August is an especially optimistic month for the crypto market. Bitcoin (BTC) is up 17% whereas greater than ten tokens are up triple digits.
The prime ten altcoin winners in August are:
On August fifth, TRU broke out of a big bullish engulfing bar and hit a brand new all-time excessive of $ 1.
After a pointy decline, one other upward motion set in, resulting in a brand new all-time excessive of $ 1.06 on August twelfth.
Tokens have fallen since then. However, it’s nonetheless trading above the $ 0.47 horizontal help which can be the 0.618 fib retracement help when measuring all of the bullish transfer.
As lengthy as that is nonetheless the case, the development could be described as bullish.
(*10*)
TRU / USDT every day chart | Source: TradingView
The SOL has been rising quickly since July twenty first, reaching an all-time excessive of $ 82 on August twenty first, after a slight decline it continued to rise, reaching a brand new all-time excessive of $ 120.5 on August thirty first.
Currently, the token is trading proper at the outer Fibonacci retracement resistance at 2.61 as the current decline is measured. This zone can act as a resistance zone.
If SOL breaks it, the subsequent resistance might be at $ 155.
The RSI kinds a probably bearish divergence in the oversold territory. However, the MACD remains to be rising.
Daily SOL / USDT chart | Source: TradingView
KP3R has been rising with an ascending parallel channel since August fifth. Such channels typically comprise corrective constructions.
So far, it has hit a excessive of $ 309 on August thirtieth. However, it was rejected by the 0.618 Fib resistance at $ 297 and has been falling since then.
The rejection additionally coincides with the channel’s resistance line. In addition, the RSI has created bearish divergence.
This is supported by the risk that the present motion is a correction and that KP3R is not going to depart the channel for a short while.
Daily KP3R / USDT chart | Source: TradingView
On August 18, CTK broke out above the descending resistance line. It continued to rise till it hit a excessive of $ 3.08 on August 25.
While a excessive emerged above the $ 0.618 fib retracement resistance at $ 2.72, the token has since fallen beneath that degree.
Both MACD and RSI are displaying indicators of weak point. The former has created 4 consecutive decrease momentum bars whereas the latter has fallen beneath 70.
The subsequent help zone is at $ 1.64. This is each horizontal help and 0.618 fib retracement help (white).
Daily chart of CTK / USDT | Source: TradingView
COTI has been trading inside a descending parallel channel since March eighth. On August 25, it broke out with a big bullish engulfing candle and hit a excessive of $ 0.49.
However, the price was rejected by the 0.786 fib retracement resistance and fell sharply the subsequent day.
Additionally, each MACD and RSI are displaying bearish alerts. In it, the MACD has created three decrease momentum bars and the RSI has fallen beneath 70.
The token is at the moment looking for help above the 0.5 fib retracement degree and the parallel channel resistance line.
COTI / USDT every day chart | Source: TradingView
AUDIO has been down since August seventh when it peaked at $ 4.07. It produced a protracted prime wick (purple symbol) on the similar day, confirming the $ 4.05 horizontal space as resistance.
Since then, the token has gone down and has been linked to a decline in each the MACD and RSI.
Currently AUDIO is trading simply above the 0.5 fib retracement help at $ 2.32. The subsequent horizontal help is at $ 1.40.
AUDIO / USDT every day chart | Source: TradingView
NEAR broke above the descending resistance line on August twenty first and hit a excessive of $ 6.59 the subsequent day.
However, the price was rejected from the resistance space of $ 6.60 and has been falling since then.
On August 27, price bounced off the horizontal help of $ 4.66, which equals 0.382 fib retracement help and coincides with the resistance line from which NEAR broke.
As lengthy as the price is trading above this degree, the development could be seen as bullish.
NEAR / USDT every day chart | Source: TradingView
TWT has been rising quickly alongside with the parabolic help line since July twentieth. It hit a excessive of $ 0.99 up to now on August twenty third.
It is at the moment in the technique of re-confirming the parabolic help line and the horizontal zone at USD 0.80. If carried out efficiently, the price may rise to a brand new all-time excessive.
TWT / USDT every day chart | Source: TradingView
On August twenty second, LRC broke the long-term descending resistance line and continued to hit a excessive of $ 0.61. Another uptrend set in on August 29, hitting a excessive of $ 0.75.
However, the outbreak was not sustained and produced a protracted higher wick. LRC is at the moment trading beneath the $ 0.58 horizontal resistance space.
In order for the development to be thought-about bullish, the LRC should cross this zone.
LRC / USDT every day chart | Source: TradingView
The SRM has risen alongside with the ascending help line since July twenty first, initially hitting a excessive of $ 8.62 on August nineteenth. After re-affirming the help line, the SRM hit the $ 10.15 degree on August thirty first.
However, it failed to interrupt above the USD 10 resistance space and created a protracted wick above it.
In order for the development to be thought-about bullish, the SRM should cross this zone.
Daily SRM / USDT chart | Source: TradingView
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Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis fastidiously earlier than making a choice. We should not answerable for your funding choices.
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