Summary
- On August 2, the third Litecoin halving will take place. The price of LTC has already broken out of a bullish pattern and may rise further.
- Both ICX and ZEN passed the critical diagonal resistance levels. Additionally, each of them will release testnets in August, which might increase the price even more.
- From a declining resistance line, XTZ made a breakout. If the trend is favourable, the price can rise till the next resistance at $1.20.
Litecoin (LTC) will be halved in August. Significant testnets will be released by Horizen (ZEN) and ICON (ICX). A crucial meeting will be held by Tezos (XTZ), and Ultra (UOS) will introduce a new gaming platform.
Even though the cryptocurrency market saw a largely dismal month in July, a number of alternative coins reported notable increases, defying the adverse trend in the process. These five cryptocurrencies might garner interest in August.
The Halving of Litecoin (LTC) Could Result In Price Growth
Price: $91.50
Capitalization: $6.65 billion
Rank: #12
50 LTC per block were awarded to miners when Litecoin originally launched. After 840,000 blocks are mined (approximately every four years), the payout is reduced in half. The block reward per block will decrease by 50% during this deflationary event, or “the halving,” until it reaches zero.
The third Litecoin halving, which will take place on August 2, will further reduce the block reward, which is currently 12.5, to 6.25 coins.
Prior to the halving, whales are stocking up, and LTC miners have added 400,000 LTC to their reserve accounts.
The LTC price is also showing positive indicators, as it has broken out of a descending wedge that has been in place since July 3. Such configurations frequently give way to substantial upward movements. But shortly after, the price of LTC dropped to its pre-breakout levels.
The next resistance level for LTC, if the price rises further, will be around $102, which is a 13% gain over the current price.
If the price of LTC drops below the breakthrough level at $90, the breakout will be invalidated. The price might then adjust to $82, a 9% decrease.
Also Read: Litecoin Halving: Accelerating Growth with an Explosive Surge
Launches Incentivized Testnet from Icon (ICX);
Price: $0.22
Market capitalization: $211.9m
Rank: #158
The ICX xCall incentive testnet began operation on July 31. The testnet is going to focus on tooling, decentralized apps, and feature testing. Exceptional submissions are eligible for up to 845,000 ICX.
On June 22, the price of the ICX broke over a declining resistance line. The price was unable to surpass the $0.25 horizontal resistance region despite the breakout. Instead, the region twice rejected it and a lower high (red icon) was produced. This is a bearish indicator that raises the possibility that the breakout was illegitimate.
This means that unless the price rises over the $0.25 resistance level, the ICX trend cannot be deemed bullish.
The next resistance level at $0.55 is reachable if the ICX price surges. This is a 55% increase. If it doesn’t, though, a 22% decline to around $0.17 will be anticipated.
Horizen (ZEN) Testnet Activates for a Cost of $9.49
Capitalization: $132.7 million
Rank: #211
The upcoming required software version of ZEN 4.1 will include the removal of the Horizen mainchain-protected pools. The following is the projected release schedule:
August 2023 in Testnet
September 2023 on the mainnet.
The price movement of ZEN and ICX are extremely comparable. The price has moved past a descending resistance line, but it was unable to overcome the $9.45 horizontal obstacle. Instead, three rounds of rejection led to the development of lengthy upper wicks (red icons).
However, it has since reclaimed this resistance level. ZEN might drop below the descending resistance line at $7, a 25% decrease from the current price if the rejection happens again.
ZEN, on the other hand, has the potential to surge by 60% and reach $15 if it breaks out. The price of ZEN is currently rising by around 3% on the day, signalling optimistic momentum for the impending testnet.
Tezos Meetup May Cause a Rise in Interest
Price: $0.84
Capitalization: $797.8 million
Rank: #57
The Tezos London meetup will take place on August 2. A DeFi workshop on the liquidity baking decentralized exchange, a distinctive Tezos feature, will be a part of it.
At the start of July, the XTZ price broke through a descending resistance line. Although considerable increases are predicted to result from such breakouts, this was not the case for Tezos. Instead, ever since, the price has been close to the breakout level.
If an increase fails to occur, the price of XTZ might drop to its yearly low of $0.70, a 17% decrease from the present level. The next resistance is at $1.20, but if the trend persists, the price may rise by 45%.
Ultra (UOS) Launches Games Platform
Price: $0.17
Capitalization: $47.2 million
Rank: #426
The launch day for Ultra Arena is August 8. The arena is an esports competition platform that will allow gamers to participate in their favourite games with their friends in order to win various prizes. The Ultra platform will start to offer access to the arena.
The introduction might provide the price of UOS, which is on the verge of breaking down from its yearly low support level at $0.17, a much-needed lift.
A 40% decline to the next closest support at $0.10 could take place if this yearly low support serves as a confirmation of a breakdown. On the other side, a bounce may result in a 30% increase in price.
DISCLAIMER
This price analysis article is provided solely for informative reasons and shouldn’t be regarded as investing or financial advice. Before making any financial decisions, always do your own research and seek professional advice.