Keep Your Eyes On These 4 Altcoin Projects Next Week: Here’s What To Expect!

For the week ending August 7, total crypto market cap is on target for the fifth consecutive weekly increase. The current rally has seen the crypto market end a three-month losing streak in July. Meanwhile, analyst Bob Mason announced 4 altcoin projects to watch out for this week. Here are the details…

What happened in the Bitcoin and altcoin market last week?

The bearish sentiment earlier in the week saw its market cap drop to $1,017 billion. Investor fears of the US recession weighed on riskier assets ahead of key US statistics for the week. Fed’s “pigeon” mood in the second quarter was supported by the 75 basis point rate hike and the contraction in the US economy. However, expectations for a recession in the US led to a six-day streak of losses.

Impressive US nonfarm payrolls figures changed the mood as we entered the weekend. In July, non-farm employment increased by 528 thousand, exceeding the forecast of 250 thousand. Recent crypto network news updates have brought several coins back into the spotlight. Ethereum (ETH) Merge updates remain the main focus. On the other hand, other updates highlighted an increase in activity in the digital asset space. Chiliz (CHZ), Flow (FLOW), Optimism (OP) and Yearn Finance (YFI) are among the cryptocurrencies currently trending and enjoying positive price action.

The first altcoin on the analyst’s list: Chiliz (CHZ)

This week, from Monday to Sunday morning, Chiliz (CHZ) is up 18.00 percent to $0.1442. High start to the week. It rallied to $0.1631 on Monday before pulling back. Network updates caused the breakout for Monday. The news that Socios.com had invested $100 million to support Barcelona FC’s Web3 goals was key. Scoville testnet launch for Chiliz Chain 2.0 added more support. Investor interest in CHZ may increase in the coming weeks as the European football season continues, according to the analyst.

According to the analyst, a move towards this week’s high of $0.1631 could support a run at $0.1974. From there, CHZ will have a good chance of rising to the March high of $0.3312 for $0.40. A break below $0.1250 will allow bearers to look below $0.10 and the yearly low of $0.0798. Looking at the EMAs and the 4-hour candlestick, this was a bullish signal. CHZ is currently above the 50-day EMA at $0.1377.

The 50, 100 and 200-day EMAs are seen as bullish CHZ price signals. Avoiding a bearish break at the 50-day EMA will continue to support the uptrend formed after testing the support at the 50-days EMA on July 27. However, a drop in the 50-day EMA could activate the 100-day EMA, currently at $0.1288, and the current week’s low ($0.1214).

Next up for Flow (FLOW)

This week Flow (FLOW) is up 32.12 percent to $2.55. Starting the week on a low, FLOW dropped to $1.81, the lowest level of the week on Tuesday. However, network updates pushed FLOW to Thursday’s high of $3.77 before pulling back. cryptocoin.com As we have also reported, Meta, announcing the introduction of digital collections to showcase NFTs on Instagram, provided support for the price. Currently, FLOW is down 0.78 percent to $2.5.

Looking at the trends, a move towards this week’s high of $3.77 could support a run to the May high of $5.21. FLOW should hit the April high of $8.17 to bring in $10, last visited in December 2021. A drop below $2 could bring the July low of $1.37 and the June 18 low of $1.16 into focus.

FLOW is above the 50-day EMA, currently $2.25. The 50-day EMA has moved away from the 100-day EMA. The 100-day EMA has also moved away from the 200-day EMA. Both are seen as bullish signs. Avoiding a bearish break at the 50-day EMA will continue to support the uptrend formed after the breakout from the 50-days EMA on August 4. An extended sell would target the 200-day EMA currently at $1.9 and the current August low at $1.81.

Levels set for optimism

This week, Optimism (OP) is up 22.47 percent to $1.94. A bearish start to the week caused the OP to drop to $1.3 Tuesday’s low before Thursday’s high of $2.2. News from Aave (AAVE) about the launch of the OptimismFND Liquidity Mining Program provided OP price support. The latest network update followed and supported the news of Curve Finance, which has presented a governance proposal for Optimism for 100 million OP tokens to be distributed in the Curve Pool. Last week, the platform also launched Drippie, a new trading system that adds more support.

Looking at the trends, a return to $2 could support a breakout to the $3.00 target. However, market sentiment in the broader crypto market will need to remain bullish for the OP to break the resistance at $2.50. retracement below $1.70; It could lead to $1.50 and $1,362.

Levels to watch for Yearn Finance

This week, annual finance (YFI) rose 5.51 percent to $11,472. YFI rose 68 percent in the last week of July. A mixed start to the week saw YFI abandon Monday’s gains and drop to Wednesday’s low of $10,382. Supported by the broader crypto market and US economic indicators, YFI hit Friday’s high of $12,323 before easing. He also supported YFI’s planned August launch.

Looking at the trends, breaking the July high of $14,239 could entitle YFI to rise to $18,565. However, YFI needs to return to the $20,000 level to prevent a reversal. A pullback below $10,000 indicates that YFI will face heavy selling pressure. Looking at the 4-hour chart and the EMAs, the signal was bullish. YFI has moved away from the 50-day EMA, currently at $10,786.

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