In this analysis, we look at seven cryptocurrencies for which exciting developments are coming up in August.
Kava.io (KAVA)
- Current rate: $1.98
- Market capitalization $ 468 billion
- Market Capitalization Rank: 85
Kava is an extremely fast layer 1 blockchain that combines the ecosystem of Ethereum and Cosmos to form a unique and highly scalable network.
On August 31, 2022, the Kava 11 upgrade will be released. With the upgrade, the TVL (“Total Value Locked”) of the platform is also likely to rise sharply. Kava 11 offers the following new features:
- KAVA Liquid-Staking
- MetaMask support for all KAVA transactions
- KAVA Earn: A Yield Aggregator
- Protocol-based liquidity
On May 9, 2022, the KAVA price broke out below the horizontal support area at $2.90 and then validated it as resistance on May 31, 2022 (red arrow). Subsequently, the KAVA price fell to the last low at 1.39 US dollars on June 18, 2022.
After that, a bullish divergence developed on the daily chart-RSI. In addition, the RSI rose above the 50 line. This is a sign that we could see a bullish trend reversal or at least a short-term upward movement.
If the KAVA price follows the development of the RSI, then we could see a breakout attempt above the resistance area at $ 2.90.
KAVA/USDT Chart Source: TradingView
Coti Network (COTI)
- Current price: 0.11 US dollar
- Market capitalization: $119 million
- Market Capitalization Rank: 185
Coti is a financial technology platform where organizations can develop their own payment systems and digitize currencies. The scalability of the platform is quite large: COTI can process more than 100,000 transactions per second.
On August 2, 2022, a hardfrok will take place, where COTI will become a multi-token layer platform. Until now, only individual cryptocurrencies could be sent at a time. In addition, the MultiDAG 2.0 upgrade will also be introduced with the Hardfork.
At the beginning of June, he broke out COTI course over a descending resistance line and then validated it as support on June 13, 2022. After that, a bullish divergence also developed on the COTI daily chart-RSI. If there is an upward movement soon, the COTI price will meet resistance at $ 0.177. This is where the 0.382 Fib retracement level is located.
COTI/USDT Chart Source: TradingView
Ethereum (ETH)
- Current rate: 1717 US dollar
- Market capitalization $ 209 billion
- Market Capitalization Rank: 2
ETH is currently the second largest cryptocurrency – measured by market capitalization. Users can develop decentralized apps (dApps) on the Ethereum blockchain. In addition, Ethereum allows the development of smart contracts and NFT transactions.
The so-called Goerli Merge is scheduled to take place on August 11, 2022. This is the last test before the Ethereum Merge, in which the consensus mechanism of the blockchain is converted to proof-of-stake.
On July 18, 2022, the ETH price broke out via an ascending parallel channel, in which the ETH price was traded for more than a month. Subsequently, the Ethereum price validated the upper line as a support (green arrow) and then continued the current upward movement. Should the ETH price stay above the support area at $1635, then the ETH price could rise to the next major resistance at 2150 US dollars.
ETH/USD Chart Source: TradingView
Monero (XMR)
- Current course: 160.71
- Market capitalization $ 2.92 billion
- Market Capitalization Rank: 28
Monero is a secure and trustworthy blockchain that focuses on providing complete privacy to its users. To do this, the addresses of senders and recipients are obfuscated using advanced cryptography.
On August 13, a Monero network upgrade will take place. This upgrade will implement various new features, such as an improvement in the bulletproofs algorithm and an increase in the ring size from 11 to 16.
The XMR price has been traded in an ascending parallel channel since June 18, 2022. Even if the Monero price was able to break out over the channel for a short time, the XMR price then fell back into it. There is currently support for the XMR course at $150. If the Monero price breaks out over the channel, then the Monero price could rise to the resistance area around the $ 200 mark.
XMR/USDT Chart Source: TradingView
Kadena (KDA)
- Current price 1.77 US dollar
- Market capitalization: $326 million
- Market Capitalization Rank: 108
Kadena is said to be the fastest proof-of-work (POW) blockchain in the world, according to the developer team. The blockchain combines several blockchains to execute transactions quickly. Kadena will launch the fee-free decentralized exchange (DEX) called Kaddex on August 1, 2022. Thus, Kadena officially enters the DeFi market.
The KDA price has been following an ascending support line since June 13, 2022 and then broke out above the resistance area at $1.90. The last high point (2.25 US dollars) was reached by the KDA exchange rate on July 31, 2022.
The horizontal resistance and the support line form an ascending triangle pattern, which is a bullish pattern. Therefore, it could well be that the KDA price will rise to the next resistance at 2.35 US dollars.
KDA/USDT Chart Source: TradingView
Qtum (QTUM)
- Current rate 4.66 US Dollar
- Market capitalization: 485 million
- Market Capitalization Rank: 83
Qtum is a blockchain network that combines the smart contract capabilities of the Ethereum blockchain with Bitcoin’s UTXO billing system.
This is done through the use of Account Abstraction Layer technology, which allows Qtum to implement updates from both Ethereum and Bitcoin. On July 31, the QTUM Hard Fork took place. A new Ethereum Virtual Machine, taproot/Schnorr signatures and various bug fixes have been added.
The QTUM price has been rising since July 13, 2022 and then broke out above the horizontal resistance area at $4.20 on July 28, 2022. The next day, the QTUM course validated the area as a support. The next resistance area is at $ 6.
QTUM/USDT Chart Source: TradingView
Klaytn (KLAY)
- Current rate: 0.31 US Dollar
- Market capitalization: 930 million
- Market Capitalization Rank: 55
Klay is an open-source public blockchain developed for the Metaverse and gaming economy that allows users to develop, work or play in the Metaverse. The platform is supported by the Klaytn Growth Fund. Klay is the title sponsor of the Korea Blockchain Week, which takes place from 7 to 14 August.
The KLAY price is about to break out of a descending resistance line on July 14, 2022 and is about to break out of the 0.382 Fib retracement resistance at $0.325. If this happens, the KLAY price could rise to the 0.618 Fib retracement level at $0.397.
KLAY/USDT Chart Source: TradingView
Here let’s go to our last Bitcoin analysis!
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