The cryptocurrency market seems to start and end this week with a downward trend. However, some altcoins that have risen against the downward trend may be able to profit from the volatile weekend.
BeInCrypto analyzed three tokens that investors should pay attention to this weekend and their direction.
Optimism (OP)
The OP price experienced a slight decline of 3.5% last week, which is one of the smallest declines among altcoins. Therefore, OP is maintaining its strength and is a noteworthy cryptocurrency, especially as the upcoming Superchain Upgrade 16 could significantly impact future price movements and investor sentiment.
A key part of the upgrade includes smart contract changes to enhance interoperability. This can attract more investors, especially as the correlation with Bitcoin strengthens. If Bitcoin shows an upward trend, OP could surpass $0.70 and reach $0.76, which reinforces a positive outlook for altcoins.
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However, if the market fails to maintain its strength, OP could continue its downward trend. Falling below the support level of $0.63 could result in additional losses, with the price potentially dropping to $0.59 and invalidating the short-term bullish prediction.
Conflux (CFX)
The CFX price rose 22% last week, establishing itself as one of the best-performing altcoins. Despite today's bearish market, CFX has shown resilience. This recent performance highlights the potential of altcoins under volatile market conditions and indicates an asset investors should watch.
The parabolic SAR indicator currently positioned below the candlestick suggests CFX is in an active uptrend. This technical signal implies the altcoin could continue rising, potentially breaking through resistance levels of $0.219 and $0.240 to gain additional short-term profits.
However, if investor sentiment turns negative, CFX could face selling pressure. This could cause it to fall below the support level of $0.194 and drop to the next major support level of $0.170. Such a decline would invalidate the bullish outlook and could signal an altcoin reversal.
XDC Network (XDC)
XDC rose 15.5% last week and is currently trading at $0.097. The altcoin is approaching the important resistance level of $0.100, which is a major psychological barrier. While this level appears difficult to break, the recent rise indicates XDC is getting closer to a potential breakthrough.
The RSI on XDC's price chart is located in the bullish zone above the neutral mark of 50.0, providing significant bullish momentum. If XDC can convert the $0.100 resistance to support, it could gain additional momentum and rise to $0.108. These technical indicators suggest the altcoin is preparing for a potential upward movement in the coming days.
However, if XDC fails to break through the $0.100 resistance, it could decline. Falling below the support level of $0.088 could invalidate the bullish outlook, causing the recent rise to disappear and potentially signaling a reversal.
