Altcoins Technical Analysis for August; ADA, SOL, DOT, LUNC & DOGE

The crypto space continues to remain within the same narrow region as the tokens undergo a minor upswing compared to the previous day’s close. Not much variation has been recorded since then as the star crypto continues to chop around $29,500, failing to rise above these levels. While some of the popular altcoins are displaying enough bullish momentum and appear to be waiting for the right time to trigger a breakout. 

Cardano (ADA) 

• The Cardano price continues to maintain a choppy upswing without major price variations, indicating the bulls hold their strength until the month end

• While the RSI is rising firmly towards overbought levels, which may lift the price towards $0.359 levels, enabling a further rise toward the first target at $0.45

• Therefore, the monthly analysis of ADA price remains bullish, while, the price could maintain a healthy upswing for the first few days of August or until the end of the week

Solana (SOL)

• After the Solana price rebounded from the lows in June, the token maintained a healthy upswing throughout July to mark the yearly high of around $32

• The trend has now regained within the bullish pattern and displays the probability of triggering a bullish breakout in the next few days

• However, the RSI and MACD continue to remain bearish which suggests, the Solana price may continue with a sideway trend for a while and with the flow of buying pressure, a decent upswing may be imminent. 

Polkadot (DOT) 

• Polkadot price has waned its popularity in recent times despite the price maintinag acute strength by trading within an ascending triangle forming constant higher highs and lows

• The trading volume maintains decent levels which suggest the bulls and bears are active, compelling the price to trade within a narrow region. 

• As the RSI is trading flat MACD does not show signs of a bullish reversal due to which the DOT price may consolidate within an ascending triangle to reach the apex, which may be followed by a bullish breakout above $5.5

Terra LUNA Classic (LUNC) 

• Terra LUNA classic was gaining some traction in recent days, while the price action remained largely sluggish.

• The volume also has dried up to a large extent which is majorly dominated by the bears but the ADX indicating the strength of the rally displays a bullish divergence. Hence, the LUNC price may maintain a sideway trend until it reaches the apex and undergoes a significant price action. 

• While a breakout from the descending triangle results in a minor pullback, the LUNC price may marginally drop below the lower support, suggesting a correction, followed by a bullish breakout to reclaim the lost levels. 

Dogecoin (DOGE) 

• Being largely diverse from the other popular tokens in the market, the Dogecoin price has manifested acute strength, breaking above the descending triangle

• However, after lifting the price relatively high, the bulls appear to have exhausted themselves, which is now causing the DOGE price to face a minor pullback

• As the RSI is showing some signs of a plunge, it may drag the DOGE price lower towards the support zone which may trigger a healthy rebound towards the first target at $0.09.