Before August began, we wrote about why this month would start with a decline. The re-emergence of geopolitical risks, the Fed not yet discussing a definite rate cut, and excess supply made this unsurprising. But the glass is not completely empty, and there are significant price catalysts for the coming months. Does Bitcoin care? Of course, it doesn’t at the moment and is below $63,000.
FLOKI Coin Analysis
Altcoin investors saw prices of some assets from the days when BTC was $16,000. Many cryptocurrencies are at their 2023 lows, with some even lower. When the days come where cryptocurrencies continuously rise and even chimpanzees can press the buy button to make money, no one will remember these nightmare-filled days.
Although cryptocurrencies are seen as easy money, beyond a few months of impressive rises, the remaining years are usually this tedious. These psychologically exhausting declines cause many investors to sell at a loss and leave the market.
Floki Coin has been positively diverging in recent months, but we see that the popular meme coin has been falling for 5 consecutive days. The $0.000138 support may soon be tested, and closures below it will target the $0.0001103 base. The outlook for BTC is negative.
Ripple (XRP) Analysis
Yesterday around this time, we mentioned that the XRP Coin price could soon spike to $0.58. At that time, the price was lingering at $0.64. But why? We mentioned that today, August 1st, the meeting between the SEC and Ripple would likely not provide the big news that investors see as a buying motivation. Even if negotiations are ongoing with the SEC, they will be conducted in secrecy, and we won’t see Ripple’s CEO suddenly announcing, “Yes, it’s finally over!”
Indeed, the XRP Coin price fell by 12%, and the only reason wasn’t BTC sales. Moreover, in the coming hours, a new test towards $0.53 may begin. This second wave of decline will be possible with the deepening of BTC sales.
Dogecoin Analysis
Elon Musk abandoned it, and speculative traders are having fun with $50,000 market cap projects on the Solana network. DOGE is therefore quite lonely. In closures below $0.11, $0.104 and $0.091 may be tested.
