Price drops aside, altcoin projects always put developments at the forefront. In this article, let’s list the altcoin projects that have the potential to take the stage in August with their upcoming developments and updates.
11 altcoins set to take the stage in August
Kava.io (KAVA)
Scaling the Ethereum and Cosmos ecosystems in a single network, Kava is one of the fastest L1 Blockchains. Kava is gearing up for a new update on August 31st. With Kava 11, the platform is expected to increase the TVL rate. On the technical side, KAVA price broke the $2.90 zone on May 9. Later, this level acted as resistance on May 31. Then, the KAVA price dropped to $1.39 on June 18.
RSI, one of the technical indicators, is producing positive divergence on the daily time frame. In the meantime, it climbed over 50. If the price follows the moves of the RSI, analysts expect strong momentum towards the $2.90 resistance zone.
Coti Network (COTI)
Coti is a financial technology platform that allows organizations to develop their own payment systems. It can complete more than 100,000 transactions per second. The COTI hard fork will take place on August 2. This upgrade will move from the existing single-currency infrastructure to a multi-token tier. COTI will also launch MultiDAG 2.0 by this time.
On the technical side, the price of COTI broke out of the descending resistance line in early June. Later, on June 13, he used this line as support. In the process, the RSI produced positive divergence. The closest resistance level in COTI price is located at $0.177.
Ethereum (ETH)
Ethereum is the largest altcoin project by market cap. DeFi rides as the heart of NFT, metaverse and other industries. Goerli Merge, one of the test stages in the network’s merge journey, will be implemented on August 11. It is worth noting that Goerli Merge is the final test for ETH 2.0.
On the technical side, ETH price broke out of the one-month ascending parallel channel on July 18. Then, on July 26, he used the channel as support. Thus, it made a jump and continued its upward movement. Analysts say that if ETH price holds $1,635, the bulls will struggle to the $2,150 level.
Monero (XMR)
Monero is one of the privacy-focused altcoin projects. Monero’s network upgrade will take place on August 13. Many changes come with this update, such as the innovation in the Bulletproofs algorithm, increasing the ring size from 11 to 16.
On the technical side, XMR price has been rising inside the ascending parallel channel since June 18. It often fluctuated inside the channel, although it occasionally went out of the way in the process. XMR is currently trying to find support above $150. If it breaks through this zone, the bulls’ next target will be $200, according to analysts.
Kadena (KDA)
Kadena is one of the PoW Blockchains with fast transactions. Kadena’s Kaddex name will make its DEX platform launch on August 1. Thus, Kadena takes its first step into the DeFi market.
On the technical side, the KDA price has been rising with the rising support line since June 13. One of its critical resistances is located at $1.90. As seen above, it formed a triangle structure in this region. This formation is often seen as a bullish structure. The KDA price has managed to break out of this pattern on July 31 so far. The run up to $2.25 is limited by the resistance at $2.35.
Qtum (QTUM)
Qtum is a Blockchain network that combines Ethereum’s smart contract capabilities with Bitcoin’s UTXO accounting system. On July 31, QTUM completed its hard fork. With the update, EVM and Taproot/Schnorr are integrated into the network. Also a few bugs have been fixed.
On the technical side, the QTUM price has been rising since July 13. It managed to break the $4.20 horizontal resistance area on July 28. He later confirmed this level as support. According to analysts, the closest resistance level is located at $ 6.
Klayn (KLAY)
Klay is an open-source, public blockchain focused on the metaverse and game economies. Meanwhile, Klay will be the title sponsor of the Korean Blockchain Week, which will be held from 7 to 14 August.
On the technical side, KLAY price managed to break the descending resistance line on July 14. It is currently trying to break the $0.325 resistance level. If this level is broken, the bulls’ next target will be $0.397.
Balancer (BAL)
Balancer is one of the first decentralized platforms in the market. The Ethereum-based altcoin project was launched in 2020. Among the popular exchange tokens, BAL is the native cryptocurrency of the Balancer platform. As of August 2022, its market value is around $261 million.
JOE (JOE)
JOE is one of the largest platforms based on Avalanche. The token has come a long way in 2021. The maximum supply of JOE is 500 million units. Only 301 million of these are currently in circulation. With a market capitalization of $105 million, JOE ranks 188th by market capitalization.
SushiSwap (SUSHI)
SushiSwap is one of the largest Ethereum-based DEX platforms. SUSHI, which showed great improvement last year, ranks 147th in terms of market value. SUSHI reached a market capitalization of $2.6 billion last year. However, it has been on the decline for about a year. In the process, its market value declined to 191 million.
Injective (INJ)
Injective Protocol is one of the projects that is gaining popularity quickly and attracting attention. Altcoin project; It offers cross-chain margin and forex futures. With its native token on its platform, INJ is valued at a pretty low $102 million.
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