Coin Edition -
- Many expect the SEC to grant its approval for a spot BTC ETF this week.
- Ahead of a potential approval, a group of altcoins have begun to gain traction.
- They include UNI, VET, SUSHI, MATIC, and BAND.
With many anticipating a potential spot Bitcoin exchange-traded fund (ETF) approval this week, here Uniswap [UNI], VeChain [VET], SUSHI, Polygon [MATIC], and BAND are some altcoins poised for a rally.
Uniswap [UNI]
UNI exchanged hands at $6.41 at press time, according to data from CoinMarketCap. In the last 24 hours, the alt’s value has risen by 5%. The alt’s price assessed on a weekly chart showed a steady accumulation amongst spot market participants.
UNI/USDT 7-Day Chart (Source: TradingView)
Readings observed from key momentum indicators showed that buying pressure exceeded token sell-offs. For example, UNI’s Relative Strength Index (RSI) was 56.31, while its Money Flow Index (MFI) was 83.78. At these values, these indicators showed buying momentum was higher than selling pressure. Should sentiment remain, UNI’s price may be due for a rally this week.
VeChain [VET]
While the general market consolidation has resulted in a 14% decline in VET’s value, the bulls remain firmly in control of the market on a weekly chart. According to its Directional Movement Index (DMI), its positive directional index (green) at 32.72 rested above its negative directional index (red) at 13.75.
VET/USDT 7-Day Chart (Source: TradingView)
When these lines are positioned in this manner, it means that the downward forces in the market are relatively weak compared to those behind an uptrend.
SushiSwap [SUSHI]
The past 24 hours have witnessed a 2% uptick in SUSHI’s value. At the time of writing, the altcoin exchanged hands at $1.08. Also seeing a rise in demand, its On-Balance Volume was 1.60 billion at press time and has been on a steady rise since the end of October.
Confirming the presence of bullish sentiment in the market, the MACD line was spotted above the trend line. This kind of crossover showed that the market is mostly driven by bullish sentiments, which can cause the token’s price to rise if the same is sustained.
SUSHI/USDT 7-Day Chart (Source: TradingView)
Polygon [MATIC]
MATIC witnessed a 4% price gain in the last 24 hours. According to data from CoinMarketCap, the altcoin sold at $0.84 as of this writing. Its Chaikin Money Flow (CMF), assessed on a seven-day chart, showed a steady inflow of liquidity into the market. At 0.06 and in an uptrend, MATIC’s CMF showed the presence of capital inflow, necessary to drive up its price.
MATIC/USDT 7-Day Chart (Source: TradingView)
Band Protocol (BAND)
BAND’s Awesome Oscillator has returned only upward-facing green histogram bars since the year began. This indicator gauges an asset’s momentum and potential trend reversals. When it shows upward-facing green bars, it generally indicates a bullish signal, suggesting that the asset’s price is likely to rise.
BAND/USDT 7-Day Chart (Source: TradingView) The post 5 Altcoins to Watch Next Week: UNI, VET, SUSHI, MATIC, BAND Lead the Charge appeared first on Coin Edition.