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Throughout August, the cryptocurrency market has remained largely bearish, leaving many altcoins struggling to find momentum. While most major cryptocurrencies have failed to impress, some hidden gems are emerging as potential winners.
BeInCrypto has scoured the market and identified a few altcoins that investors should keep an eye on this month.
Helium (HNT)
Among the top 100 cryptocurrencies, Helium (HNT) has distinguished itself as a standout performer, recording a rise of over 43% in August despite the overall bearish market. This suggests that Helium could continue to perform well in the coming months, making it a coin to watch closely.
HNT is currently trading within a range of $6.33 to $8.01, with these levels acting as key consolidation points. The crypto’s next move depends on whether it can break through the $8.01 resistance level.
If bullish momentum continues, HNT is likely to breach this resistance, potentially pushing the price toward $9.00, which could lead to further gains for investors.
However, any further gains depend on HNT breaking the $8.01 resistance level. If Helium fails to surpass this mark, the altcoin could stay within its current trading range. This consolidation might frustrate investors looking for higher returns, as the absence of a breakout could indicate a period of stagnation rather than growth.
SUN.io (SUN)
SUN, the native token of the TRON-based SUN.io platform, has captured the market’s attention with its recent performance. Known for being TRON’s first one-stop platform supporting stablecoin swaps, token mining, and self-governance, SUN has seen a remarkable 326% rise in just nine days.
Currently, SUN is trading at $0.0346, hovering just below the critical resistance level of $0.03943. This resistance has proven difficult to break in the past, leading to tempered expectations for a breakout.
Despite this, SUN will likely maintain its position above the $0.0253 support. Investors may find this range crucial as it represents a consolidation zone where the token could gather strength for future attempts at breaking resistance.
However, the risk of a downturn remains. If selling pressure intensifies, SUN could drop below the $0.0253 support, erasing much of its recent gains. Such a decline would invalidate the bullish outlook and could signal a return to bearish conditions.
BinaryX (BNX)
BNX, the native token of the BinaryX GameFi ecosystem, is showing signs of a potential bullish breakout. Currently trading at $1.27, BNX is moving within a broadening ascending wedge. The token has been bouncing off the lower trend line of this pattern, indicating it might be gaining upward momentum.
For the bullish pattern to be confirmed, BNX needs to flip the $1.66 confirmation line into support. If this happens, it would validate the breakout potential, possibly pushing the price toward the $2.00 mark. Based on the broadening wedge pattern, such a breakout could lead to a 39% increase, setting a target price of $2.81.
However, the bullish outlook for BNX depends on successfully flipping the $1.66 confirmation line into support. If BNX fails to breach this level, the bullish thesis would be invalidated. In that case, the token would likely remain consolidated within the $1.66 to $1.19 range, which could dampen investor enthusiasm and result in a period of consolidation.