Cryptocurrencies To Watch This Month August 2022 (Top 4): CRO, THETA, LEO, MATIC
Cryptocurrencies, in general, are known for their volatile price actions, and I bring you the top 4 cryptocurrencies to keep an eye on this week.
The cryptocurrencies to watch this week include but are not limited to; CRO, THETA, LEO, MATIC, BTC
These Altcoins MATIC, THETA, CRO, and LEO should appreciate at a price this week provided Bitcoin price holds and stays above the $30,000 price level.
Bitcoin’s (BTC) price has stayed above the $30,000 level in the past few days but has failed to achieve a strong rebound above the $30,000 level, and this has kept many traders pretty worried that prices could dip into the evening lower levels.
Traders would have to be more patient and expect even more dip in price if history is put into the mix. For example, the current drop of Bitcoin is just 55% at $30,000 fee from the recent all-time high (ATH) of $64,850 because the longest a d most significant drop was a 69% drop; hence for the current correction to reach 69%, then prices would be around $20,000.
According to a report by Delphi Digital, spot exchange volumes have fallen by 60% and more from the highs we saw in May and April, which has led to a collapse in trading activity. The futures and derivatives market has not been left out either as there has been an exit of many leverage traders as open interests have gone back to the levels they were in early 2022.
Delphi Digital also considers these moves as bullish signs as they suggest that more institutions are beginning to come into the crypto space.
Crypto market data daily view: Source coin360
CRO/USDT
This Crypto.com native Coin (CRO) has ranged between $0.14 and $0.08 for the past five days. The price headed downwards from $0.13 on Wednesday,, July 14, but the good sign is that the bulls are pushing to stall the correction around the moving averages.
The short-term moving averages have flattened out, and the RSI is just under the midpoint, indicating some balance between supply and demand. If the price heads downwards from the current level and breaks the $0.10, then the CRO price could go straight to the strong support at the $0.08 price level.
On the other hand, the bulls have to keep pushing and maintaining the price of CRO above the moving averages; the CRO/USDT pair can rise to the zone of resistance at $0.13 to $0.14.
The bears would want to defend the resistance zone aggressively. If, on the other hand, prices down from the moving averages zone, the ranging price action would be set to continue for a few more days.
The bears succeeded in pushing the price just below the support at $0.108, but this was concise as the price recovered and rose to the 20-EMA, the bulls could not sustain the rebound, and the ranging market situation continues to play out.
If bears conquer and keep the price below $0.108, the CRO/USDT pair could start heading towards the critical support at $0.08.
On the plus side for the bulls, if they can drive the price above 20-EMA, the pair could rise to the 50-SMA. If the bulls break above this level, we could hope for a retest of the resistance zone overhead.
THETA/USDT
THETA, since its excellent performance, has been in a downtrend since topping out at $15.88 on April 16. The downtrend has hit a significant support zone at $4.57 to $3.85, which could trigger and start a buying pressure.
The moving averages show that the bears are in control, but the oversold levels on the RSI show an imminent start of a counter-trend rally. The first resistance on the road to the upside from where the price is now is 20-day EMA ($5.68).
If the price gets bounced downwards from this resistance by any chance, then the sellers (bears) would move to push THETA/USDT pair price below the support zone area, which would give them some control in the market. If the support zone at $3.85 is lost, we could see the price fall to the $2.60 level.
But on the contrary, if bulls hold the support with enough buying pressure and volume for the price to move above the 20-day EMA, the pair could rise to the downtrend line. If this resistance is turned to support by a breakout, then there could be a trend change.
The THETA/USDT trading pair has been in a consolidation phase in a tight range between $4.33 and $4.62. Moreover, RSI has shown a positive divergence on the 4H time frame, meaning that there is possible momentum weakness on the part of the bears.
LEO/USD
USD/LEO has continued trading close to the resistance of the range between $2.03 and $2.95 for few days. Usually, when a tight consolidation close to the overhead resistance shows that bulls are not taking profits as they anticipate a breakout, they can maximize their profits.
If the bulls can keep the price above $2.96, then the LEO/USD pair price should start heading toward the next resistance at $3.32.
This price rally outlook will invalidate when the price heads down from the current level and breaks trades below the 20-day EMA price at ($2.78).
On a 4H time frame, the pair chart shows a tight consolidation in a range between $2.85 and $2.95, which has moved to the upside. If the bulls sustain the buying pressure and keep the price above $2.96, then we should have bullish momentum pick up, and the pair should rise to $3.10 in the short term.
MATIC/USDT
Polygon network coin (MATIC) has been in a correction mode for the past few days, and the price has reached an extreme support zone ranging between $0.74 and $0.68. The bulls have the intention of holding and defending this support zone aggressively. This would lead to more buying pressure and a price uptrend in the week.
The first resistance the bulls would meet on the upside is the 20-day EMA at ($1). if the price reaches here a d gets rejected, leading to a change in trend, the cost would head to the support zone to find a rebound from their back up, the downtrend could continue if the support zone does not hold, and this could lead the MATIC/USDT pair price to drop to $0.54 and then $0.34 range level.
On the positive beside, if bulls hold and put up a buying pressure for the price to stay above the 20-day EMA, then the pair could go high to the 50-day SMA at ($1.26). If the resistance is broken and the price stays above, we could be heading to prices as high as $1.71.
Note: These coins should do well provided Bitcoin does not apply the party with a heavy volatile move in either direction to the upside or downside
This is not in any way financial advice. Do well to do your due diligence before investing in any venture. Invest wisely.