ADA, SOL, DOT, LUNC & DOGE: Technical Analysis for August

AltCoins Alt Coins

The cryptocurrency market is currently experiencing minor upward movement compared to the previous day’s close. However, the overall trend remains relatively stable, with the leading cryptocurrency hovering around $29,500 without significant changes.

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On the other hand, several popular altcoins are showing signs of bullish momentum and seem to be patiently waiting for the right opportunity to initiate a breakout.

Cardano (ADA)

The Cardano price shows a choppy upswing with minimal price fluctuations, suggesting that the bulls remain strong as the month progresses.

The rising RSI is approaching overbought levels, potentially pushing the price to around $0.359, leading to further gains towards the first target at $0.45.

The overall monthly analysis for ADA price remains bullish, and the price could sustain a healthy upward trend in the first few days of August or until the end of the week.

Solana (SOL)

Solana’s price experienced a significant rebound from June’s lows, maintaining a healthy upward movement throughout July and reaching a yearly high of approximately $32.

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The current trend indicates a possibility of a bullish breakout in the next few days, with the market regaining its bullish pattern.

Despite this, the RSI and MACD indicators remain bearish, suggesting that Solana’s price might continue with a sideways trend for a period. However, with increasing buying pressure, a notable upswing could be on the horizon.

Polkadot (DOT)

Polkadot’s popularity has decreased in recent times, but the price remains robust, trading within an ascending triangle pattern with higher highs and lows.

The trading volume is decent, indicating both bulls and bears are actively involved, leading to the price staying in a narrow range.

The RSI is flat, and the MACD does not show signs of a bullish reversal. As a result, the DOT price might consolidate within the ascending triangle until it reaches the apex. A potential bullish breakout above $5.5 could follow thereafter.

Terra LUNA Classic (LUNC)

In recent days, Terra LUNA classic showed some increasing interest, but the price movement remained sluggish.

The trading volume has decreased significantly, mainly influenced by bearish sentiment. However, the ADX indicator shows a bullish divergence, indicating the strength of the rally.

As a result, the LUNC price might continue in a sideways trend until it reaches the apex of the descending triangle and experiences significant price action.

During the breakout from the descending triangle, there might be a minor pullback, causing the LUNC price to briefly drop below the lower support level, suggesting a correction. However, a subsequent bullish breakout is expected to help regain lost levels.

Dogecoin (DOGE)

Dogecoin’s price has shown significant strength, setting itself apart from other popular tokens in the market, by breaking above the descending triangle pattern.

However, after a substantial increase, the bullish momentum seems to be waning, leading to a minor pullback in the DOGE price.

The RSI indicator is signaling a potential plunge, which could push the DOGE price lower towards the support zone.

This might trigger a healthy rebound, potentially reaching the first target at $0.09.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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