Top 3 Promising Altcoins This Week
With August starting, many tokens are gearing up for significant events on their networks. The bullish weekend has increased interest, and now many altcoins are aiming for growth
We've identified three altcoins that investors should watch this week.
Stellar (XLM)
Stellar is preparing to release its Q2 report. It will highlight recent achievements and offer a preview of future initiatives. The Stellar Foundation’s plans for ecosystem development could impact the price.
XLM has already broken out of a three-week downtrend and is currently holding above support at $0.445. The upcoming report could be a key factor for the altcoin's price, generating new investor interest and potentially supporting the token.
If the report generates positive sentiment, XLM could break through $0.470 and target $0.500. However, if investors start selling, the price risks falling to $0.424 or lower. This could invalidate the bullish scenario.
Lido DAO (LDO)
LDO has gained 58% in just five days this week. The altcoin is showing positive dynamics, which indicates investor confidence and potential for further growth. LDO is currently trading below the resistance at $1.56, but the Lido Tokenholder Update Call with Lido token holders could change that. This will be the first such meeting with the community, and it is scheduled for August 14. Community members will discuss the development of the project and strategic priorities.
If the event generates positive sentiment among investors, LDO could break through the $1.56 mark and reach $1.82. However, selling pressure could push the altcoin price down to $1.34 or lower, which would cancel the current bullish outlook.
Arbitrum (ARB) Altcoin Analysis
ARB is currently trading just below the $0.473 resistance. The cryptocurrency is preparing for a monthly unlock of 92.65 million ARB tokens worth over $42.76 million. The unlock could cause volatility as such events often put pressure on the price.
However, the Relative Strength Index (RSI) remains in the bullish zone. This indicates that positive market signals may offset the negative effects, allowing ARB to maintain its upward trend. Investor optimism may support price stability during the unlocking period.
If the market sentiment remains positive, ARB may continue to fluctuate below the $0.473 resistance level, with a possible breakout to $0.510. However, if bearish sentiment prevails, the token may fall to $0.427, which will cancel the current bullish outlook.
Источник: cryptocurrency.tech
