3 Altcoins to Watch This Weekend | 09 – 10/08

With Bitcoin reaching a new All-Time-High this week, expectations for the upcoming weekend are high as this period is typically accompanied by volatility. Therefore, monitoring signals beyond market conditions that could impact price is wise.

BeInCrypto has analyzed three altcoins that may move in a certain direction this weekend.

Cardano (ADA)

Cardano (ADA) has increased 19.8% this week, currently trading at $0.92. This altcoin is approaching the $1.00 level, showing resilience compared to other cryptocurrencies, as ADA has avoided decline in recent market conditions. This strong performance indicates investor confidence in its development.

Despite a 12% increase in the past 24 hours, ADA has experienced a slight correction. However, the Ichimoku Cloud indicator shows the upward price momentum remains intact. If Cardano can convert $0.92 into support, it may help push the price to the critical resistance level of $1.00.

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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 price increase argument, signaling a potential downward trend and likely further price decline for the altcoin over the weekend.

Arbitrum (ARB)

ARB price has dropped 9% in the past 24 hours, currently trading at $0.519. This altcoin is holding above the $0.510 support level after failing to reach $0.550. The failure to break resistance has led to a temporary price decline, emphasizing the need for stronger support.

A token lockup is scheduled for this weekend, releasing 92.65 million ARB worth over $48.22 million into circulation. The supply increase could create downward price pressure. However, the Parabolic SAR indicator continues to signal an upward trend, potentially balancing the negative impacts of the token lockup.

ARB price could maintain above $0.510, allowing movement towards $0.550. If it achieves $0.550 as support, the price might rise to $0.600. Conversely, losing the $0.510 support could lead to a decline to $0.473 or lower, invalidating the price increase prospects for ARB.

Avalanche (AVAX)

AVAX is currently trading at $24.89, after unlocking 1.67 million tokens worth nearly $40 million this week. Interestingly, the token lockup did not significantly impact the altcoin price, demonstrating resilience against supply increases.

AVAX is holding above the critical support level of $24.39, with the 50-day EMA approaching the 200-day EMA. A Golden Cross is about to form, which could trigger a price increase signal. If the crossover occurs, AVAX price could rise to $26.11 or higher, continuing its upward momentum.

However, if selling pressure increases, AVAX could drop below the $24.39 support level. In this case, the price might decline to $23.33 or lower, invalidating the price increase prospects and signaling a potential price correction.