Top 3 Altcoins with Bullish Pattern to Buy Before August End | CPT PPP Coverage

August has continued the trend initiated by July’s decline, marking a period of extended correction for a significant number of major cryptocurrencies. Analyzing the technical charts reveals that numerous asset prices have retraced to their multi-month support levels, but maintain their long-term bullish trend. Here are some of the selected crypto coins that project a bullish setup for a strong rebound and buying opportunity.

Also Read: BTC And ETH Are Showing A Bullish Trend. Sensei Inu Is Following The Trend!

XRP Price Analysis: Bullish Pattern May Kickstart New Recovery

Source: Tradingview

In response to the recent correction in the crypto market, the XRP price showcased a massive downfall in the last five weeks. From the mid-July high of $0.938, the coin price is down 43% to currently trade at $0.52.

Though this fall took a significant chunk from XRP’s market value, the weekly time frame chart shows this correction is a part of the long-term pattern called cup and handle. This pattern is famous at macro market bottoms offering a potential for trend reversal.

Thus, if the current retracement found suitable support near the $0.5 mark, the buyers would drive a rally to the $0.93 neckline for a potential breakout and initiate a fresh bull run.

SOL Price Analysis: Accumulation at Bottom Support

Source: Tradingview

Under the influence of a symmetrical triangle pattern, the Solana price has been trading sideways for the past ten months. During this period of consolidation, the price action resonates within two converging trendlines, building up momentum for the next direction move.

By the press time, the SOL price trades at $20.6 with an intraday gain of 2%. The ongoing correction in the crypto market is leading this altcoin back to the bottom trendline. Interested investors can accumulate this coin at the support trendline, with the expectation of a strong rebound. 

However, it’s important to note that for better confirmation of a trend reversal, the buyers would need a breakout beyond the resistance trendline of the pattern. Such a breakout has the potential to trigger a bullish surge, possibly propelling the price toward the $60 mark.

DOT Price Analysis: Technical Indicator Projects a Bullish Upswing

Source: Tradingview

The weekly time frame chart shows the formation of a descending triangle pattern. This chart setup is characterized by a downsloping trendline and fixed horizontal support, which sellers breached to prolong the downfall.

However, a keen look at the momentum indicator RSI reflects gradual accumulation from buyers at bottom support. The rising bullish momentum reflects the Polkadot price also holds an opportunity to break the overhead trendline.

Currently, the DOT coin trades at $4.52 mark, with an intraday gain of 0.31%. An upside breakout with a weekly candle closing will intensify the bullish momentum and surge the prices to potential targets of $5.7, followed by $7.91, or $9.7.