3 Altcoins To Watch This Weekend | August 9 – 10
These three altcoins could see significant price movements this weekend as key support levels and events come into play.
With Bitcoin forming a new ATH this week, expectations from the coming weekend are high considering this period is associated with volatility. Thus, it is wise to watch for cues beyond the market conditions that could impact the price.
BeInCrypto has analysed three such altcoins that could swing in a certain direction this weekend.
Cardano (ADA)
Cardano (ADA) has seen a 19.8% rise this week, now trading at $0.92. The altcoin is approaching the $1.00 level, showing resilience compared to other cryptocurrencies, as ADA has avoided a decline in recent market conditions. This strong performance signals investor confidence in its growth.
Despite posting a 12% intra-day rise in the last 24 hours, ADA did experience a slight pullback. However, the Ichimoku Cloud indicator suggests that the bullish momentum remains intact. If Cardano can flip $0.92 into support, it could help push the price toward the key $1.00 resistance level.
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ADA Price Analysis. Source:
On the other hand, if ADA fails to maintain its position above $0.92, the price could drop to $0.85. Losing this support level would invalidate the bullish thesis, signaling a potential shift to a bearish trend and likely further price declines for the altcoin over the weekend.
Arbitrum (ARB)
ARB’s price has fallen 9% in the last 24 hours, and it is now trading at $0.519. The altcoin is holding above the $0.510 support level after failing to secure $0.550. This failure to break resistance has resulted in a temporary price decline, highlighting the need for stronger support.
A token unlock is scheduled for this weekend, releasing 92.65 million ARB worth over $48.22 million into circulation. The increase in supply could pressure the price down. However, the Parabolic SAR indicator is still signaling an uptrend, which could counterbalance the negative effects of the token unlock.
ARB Price Analysis. Source:
ARB’s price could hold above $0.510, enabling a move toward $0.550. If it secures $0.550 as support, the price could rise to $0.600. Conversely, losing $0.510 support could lead to a decline to $0.473 or lower, invalidating the bullish outlook for ARB.
Avalanche (AVAX)
AVAX price is currently trading at $24.89, following a 1.67 million token unlock worth nearly $40 million this week. Interestingly, the token unlock had little impact on altcoin’s price, showing resilience in the face of increased supply.
AVAX is holding above the crucial $24.39 support level, with the 50-day EMA approaching the 200-day EMA. A Golden Cross formation is imminent, which could trigger a bullish signal. If the cross happens, AVAX price could rise toward $26.11 or potentially higher, continuing its upward momentum.
AVAX Price Analysis. Source:
However, if selling pressure increases, AVAX might drop below the $24.39 support level. In this case, the price could fall to $23.33 or lower, invalidating the bullish outlook and signaling a possible price correction.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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