The crypto market is showing positive signs of an upcoming altcoin season this week. Meanwhile, several altcoins are experiencing notable developments, contributing to increased optimism.
Let’s analyze the 3 altcoins with the highest potential for price increases in the upcoming week with Bitcoin Magazine.
Cronos (CRO)
Cronos (CRO) is showing signs of sustainable growth as users anticipate the upcoming POS v6 upgrade set for July 28. This important update will enhance cross-chain compatibility and the overall performance of the network.
This development has created a positive sentiment among investors, potentially pushing CRO into a stronger uptrend in the coming weeks.
CRO is currently trading around $0.122 and is trying to hold the reliable support level of $0.121. A successful recovery could steer this altcoin towards $0.133.
Notably, the 50-day EMA is approaching a crossover with the 200-day EMA, signaling the potential formation of a Golden Cross in the near future.
However, overall market volatility could challenge the bullish outlook. If a downtrend forms, CRO could lose its current support level and slide down to $0.108, negating the current positive structure.
Conflux (CFX)
Conflux (CFX) has witnessed a strong price surge, becoming one of the best-performing altcoins in recent days.
Driven by the Conflux Conference in Shanghai, CFX has surged 97.5% in the past 24 hours. This altcoin is currently trading around $0.21, attracting the attention of investors amidst strong bullish momentum and optimism from the community.
Excitement continues to build as Conflux prepares for the 3.0 upgrade, expected to take place in early August. This significant milestone could act as a bullish catalyst.
If CFX rebounds from the support level of $0.17, the altcoin could advance to $0.24 and potentially target the significant psychological level of $0.30 in the short term.
However, risks remain if investors start taking profits after significant growth. Dropping below the support level of $0.17 could cause CFX to slide back to $0.11.
This move would reverse the current bullish trend, forcing traders to reassess expectations as bearish sentiment overtakes the uptrend.
Bitget Token (BGB)
Bitget, the leading crypto exchange, has announced a partnership with Pudgy Penguins, with the reward being a wellness vacation trip to Kuala Lumpur this week.
Although the event is not directly related to the crypto space, it could pave the way for more impactful partnerships, enhancing brand recognition and investor interest across the memecoin ecosystem and exchanges.
BGB's price may rise after this news, especially as technical indicators support the bullish outlook. The Parabolic SAR is positioned below the candles confirming a positive uptrend.
If momentum is maintained, this altcoin could surpass $5.05, helping Bitget's token recover losses from the market correction in May.
However, bearish pressure could weigh on BGB in the short term. If it falls back below the critical support level of $4.83, the token may return to $4.46.
This move would invalidate the bullish outlook, indicating that investor sentiment is weakening despite positive market developments.