Bitcoin technical indicators on the weekly charts show a potentially significant price drop in the coming weeks or months. The moving averages have formed a bearish crossover and could draw a lot of short sellers in the coming days.
However, if past price action is anything to go by, the odds are that Bitcoin could pull a surprise and trap bears. It is safe to assume that Bitcoin is either at the bottom or very close. This means a pump could follow in the foreseeable future.
This also means it’s a good time to start shopping for high-potential altcoins that could do well in the case of a Bitcoin surprise pump. If you are currently in the altcoins market, here are some of the best that is likely to pump if Bitcoin rallies in the remaining days of August.
Shiba Inu (SHIB)
Shiba Inu (SHIB) was a top performer recently and is still one of the high-potential cryptocurrencies to keep an eye on going forward. The recent move to introduce a burning feature whenever one pays for something in SHIB means this cryptocurrency is now highly deflationary.
Besides, Shiba Inu, one of the low-cost cryptocurrencies in the market today, is highly attractive to small-time investors who may not have the money to invest in big cryptos like Bitcoin and Ethereum. If Bitcoin rallies toward the end of the month, SHIB is one of the top cryptocurrencies that could benefit the most.
Ethereum (ETH) will remain on investors’ radar for the remainder of August and most of early September. That’s because of the upcoming Ethereum merge. There is a lot of expectation that the merge will trigger an Ethereum rally. As such, if Bitcoin rallies toward the end of the month, Ethereum could easily outperform it. The odds of Ethereum ending the month above the $2000 mark are pretty high.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has been a sleeper for many years, but in recent weeks, it has started to show a lot of momentum. This is all thanks to the idea that it could benefit from an inflow of Ethereum miners, who are about to be rendered redundant by the merge. The anticipation of miners shifting to ETC after the merge is likely to drive a surge of investors towards ETC before and after the merge.
Polygon (MATIC) is one of the cryptocurrencies that are closely linked to Ethereum and stands to benefit from the Ethereum merge. That’s because the Ethereum merge will make Ethereum heavily reliant on layer-2 solutions like Polygon. If the merge is a success, investors looking to benefit from the flow of transactions to other chains could start buying into Polygon.
Already Polygon buying volumes are on the rise, indicating that investors could be jumping into MATIC at the moment. If the trend continues, MATIC is without a doubt a top cryptocurrency to watch as we approach the end of the month.
The post Here are Cryptocurrencies that could rally toward the end of August appeared first on CoinJournal.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.