Throughout August, the cryptocurrency market has remained bearish, leaving many altcoins struggling to find growth momentum. While most major cryptocurrencies have failed to make a strong impression, a few âhidden gemsâ are emerging as potential candidates.
We have researched the market and identified a few altcoins that investors should pay attention to this month.
Helium (HNT)
Among the top 100 cryptocurrencies, Helium (HNT) has established itself as a shining star, posting gains of over 43% in August despite the overall market decline. This suggests that Helium could continue to perform well in the coming months, making it a coin to watch closely.
HNT is currently trading between $6.33 and $8.01, with these levels acting as important points of convergence. The cryptocurrencyâs next move depends on whether it can break above the $8.01 resistance level.
If the bullish momentum continues, HNT is likely to break above this resistance level, pushing the price towards $9.00, which could lead to larger gains for investors.
SUN.io (SUN)
SUN, the native token of the SUN.io platform on TRON, has been grabbing the marketâs attention with its recent performance. Known as the first TRON platform to support stablecoin swaps, token mining, and self-custody, SUN has seen a whopping 326% increase in just nine days.
Currently, SUN is trading at $0.0346, close to the important resistance level of $0.03943. This resistance level has proven to be a difficult hurdle to overcome in the past, leading to cautious expectations of a breakout.
Despite this, SUN is likely to maintain its position above the $0.0253 support level. Investors can consider this range as important as it represents a convergence zone where the token can accumulate strength for future attempts to break the resistance.
However, the downside risk remains. If selling pressure increases, SUN could drop below the $0.0253 support, erasing most of its recent gains. Such a decline would negate the bullish outlook and could signal a return to bearish conditions.
BinaryX (BNX)
BNX, the native token of the GameFi BinaryX ecosystem, is showing signs of a potential breakout. Currently trading at $1.27, BNX is moving within an expanding ascending wedge pattern. The token has been consistently bouncing off the lower trendline of this pattern, suggesting that it could be accumulating bullish momentum.
For the bullish pattern to be confirmed, BNX needs to flip the $1.66 confirmation line into support. If this happens, it will validate the potential breakout, which could push the price to $2.00. Based on the expanding wedge pattern, such a breakout could result in a 39% gain, bringing the price target to $2.81.
However, BNXâs bullish outlook hinges on successfully flipping the $1.66 confirmation line into support. If BNX fails to break above this level, the bullish thesis will be invalidated. In that case, the token is likely to continue consolidating within the $1.66 to $1.19 range, which could dampen investor interest and lead to an extended accumulation phase.
