The last month was decisive for the entire crypto market, with a lot of fear among investors due to uncertainties regarding Bitcoin’s next move. But as always, Bitcoin escaped death again and jumped from the $18,000 support keeping hopes alive for long-term investors. In the past month, some altcoin projects have rallied over 100% from their cyclical lows. Now we have entered a new month and there is no FED meeting this month.
Altcoin list for August
The cryptocurrency market is in motion. Most altcoins finally rallied and managed to break through their resistance to reach higher highs. Now that the market is slowly recovering, it’s a good time to forecast any bullish altcoins. Bitcoin still dominates the crypto market by 41%. However, buying altcoins with robust ecosystems also has great earning potential. In this article, we’ll take a look at the top 9 altcoins an analyst picked for the month of August. cryptocoin.comwe have prepared for you.
Shiba Inu (SHIB)
SHIB prices have dropped drastically during the recent crypto crash. Now that its prices are heavily discounted, crypto investors are looking at the Shiba Inu. Meme coins tend to be quite volatile. So in bear markets they crash hard, but in bull markets they win big. The analyst looks at the current techniques of SHIB and sees a potential bullish move. At the time of writing, the altcoin was changing hands at $0.000012.
Avalanche (AVAX)
Avalanche hit a low of $15 just as the crypto collapse peaked. However, the analyst suggests that a new uptrend was formed with AVAX after this price. At the resistance at $21, the price broke higher and gave hope for a fresh upside move. The price of the altcoin project is currently going hand in hand with the crypto market. Its rise will therefore depend on the crypto market as a whole. At the time of writing, an AVAX was worth $23.8.
Polygon (MATIC)
Polygon won massively in July 2022. Any positivity around the Ethereum network will definitely flow into Polygon. MATIC is a layer-2 project built on top of Ethereum as a sidechain. It helps Ethereum and it becomes more efficient. However, it’s unclear what will happen to Polygon’s future once Ethereum moves to the Proof-of-Stake consensus. But even after the Merge upgrade this shouldn’t be an issue. This is because even if Ether migrates to PoS, the speed of transactions on Polygon will be much higher. The analyst expects some correction for the altcoin in the short term. However, he predicts that it will continue to rise later and reach $2.
Ripple (XRP)
XRP is probably one of the very few cryptocurrencies that is heavily discounted from its all-time high price. Ripple is still battling its lawsuit against the SEC. However, as new important dates emerge, it is said that they can win the case. This gives hope for a clearer solution towards Q4 2022. Meanwhile, XRP prices are recovering after a brief consolidation. Investing in XRP below 40 cents today will yield huge returns in the months ahead, according to the analyst.
Cardano (ADA)
Cardano is one of the very interesting projects where tokens are traded at a cheap price. Ethereum soon made an upgrade and its prices soared. Cardano, on the other hand, delayed the Vasil update for a few more weeks for testing purposes. However, the ADA price still has not moved as high as it should. Therefore, altcoin presents a great buying opportunity. At the time of writing, ADA was changing hands at a price of $0.52.
ImmutableX (IMX)
Immutable X is positioning itself as the first layer-2 scaling solution for NFTs on Ethereum. Blockchain removes the limitations of Ethereum such as low scalability, poor user experience, illiquidity, and a slow developer experience. Users also enjoy zero gas fees for printing and trading NFTs without compromising their security. They benefit from instant trading and massive scalability. To achieve this, Immutable X was built with STARK zk-rollups, a technology that Vitalik Buterin sees as an “all-in-one” Ethereum. It seems that these features are enough for the analyst to include Immutable X in the list of altcoins that are likely to rise.
Woo Network (WOO)
WOO Network enables traders, exchanges, institutions and DeFi platforms democratic access to best-in-class liquidity. Accordingly, it works as a deep liquidity network that connects it to the trading app at lower or zero cost. Altcoin WOO is used for staking and fee reductions on the network’s CeFi and DeFi products.
DYDX Exchange (DYDX)
DYDX (DYDX) is the governance token for the layer-2 protocol of an anonymous, non-custodial and decentralized cryptocurrency exchange. It serves to facilitate the operation of Layer-2. It also allows investors, liquidity providers and partners as a community to contribute to the definition of the future of the protocol. Altcoin holders are also given the right to propose changes at tier 2 of DYDX. Finally, there is the opportunity to stake tokens and profit through transaction fee reductions.
Oasis Network (ROSE)
Oasis is a leading privacy-focused and highly scalable layer-1 network. It provides a next-generation foundation for Networking, Web3, DeFi, GameFi, NFTs, Metaverse, Data tokenization and Data DAOs. For this, it combines high efficiency and low gas fees with secure architecture. Oasis will take web3 forward, scaling it and developing it from infancy to maturity. According to the analysis, this ambitious and open stance makes it a good altcoin.
