The crypto market has kicked off August on a high note, with many altcoins hitting fresh monthly highs. Analysts are focusing on tokens that may yield the highest returns.
NEAR (Near Protocol) – Eyeing $8
NEAR Protocol has regained attention this week, trading around $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, a break above $3.65 is needed for NEAR to set a bullish trend towards $8.
OP (Optimism) – Aiming for the Big Break
Optimism (OP) is showing renewed strength after bouncing off its support at $0.60 and currently trading around $0.74, reflecting a drop of 5.4% in the last 24 hours. A break above $0.833 is expected to trigger a significant upward movement towards the $1 mark. However, the upcoming unlock of 31.34 million OP tokens at the end of August could introduce short-term volatility.
ENA – Buy-the-Dip Opportunity
Ethen (ENA) surged over 30.87% this week as its stablecoin USDe became the world’s third-largest dollar-backed stablecoin. ENA’s daily trading ranges have broken through key resistance, and a push past $0.85 could quickly drive the price to $1 or more.
August promises to be an interesting month for cryptocurrency investors and traders, with several altcoins poised for significant growth. The interest in NEAR, OP, and ENA remains high, and their upcoming movements should be closely monitored.
