As the weekend approaches, select altcoins are flashing early signals that could define short-term price action. From renewed bullish momentum to deep drawdowns hinting at exhaustion, the market is offering a mixed technical outlook.
BeInCrypto has analysed three such tokens that the investors should watch going into the weekend.
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Decred (DCR)
Decred has produced a strong bullish expansion, rallying sharply to $24.70 after reclaiming the $20.22 pivot. The impulsive candle confirms buyers regaining control following a higher-low structure above $17.45. This move shifts short-term momentum decisively bullish after a prolonged consolidation phase.
Holding above $22.84 keeps upside momentum intact, with $25.94 as the next key resistance. A daily close above $25.94 would open a move toward $30.06. Notably, DCR shows a weak negative correlation of -0.09 with Bitcoin, suggesting relative insulation from broader BTC volatility.
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DCR Price Analysis. Source: TradingViewThe bullish scenario is invalidated on a daily close below $20.22. A failure there would shift momentum back to neutral and expose $18.79. Losing $17.45 would fully break the higher-low structure and confirm a return to broader downside or prolonged consolidation.
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Polygon (POL)
POL extended losses, setting a new all-time low at $0.0839. The altcoin briefly plunged 22.8% before recovering part of the drop. It closed the session down 12.8%, reflecting persistent selling pressure and weak market confidence as POL continues to struggle for a stable price base.
On-chain signals offer cautious optimism. The Chaikin Money Flow is forming a bullish divergence with the POL price, indicating declining outflows despite continued weakness. This shift suggests improving demand beneath the surface, which could help POL reclaim $0.1024 and extend a recovery toward the $0.1193 resistance.
POL Price Analysis. Source: TradingViewHowever, downside risks remain elevated if sentiment fails to improve. Continued bearish momentum could force POL to print additional all-time lows. As a result, such a move would negate the emerging bullish divergence, reinforce the prevailing downtrend, and delay any meaningful recovery as sellers maintain control over price action.
Optimism (OP)
OP set a new all-time low during Friday’s intraday session, falling to $0.1579. The move extended a persistent downtrend that has pressured prices all week. OP’s cumulative decline is now near 40%, highlighting sustained selling pressure and weakening investor confidence across recent trading sessions.
Momentum indicators suggest selling pressure may be nearing exhaustion. The Money Flow Index is close to slipping into oversold territory, a level historically linked with reversals. If confirmed, this could encourage dip buying and help OP reclaim $0.1817, opening upside toward $0.2128 or $0.2506.
OP Price Analysis. Source: TradingViewOn the other hand, bearish risk remains elevated if market sentiment continues to deteriorate. Failure to stabilize could push OP below $0.1579. At the same time, a fresh all-time low would invalidate the bullish divergence setup, reinforce the prevailing downtrend, and delay any recovery attempt as sellers retain control.
Source: https://beincrypto.com/altcoins-to-watch-this-weekend-february-7-8/
