The crypto market started off on a bearish note this week and seems to be closing on the same note. However, a few altcoins that managed to rise against the bearish trend might be able to capitalize on the volatile weekend to post gains.
BeInCrypto has analysed three such tokens for the investors to watch this weekend and the direction in which they’re heading.
Optimism (OP)
OP price has experienced a modest 3.5% decline over the past week, marking one of the smallest drops among altcoins. Hence, due to its strength, OP remains a cryptocurrency worth watching, especially with the upcoming Superchain Upgrade 16, which could significantly impact its future price action and investor sentiment.
A major part of the upgrade includes smart contract changes aimed at enhancing interoperability. This could attract more investors, particularly as OP’s correlation with Bitcoin strengthens. If Bitcoin gains momentum, OP could push past $0.70 and potentially reach $0.76, reinforcing the positive outlook for the altcoin.
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However, if the market fails to sustain bullish momentum, OP could continue its downtrend. A break below the $0.63 support level may result in further losses, with the price potentially falling to $0.59, invalidating any bullish predictions for the near term.
Conflux (CFX)
CFX price has surged by 22% over the past week, positioning it as one of the best-performing altcoins. Despite a bearish market today, CFX has shown resilience. This recent performance highlights the altcoin’s potential, even in volatile market conditions, making it a noteworthy asset for investors to monitor.
The Parabolic SAR indicator, which is currently positioned below the candlesticks, signals that CFX is in an active uptrend. This technical signal suggests that the altcoin could continue to rally, pushing its price through resistance levels at $0.219 and $0.240, with the possibility of further gains in the near term.
However, if investor sentiment turns negative, CFX could face selling pressure. This could lead to a decline through the support at $0.194, with the next major level of support at $0.170. Such a drop would invalidate the bullish outlook, indicating a potential reversal for the altcoin.
XDC Network (XDC)
XDC has seen a 15.5% rise over the past week, currently trading at $0.097. The altcoin is nearing a critical resistance level of $0.100, a key psychological barrier. This level is proving challenging to break, but recent gains indicate that XDC may be on the verge of a potential breakout.
The presence of the RSI in the bullish zone above the neutral mark of 50.0 in XDC’s price chart offers significant bullish momentum. If XDC can flip the $0.100 resistance into support, it could gain further momentum and rise to $0.108. This technical indicator suggests that the altcoin is preparing for a potential upward move in the coming days.
However, if XDC fails to breach the $0.100 resistance, it could experience a decline. A drop below the $0.088 support level would invalidate the bullish outlook, erasing recent gains and signaling a potential reversal.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
