The post Top 5 Crypto To Watch In August 2024 appeared first on Coinpedia Fintech News
Today’s crypto market Is down with the total marketcap falling 4.61% to $2.19T in the last 24 hours. Major performing altcoins were also impacted by the overall bearish environment.
This comes after a series of notable events like the US Job report, BTC Spot ETF massive outflow of $237 million, and US Stock market washout of $3 Trillion.
Bitcoin price today faces nearly 10% drainage in the last 7 days, moving from $68,140 to the current price of $61,595.
In the chaos, the overall market sentiment remains bullish and indicates that here are our Top 5 Altcoins picks for this month, CFX, SOL, FLOW, STRK, AXS.
Conflux (CFX)
CFX in July had impressive growth, the asset surged from its 52-week low of $0.1118 and invalidated the bearish trend around. But Opened in August 2024 in parallel to the Bitcoin price.
Today is down 6% and 22.7% down in the last 7 days. Au
Notably, Conflux has its Hard fork coming on the 6th of August that will improve the network function of Proof of Stake (PoS) lock/unlock/retire periods.
In the CFX/USDT chart, we can see the price trading near crucial support of $0.140, with the overall market scene it may correct slightly more.
The RSI at 36 shows the price moving in an oversold direction, which will trigger a buying opportunity with the Hard Fork event overhead.
Solana(SOL)
The institution’s favorite Solana(SOL) performance in July where it moved from the low of $130 to $194 followed by facing rejection to fall under the $160 support level today. Solana in July also flipped BNB in market cap and outperformed Litecoin, XRP, and Chainlink.
SOL is trading at $150.7 at the time of writing with continued bearish pressure.
SOL/USDT Chart shows the pricer moving in a Bullish Flag pattern and a breakout anytime is expected. The RSI is below the threshold of 30 showing the asset is oversold and MACD has neutralized as the histogram is recovering.
If SOL fails to hold above $150 it will have to face retest at $145 and $135. If Validated, SOL is gathering the potential to hit $200 again.
Flow (FLOW)
The platform is eyeing the upcoming Crescendo Network Upgrade which is scheduled for August 14. This upgrade is proposed to achieve maximum decentralization and enhance network scalability.
Flow is currently in the downtrend moving 11% down in the past 24 hours, but the upcoming fundamentals and favorable market conditions can trigger a solid pullback.
FLOW/USDT Chart shows the assert is under its long-term resistance of $0.6, Awesome Oscillator in red, and RSI at 38 shows weakening momentum and the price may correct more.
Conversely, if the market dynamics change FLOW will hit back above the $1 in August.
Starknet (STRK)
STRK’s price yesterday registered an all-time low (ATL) and is making a slight recovery.
Starknet has a big update inline, the network upgrade that will boost the speed and increase TPS( transaction per second). Scheduled to take place in the last week of August.
This upgrade can be a catalyst in taking back control over bears and recovering strongly above the ATL territory.
STRK/USDT Chart Shows a falling channel pattern with RSI at 32 and AO in negative territory. The overall momentum is mixed but the new fundamentals inline and changing market trends can make this coin a garner in the next weeks.
Axie Infinity (AXS)
After successfully closing the beta testing, Axie is all set to launch the Homeland Avatar Mode Open in the August end.
This is a major update in the gaming sector coin AXS which could trigger a claim back to the $6 territory.
The AXS/USDT Daily chart shows how the asset forms a head and shoulder pattern validating to drawdown.
While the impact of the pattern has not been solid, a reversal from this zone is expected.
