5 Altcoins to watch in August 2020

Welcome to a new analysis of the altcoins cryptocurrency market as a whole. Here, we take a step up, and give ourselves an eagle's eye as we try to answer a few simple questions: is the market going up or down? How do capital flows within the market? Where does the money go?

5 Altcoins to watch in August 2020

Welcome to a new analysis of the altcoins cryptocurrency market as a whole. Here, we take a step up, and give ourselves an eagle’s eye as we try to answer a few simple questions: is the market going up or down? How do capital flows within the market? Where does the money go?

What is the crypto market doing?

Obviously:

  • On the long term, it goes up.
  • On the mid term, it is going sideways.
  • On the short term, it goes up.
Bitcoin Price cryptocurrency Market
Bitcoin’s Price over the past year – TradingView

A Bull Market is when we buy dips and find opportunities to increase our USD Capital. But let’s keep it real. We all want to increase our BTC Capital too, and a few altcoins are quite bullish.

On the short term, the altcoin market has been underperforming against Bitcoin since the last breakout.

Bitcoin Price uptrend Cryptocufrency
BTC Breakout explained – TradingView

Which altcoin will be outperforming BTC

Most of the altcoins outperformed BTC the past months. Some of them, unfortunately, have been forgotten by the short altseason. We will dig in both lists to provide you with the most promising altcoins of August.

Let’s get started!

NB: the order is purely random and does not reflect any favoritism in the different setups.

1. Dash (DASH)

DASH Crypto Altcoins Technical Analysis
DASH Price over the past year – TradingView

After blowing up in January 2020, DASH has been underperforming against BTC. It is often hard for an altcoin to consolidate after a 200% increase.
During the past year, DASH retraced almost all its pump and reached a zone of support. This zone is quite apparent. Last time the price broke this zone, it went straight up.

On the other hand, we can draw a resistance trendline (in blue). This line is pushing DASH price down. Once the price breaks this line, it is highly possible to see an uptrend. We identified a few resistance levels we can identify with black horizontal lines.

Our strategy is to buy the breakout of the blue line, or accumulate some DASH in the blue zone, and to sell it when it reaches 0.0098, 0.0115 and 0.0131 btc.

Feel free to follow this analysis on TradingView.

2. Streamr DATAcoin (DATA)

DATA Crypto Altcoins Technical Analysis
DATA Price over the past year – TradingView

In the same schematic, DATA is a coin that has been pumping earlier this year and yet still recovering. The mid term trend is bearish, however the price is forming a Falling Wedge. This pattern is famous to be a bullish reversal pattern:

Falling Wedge Technical analysis

Our goal as swing trader will be to trade the waves inside the falling wedge. We will also monitor the breakout of the resistance trendline to buy a position on the long term.

Feel free to follow this analysis on TradingView.

3. Ziliqa (ZIL)

ZIL Crypto Altcoins Technical Analysis
ZIL Price – TradingView

It was a bit of a lie when we say we did not have any favorite horse on this market. ZIL currently has one of the setups we are searching for the most. In the long term uptrend, it is important to search for multiple confirmations of buy-back levels. ZIL has several of them.

The first thing we can notice is the same falling wedge pattern. The second is the two horizontal lines that have been drawn from the daily chart, displaying old and strong support levels. Last but not least, we used the Fibonacci Retracement Levels from the bottom Swing to the High Swing levels.

The strongest level being 0.618, we can spot 2 wicks down reaching this support at 150 sat. The 2 wicks down are confirming the demand on this zone.

Our strategy will be to buy back this level and eventually wait for lower levels to accumulate more ZIL. On the other hand, more conservative traders can wait for a breakout of the falling wedge before entering a position.

Feel free to follow this analysis on TradingView.

4. Kava (KAVA)

KAVA Crypto Altcoins Technical Analysis
KAVA Price – TradingView

Backed by strong fundamentals, KAVA is one of the most promising coin of the year. With an established uptrend, we recently experienced an over extended increase in the price, resulting in a retrace.

We can notice the old resistance trendline (blue) has been turning into a support for the uptrend.
The EMA200 is supporting the uptrend as well.

Our strategy will be to take some positions on the support trendline and to add more once the local resistance (0.00025089) has been broken.

Feel free to follow this analysis on TradingView.

5. BAND (BAND)

BAND Crypto Altcoins Technical Analysis
BAND Price – TradingView

We are now coming to the last coin, BAND. Unfortunately, I have been watching it yesterday night but had no time to write an article.
This setup is a masterpiece in terms of Technical Analysis.

Two resistance trendlines have been broken lately. The last attempts to push the price down have been rejected by the EMA 200. Indeed, this coin looks promising for the future.

The strategy here is to wait for a pullback and eventually ride the uptrend until the EMA 200 breaks down.

Feel free to follow this analysis on TradingView.

Conclusion of the Altcoin Crypto Market of August 2020

We have been providing you with the exclusive selection of 5 altcoins that should be performing well in August 2020. This does not mean these altcoins are going to be the best performers. Many factors can influence the price of an asset. Fundamental Analysis is a major one.

On the other hand, you can notice that we only provided you with altcoins available on Binance. If you would like to request more altcoins on different exchanges, please let us know on our Telegram Channel.

If some terms were not easy to understand for you, we recommend you to watch our Courses available here.

 
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The information above contains information on the cryptocurrency market, which is associated with high risks. These materials are presented for informational purposes only and in no way should be construed as a recommendation for the purchase or sale of the assets. Any person considering trading digital assets should seek independent advice on the suitability of any particular digital asset.

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