As the end of August approaches, anticipation builds in the cryptocurrency market for potential shifts. The month has been marked by significant volatility, with an initial downturn, short-lived rise in line with Producer Price Index data, and a subsequent fall due to comments from a Fed official. Investors now turn their sights to the dollar targets for Binance Coin (BNB), Solana (SOL), Algorand (ALGO), and W Coin over the weekend.
What Lies Ahead for ALGO and W Coin?
Analyst Michael Poppe has recently focused on ALGO and W Coin, anticipating that this weekend might not present clear upward movements unless unexpected factors intervene. Currently, these altcoins are experiencing losses near 5%, and Bitcoin has breached the crucial $108,000 support mark.
Poppe’s analysis of W Coin charts led him to advise potential buyers to assess the current market region. Both he and Sherpa, another analyst, suggest that the present altcoin rates offer strong long-term gains. In Poppe’s words, the altcoin’s position presents an excellent chance for “accumulation and holding,” noting that surpassing the 20-week Exponential Moving Average (EMA) could trigger a significant trend change.
For W Coin to rally upwards, reaching the $0.18 mark would be necessary. Conversely, any downward trajectory could revisit the $0.08 to $0.07 zone. Despite Poppe’s optimistic take, the year-long downtrend and shortfall to hit election rally targets remain enigmatic, as other altcoins achieve these rally levels while W Coin remains stagnant.
“One of the best for accumulation and holding. I anticipate a significant breakout and trend change once it surpasses the 20-W EMA. Currently, there are significant news events and numerous positive developments. I’m simply accumulating.” – Poppe
ALGO, meanwhile, showcases some progress in market-making that supports liquidity needs. The latest analysis suggests a promising accumulation slot for ALGO before it targets the $1 milestone, especially below the 20-week EMA line.
Will BNB and SOL Continue Their Upward Trends?
In terms of major altcoins, BNB Coin nearly touched $1,000 but saw strength holding above July’s highs. Sustaining levels around $844 to $825 is crucial for limiting potential short-term losses. Factors like a $1 billion BNB reserve mobilization and CFTC initiatives enhancing U.S. investor access contribute positively to Binance’s short-term outlook, setting $1,000 as a reachable goal for BNB.
The coming days will reveal whether bullish trends maintain control at support levels and if Bitcoin can stay above $108,000. For SOL Coin, current trends suggest a decline as bulls struggled at $214, creating a downward trajectory toward $189. Although speculative uptrends might deter heavily leveraged short positions, scenarios point to SOL slipping further as Bitcoin weakens.
Concrete insights from this analysis include:
- W Coin’s rally needs to surpass $0.18; otherwise, the range of $0.08 to $0.07 is expected.
- ALGO’s market-making initiatives improve liquidity, readying it for an upward move to $1, given its position below the 20-week EMA.
- BNB’s strength above July highs points to achievable $1,000 levels with ongoing BNB reserve and CFTC actions.
- SOL is poised to decline to the $189-$182 range unless significant bullish interventions occur.
As the weekend unfolds, these coins’ behavior will test investors’ resilience and strategies. With shifting trends and market policies, staying informed remains crucial for navigating this turbulent landscape.
