Cryptocurrencies Price Prediction for August: Dogecoin, Ripple & Shiba Inu

New Delhi: There are two sides to every market and the Crypto market has it too. Many people suggest that if the prices are going down then you should buy as it will be recovered later and some other suggests that you should cut your losses and get out.

If you are following the crypto market then you must have seen red market indexes past few weeks. Different kinds of people have influence over the market, like, Tesla Chief Elon Musk keeps tweet over the crypto all the time.

Investors should remember that the crypto market is volatile just like the stock market. And the crypto market has been turbulent for the past month. So, invest only if you are ready to take the risks.

Dogecoin Price Prediction

Started as a joke and now Doge has become the father of all the meme coins who want to hit big. Dogecoin was one of the major victims in the May 20’s meltdown which started after Elon Musk’s Tesla stopped accepting Bitcoin as a mode of payment. Even though Musk publicly backed the Doge, still its value fell by huge margins.

The coin price gained some price since July 17 but is still in the weak zone indicating a shift in the trend. Analyst suggests that going down from the critical support level can trigger a slew of selling pressure which can eventually push Doge even lower.

XRP Price Prediction

According to Coinpedia, XRP’s price jumped from $0.2 to more than $0.5 in February and a huge spike rallied the price close to $1 in April. Eventually, it reached yearly highs at $1.9 but when the market crashed on May 19, the XRP flipped to $1.06 from $1.59.

Its price touched a new height in 2021 despite the legal battle against the SEC and Ripple’s CEO. Ripple’s XRP rally picked up some speed the previous week recording a whopping 27% gain over the past seven days.

By the end of this year, XRP as a fast and less costly cryptocurrency can easily grab many investors and a bullish market can take its price to the $1.443 mark.

But the pre-mined XRP supply can flip the price down and if this happens bearish trend can make the price decline for a short term which will take it to the mark near to $0.561 but it can also recover within a small time frame.

Shiba Price Prediction

The Shiba Inu self hailed as Dogecoin killer’s downfall continues in the crypto market. SHIB attempted to recover after dropping in the previous session. But the main question remains that will it recover and return to its all-time high?

As the crypto market is having an upbeat momentum Shiba Inu looks to extend its upswing above the support area of $0.00000590.

As per FXstreet, the recent rally was fuelled by eToro’s, leading investment platform, the listing of Shiba Inu in response to rising demand from traders.

The Shiba Inu bulls need to find a strong foothold above the descending 21-Daily Moving Average at $0.00000657 as the next bullish target for the coin is aligned at the 50-DMA at $0.00000736.