- Crypto market stays strong; dip could offer a buying chance.
- Ethereum, Sui, and Sonic show promising signs of upward movement.
- Altseason possible if Bitcoin dominance falls in coming weeks.
The cryptocurrency market has managed to stay firm after a strong start to the month, and it remains to be seen if this strength can carry on through August. While a small dip in prices might happen, it could actually offer a good chance to buy before the next big move higher.
Several altcoins have started to show steady recovery over the past week. Even though some are still in the red when looking at their monthly performance, there are predictions that many of these coins have room to climb in the coming weeks. One factor being watched is Bitcoin’s dominance in the market. If Bitcoin’s control starts to slip, it could spark an “altseason.”
Among the top performers is Ethereum (ETH), which has been steadily moving towards a key price milestone.
Back in April, when ETH was trading around $1,700, hopes were high for it to rise to $3,300, and now, months later, it’s inching close to that target.
Sui (SUI) has also been making positive moves. It recently broke through a strong resistance level near $3 and is now trying to turn that area into new support. The coin’s price action looks healthy for now, holding steady around key technical levels and signaling potential for further gains.
Meanwhile, Sonic (SONIC) has formed an ascending triangle pattern, which often hints at a bullish breakout.
If Sonic manages to stay above $0.35 during any short-term dips, there’s a chance it could jump to $0.50, a possible 40% increase from where it currently stands.
Related: AltSeason Heats Up as a Golden Cross Emerges on the Atcoin Market Cap Daily Chart
TON, AVAX And Other’s Lag Behind
Toncoin (TON) has struggled to keep up with the rest of the market. It’s currently battling to reclaim the $3 mark, a level seen as important for confidence and attracting more buyers. Until then, TON remains behind other altcoins in terms of momentum.
Avalanche (AVAX) has also had a slower run than expected. While it has gained about 129% since last year, it still trades near the lower end of its range. However, the analyst said that AVAX might have room for a sharp rebound.
Related: US CPI and Core CPI DATA Will Drop Next Tuesday: Expect Major Volatility
Other names include Render (RNDR), which recently bounced from a key support zone and is now looking for a move back to its yearly high. If successful, this could mean an 80% price increase from current levels. Likewise, Fetch.ai (FET) has started breaking out from a falling wedge pattern, a setup that could see its price surge by over 170% if momentum holds.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
