In this episode of the BeInCrypto video news show, host Jessica Walker takes a look at our pick for the top 5 altcoins of August. We will discuss updates for each platform and analyze recent price movements.
Polkadot is first on our list of top altcoins. DOT registered a staggering 13.2% gain overnight as prices rallied owing to broader market stability. At the time of recording, DOT stood at $18.74. A slight push from the bulls would have the token test its resistance level of $19.69. In case prices retrace, the support region for DOT can be marked at $16.77 and then at $15.76. Market volatility remained high and after a 40% surge over the last ten days or so, this could herald more upside in August.
This most recent jump isn’t fueled only by the recovery in the broader market. There have been several very positive developments around the project with its first decentralized exchange launched by Karura, the decentralized finance (DeFi) network of the Acala Foundation. Progress on parachains has also been reported, and we could see some hype after they are officially announced.