Top Crypto Gainers on 8 August – LINK And ALGO

Crypto assets are highly volatile and are subject to various factors like regulatory crackdowns, macroeconomic activities, investor sentiment, market conditions, and even the laws of supply and demand.

Today, many assets have experienced tremendous surges in price, trading volume, and market capitalization, with speculations that recent developments and positive news events are possible drivers behind these.

So, in this write-up, we’re analyzing some of the top crypto gainers in the market to uncover the factors behind their significant surges in the last 24 hours.

Chainlink (LINK)

The growing interest in Chainlink (LINK) has significantly impacted its gains today. Despite being stuck in the consolidation phase within the past weeks, a positive signal blooming in LINK’s market is the entrance of the whales.

Data from Santiment shows an increasing number of wallets holding between 100,000 and 10 million $LINK since December 2022. In under four weeks, data indicates that Chainlink’s shark and whale-level wallets have accumulated over $192 million in $LINK.

🔗🧑‍💻 #Chainlink's #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. 🐳https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1

— Santiment (@santimentfeed) August 7, 2023

Following the whales’ increase, the coin’s market value is also increasing. As of 7:46 am EST today, August 8, LINK is up by 2.69% in the last 24 hours, at $7.39. Also, its 24-hour trading volume has increased to over $258 million, indicating an 83.37% growth.

Bullish LINK is Pushing Up – Is $10 The Next Target?

Source: Tradingview.com

Chainlink (LINK) is trading above its critical moving averages (50 and 200-Day Simple Moving Average – SMA), a short and long-term overall bullish market trend. This suggests a prevailing bullish sentiment and LINK’s potential to uphold the upward trajectory.

The green candle stick formation on the chart indicates increased buying pressure. Also, the Relative Strength Index (RSI) is at 53.17, moving slightly upward. This shows a less-extreme buying pressure, indicating a neutral market positive for LINK.

Meanwhile, LINK’s Moving Average Convergence Divergence (MACD) indicator is below the signal line and has red faded histogram bars.

This shows that the coin’s bearish momentum is weakening, projecting a shift in momentum in the coming days. Considering the signals on these indicators, Chainlink (LINK) is prone to reach $10 by the end of the week.

Algorand (ALGO)

Algorand (ALGO) recently activated a prominent network upgrade, go-algorand 3.16, to boost the blockchain’s performance, developer experience, and finality time.

The key achievements with this upgrade include reducing block latency to a remarkable 3.3 seconds, fostering near-instant block finality and faster transactions, and showcasing Algorand’s dedication to high performance, decentralization, and security.

Moreover, the upgrade comes with developer tools, nurturing innovation, and expanding possibilities for decentralized app (dApp) creation.

Algorand intends to maintain its pioneering role in blockchain tech, providing a robust platform for future dApps and their developers. Since the activation of this upgrade, the crypto powering the Algorand blockchain network, ALGO, has surged significantly.

ALGO is up by 6.13% as of 9:18 am EST, trading at $0.1168. Its 24-hour trading volume is up 113.98%, recording over $83.2 million today. Considering the coin’s price moves in the last seven days, ALGO could hit $0.3 before the end of August.

Bullish ALGO Approaches Short-Term Moving Average – Bullish Sentiment Ahead

ALGO/USD Daily Chart | Source: Tradingview.com

ALGO is trading a few pips below the 50-day Simple Moving Average (SMA), suggesting an upcoming short-term bullish sentiment in the next few days.

Also, the green candle stick formation in the last four days shows that ALGO’s price is re-igniting an uptrend with increased buying pressure.

The coin’s Moving Average Convergence Divergence (MACD) indicator is above the signal line and has bold green histogram bars. This shows that today’s bullish momentum backs ALGO’s price.

Furthermore, the chart above shows ALGO’s Relative Strength Index (RSI) at 55/96, moving through the neutral zone. Its upward movement suggests price rallies for the coin toward the overbought region.

While these signals are projecting a bullish sentiment, ALGO’s overall market trend is still bearish as the long-term moving average (200-Day SMA) is above its trading price.

This could trigger price stagnation, creating resistance for the coin within the $0.12 level in the coming weeks. However, if ALGO breaks above its 50-Day SMA, the short-term bullish sentiment can uphold its price movement throughout this week.

yPredict (YPRED)

The all-in-one AI ecosystem, yPredict, and its revolutionary utility token, $YPRED, take the crypto world by storm. By providing data-driven insights powered by artificial intelligence, traders, developers, quants, and analysts can get a matchless edge in crypto trading.

As a revolutionary AI-powered project, yPredict comes with an ever-evolving ecosystem that comprises cutting-edge AI products such as the Backlink estimator, yPredict editor, yPredict Analytics, Predictions, and Marketplace.

The yPredict’s token presale is ending with just two stages left. Currently, in stage 7, $YPRED is priced at $0.1, providing interested investors the chance to move in at an affordable price. In the next few days, the price will increase by 11.11% to $0.11, after which it will reach $0.12 and list on exchanges.

Unlike other AI-powered predictive analytics platforms, yPredict has features, including Chart Trading, Auto Indicator, AI Prediction, Transactional Data Analysis, Trading Terminal, and many more.

Also, considering its lucrative staking rewards, 10x to 100x potential, huge discounts, and lifetime free predictions, yPredict (YPRED) will likely become the next big investment option across the crypto space.

So far, YPRED is boasting over $3.3 million in its presale fundraising campaign, approaching the $4.5 million initial valuation. With its token presale ending soon, interested investors can join other 20,000+ early investors on the waitlist by swapping their MATIC, ETH, USDT, or BNB for $YPRED.

Launchpad XYZ (LPX)

The community-conscious web3 home, Launchpad XYZ, aims at providing the crypto community with high-rewarding early projects that can be 100x in the future.

With revolutionary features like AI assistant, Terminal, and Trading Edge, Launchpad XYZ intends to allow investors and crypto enthusiasts to learn about their trades and assets before making any investment decisions.

Embrace the future with AI-powered insights 🚀

Let #LaunchpadXYZ's powerful #AI guide your trading decisions, helping you trade smarter, not harder

Check it out! 👉 https://t.co/ZUZaIKgy84
#Trading #Crypto #Web3 #CryptoCommunity pic.twitter.com/VOd5KHT0PN

— Launchpad.xyz (@launchpadlpx) August 8, 2023

As a web3 home, the project brings all web3 products, tools, and services into one user-friendly dashboard, allowing users to maximize their web3 experiences in one place.

 Users can find the next high-price explosive assets, get real-time market data insights, and explore numerous investment options ahead of time.

With a utility token, $LPX, serving as the primary currency for all transactions and activities on the platform, users can engage in trading activities on Launchpad’s decentralized exchange and other centralized exchanges.

$LPX presale has raised over $1.2 million from the $1.5 million benchmark on the presale widget. Selling for $0.0445, interested investors can buy the coin early using their card, USDT, BNB, or ETH.

Conclusion

Today’s top crypto gainers have demonstrated significant price appreciation, reflecting strong market momentum and investor interest in these digital assets. But if you aim to invest in any of these assets, keep adequate risk management techniques in place and conduct a comprehensive technical analysis because cryptocurrencies are highly volatile.