With Bitcoin moving past the $10k resistance in the past few weeks, the month of August has turned out to be quite beneficial for many of the market’s altcoins. Popular altcoins such as Cardano and Dogecoin saw their trading price rise since the start of the month, while Bitcoin Cash saw a surge and a correction during the same time frame.
Bitcoin Cash [BCH]
Source: BCH/USD, Trading View
Bitcoin Cash’s price has done relatively well since the start of the month. However, despite reaching the $321 price mark, the coin’s price has fallen back to sub $300 levels at press time. Currently, Bitcoin Cash is being traded at $295.5 after witnessing an 8.5 percent drop since 1 August. The fork-coin currently has a market cap of $5.4 billion and a 24-hour trading volume of $1.8 billion. If the coin’s price were to begin on yet another uptrend, the $321 price point holds strong resistance. However, if the price drop were to continue, BCH may soon be headed towards the support at $261.6.
The MACD indicator has undergone a bearish crossover and signals the possibility of the price drop to continue. The RSI indicator echoes a similar sentiment as it now heads away from the overbought zone. In terms of the coin’s development news, Bitcoin Cash’s lead developer Amaury Sechet noted in a recent blogpost that an upgrade for the network will be scheduled for November 15 2020.
Cardano [ADA]
Source: ADA/USD, Trading View
Cardano currently occupies the 9th spot on CoinMarketCap’s list with a market capitalization of $3.6 billion. Since the start of the month, the price of Cardano spiked by over 12 percent and is now being traded at $0.14. If the uptrend were to continue, the resistance at $0.15 is likely to be tested once again. However, if the coin were to begin on a downtrend there are two crucial supports at $0.13 and $0.12.
The MACD indicator has registered a bearish crossover with the signal line going above the MACD line. The Stochastic indicator on the other hand moves towards the overbought zone. According to a recent report by investment platform – eToro, Bitcoin continues to be the go-to investment asset, however, in the month of July high-performance altcoins like Cardano were a favourite for retail investors.
Dogecoin [DOGE]
Source: DOGE/USD, Trading View
Dogecoin has been a big winner in the past week as its price rose by over 21 percent. At press time Dogecoin is being traded at $0.0035 with a market cap of $439 million. Currently, the trading price of Dogecoin is closer to the support at $0.0027 than the resistance at $0.0050.
The Bollinger Bands have contracted significantly for Dogecoin and indicate lower levels of volatility for the price. The RSI indicator on the other hand is now moving closer to the overbought zone.