3 Altcoins to Watch This Weekend | 02 – 03/08

The cryptocurrency market started this week with a downward trend and seems to be ending with a similar trend. However, some altcoins have grown against the downward trend and may have taken advantage of the weekend volatility to achieve profits.

BeInCrypto has analyzed three such tokens for investors to follow this weekend and their directions.

Optimism (OP)

The OP price has slightly decreased by 3.5% over the past week, which is one of the smallest declines among altcoins. Therefore, due to its strength, OP remains a notable cryptocurrency, especially with the upcoming Superchain 16 upgrade, which could significantly impact future price action and investor sentiment.

An important part of the upgrade includes smart contract changes aimed at enhancing interoperability. This could attract more investors, especially as OP's correlation with Bitcoin becomes increasingly strong. If Bitcoin grows, OP may surpass the $0.70 level and potentially reach $0.76, consolidating positive prospects for this altcoin.

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However, if the market cannot maintain its upward momentum, OP may continue its downward trend. If it breaks below the $0.63 support level, the price could drop further, potentially falling to $0.59, invalidating short-term price increase predictions.

Conflux (CFX)

The CFX price has increased by 22% over the past week, becoming one of the best-performing altcoins. Despite today's market decline, CFX has shown resilience. This recent performance emphasizes the altcoin's potential, even in volatile market conditions, making it a notable asset for tracking investors.

The Parabolic SAR indicator, currently below the candles, suggests CFX is in an upward trend. This technical signal implies the altcoin may continue to rise, pushing the price past resistance levels at $0.219 and $0.240, with the potential to achieve additional short-term profits.

However, if investor sentiment becomes negative, CFX may face selling pressure. This could lead to a price drop below the $0.194 support level, with the next primary support at $0.170. Such a decline would invalidate the price increase prospects, indicating a potential reversal for the altcoin.

XDC Network (XDC)

XDC has increased by 15.5% over the past week, currently trading at $0.097. This altcoin is approaching the important $0.100 resistance level, a significant psychological barrier. This level is proving challenging to break, but recent gains suggest XDC may be poised for a breakout.

The presence of RSI in the upward zone above the neutral 50.0 on XDC's price chart provides significant upward momentum. If XDC can convert the $0.100 resistance level into support, it may gain additional momentum and rise to $0.108. This technical indicator suggests the altcoin is preparing for a potential price increase in the coming days.

However, if XDC cannot break through the $0.100 resistance level, it may experience a price decline. A drop below the $0.088 support level would invalidate the price increase prospects, erasing recent gains and signaling a potential reversal.