Key Takeaways:
- Several leading altcoins, such as XRP, ADA, and MATIC, followed Bitcoin’s stall.
- The price predictions for Komodo and Hera Finance are not optimistic either.
- Investors should watch the larger coins like BTC and ETH for more cues.
YEREVAN (CoinChapter.com) – The crypto market remains in increasing unease, stalling for the previous week, ahead of Fed Chair Jerome Powell’s speech at Jackson Hole on Aug 25. Will the coming week bring more certainty? Here are predictions for RXP, Cardano (ADA), Komodo (KMD), Hera Finance (HERA), and Polygon (MATIC).
#1 XRP bears can expect a 10% drop before the month’s end
The coming week could bring more trouble to XRP, as the token stalled for the previous seven days, mimicking Bitcoin’s price action. The coin changed hands at $0.5 in the European session on Aug 25 while staying above the significant support at $0.49.
If the broader crypto sector dwindles, XRP will likely follow suit and decline to the up-trending support shown in the chart above. The target RXP price would be $0.46, or 10% lower than the current value.
#2 Cardano (ADA) looks at an 80% drop in the long-haul
Cardano’s ADA price flatlined on Aug 25, at $0.26 in the European hours. Notably, the Cardano coin price held on to a significant support line, relevant since early 2021. But ADA technicals pointed to a possible 80% plunge if the price action slides any lower.
The rank #7 coin traded within a bearish formation known as the “descending triangle” since early 2023. The formation featured the flat support line mentioned earlier and a dropping resistance that gradually lowered the price swing.
ADA retested the support line twice last week, hinting at a possible breach, the first since 2021, due to the active selloff. In detail, the coin’s trading volumes increased by over 20% in the previous 24 hours.
Moreover, the triangle predicts a drop equal to the maximal formation height. If the prediction has merit, ADA price could drop an additional 80% in the current quarter to reach $0.05, a three-year low for the Cardano coin.
#3 Increased Komodo (KMD) activity is unlikely to fix the 99% plunge.
The Komodo (KMD) token gave a choppy performance in 2023, surging 200% in Q1-2, effectively paring all the gains by late Aug, and spiking 84% on Aug 24, settling at $0.28 on Aug 25. However, all activity considered, the token still stalled roughly 99% below its all-time high of $4.7 on April 8, 2021.
The spike possibly came after the increased activity on the platform. However, the disproportionate explosive trading volume surge of over 24,000% could indicate market manipulation. If the volumes decline in the coming week, the token will likely drop back to the net available support at $0.22, a 20% slide for KMD.
#4 Hera Finance (HERA) could also expect a drop based on plummeting trading volumes
Hera Finance token HERA, NOT TO BE CONFUSED with the same-named Hero Arena token, price stood at $3.41 after a 28% daily uptrend. However, according to crypto tracker CoinMarketCap, the token’s trading volumes have declined 40% in the same period, which means some active HERA bulls could have pumped the price higher. In this case, a drop back to $3.23 could be in the books.
#5 Polygon (MATIC) at a year-low
Polygon token MATIC stalled for the previous three days and stood at $0.54 in the European session on Aug 25. However, the coin flashed warning signs as it risked losing the significant support level, instrumental for over a year.
Though insignificant, the price action (up 1.6%) and the trading volumes (down 2.6%) showed a divergence, which could mean the bears are not done selling their MATIC. Moreover, the Polygon coin is likely to follow the lead of larger players in the market, Bitcoin and Ethereum.
If the leading cryptos experience more losses, the top 10 alts could too. Notably, the next available support for MATIC could stand at $0.45, or 15% lower than the current value.
