August began with a challenging start for the cryptocurrency market, especially for 'US-produced' coins. Trading activity decreased as investors quickly took profits from the strong surge in July. In the past week, the global cryptocurrency market capital decreased by 5%, signaling reduced demand and a broader market cooldown.
However, amid the market stagnation, some 'US-produced' tokens are attracting attention for their potential to go against the trend. Here are three altcoins that investors should monitor this month.
Omni Network (OMNI)
OMNI has increased 72% in the past week. It went against the broader market decline over the past seven days to record a rise. This makes it one of the notable US-produced coins during the first trading week of August.
The Moving Average Convergence Divergence (MACD) indicator configuration on the daily chart confirms an upward trend for this altcoin. At the time of writing, OMNI's MACD line (green) is above the signal line (orange).
The MACD indicator determines trends and momentum in its price movement. It helps traders detect potential buy or sell signals through intersection points between the MACD and signal lines.
Like OMNI, when the MACD line is above the signal line, it indicates increasing momentum. Traders view this configuration as a buy signal.
If accumulation continues, the token could exceed $4.60. Want more information about such tokens? Subscribe to the Daily Cryptocurrency Newsletter by Editor Harsh Notariya here.
OMNI price analysis. Source: TradingViewConversely, if demand decreases, the token's price could drop to $3.83.
Story (IP)
Currently priced at $5.71, IP has increased 24% over the past three weeks — positioning it as another notable US-produced coin at the beginning of August.
Reading the IP/USD daily chart shows that this altcoin has been trading in an ascending parallel channel since July 11. This chart pattern, formed by drawing two upward-sloping trend lines connecting higher highs and higher lows of the asset, indicates a sustainable upward trend.
At the time of writing, IP is oscillating near the lower line of the ascending channel. If this support holds and accumulation increases, the altcoin could rise, potentially reaching $6.46 in the short term.
IP price analysis. Source: TradingViewHowever, a decisive break below the channel's support line could invalidate the rising configuration. This could trigger a deeper decline to the $4.92 area.
Zebec Network (ZBCN)
ZBCN has increased nearly 30% over the past seven days, making it one of the notable altcoins in the first week of August.
On the daily chart, the token's Smart Money Index has been steadily increasing, emphasizing sustained support from key investors. At the time of writing, it is at level 1.
An asset's SMI tracks the activity of experienced or institutional investors by analyzing market behavior during the first and last trading hours. When it decreases, it indicates selling activity from these holders, suggesting expectations of price decline.
Conversely, like ZBCN, when the indicator rises, it shows increasing buying activity. If demand continues to increase, the token's price could exceed $0.0053.
ZEBEC price analysis. Source: TradingViewConversely, if buying pressure decreases, the token's price could drop to $0.0047.
