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Top 10 Altcoin Performer Showcase for August 2021

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Top 10 Altcoin Performer Showcase for August 2021

August was an extremely bullish month for the cryptocurrency markets. Bitcoin (BTC) increased by 17% while more than ten tokens posted triple digit rates of increase.

The ten altcoins that increased the most in August are:

  1. TrueFi (TRU) – 234.3%
  2. Solana (SOL) – 221.4%
  3. Keep3rV1 (KP3R) – 194.1%
  4. CertiK (CTK) – 155.6%
  5. Coti Network (COTI) – 148.4%
  6. Audius (AUDIO) – 127.4%
  7. Near Protocol (NEAR) – 123.9%
  8. Trust Wallet Token (TWT) – 120.0%
  9. Loopring (LRC) – 119.2%
  10. Serum (SRM) – 115.3%

TRU

On Aug. 5, TRU broke out amidst a massive bullish engulfing candlestick and proceeded to reach a new all-time high price of $1. 

After a sharp drop, it initiated another upward movement which led to a new all-time high price of $1.06 on Aug. 12. Both highs were made very close to the 1.61 external Fib retracement resistance level of $0.952. 

The token has been moving downward since. However, it is still trading above the $0.47 horizontal support level, which is also the 0.618 Fib retracement support level when measuring the entire upward movement. 

As long as it is doing so, the trend can be considered bullish.

Chart By TradingView

SOL

SOL has been increasing at a rapid pace since July 21. On Aug. 21, it reached a then all-time high price of $82. After a slight drop, it resumed its upward movement and reached a new all-time high of $120.5 on Aug. 31. 

Currently, the token is trading right at the 2.61 external Fib retracement resistance level when measuring the most recent portion of the drop. This area could act as resistance. 

If SOL manages to break out, the next resistance would be at $155.

There is a potential bearish divergence developing in the oversold RSI. However, the MACD is still bullish.

Chart By TradingView

KP3R

KP3R has been increasing alongside an ascending parallel channel since Aug. 5. Such channels usually contain corrective structures.

So far, it has managed to reach a high  of $309, doing so on Aug. 30. However, it was rejected by the 0.618 Fib retracement resistance level at $297 and has been moving downwards since. 

The rejection also coincides with the resistance line of the channel. In addition to this, the RSI has generated bearish divergence. 

This supports the possibility that the movement is corrective and KP3R will not break out from the channel in the short-term.

Chart By TradingView

CTK

On Aug. 18, CTK broke out from a descending resistance line. It continued increasing until it reached a high of $3.085 on Aug. 25. 

While the high was made above the 0.618 Fib retracement resistance level of $2.72, the token has fallen below it since.

Both the MACD and RSI are showing signs of weakness. The former has created four consecutive lower momentum bars, while the latter has fallen below 70.

The closest support area is at $1.64. This is both a horizontal support area and the 0.618 Fib retracement support level (white).

Chart By TradingView

COTI

COTI had been trading inside a descending parallel channel since March 8. On Aug. 25, it broke out amidst a massive bullish engulfing candlestick and proceeded to reach a high of $0.49. 

However, it was rejected by the 0.786 Fib retracement resistance level and fell sharply the next day. 

In addition to this, both the MACD and RSI are showing bearish signs. The former has generated three lower momentum bars while the latter has fallen below 70. 

The token is currently attempting to find support above the 0.5 Fib retracement support level and the resistance line from the parallel channel.

Chart By TradingView

AUDIO

AUDIO has been moving downward since Aug. 7, when it reached a high of $4.07. It created a long upper wick (red icon) the same day, validating the $4.05 horizontal area as resistance. 

The token has been moving downwards since, a decrease that has been combined with a fall in both the MACD and RSI. 

Currently, AUDIO is trading just above the 0.5 Fib retracement support level at $2.32. The closest horizontal support area is at $1.40.

Chart By TradingView

NEAR

NEAR broke out from a descending resistance line on Aug. 21. It proceeded to reach a high of $6.59 the next day. 

However, it was rejected by the $6.60 resistance area and has been moving downwards since. 

On Aug. 27, it bounced at the $4.66 horizontal support area, which is the 0.382 Fib retracement support level and coincides with the resistance line from which NEAR broke out. 

As long as it is trading above it, the trend can be considered bullish.

Chart By TradingView

TWT

TWT has been increasing rapidly alongside a parabolic support line since July 20. So far, it has reached a high of $0.99, doing so on Aug. 23. 

Currently, it is in the process of validating both the parabolic support line and the $0.80 horizontal area. Successfully doing so would likely trigger an upward movement towards a new all-time high price.

Chart By TradingView

LRC

On Aug. 22, LRC broke out from a long-term descending resistance line and proceeded to reach a high of $0.61. It initiated another upward movement on Aug. 29, which led to a high of $0.75. 

However, the breakout could not be sustained and created a long upper wick. LRC is now trading below the $0.58 horizontal resistance area.

In order for the trend to be considered bullish, LRC has to break out above this area.

Chart By TradingView

SRM

SRM has been increasing alongside an ascending support line since July 21. It initially reached a high of $8.62 on Aug. 19. After a drop that validated the support line once more, SRM reached a high of $10.15 on Aug. 31. 

However, it failed to break out above the $10 resistance area and created a long upper wick. 

In order for the trend to be considered bullish, SRM has to break out above this area.

Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

Bitcoin (BTC) is likely in the middle of a short-term correction that has taken it below $60,000. Following this correction, a rebound in price is likely. 

BTC decreased considerably on Oct 26 and created a bearish engulfing candlestick.  This is a type of bearish candlestick in which the entire upward movement from the previous day is negated with an equal or larger drop the next day.

The main support area is found between $52,400 and $53,350. This range is made up of a short (white) and a long-term (black) Fib retracement level and a horizontal support area. There is also a minor support level at $56,550, created by only the short-term Fib level. 

Technical indicators support the continuation of the decrease.

The MACD, which is created by short and long-term moving averages (MA) is falling. Currently, the MACD is still positive, indicating that the short-term trend is moving faster than the long-term trend. However, it’s decreasing, signaling that the MA is decelerating.

The RSI, which is a momentum indicator is also decreasing. It’s above 50, signaling that momentum is still bullish, but the decreasing RSI indicates that momentum is also losing strength.

BTC gets rejected

The six-hour chart shows that BTC is moving underneath a descending resistance line since the Oct 20 all-time high price. 

More recently, the line rejected the price on Oct 25 (red icon), initiating the current downward move. The rejection also coincided with the $63,650 resistance area.

As long as the descending line remains unbroken, the short-term trend is considered bearish.

Wave count

The short-term wave count shows that BTC is likely in an A-B-C correction, which is potentially contained inside a parallel channel. For a long-term wave count analysis, click here.

Currently, BTC is in the C wave, which is the final portion of the correction and after which a rebound in price is likely.

There is considerable support near $56,500 and a drop to those levels would give waves A:C an exact 1:1 ratio. Furthermore, it would coincide with the support line of the channel. In addition to this, the area coincides with the short-term Fib support outlined in the first section. 

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin drops $1K in five minutes in fresh dip below $60K

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Bitcoin drops $1K in five minutes in fresh dip below $60K

Ethereum slips below $4,000 as an anticipated correction suddenly takes hold of crypto markets.

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Bitcoin drops K in five minutes in fresh dip below K

Bitcoin (BTC) fell sharply on Oct. 27 as $60,000 finally gave way to two-week lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin bites into major buy wal

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $58,000 at the time of writing, hitting its lowest since Oct. 15.

The move follows multiple retests of $60,000, with Bitcoin now taking liquidity in a large support wall with $57,000 as its base.

Analysts, as Cointelegraph reported, were already prepared, with some data suggesting a deeper dive to a low as $50,000 would still preserve the overall bull trend.

#Bitcoin couldn’t break through $63.6K and tests the other side of the range.

Might be dropping another time if $61.6K can’t break and then I’m looking at $58K next. pic.twitter.com/HIsvhE5ZlZ

— Michaël van de Poppe (@CryptoMichNL) October 27, 2021

Commenting on the situation meanwhile, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for sparking the volatility.

“Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control,” he argued.

“We won’t get sustainable price rises until that changes.”

Data showed $500 million being liquidated in a single hour across cryptocurrency.

Altcoins lose big on trend reversal

Ether (ETH) led a bleed from altcoins Wednesday, falling below its hard-won $4,000 support line.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Related: Expanding ecosystem and $1.86B futures open interest back Solana’s $250 target

Several of the top ten cryptocurrencies by market cap saw daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).

Shiba Inu (SHIB) was still largely in the green, up 23% on the day despite the market turnaround and continuing a wild month.

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Redditors cheer as GameStop assembles team of NFT experts

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Redditors cheer as GameStop assembles team of NFT experts

“Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” Gamestop’s Head of Web3 Gaming job listing reads.

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Redditors cheer as GameStop assembles team of NFT experts

GameStop (GME) is assembling a team of blockchain and NFT experts to work on the firm’s upcoming NFT platform.

The firm’s GME stock is a cult favorite amongst retail traders as a result of the r/wallstreetbets and Robinhood saga earlier this year. On Reddit the r/Superstonk community boasts 659,000 members, and is dedicated to hosting business and stock discussions related to GME.

A post about GameStop’s job listings yesterday has received more than 10,000 upvotes at the time of writing, with many members posting bullish sentiments over GameStop’s latest move.

GameStop quietly unveiled a bare-bones website for its NFT marketplace in May. The site currently features a Nintendo Gameboy-style gaming console with an Ethereum logo, along with a message calling out for recruits to work on the platform.

Since then the firm has held its cards close to its chest, however on Oct. 25 it listed a total of eight jobs for crypto-friendly candidates, including three roles for NFT experienced software engineers, three jobs for product marketers and with two roles focused on Web3 based gaming.

One of the listings for the Head of Web3 Gaming job says that GameStop is looking for someone with experience with “Ethereum, NFTs and blockchain-based gaming platforms.” The firm has also hinted that there are some plans related to the Metaverse in the works.

“GameStop is looking for a unique individual who can help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” the job listing reads.

Web3, billions in revenue, NFTs, Ethereum Layer 2. probably nothing. $GME pic.twitter.com/s3PiaqtWQl

— Chris SilvΞstro (@vestro) October 26, 2021

Related: Reddit may be preparing to launch its own NFT platform

Members of the r/Superstonk community were singing the firm’s praises yesterday, with “Triaspia2” calling it one of the “best job listings” they had seen, while pledging to buy more GME as it was a “bullish signal.”

Redditor “Donnybiceps” was equally bullish, noting that:

“NFTs are the future and people who haven’t gotten on board the GME train while knowing all these clues then you should be blaming yourself for not thinking this through.”

GME has had a volatile performance in October, going as low as $166 before bouncing to around $187 and subsequently crashing down again. However, according to data from Tradingview, the price of GME has still gained 2.8% this month to sit at $178 at the time of writing. The year-to-date gain for GME is a whopping 844%.

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