With August underway, a bunch of crypto tokens are set to witness major network development in the coming days. The bullish weekend further fueled the fire, and now many altcoins are looking at gains.
BeInCrypto has analysed three such top altcoins that are important for investors to watch this week.
Stellar (XLM)
Stellar is set to release its Q2 report this week, which will highlight recent developments and offer a preview of upcoming initiatives. How the Stellar Foundation plans to advance the ecosystem could potentially serve as a catalyst for price movement.
XLM has already broken free from a three-week downtrend, currently trading at $0.450, holding above the $0.445 support. The upcoming report could act as a key driver for XLM’s price, sparking renewed interest among investors and potentially propelling the altcoin higher.
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Should the report generate positive sentiment, XLM could push past $0.470, eyeing $0.500. However, if investors begin to sell, XLM could drop back to $0.424 or lower, possibly invalidating the bullish thesis.
Lido DAO (LDO)
LDO has seen impressive growth this week, posting a 58% rise in just five days. Currently trading at $1.49, the altcoin is experiencing positive momentum, reflecting investor confidence. This surge signals potential for further growth, with LDO aiming to break through its resistance levels soon.
LDO is trading under the $1.56 resistance level, but the upcoming Lido Tokenholder Update Call could serve as a catalyst for price movement. The call will be the first of its kind, outlining the roadmap and aligning LDO’s long-term goals with protocol success. This event could spark bullish momentum.
If the Lido update generates positive investor sentiment, LDO could break through $1.56 and potentially reach $1.82. However, selling pressure from investors could push the altcoin down to $1.34 or even lower, which would invalidate the current bullish outlook.
Arbitrum (ARB)
ARB is currently trading at $0.461, just below the $0.473 resistance level. The cryptocurrency is preparing for a significant event with the monthly unlock of 92.65 million ARB tokens, worth over $42.76 million. The token unlock could create volatility, as such events often cause price pressure.
Despite the potential bearish impact from the token unlock, the altcoin’s Relative Strength Index (RSI) is in the bullish zone. This suggests that broader market cues could offset the negative effects, allowing ARB to maintain upward momentum. Positive investor sentiment may help support price stability through the unlock event.
If the market sentiment remains favorable, ARB could continue hovering under the $0.473 resistance level, with a potential breakout targeting $0.510. However, if the bearish effects of the unlock dominate, ARB might fall to $0.427, invalidating the current bullish outlook.
Disclaimer
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