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.

• Bitcoin’s (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.

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. 

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 M’s price trend on the daily timeframe. 

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. 

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 PUMP’s gains, with RSI sloping upwards and MACD flashing green histogram bars above the neutral line. 

Sky Protocol

Sky Protocol’s 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. 

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.

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. 

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.