Cryptocurrency

Top Cryptos to WATCH Out for This Week – August 2022

WHAT HAPPENED WITH THE CRYPTO MARKET THIS WEEK

The past month of August 2022 has been a major roller coaster ride for the crypto market. Pretty much like clockwork, the first half of the month saw a significant rally while the second half of the month saw sustained losses across the board. But things seem quite bearish because of the fact that prices have fallen below the levels at the beginning of the month. For example, the overall crypto market cap, which at the beginning of the month was above the $1 trillion mark, it’s currently close to $950 billion as of writing on 29 August, 2022.

SUMMARY 

Crypto Market Cap Weekly Volume
Bitcoin (BTC) $379 billion $174 billion
Ethereum (ETH) $177 billion $91 billion
BinanceCoin (BNB) $44 billion $7.8 billion
Ripple (XRP) $15.8 billion $5.3 billion
Cardano (ADA) $14.6 billion $7.7 billion
Dogecoin (DOGE) $8.1 billion $2.2 billion
Polkadot (DOT) $7.8 billion $1.8 billion
Polygon(MATIC) $6.6 billion $2.7 billion
Avalanche (AVAX) $5.1 billion $3.1 billion
Ethereum Classic (ETC) $4.2 billion $4.5 billion

BITCOIN (BTC)

Bitcoin had started the month of August on a relatively high note, with BTC price well above the $20,000 mark, trading just above $23,000 in the beginning. Then on, for the next two weeks we saw a continuation of the rally that started back in July 2022, all the way up to the crucial $25,000 mark right on 15 August. But then began the breakdown, with the first major intraday crash coming in on 19 August and then last week on 26 August, post the speech by Jerome Powell at the Jackson Hole Symposium.

BTC/USD | Source: Tradingview

  • The recent crashes in Bitcoin price has brought it back below the $20,000 level and is currently trading near $19,850.
  • It has broken down below both the 50 day moving average (marked in cyan) and the trendline support (marked in dark blue).
  • It is dangerously close to its final trendline support (marked in black) which is the lowest point BTC price had gone to in the past couple of months, ever since the bear market began at the beginning of 2022.
  • Thus, bottoming out at the lows, we could see some recovery going forward.

Additional Read: Bitcoin Price Prediction Weekly

ETHEREUM (ETH) 

Ethereum had been one of the star performers at the beginning of this month. Thanks to the upcoming Ethereum Merge, which is slated to be released sometime between 10-20 September, which is less than a month away now, anticipation is at its highest. 

It had nearly doubled from its 2022 lows to touch the psychologically important level of $2000 until the bashing of the last week and a half of August has brought it back down to sub-$1500 levels.

ETH/USD | Source: Tradingview

  • Ethereum is one of the most highly anticipated and promising candidates to stage a recovery on the charts.
  • Ethereum price had almost doubled from its July lows in the duration of a month and hence could show similar, or even better price action once the fear, uncertainty and doubt dies down.
  • It is currently trading below its 50 day moving average but it is still well above its trendline support (marked in black).

Additional Read: Ethereum Price Prediction Weekly

BINANCE COIN (BNB)

Binance coin has been one of the coins on this list that has managed to lose a little bit less than the others, in percentage terms. As of writing, after the major intraday crashes in the past week and a half, Binance coin is currently trading marginally below its August month opening levels. Thus, going forward, thanks to its burgeoning strides in the DeFi space, BNB might as well be expected to give decent returns if the month of September just happens to be a little kinder.

BNB/USD | Source: Tradingview

  • BNB price is trading only slightly below the 50 day moving average (marked in cyan) and thus bearish selling pressures might still be on the lower side.
  • It is also trading only marginally below the trendline support (marked in orange) which coincides with the August beginning levels, thus has fallen less than most other coins on this list in the past two weeks.

RIPPLE (XRP) 

Ripple Labs has been locked in the tussle with the US Securities & Exchange Commission and that has prevented any major recovery on the charts. In fact, the recovery that began in July 2022 and went on till the middle of August was completely ignored by XRP. 

However, what must be noted is that Ripple Labs is a continuous roll on expansion of its on-demand liquidity services and remittance portals between participating countries and banks. Thus XRP’s unique selling point remains strong.

XRP/USD | Source: Tradingview

  • XRP prices saw negligible rallies when markets were recovering, but on the other hand, it saw no major losses either in the last two weeks of August.
  • XRP has managed to sustain its $0.3 price level on a reasonably long term level, and with prices well above that, currently trading near $0.32, selling pressures seem to be low.
  • So, if and when we see the resolution of the Ripple versus SEC lawsuit, we could see a possible major breakthrough rally.

CARDANO (ADA)

Cardano is one of the most promising and upcoming blockchain networks. And very recently, Cardano founder Charles Hoskinson has mentioned that the highly anticipated Vasil hard fork is going to happen very soon, in the month of September. 

Thus September is going to be a very monumental month for both Ethereum and Cardano going forward. 

ADA/USD | Source: Tradingview

  • Cardano’s technical structures are on the weaker side, as it is currently experiencing a descending triangle pattern on the charts (marked in black). This is a bearish pattern and a breach below the bottom trendline can result in a major breakdown in ADA
  • ADA price is also below its 50 day moving average (marked in cyan) and hence there are some selling pressures but a small recovery would bring it back above the level.

DOGECOIN (DOGE)

The most valuable memecoin by market capitalisation has seen better days. It did see a bout of recovery in the middle, when DOGE price managed to rally all the way up to $0.87 but it has fallen back to $0.06, losing all the gains it had made in the first half of the month and then some. However, Dogecoin is making some waves with the launch of its DogeChain.

DOGE/USD | Source: Tradingview

  • Dogecoin price has fallen back into its accumulation range (marked in grey) which would be tough to beat.
  • DOGE had managed to beat that by leading a near 40% rally from the beginning of the month but it has lost all of the ground it had gained and is back within that range
  • From a mid to long term view on this particular crypto token suggests that DOGE has pretty much ignored the recent recovery that we had seen in most of the biggest cryptos

Additional Read: Dogecoin Price Prediction

POLKADOT (DOT)

The Polkadot chain remains the greenest blockchain, leading the latest change within the crypto-industry to become energy efficient. Along with this, the chain is undergoing huge network updates recently, impacting the price. Conversely, Polkadot-based Acala’s stablecoin aUSD lost its pegg heavily recently.

DOT/USD | Source: Tradingview

  • Polkadot price is currently stuck within a descending triangle price action but it is closer to the upper trendline, edging closer to a breakout, despite the recent crash. 
  • DOT Technical Analysis shows has fallen nearly 26% in the past two weeks but is still trading well above the bottom trendline support, so that could support a recovery going forward
  • There is still some weakness lent by the fear, uncertainty and doubt in the market, along with DOT price trading below its 50 day moving average

POLYGON (MATIC)

Polygon is popularly geared up for a strong recovery thanks to its active partnerships with multiple projects in the crypto space that solve a ton of issues. It is one of the most actively developed blockchains in the space and offers the functionality of the biggest altcoin, Ethereum at several times the speed. It is also one of the most popular Ethereum sidechains and has a lot of scope for the future.

MATIC/USD | Source: Tradingview

  • MATIC price, despite the fall over the last week and a half of August has managed to retain itself above the crucial trendline support.
  • It has rallied over 230% from its June 2022 lows, one of the largest recoveries in this interim amongst the top cryptos by market capitalisation. 
  • It is marginally below the 50 day moving average and hence just a small recovery from current levels would bring it back into a relatively safer zone on the charts.

AVALANCHE (AVAX)

Avalanche has been one of the worst hit crypto tokens in the month of August. It has fallen over 40% in the last two weeks of August but there’s still some scope. It has been facing troubles from a self-described whistleblower accused that Ava Labs, the company behind Avalanche blockchain, paid lawyers to hurt competitors and keep regulators at bay.

AVAX/USD | Source: Tradingview

  • From a AVAX technical analysis standpoint it shows that the price is very weak and is bordering near a breakdown on the charts. 
  • However, it is still above its trendline support (marked in orange) thus presents a moderately optimistic view for the time being.
  • Also, it needs to be noted that the token fell below its 50 day moving average very rapidly, thanks to the whistleblower news and thus a further downside could continue leading to a breakdown below the support.

ETHEREUM CLASSIC (ETC)

Ethereum Classic has been one of the star performers in the past two months. It had more than tripled in value from its July 2022 lows, going all the way from $13 in the middle of July to above $44 a its peak in the middle of August 2022. 

ETC has been rising particularly due to the highly anticipated Ethereum Merge. A working theory behind this is a part of the PoW based Ethereum miners could possibly choose to shift to Ethereum Classic, which would still run the PoW consensus mechanism to ensure that their ASIC miners don’t become useless overnight.

ETC/USD | Source: Tradingview

  • Ethereum Classic (ETC) price had nearly tripled in value between July and August, and hence there is a possibility of the crypto token repeating such a rally.
  • Despite the crash towards the end of August, it must be noted that as of writing, ETC price is still above its 200 day moving average (marked in purple) – which is an indicator of a mid to long term trend and also right on the 50 day moving average, which is an indicator of short term trend – so both long term and short term trends seem to be still on the positive side for ETC
  • And with the Ethereum Merge coming closer, there is a possibility of a further rally in this token.

Read: Why is Ethereum Classic Rising?

Prices as of 29th August, 2022.

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