Chart of the week: M, IP, PUMP, SKY, POL altcoins could extend double-digit rallies

Seveal altcoins could extend their gains in the coming week as Bitcoin and Ethereum dominance continue their downward trend.

MemeCore (M), Story (IP), Pump.fun (PUMP), Sky (SKY) and POL (POL) are the top five tokens in terms of weekly gains, per CoinGecko data.

Summary

• MemeCore added nearly 230% to its value in the last seven days.
• Story posted 35% gains and holds steady above $8 support on Friday.
• Pump.fun extended its rally by nearly 7% on the day.
• SKY adds 15% to its value in the last seven days, trades at $0.0735.
• POL posts 14% weekly and nearly 5% daily gains, rally likely to be extended next week.

• Bitcoins (BTC) price is nearly unchanged in the last seven days, currently hovering below $111,000.
• Ethereum (ETH), meanwhile, erased 3% of its value in a week and is steady just below $4,300 support.

Table of Contents

• Price analysis
• MemeCore
• Story
• Pump.fun
• Sky Protocol
• Bitcoin dominance

Price analysis

The tokens have observed double-digit rallies in the last seven days, at a time when Bitcoin price was nearly unchanged and Ethereum wiped out almost 3% of its value.

Top 5 tokens with weekly gains | Source: CoinGecko

MemeCore

The M/USDT daily price chart shows the likelihood of further gains in MemeCore. M is trading at $1.6520 at the time of writing. Key resistance is at $1.7688, the highest level on September 5. M could find support at S1 and S2, two support levels that have held steady in September, at $1.40 and $1.13, respectively.

The momentum indicators RSI and MACD support a bullish thesis for M. RSI reads 87, while it is in the overvalued zone, traders should watch for a drop under 70, as it would generate a sell signal.

MACD flashes consecutively taller green histogram bars, indicating an underlying bullish momentum in Ms price trend on the daily timeframe.

M/USDT daily price chart | Source: Crypto.news

A daily candlestick close under S1 at $1.40 could invalidate the bullish thesis and M could sweep liquidity at $1.13.

Story

Story Protocol‘s IP is trading at $7.8687. The token could extend its gains and test resistance at R1, $8.5705, a 9% rally for IP. RSI and MACD signal an underlying bullish momentum in IP’s price trend.

IP could test resistance at R2, at $9.0958, if it extends its gains.

IP/USDT daily price chart | Source: Crypto.news

Pump.fun

Pump.fun is in an upward trend and the target is $0.005199, the all-time high for PUMP. The two key support levels for the token of the meme coin launchpad is S1 and S2, at $0.004500 and $0.004137.

RSI and MACD support PUMPs gains, with RSI sloping upwards and MACD flashing green histogram bars above the neutral line.

PUMP/USDT daily price chart | Source: Crypto.news

Sky Protocol

Sky Protocols SKY token has been consolidating between $0.07882 and $0.06025. The token is trading at $0.07454 at the time of writing. SKY could test resistance at $0.07882. SKY could find support at the lower boundary of the consolidation zone at $0.06025.

The technical indicators on the daily timeframe support further gains in SKY in the coming week, unless there is a daily candlestick close under $0.06886.

SKY/USDT daily price chart | Source: Crypto.news

POL is likely to extend its gains as it ranges between resistance at $0.2964 and S1 at $0.2500. There is another support level, S2 at $0.2309. RSI and MACD support the likelihood of further gains and POL trades at $0.2770 at the time of writing on September 5.

POL/USDT daily price chart | Source: Crypto.news

Bitcoin dominance

Bitcoin dominance has been in a downward trend since June 27. At the time of writing, BTC dominance is 58.69%, close to the August 24 low of 57.69%. While Bitcoin dominance is in decline, altcoin prices could climb higher.

BTC dominance | Source: TradingView

While technical indicators suggest Bitcoin dominance may rise and break out of consolidation, if BTC dominance remains stable below the 60% resistance, altcoins could continue to gain as capital rotates and inflows from retail and institutional investors increase.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.