The post Top 5 Altcoins Set to Explode This Week appeared first on Coinpedia Fintech News
The crypto market has kicked off August on a high note, with many altcoins hitting fresh monthly highs. After weeks of steady gains, attention is turning to which tokens might deliver the biggest return. Therefore, a well-known crypto analyst, AltCryptoTalk, has shared five tokens he believes could shine this week: NEAR, OP, ENA, ZK, and PENDLE.
Top 5 Altcoins To Watch
With August’s positive trend still intact, these five altcoins could see strong moves in the days ahead.
NEAR (Near Protocol) – Eyeing $8
NEAR Protocol is back in focus this week, trading near $2.6 after an 8% gain over the past week. Much of the buzz is about a community vote to cut NEAR’s inflation from 5% to 2.5%, which could mean fewer new coins in circulation.
Looking at the weekly chart, Altcrypto suggests that the NEAR token must break above $3.65 mark to see a bullish run towards $8.
OP (Optimism) – Aiming for the Big Break
Optimism OP is showing renewed strength after bouncing off its support of $0.60 and is now trading around $0.74, reflecting a drop of 5.4% in the last 24 hours. If it can break above $0.833, analysts expect a strong upward push will lead it towards $1 mark.
However, an upcoming unlock of 31.34 million OP tokens at the end of August could bring short-term volatility, so expect traders to move fast.
ENA – Buy-the-Dip Opportunity
Ethen ENA surged over 30.87% this week as ENA’s stablecoin, USDe, surged to become the world’s third-largest dollar-backed stablecoin.
ENA’s daily trading ranges have broken through key resistance, and analysts say a push past $0.85 could quickly carry the price to $1 or more if current momentum holds.
ZK – Breakout Levels in Sight
ZkSync (ZK) has been trading around $0.055, reflecting a drop of 4.7% seen in the last 24 hours. Altcrpytotalk believes that a move past $0.065 could spark short-term gains, while a break over $0.088 would signal a stronger medium-term rally.
Meanwhile, a massive token unlock is scheduled for August 17, bringing 173 million new tokens into circulation.
PENDLE – Bullish Trend Toward $7
Pendle is in the spotlight after its price broke above the $5.3 mark after surging more than 37% in a week. With technicals pointing to a continued uptrend and big trading volumes, Altcrypto predicts PENDLE could reach $7 if market sentiment holds.
On the flip side, a drop below $5.20, however, could open the door to a pullback.
