-term, the price of PYTH could potentially extend to $0.70, where the 3.618 Fibonacci extension lies.
Beam (BEAM) Price Analysis: Potential Bearish Momentum
At the time of writing, Beam (BEAM) was priced at $0.025, encountering resistance at $0.026. Previously, the Awesome Oscillator (AO) indicated increasing upward momentum for the token, evident from the presence of high green bars.
However, current data from the 4-hour chart revealed a shift in momentum, with the histogram bars now appearing in red. This change suggests bearish momentum for BEAM. If bulls fail to sustain the buying pressure, BEAM’s price may decline to $0.020.
BEAM/USDT 4-Hour Chart (Source: TradingView)
This bearish outlook is further supported by the Relative Strength Index (RSI). At present, the RSI has decreased from its previous high of 73.08, indicating that BEAM was overbought. Should the RSI reading continue to decline, BEAM’s price may follow suit, reflecting a potential downturn in its value.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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