As August 1 approaches, the crypto market is awaiting possible changes in the form of tariff announcements. Despite the anticipated volatility, analysts remain focused on altcoins like ALGO and ENA Coin.
Prospects for ALGO Coin
ALGO Coin, which once reached great heights in 2021, has faced challenges in subsequent bear markets. Despite surviving the crypto winter, it has yet to regain its former glories. According to analyst Ali Martinez, "ALGO appears to be forming a double-bottom pattern with a neckline between 0.25-0.26 dollars. Recent price movements have maintained this level, and the support level seems valid." If this support holds, ALGO might see another upward movement towards 0.45 dollars. However, upcoming volatility associated with the Federal Reserve meeting poses risks, potentially dropping prices to 0.205 dollars.
Situation with ENA Coin
When assessing altcoin sentiment, the status of the ETH funding rate provides valuable insights. Analyst Mister Crypto suggests that the current funding rate does not signal an overextended market, indicating that the rally may have just begun. "There’s been a significant amount of ENA sold by an individual in recent days, indicating a potential further price drop. I am looking to enter at around 0.47 dollars. Overall, I remain optimistic about this coin." The presence of a substantial whale offloading ENA Coin on exchanges has drawn attention. However, this isn’t uncommon as ENA has recently been climbing to new peaks before experiencing a retreat. Analysts suggest keeping an eye on key support levels around 0.376 dollars and 0.3 dollars.
Market Before August 1
The cryptocurrency market is poised to test critical support benchmarks, which could impact the further price movements of both ALGO and ENA Coin. The anticipated volatility due to upcoming announcements from the Federal Reserve continues to capture the interest of market participants.
Considering the current market conditions and upcoming events, the future of ALGO and ENA Coin continues to intrigue market participants and analysts alike. Monitoring the behavior of these cryptocurrencies will be crucial amidst the increasing volatility.
