August Forecasts Are Out: These 8 Altcoins Could Peak!

August forecasts are starting to come in. There are now signs of significant increases for 8 altcoins. Let’s take a look at which of these altcoins are.

Altcoin selection that will bring profit in August 2023

First, there is the altcoin Ethereum. Ethereum is the second most valuable digital asset after Bitcoin. It is also the number one altcoin in many ways. It is probably the most adaptable ecosystem to spawn multiple token protocols. It is supported by innovation and high adoption.

In second place is the altcoin Litecoin. It is one of the first altcoins to come with an enhanced blockchain. Accordingly, it increases transaction speeds and eliminates monopolistic ways. On the other hand, it has emerged as a store of value with many options and scalable functionality. It also handles large volume supply without any breakdowns. Today it is capped at 84 Million coins.

Altcoin XRP and Cardano

Altcoin XRP is Ripple’s cryptocurrency that runs on an open-source public blockchain. The developers created it to facilitate cheaper and faster payments. The protocol brings convenience to transactions with its real-time gross payment system. Today, its total market cap is $19 billion. On the other hand, investors are hopeful that this figure will increase. Despite Ripple’s legal problems, the coin is making consistent progress on all fronts.

Altcoin Cardano has adapted a proof-of-stake mechanism to solve many of the problems faced by other coins. It speeds up the processing time and consumes less energy. At the same time, it came up with a unique smart contract functionality. Running on a public blockchain, this contract takes much less time while facilitating peer-to-peer transactions.

dogecoin

Dogecoin (DOGE) price is currently trading inside a long-term bullish pattern. It also broke above a short-term bearish pattern. It has the potential to continue rising in the near future. Recently, it was rumored that DOGE will be added to Twitter-‘X’ Payments by Elon Musk. If this turns out to be true, it could lead to a significant increase in the price of altcoin DOGE.

Since November 2022, the price of altcoin Dogecoin has been trading within a descending parallel channel. This is a bullish pattern that leads to breakouts in most cases. Currently, the price is in the process of climbing above the middle line of the channel ($0.75). If successful, it could rise to the resistance line of the channel at $0.95. Technical indicators suggest that the DOGE price will continue to rise in the near future. The closest target is $0.95 and potentially $0.15.

Solana and Chainlink

Analyst Inmortal’s optimistic outlook for altcoin Solana (SOL) stems from the fact that it is a strong Ethereum (ETH) competitor. The analyst predicts a notable rise of more than 10 times its current value by 2025. One of the reasons for this positive outlook is Solana’s impressive track record with 100% uptime and no interruptions in the last quarter. Accordingly, this adds credibility to the estimation.

However, potential investors should keep in mind that the growth path may not be entirely smooth, as Inmortal recommends a short-term drop below the $20 mark before continuing its upward trajectory. Inmortal is closely watching Chainlink (LINK), a decentralized oracle network that it believes will experience significant upward movement after a year of accumulation. Considering that altcoin LINK is undervalued, Inmortal’s chart analysis points to a potential rally approaching $20 compared to its current trading value of $7.59.

Altcoin Shiba Inu

Despite the recent fluctuations in the cryptocurrency market, the price of the second most popular meme coin, altcoin Shiba Inu (SHIB), has had a stagnant performance over the past few weeks. While other altcoins witnessed significant gains, the value of altcoin Shiba Inu remained relatively stable. However, when we look at cryptokoin.com, a popular price prediction tool powered by machine learning algorithms predicts a slight rise for SHIB in the near future, pointing to slightly better days ahead for those who hold this unique digital asset.

Advanced machine learning algorithms used by crypto analytics platform PricePredictions expect SHIB to trade at $0.000007828 on August 25, 2023. This price projection means a possible increase of about 0.7% compared to the current price of the Shiba Inu.