Top 3 altcoins to watch this weekend

The crypto market started the week on a 下行 trend and seems likely to end the week in a similar state. However, some altcoins have managed to go against the tide and have the potential to continue leveraging the volatility of the weekend to record additional profits.

Bitcoin Magazine has analyzed 3 notable tokens that investors need to watch this weekend, along with their expected downtrend.

Optimism (OP)

The price of OP fell slightly by 3.5% over the past week, being one of the least affected among altcoins. Thanks to maintaining this strength, OP remains a cryptocurrency worth watching, especially as the upcoming Superchain Upgrade 16 could significantly impact price action and investor sentiment.

The upgrade mainly focuses on improving smart contracts to increase interoperability, promising to attract more investors, especially in the context of the increasing correlation of OP with Bitcoin. If Bitcoin regains momentum, OP could surpass the $0.70 mark and aim for $0.76, reinforcing the positive outlook for this altcoin.

Technical analysis of OP | Source: TradingViewHowever, if the market does not maintain its upward trend, OP may continue to fall. A drop below the support level of $0.63 will open up the risk of a deeper decline, potentially returning to $0.59, nullifying positive short-term predictions.

Conflux (CFX)

The price of CFX has increased by 22% in the past week, affirming its position as one of the best-performing altcoins. Despite the overall market decline, CFX has still demonstrated resilience, showing notable growth potential even amidst a highly volatile market.

The Parabolic SAR indicator is currently below the price candles, signaling that CFX is in an uptrend. This technical signal suggests that the altcoin is likely to continue rising, pushing the price beyond the resistance levels of $0.219 and $0.240, opening up short-term breakout opportunities.

Technical analysis of CFX | Source: TradingViewConversely, if investor sentiment turns negative, CFX may face selling pressure and fall below the support level of $0.194, with the next important support area at $0.170. Falling below these levels will negate the bullish outlook and signal a potential trend reversal for this altcoin.

XDC Network (XDC)

XDC has increased by 15.5% over the week and is currently trading around $0.095, approaching the important psychological resistance zone at $0.100. This is a difficult level to surpass, but the recent upward momentum indicates that XDC has the potential to breakout.

The RSI indicator is in the bullish zone, above the neutral level of 50, reinforcing the signal of positive momentum. If XDC can reverse the resistance level of $0.100 into support, it may continue to grow towards $0.108. This technical indicator suggests that the altcoin is preparing for a potential growth surge in the coming days.

Technical analysis of XDC | Source: TradingViewHowever, if XDC cannot break the resistance level of $0.100, the price may reverse and fall. Sliding below the support level of $0.088 will invalidate the bullish outlook, wipe out recent profits, and signal a risk of a trend reversal.

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