Be[in]Crypto presents its top seven Altcoin picks for August
Be[In]Crypto looks at seven altcoins showing promise for August and developments around their respective projects.
Kava.io (KAVA)
- Current price: $1.98
- Market value: $468 billion
- Market Value: #85
Kava is an extremely fast layer one blockchain that combines the Ethereum and Cosmos ecosystems into a single, scalable network.
Kava 11 is set for launch on 31 August. It is expected to greatly increase the total value locked in the platform. The main new features will include:
- KAVA liquid staking
- KAVA earn : a yield aggregator
- MetaMask support for all KAVA transactions
- Recorded liquidity
On May 9, KAVA broke out of the $2.90 horizontal area and validated it as resistance on May 31 (red icon). Afterwards, it fell, falling 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 can lead to an upward movement.
If the price follows the RSI movement, KAVA would be expected to make another attempt to move towards the $2.90 resistance area.
Coti Network (COTI)
- Current price: $0.11
- Market value: $119 million
- Market Value: #185
Coti is a financial technology platform that allows organizations to build their own payment systems and in turn digitize their currencies. It offers great scalability, allowing more than 100,000 transactions per second.
The COTI hard fork will occur on August 2nd, transitioning COTI to a multi-token layer from its current single currency infrastructure. During this period, COTI will also launch MultiDAG 2.0.
In early June, COTI broke out from a descending resistance line. Afterwards, it came back to validate it as support on June 13. Throughout this period, the daily RSI generated bullish divergence (green line).
If the price also moves higher, the next closest resistance area will be $0.177. This is the 0.382 Fib retracement resistance level.
Ethereum (ETH)
- Current price: $1,717
- Market value: $209 billion
- Market Value Rank: #2
Ethereum is the second largest cryptocurrency based on market capitalization. It allows users to build decentralized applications (dApps). Furthermore, it facilitates smart contracts and enables NFT transactions. Its native token is ETH
The Goerli merger will take place on August 11. This is the last testnet merge before the transition to a proof-of-stake (PoS) blockchain.
On July 18, ETH broke out of a rising parallel channel that had been in place for one month. Afterwards, it came back to validate it as support on July 26 (green icon) before bouncing and resuming its upward movement. If ETH manages to hold above the horizontal area of $1,635, it will be expected to continue to increase towards $2,150.
Monero (XMR)
- Current price: $160.71
- Market value: $2.92 billion
- Market value: #28
Monero is a secure, confidential blockchain that focuses on providing complete privacy for its users. This is done by hiding the addresses of both senders and recipients using advanced cryptography.
Monero will undergo a network upgrade on August 13th. This upgrade will introduce various new features, such as an upgrade in the Bulletproofs algorithm and a ring size increase from 11 to 16.
XMR has been rising in an ascending parallel channel since June 18. While it first erupted from the channel, it has fallen back into that side. XMR is currently trying to find support above $150. If it breaks out of the channel, the price is expected to rise towards $200.
Kadena (KDA)
- Current price: $1.77
- Market value: $326 million
- Market value: #108
Self-described as the world’s fastest proof-of-work (PoW) blockchain, Kadena combines many blockchains to quickly execute transactions. Kadena will launch its gas-free decentralized exchange (DEX) called Kaddex on August 1. This is the beginning of decentralized finance (DeFi) for Kadena.
KDA has increased along with a rising support line since June 13. Additionally, it faces 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 value: $485 million
- Market Value: #83
Qtum is a blockchain network that combines 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, which allows Qtum to implement updates from both Ethereum and Bitcoin.
The QTUM hard fork happened on July 31st. In it, a new Ethereum Virtual Machine was added, along with Taproot/Schnorr signatures and several bug fixes.
QTUM has been rallying since July 13th and broke out of the $4.20 horizontal resistance area on July 28th. It validated it as support the next day (green icon). The next closest resistance area is $6.
Klaytn (KLAY)
- Current price: $0.31
- Market value: $930 million
- Market value: #55
Klay is an open source public blockchain 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 for Korea blockchain week between August 7th and 14th.
KLAY broke out from a descending resistance line on July 14th. It is currently trying to move above the 0.382 Fib retracement resistance at $0.325. If successful, the next closest resistance area will be $0.397. This is the 0.618 Fib retracement resistance level.
For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here
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