The crypto market is sending mixed signals towards the final week of July and the beginning of August. However, some altcoins are showing signs of potential growth next month due to certain events.
Beincypto has analyzed three such altcoins that investors should watch in the future.
Helium (hnt)
The price of helium is currently trading at $3.64, forming a cup-and-handle pattern, indicating potential bullish momentum. This pattern is followed by a rising price movement that has been seen in the slightest pullbacks experienced last week. If the market situation is favorable, this could lead to further profits for HNT.
As Helium prepares for the Harving event, HNT’s annual supply will be reduced by 50%, dropping from 15 million to 7.5 million coins. This decline in supply is expected to put upward pressure on Altcoin’s prices. As a result, helium rises above $4.18, aiming for $4.82.
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However, if there is significant sales pressure ahead of half, it can cause price adjustments. In such a scenario, HNT could drop below $3.13, disabling bullish outlook.
Optimism (OP)
Optipism (OP) has recently been one of the best performing tokens, surged 19.3% over the last 24 hours, trading at $0.86. This rise is reinforced by positive sentiment ahead of future token unlocks in August.
In early August, 31.34 million OP tokens worth $25.6 million will be distributed. This token unlock can shift the balance of supply and demand and affect the price of the OP. Market expectations are high, with Altcoin potentially surges above $0.98, aiming for $0.98, potentially reaching $1.00 in the short term.
However, if the lock on the token is unlocked, leading to a bearish reaction, the influx of tokens could lower the price of the OP. If the price falls below $0.80, the OP will be pushed down to $0.69, invalidating the bullish outlook.
sui (sui)
SUI prices have risen 13.7% over the past three days and are currently trading at $4.24. This surge comes before a significant event. Unlocking this week’s scheduled tokens. A total of 44 million SUI tokens worth more than $186 million will enter distribution that could affect price dynamics.
Parabolic SAR indicators under candlesticks suggest that Altcoin is likely to continue its upward trend. If this momentum applies, SUI could push beyond the $4.35 resistance level and push towards $4.79 in the coming days, indicating a further positive move for cryptocurrency.
However, if investors start selling, Altcoin could face a significant price drop. A move below $4.12 could drop to $3.93 and potentially reach $3.69, which would invalidate the bullish scenario.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
