Be[In]Crypto looks at seven altcoins that show promise for Aug and the developments surrounding their respective projects.
Kava.io (KAVA)
- Current Price: $1.98
- Market Cap: $468 billion
- Market Cap Rank: #85
Kava is an extremely fast layer one blockchain that combines the Ethereum and Cosmos ecosystem into a single, scalable network.
Kava 11 is set to launch on Aug 31. It is expected to greatly increase the total value locked in the platform. Its main new features will include:
- KAVA liquid staking
- KAVA earn : a yield aggregator
- MetaMask support for all KAVA transactions
- Protocol owned liquidity
On May 9, KAVA broke down from the $2.90 horizontal area and validated it as resistance on May 31 (red icon). Afterward, it decreased and fell to a low of $1.39 on June 18.
However, the daily RSI generated bullish divergence and moved above 50 (green line). This is a sign associated with bullish trends. As a result, it could lead to an upward movement.
If the price follows the RSI movement, KAVA would be expected to make another attempt at moving towards the $2.90 resistance area.
Coti Network (COTI)
- Current Price: $0.11
- Market Cap: $119 million
- Market Cap Rank: #185
Coti is a financial technology platform that allows organizations to build their own payments systems and in turn digitize their currencies. It offers great scalability, allowing for more than 100,000 transactions per second.
The COTI hard fork will happen on Aug 2, transitioning COTI to a multi-token layer from its current single currency infrastructure. During this period, COTI will also launch MultiDAG 2.0.
In the beginning of June, COTI broke out from a descending resistance line. Afterward, it returned to validate it as support on June 13. Throughout this entire period, the daily RSI generated bullish divergence (green line).
If the price also moves upwards, the next closest resistance area would be at $0.177. This is the 0.382 Fib retracement resistance level.
Ethereum (ETH)
- Current Price: $1,717
- Market Cap: $209 Billion
- Market Cap Rank: #2
Ethereum is the second largest cryptocurrency based on its market capitalization. It allows users to build decentralized applications (dApps). Furthermore, it facilitates smart contracts and allows for NFT transactions. Its native token is ETH
The Goerli Merge will occur on Aug 11. This is the final testnet merge prior to transitioning to a proof-of-stake (PoS) blockchain.
On July 18, ETH broke out from an ascending parallel channel that had been in place for one month. Afterward, it returned to validate it as support on July 26 (green icon) before bouncing and resuming its upward movement. If ETH manages to hold above the $1,635 horizontal area, it would be expected to continue increasing towards $2,150.
Monero (XMR)
- Current Price: $160.71
- Market Cap: $2.92 Billion
- Market Cap Rank: #28
Monero is a secure, confidential blockchain that focuses on providing complete privacy for its users. This is done by obscuring the addresses of both senders and recipients using advanced cryptography.
Monero will undergo a network upgrade on Aug 13. This upgrade will introduce various new features, such as an upgrade in Bulletproofs algorithm and a ring-size increase from 11 to 16.
XMR has been increasing inside an ascending parallel channel since June 18. While it initially broke out from the channel, it has fallen back inside it since. XMR is currently attempting to find support above $150. If it breaks out from the channel, the price would be expected to increase towards $200.
Kadena (KDA)
- Current Price: $1.77
- Market Cap: $326 Million
- Market Cap Rank: #108
Kadena is self-described as the world’s fastest proof-of-work (PoW) blockchain, combining many blockchains in order to quickly execute transactions. Kadena will launch their gas-free decentralized exchange (DEX) called Kaddex on Aug 1. This is the beginning of decentralized finance (DeFi) for Kadena.
KDA has been increasing alongside an ascending support line since June 13. Additionally, it is facing resistance at $1.90. The line and area create an ascending triangle, which is considered a bullish pattern.
KDA broke out on July 31 and has so far reached a high of $2.25. The next closest resistance area is at $2.35.
Qtum (QTUM)
- Current Price: $4.66
- Market Cap: $485 Million
- Market Cap Rank: #83
Qtum is a blockchain network that companies the smart contract capabilities of the Ethereum blockchain with the UTXO accounting system of Bitcoin.
This is done through the use of Account Abstraction Layer technology, allowing Qtum to implement updates from both Ethereum and Bitcoin.
The QTUM hard fork happened on July 31. In it, a new Ethereum Virtual Machine was added, alongside Taproot/Schnorr signatures and several bug fixes.
QTUM has been increasing since July 13 and broke out from the $4.20 horizontal resistance area on July 28. It validated it as support the next day (green icon). The next closest resistance area is at $6.
Klaytn (KLAY)
- Current Price: $0.31
- Market Cap: $930 Million
- Market Cap Rank: #55
Klay is an open-source public blockchain that is designed for the metaverse and gaming economies, allowing users to build, work or play in the metaverse. It is supported by the Klaytn Growth Fund. Klay will be the title sponsor of Korea blockchain week between Aug 7 and 14.
KLAY broke out from a descending resistance line on July 14. It is currently attempting to move above the 0.382 Fib retracement resistance at $0.325. If successful in doing so, the next closest resistance area would be at $0.397. This is the 0.618 Fib retracement resistance level.
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Source: https://beincrypto.com/beincrypto-presents-its-top-seven-altcoin-picks-for-aug/