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CDS Crypto News August 2023 Crypto Predictions: Altcoins, Ethereum, and Dogecoin Take Center Stage

Crypto News

August 2023 Crypto Predictions: Altcoins, Ethereum, and Dogecoin Take Center Stage

August 2023 Crypto Predictions: Altcoins could outperform Bitcoin, Ethereum is set for a minimum 10% increase against Bitcoin, and Dogecoin's price could double

ugur02/08/20231 Mins read799

August 2023 Crypto Predictions: Altcoins Could Outperform Bitcoin, Ethereum Is Set For A Minimum 10% Increase Against Bitcoin, And Dogecoin'S Price Could Double

As we step into August 2023, the crypto market is poised for some significant movements. Here are the top three predictions for this month, focusing on Bitcoin Dominance Rate (BTCD), Ethereum (ETH), and Dogecoin (DOGE).

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August 2023 Crypto Predictions: Altcoins, Ethereum, and Dogecoin Take Center Stage

The BTCD has been on a rise since September 2022, reaching a high of 52.20% in June. However, signs of a possible local top are emerging. The weekly Relative Strength Index (RSI) is deeply within the overbought territory, and BTCD faced rejection at the 0.382 Fibonacci retracement resistance level at 52%. This suggests that BTCD may decrease back to the 48% level, indicating that altcoins might outperform Bitcoin in August.

Ethereum Set for a Minimum 10% Increase Against Bitcoin

The ETH/BTC pair has been contained inside a descending wedge since September 2022. Given that a descending wedge is considered a bullish pattern, a breakout is likely. The pair bounced at the wedge’s support line at the end of June, reclaiming the 0.618 Fib retracement support level. The weekly RSI has also generated bullish divergence, suggesting a significant upward movement for Ethereum.

Dogecoin Price Could Double

Dogecoin, the popular meme coin, broke out from a descending resistance line in place for over 800 days. This breakout usually leads to a pronounced upward movement. The weekly RSI has just moved above 50, the first time since October 2022. The next important resistance area is at $0.16, an increase of 100% from the current price, suggesting a potential surge for Dogecoin in August.