July proved to be a bearish month for Bitcoin, as the leading cryptocurrency faced downward pressure. However, as we enter August, the focus of the cryptocurrency market is shifting towards altcoins. With several digital assets showing signs of bullish momentum, traders and investors are eagerly awaiting potential new all-time highs. In this blog post, we will explore four altcoins that are capturing the attention of market participants: OKB, MKR, TOMO, and OCEAN.
OKB’s Ascending Journey:
OKB, the native token of OKEx exchange, is currently in the fourth wave of an upward movement. Traders are closely watching a symmetrical triangle formation, as a breakout could potentially propel OKB towards a significant resistance level of $72.10. If successful, this breakthrough may set the stage for a potential new all-time high.
MKR Gains Momentum:
Maker (MKR), an important player in the decentralized finance (DeFi) space, has broken through crucial resistance levels, laying the groundwork for further upside potential. Traders and investors are eyeing a target price of $2,100. With the DeFi sector continuing to expand, MKR’s upward movement could be fueled by increased adoption and usage.
TOMO’s Consolidation and Final Push:
TomoChain (TOMO), a blockchain platform designed for high-performance decentralized applications (dApps), has successfully reclaimed the $95 resistance area. Currently in its final wave of an upward movement, TOMO is primed for a potential breakout. Market participants are closely monitoring this cryptocurrency as it aims for new heights.
OCEAN Seeking an Upward Breakout:
Ocean Protocol (OCEAN) has been testing its limits, attempting to break out from both a descending resistance line and a descending parallel channel. Should it successfully break these barriers, OCEAN could soar towards a target price of $1. As blockchain-based data marketplaces gain traction, OCEAN’s potential upside may attract attention from investors.
Sam Bankman-Fried’s Legal Battles:
Moving beyond altcoins, we turn our attention to the legal challenges faced by Sam Bankman-Fried, the founder of FTX cryptocurrency exchange. While he will no longer face a campaign finance charge during his trial in October, he still faces other charges in that trial as well as an additional trial in March 2023. The US Department of Justice withdrew the campaign finance charge due to extradition treaty obligations with the Bahamas. However, the prosecution may or may not add the charge in the March trial. The specter of remanding Bankman-Fried into custody looms, as prosecutors have until Friday to make their motion.
Criticism of SEC’s Actions:
John Deaton, a lawyer supporting XRP, raises concerns about the actions taken by the US Securities and Exchange Commission (SEC) against the crypto industry. Deaton asserts that the SEC’s focus on targeting exchanges and opposing retail investors’ participation in the Ripple case is driven by a desire to protect corporate capitalism rather than prioritizing investor protection. Furthermore, he questions the differential treatment of entities such as Coinbase and FTX, suggesting that it could hinder innovation and favor established players.
As August unfolds, the cryptocurrency market is witnessing a shift towards altcoins, with selected digital assets indicating bullish potential. OKB, MKR, TOMO, and OCEAN are among the altcoins that traders and investors are closely monitoring for potential new all-time highs. While Bitcoin’s bearish July may have discouraged some, the resilience and potential of altcoins continue to attract attention and present exciting opportunities for cryptocurrency enthusiasts.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are inherently risky, and readers should do their own research and consult with a financial advisor before making any investment decisions.