The cryptocurrency market in August started off lively with many altcoins hitting new monthly highs.
Five prominent altcoins being monitored include NEAR, OP, ENA, ZK, and PENDLE, which are forecasted to have notable price increase potential this week based on technical analysis and attractive events.
MAIN CONTENT
NEAR is focusing on cutting inflation, aiming for a price increase to 8 USD.
OP could break through to 1 USD but needs to be mindful of pressure from the large token unlock at the end of the month.
ENA, ZK, and PENDLE also have growth opportunities thanks to strong momentum and important technical thresholds.
Which top 5 altcoins need to be monitored in August?
NEAR, OP, ENA, ZK, and PENDLE are prominent altcoins mentioned by AltCryptoTalk experts that could create strong momentum in the cryptocurrency market in the near future.
These coins are recording positive technical signals or have important events such as deflation, token unlocks, or breakthrough price increases, creating a favorable foundation to attract investment flows.
What is notable about NEAR Protocol and what is its price target?
NEAR Protocol is attracting attention with its current price of around 2.6 USD and an 8% increase in the past week. The community's vote to reduce inflation from 5% to 2.5% will decrease new supply, creating upward price pressure.
Weekly chart analysis shows that NEAR needs to break the resistance level of 3.65 USD to start a strong upward trend towards the 8 USD target. Managing inflation is often seen as a boost to stabilize and brighten the token price.
How does Optimism (OP) have growth potential?
Optimism is trading around 0.74 USD after bouncing back from support at 0.60 USD. If it breaks through the 0.833 USD level, OP is expected to reach 1 USD.
However, the unlocking event of 31.34 million Tokens at the end of August may create short-term selling pressure, causing significant price fluctuations. Investors should closely monitor to have a suitable trading strategy.
The 'Token unlock event is the most notable factor that could influence short-term price volatility of OP, creating both opportunities and risks.'
AltCryptoTalk, Cryptocurrency Analyst, August 2024
How is ENA currently in the opportunity of 'buying on correction'?
ENA grew 30.87% over the week as the project's USDe stablecoin entered the Top 3 largest USD-backed stablecoins in the world.
Breaking through the important resistance level of 0.85 USD could push ENA's price up to 1 USD or higher if the current trend continues strongly. This is a favorable signal for investors to take advantage of the upward momentum.
What is noteworthy about ZK and its price breakout potential?
ZK is fluctuating around 0.055 USD, down 4.7% in the past 24 hours. Breaking through 0.065 USD is a good signal for creating a short-term upward wave, while exceeding 0.088 USD will open up a strong mid-term uptrend.
On August 17, there will be a token unlock of 173 million new tokens; this event may affect price dynamics, causing temporary fluctuations but also opens up opportunities for subsequent sustainable trends.
Where could PENDLE go in the current uptrend?
PENDLE surged over 37% last week, surpassing 5.3 USD with large trading volumes and positive technical indicators, indicating that the upward trend is still maintained.
The next target is 7 USD if market sentiment stabilizes. Conversely, the support zone below 5.2 USD needs to be maintained to avoid the risk of a downward correction.
'High trading volumes accompanied by strong upward momentum indicate that large funds are flowing into PENDLE, a positive sign for the next price trend.'
AltCryptoTalk, Cryptocurrency Analysis, August 2024
Frequently Asked Questions
What makes NEAR particularly attractive to investors?
The community's proposal to reduce inflation means a limited supply, stimulating sustainable price increases and improving market sentiment.
How to take advantage of OP's price increase opportunity during the token unlock event?
Investors should closely monitor price movements and trading volumes, buying when prices drop and selling when there are strong recovery signs.
How high can ENA reach if it maintains its upward momentum?
Technical analysis indicates that ENA has the potential to exceed 1 USD if it successfully breaks the resistance level of 0.85 USD in the short term.
How could ZK's token unlock schedule affect prices?
The large token unlock on August 17 may cause temporary selling pressure and price fluctuations but also lays the foundation for future upward trends.
How to identify the upward trend or correction of PENDLE?
Maintaining the support level of 5.2 USD is crucial to sustain the upward trend towards the 7 USD target; below this mark, a correction may occur.
Source: https://tintucbitcoin.com/5-altcoin-tiem-nang-bung-no-tuan-nay/
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