In the context of Bitcoin struggling to find its footing and direction, altcoins seem forced to rely on external signals. These signals could change the current direction of the tokens and even potentially help them create a bullish breakout.
Let's analyze 3 altcoins that investors should watch for in the coming week with Bitcoin Magazine.
1Inch Network (1INCH)
1INCH is attracting attention as investors await a mysterious announcement expected on August 19th. The project's official post hints at DeFi consolidation, sparking speculation across the market.
This altcoin has shown little volatility in recent sessions, accumulating without a clear direction. However, an upcoming announcement could play a crucial catalytic role, potentially pushing 1INCH to $0.273.
Successfully flipping this level into support will allow the token to aim for $0.311, reinforcing the bullish outlook and improving market confidence.
Conversely, if the information fails to generate appeal, 1INCH risks losing momentum, falling back to support around $0.241. If this level is breached, the price could drop further to $0.222, invalidating the bullish scenario, signaling caution from traders.
OKB (OKB)
OKB has seen significant gains in the past week as supply has halved, driving strong growth sentiment. The sudden reduction in circulating tokens has created scarcity, attracting investor interest.
In the past 24 hours, the price of OKB has risen over 20% and is currently trading around $115. If this bullish momentum is maintained, the altcoin could aim for $143 or even higher, reflecting restored investor confidence.
If the momentum weakens and traders believe this rally has become too hot, profit-taking may occur thereafter.
A wave of selling pressure could pull OKB below $105, causing this altcoin to retreat to $77. This scenario would invalidate the bullish argument.
Cyber (CYBER)
CYBER became a highlight in the past week after being listed on the Upbit exchange in South Korea on August 12th. This event boosted strong buying pressure, helping CYBER increase by up to 51% in 7 days.
The bullish momentum has not cooled down, with CYBER recording an increase of over 16% in the past 24 hours. Currently trading around $2.81, this altcoin shows potential to surpass $2.99.
If buying pressure is maintained, CYBER has the potential to rise to $3.39, reinforcing optimistic sentiment and attracting additional capital.
Failing to maintain momentum could reverse the recent uptrend, with CYBER at risk of falling below the support level of $2.38.
If selling pressure increases, the token could fall further to $1.85. This decline would weaken the short-term bullish argument.
