Cryptocurrency

Top Cryptos to Watch Out for This Week – August 2022

What happened with the Crypto Market this week 

The Crypto space witnessed a remarkable push just before the end of the previous month’s trade, as Bitcoin prices ranged beyond $24,500. The entire market gained huge bullish momentum and quickly surged above their respective resistance levels. Therefore the global crypto market capitalization also raised above $1.12 trillion. However, just before the monthly close, the bears again dominated the rally & dropped the market cap closer to $1 trillion again. 

Top Cryptos to Watch for this Week (by Market Cap)

Crypto Market Cap Weekly Volume
Bitcoin (BTC) $434.51 billion $27.97 billion
Ethereum (ETH) $191.33 billion $18.45 billion
BinanceCoin (BNB) $44.70 billion $1.34 billion
Ripple (XRP) $17.83 billion $1.15 billion
Cardano (ADA) $16.67 billion $695.2 million
Solana (SOL) $13.86 billion $1.09 billion
Dogecoin (DOGE) $8.76 billion $407.98 million
Polkadot (DOT) $7.66 billion $646.48 million
Polygon (MATIC) $6.85 billion $699.61 million
Avalanche (AVAX) $6.37 billion $475.18 million

Additional Read: Top Altcoins in August 2022 (by Market Cap)

Bitcoin (BTC)

Bitcoin adoption and accumulation is surging significantly as the number of wallets holding at least 1 BTC has jumped by about 40,000 ever since the crypto crash started. Also, the number of addresses holding a minimum of 0.1 BTC hit a new ATH of over 3.7 million. 

New miners are hitting mining farms that are 300% more efficient. The Finance Minister of El Salvador said that the country will roll out more Bitcoin-related projects very soon despite the current market trends. 

Top Cryptos

  • Bitcoin price again underwent a rejection from the upper resistance of the rising parallel channel and hence expected to drop below the middle bands of the channel soon
  • However, after reaching the lower support, a notable bearish pressure may mount to drag the price below $20,000 as an outcome of the bearish double top pattern

Additional Read: Bitcoin Price Prediction Weekly

Ethereum (ETH) 

Ethereum is heading close to the scheduled transition from PoW to PoS, called the ‘Merger’, ETH creates history and flips Bitcoin in the options market for the first time. The platform recently celebrated its 7 years of inception and even after the merge, the protocol is claimed to be only 55% complete.

Top Cryptos

  • Ethereum price after the recent rebound from the lows is trading within a bullish ascending triangle 
  • The price faced a rejection from the upper resistance but remains within the consolidation and eventually reach the apex soon

Also read: Ethereum Merge Update

Binance Coin (BNB)

BinanceCoin price surged massively in the past seven days to hit $300 but woefully faced rejections each time. Currently, the asset is trading lower than the previous day’s close but attempting very hard to resume with a firm uptrend.

Top Cryptos

  • The BinanceCoin price is swinging within a symmetrical triangle and just faced rejection from the upper resistance 
  • However, the asset is still trading within the triangle and could head towards the apex in the upcoming week where it may encounter a make-it-or break it condition

Ripple (XRP)

Ripple’s XRP family stands in the 4th position (excluding the stablecoins) even with the ongoing lawsuit against the SEC for almost 2 years now. The XRP is experiencing a drain in its volume and hence the volatility has also depleted notably. However, the lawsuit is expected to find its destiny where the XRP price may be impacted largely. 

Top Cryptos

  • The XRP price is swinging with the crucial resistance and support levels, maintaining a notable upward trajectory
  • The asset after the recent rejection from $0.4, withstood the bearish pressure and quickly heading towards the target which resides at $0.42

Cardano (ADA)

Cardano ecosystem witnessed a pullback as the TVL dropped notably, but the platform reached a new milestone of 1760 days without an outrage. While the total number of active pools on Cardano has reached over 3000. On the other hand, Cardano developers recently announced a delay in the launch of the much awaited Vasil Hard Fork combinator event. 

Top Cryptos

Source: Tradingview

  • The ADA price during the recent market upswing had broken above the bearish descending triangle, but with the current pullback is attempting to enter the triangle again
  • If the market sentiments go bearish, the possibilities of the ADA price slicing through the lower support and visiting the last point of defence at $0.38 appears pretty high.

Additional Read: Cardano Vasil Hard Fork

Solana(SOL)

Solana price again deviates away from the upper resistance for the second consecutive time, but displays a decent bullish momentum. The price could flip much before hitting the lower support and attempt to slice through these levels soon. 

  • Top CryptosThe Solana price is maintaining its swing within a parallel channel and after being rejected at the resistance, may test the middle bands soon
  • These levels may hold the price and quickly rebound to bounce off from these levels and head towards the target set up at $50 initially

Dogecoin (DOGE)

Dogecoin Core update 1.14.6 is now released which aims to improve the efficiency of the network along with enhanced security and new features in the UI. Despite the shaky trend, the DOGE price appears pretty bullish.

Top Cryptos

  • The asset is swinging within a bullish ascending triangle and heading towards the apex of the triangle
  • Once the asset slices beyond the triangle, the bulls may uplift the price above $0.1 in the coming days

Polkadot (DOT)

Polkadot just displayed a bullish divergence and hence is expected to climb high towards its initial target. However, the bears currently are trying very hard to drag the price lower but the bulls appear to make it, outpouring the bears.

DOT

  • The DOT price broke out of the descending parallel channel and displayed its strength and being self-assured of the upcoming rally
  • Therefore, the asset may hit a couple-digit figure in the coming days while the higher targets may also be achieved shortly

Polygon (MATIC) 

Polygon protocol in recent times began to be pretty popular with its multiple collaborations and partnerships. Therefore after rejecting a couple of times the price may regain huge bullish momentum and rise high towards the upper target.

Top Cryptos

  • MATIC price, despite the current bearish trend still displays a bullish momentum and therefore may rebound after hitting the lower support
  • Once these support levels are respected the asset may surge beyond $1.2 and maintain a slow yet steady upswing

Avalanche (AVAX)

The AVAX price in the past couple of weeks is consolidating within a parallel channel after breaking the bearish channel. No doubt the price is manifesting some weakness presently, but the bears could go off-shore very soon. 

Top Cryptos

  • The AVAX price may hit the lower support of the channel after being rejected from the upper resistance of the channel
  • Therefore, the price could eventually consolidate within the channel until the bulls do not induce a huge bullish momentum.

Additional Read: AVAX Price Prediction

Conclusion

The crypto space is currently being pretty much volatile and hence notable price action may be expected in the coming days. While the top cryptos by the market cap & volume are expected to rise, the other altcoins may also follow the trend. 

Earn Passive Earnings in Crypto

CoinDCX introduces EARN, which is a secure way to make passive crypto earnings using your idle investments. One can earn nearly 13% in the long term in addition to the benefits incurred from the market movements. Therefore, CoinDCX’s EARN could be the best pick that may help to build your crypto portfolio for the long term.


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

Share this Story

Check Also

What is Avalanche (AVAX) | Whitepaper Summary

Read our simplified summary of the avalanche whitepaper to learn more about avax blockchain: blazingly fast, low cost, & eco-friendly!

GET ALL LATEST UPDATES ON YOUR EMAIL




    Categories