The crypto market remained largely bearish throughout August, leaving many altcoins struggling to find momentum. While most major cryptocurrencies failed to impress, some hidden gems are emerging as potential winners.
BeInCrypto has analyzed the market and identified several altcoins that investors should keep an eye on this month.
Helium (HNT)
Among the top 100 cryptocurrencies, Helium (HNT) has emerged as a standout performer, posting gains of over 43% in August despite the overall bear market. This suggests that Helium could continue to perform well in the coming months, making it a coin worth keeping a close eye on.
HNT is currently trading in a range of $6.33 to $8.01, with these levels acting as key consolidation points. The cryptocurrency’s next move depends on whether it can break the $8.01 resistance level.
If the bullish momentum continues, HNT is likely to break through this resistance, which could push the price towards $9.00, which could bring additional profits to investors.
However, further gains depend on whether HNT breaks through the $8.01 resistance level. If Helium fails to break through, the altcoin could remain in its current trading range. This consolidation could be disappointing for investors looking for higher returns, as the lack 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 attention of the market with its recent performance. Known as TRON’s first all-in-one platform supporting stablecoin exchange, token mining, and self-governance, SUN has seen an impressive 326% gain in just nine days.
SUN is currently 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 muted expectations for a breakout.
Despite this, SUN is likely to maintain its position above the $0.0253 support. Investors may find this range critical as it represents a consolidation zone where the token may gain strength for future attempts to overcome the resistance.
However, the downside risk remains. If selling pressure intensifies, SUN could fall below the $0.0253 support, erasing much of its recent gains. Such a fall would erase 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 an expanding rising wedge. The token is bouncing off the lower trendline of this pattern, indicating that it may 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 will confirm the potential for a breakout, possibly pushing the price towards the $2.00 mark. Based on the expanding wedge, such a breakout could result in a 39% upside, setting a price target of $2.81.
However, the bullish outlook for BNX depends on the successful translation of the $1.66 confirmation line into support. If BNX fails to break this level, the bullish thesis will be invalidated. In this case, the token will likely remain consolidated in the $1.66 to $1.19 range, which could dampen investor enthusiasm and lead to a period of consolidation.
