Price Analysis

Top Altcoins to Consider this August! Do You Have These in Your Portfolio?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 5, 2022

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Ripple (XRP)

XRP price is trading heavily within the accumulation phase as it is heading towards the lower lows. On the other hand, social engagements hit a huge high of more than 11.47 million which is the highest point in the last 90 days. With the recent price action, the asset surged magnificently and secure the sixth position leaving back Cardano. 

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The XRP price is swinging between the pre-determined resistance and support levels but the trend is incremental. Therefore, the asset is expected to rise high and hit the immediate resistance at $0.4 in a coming couple of hours. While the possibility of a price drain appears to be reduced, the bearish pressure also appears to not have nullified completely. 

Polygon(MATIC)

Polygon price is also surging gigantically and hence is among the top 3 assets held by the top 500 ETH whales in recent times after Shiba INU & Best. Additionally, the social sentiments also reached the daily highs of 27.89K which is again the highest point in the last 90 days bringing to total mentions of 1.18 million. 

rippl

The MATIC price is swinging within an ascending parallel channel where the prices have bounced from the middle bands of the channel. The asset is heavily withstanding the bearish pressure at these levels and hence expected to rise after a brief consolidation. The initial target would be to reclaim $1 and close the weekly trade above $1.2.

Ethereum (ETH)

Ethereum price rebounded finely from the lower trend line, displaying a huge strength ahead of the Goreli testnet merge. While the success of the Sepoli testnet raised the asset to some extent, the Goreli testnet is also expected to uplift the price to a large extent. Finally, the transition from PoW to PoS called the Merge may ignite a firm uptrend later. 

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The ETH price is approaching the apex of the ascending triangle and hence in the meantime may face rejection after hitting $1750. However, if the price breaks above $1700, then the price may break above the Fibonacci level of $1820. Else, if the asset breaks down below, then it may retest the lows at $1680. However, the merger is looked at as a bullish event that may escalate the price beyond $2000.

BinanceCoin (BNB)

BinanceCoin price with its recent price action raised above $300 yet again. The asset sliced through the upper resistance of the symmetrical triangle and smashed $320. Here the price is facing some bearish pressure which is compelling the asset to drop back to $310 levels. However, the bulls are standing strong but appear to regain their dominance at the earliest. 

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The BNB price is expected to consolidate finely for some time and later head towards the immediate resistance above $330. If the price withstands the bearish pressure at these levels, then the BNB price rally may rise finely towards the next resistance above $400 by the end of the monthly trade. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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