After mesmerizing gains in July, August has begun on a muted note with top crypto’s experiencing a fall in their prices.
Despite this, top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) still show promising signs for the future.
Fueled by institutional adoption, regulatory clarity, and technical momentum, these assets are poised for potential breakouts, captivating investors’ attention.
Bitcoin (BTC)
Bitcoin’s July performance was stellar, briefly touching $123,231 before settling around $115,000 today. In mid-July to August 1st, it erased some gains but the bullish trend still remains intact.
Analysts attribute Bitcoin’s strength to sustained ETF inflows, with BlackRock’s iShares Bitcoin ETF surpassing $86 billion in net assets under management.
This suggests that by next month, if optimism continues, the fund shows odds that it could even jump $100 billion by this August.
The other primary bullish factor is BTC treasury companies that have surpassed 100, which in January was 60. The Top names include Strategy, Metaplanet, and others.
On the technical side, after breaking from a bullish flag in July, in August it has formed another small bullish flag, which shows another jump is on the way, also, it has retested the long-term ascending wedge’s lower border, which suggests that a jump towards $130K is imminent, if wedge’s support is not lost.
Ethereum (ETH)
After a multi-week rally that lifted Ethereum price toward the $4,000 psychological barrier, it precisely hit $3941 on July 28th.
However, the bears have re-emerged, pulling it to $3638 when writing, and are pressing ETH below towards key short-term supports, and the 20-day EMA is the first one at $3541 to be tested.
Despite the decline in ETH price, the fact remains that institutional support has accelerated, and last week’s ETF inflows are strong evidence of that.
With August already in the picture, now, many are super optimistic, and expect big in August, and have predicted ETH could hit $4,000 in Q3
Therefore, on the chart, the ETH shows an ascending channel, and a rally could be mustered here onwards, if buying pressure persists from the pattern’s lower border.
Ripple (XRP)
XRP surged strongly in July, reaching $3.66 before correcting to $2.92 on August 1st. Due to the sell-off, its July bull run’s short-term character has turned bearish, when it flipped the key $3.0 mark.
The loss of bullish dominance is clearly evident as the supply near the ATH is high. Even on-chain and sentiment factors are shifting when XRPL faces commentary from its CTO.
For August, the hold of current $2.90 to $2.92 is very crucial; if this is lost, then this may open the door towards $2.62 to $2.66 retest.
If bulls regain momentum and reclaim $3.0, then August could see a new number, maybe $4.0, this time.
