In the fast-paced and ever-evolving world of finance, cryptocurrencies have emerged as a revolutionary force, captivating the imagination of investors and tech enthusiasts alike. Among the multitude of digital assets, several cryptocurrencies have been making waves in the market, especially during challenging moments.
Let’s dive into the captivating world of cryptocurrency to explore the top 10 cryptocurrencies that have the potential to ignite the global crypto market in August 2023 and unravel the trends propelling their growth.
Bitcoin (BTC)
Bitcoin (BTC), the oldest gem in the market which was created in 2009 by Satoshi Nakamoto. However, Bitcoin’s price has skyrocketed as it’s become a household name. In Jan 2017, one Bitcoin was about $1014. As of July 29, 2023, a single Bitcoin’s price was around $29,278. That’s a growth of more than 3000%.
At the time of writing, Bitcoin traded at $29,274 with a market cap of $569 billion, which is 48.2% of the market share.
Bitcoin (BTC) Price Chart (Source: Tradingview)
The BTC daily price chart indicates that the current price action has dropped below the short-term 50-day exponential moving average (50 EMA), signaling an attempt to enter a bearish state. The moving average currently stands at $29,470.
Also, taking the daily RSI into account, it is evident that BTC has fallen below the neutral zone (at 43). If BTC crosses its resitance level of $29947 it may reach $30,374 soon.
Ethereum (ETH)
Ethereum (ETH), is a smart network and the second largest cryptocurrency. In February 2017, one ETH was $10 now one ETH valued at $1,871.
Ethereum (ETH) Price Chart (Source: Tradingview)
At the time of writing, Ethereum (ETH) traded at $1,871. The ETH daily price chart indicates that the current price action has nears the short-term 50 EMA, signaling an attempt of correlation. The moving average currently stands at $1,873.
Also, the daily RSI shows ETH nears to the neutral zone (at 48). If ETH crosses its resistance level of $1,917 it may reach $2,018 soon.
XRP (XRP)
Ripple (XRP) showed its strong growth after a year following the Ripple partial victory against the SEC.
XRP (XRP) Price Chart (Source: Tradingview)
At the time of writing, XRP traded at $0.7087. The XRP daily price chart indicates that the current price action nears the short-term 50 EMA), signaling an attempt of correlation. The moving average currently stands at $0.717. With a neutral RSI zone (57), crossing its resistance level of $0.9427 may propel it to reach $1.3663.
Binance Coin (BNB)
The world’s largest crypto exchange Binance native cryptocurrency BNB has attracted investors with its multi chain capabilities. Also, It is one of the most traded tokens in the world.
Binance Coin (BNB) Price Chart (Source: Tradingview)
At the time of writing, BNB traded at $241, displaying a bullish attempt above the 50 EMA, and could potentially reach $364 if it surpasses the resistance level of $299.
Dogecoin (DOGE)
Originally created as a joke, Dogecoin has become a significant player with a market cap of over $10 billion. It currently trades at $0.07811, signaling a potential bullish state as it surpasses the 50 EMA, with a neutral RSI zone (62.83). Crossing its resistance level of $0.09667 may lead to $0.13152.
Dogecoin (DOGE) Price Chart (Source: Tradingview)
Cardano (ADA)
Somewhat later to the crypto scene, Cardano is notable for its early embrace of proof-of-stake validation. By eliminating the competitive, problem-solving part of transaction verification found in platforms such as Bitcoin, this solution minimizes transaction time, energy usage, and environmental effect.
Cardano (ADA) Price Chart (Source: Tradingview)
At the time of writing, Cardano traded at $0.3103. The ADA daily price chart indicates that the current price action has soared above the short-term 50 EMA, signaling an attempt to enter a bullish state. The moving average currently stands at $0.3095.
Also, the daily RSI shows that Cardano stands in the neutral zone (at 52.41). If ADA crosses its resistance level of $0.3029 it may reach $0.4140 soon.
Solana (SOL)
Solana, which was created to support decentralized financial (DeFi) applications, decentralized apps (DApps), and smart contracts, is based on a unique hybrid proof-of-stake and proof-of-history method that allows it to process transactions rapidly and safely. The platform is powered by SOL, Solana’s native cryptocurrency.
Solana (SOL) Price Chart (Source: Tradingview)
SOL trades at $25.12, showcasing potential bullishness above the 50 EMA, with a neutral RSI zone (58.78). Breaking its resistance level of $48.92 may lead to $81.96.
Litecoin (LTC)
Litecoin (LTC) is a cryptocurrency known for its emphasis on fast, secure, and low-cost transactions, utilizing the potential of blockchain technology. As the Litecoin halving approaches, there is anticipation for a potential price rally.
Litecoin (LTC) Price Chart (Source: Tradingview)
At present, Litecoin is trading at $91.13. The daily price chart indicates a decline below the short-term 50 EMA, suggesting a possible bearish phase. The moving average currently stands at $91.40.
The daily RSI is approaching the neutral zone at 46.91. Should Litecoin cross its resistance level of $97.54, it may potentially reach $134.
Polygon (MATIC)
Polygon (MATIC) stands out as the first user-friendly platform for Ethereum scaling and infrastructure development. The upcoming launch of Polygon 2.0 with the native currency transfer of POL adds to its appeal.
Polygon (MATIC) Price Chart (Source: Tradingview)
As of now, Polygon is trading at $0.7114. The daily price chart shows a nearness to the short-term 50 EMA, indicating a possible correlation. The moving average currently stands at $0.7257.
The daily RSI hovers around the neutral zone at 46.91. In case MATIC crosses its resistance level of $0.9800, it may potentially reach $1.2782.
Shiba Inu (SHIB)
Shiba Inu (SHIB) stands as the second-largest meme coin in the market, transitioning into a utility token. The SHIB Army eagerly awaits the launch of its layer 2 blockchain, Shibarium.
Shiba Inu (SHIB) Price Chart (Source: Tradingview)
As of the latest data, Shiba Inu is trading at $0.000008317. The daily price chart reveals that the current price action has surged above the short-term 50 EMA, suggesting a potential bullish trend. The moving average currently sits at $0.00000797.
With a daily RSI indicating a neutral zone at 63.04, Shiba Inu’s price may see further growth if it crosses its resistance level of $0.00000804, potentially reaching $0.00000968 soon.
