Welcome to another crypto market outlook for the 28th of August!
In today's market outlook, we will analyze USDT.D and BTC for overall market sentiment, then dive into five altcoins (TRX, LDO, WLD, TON, and SUI) that we find interesting at the moment.
Today, we will cover the following topics:
- USDT.D and BTC Analysis
- 5 Altcoins Analysis
- Quotes / Advices
- Closing Remarks
USDT.D and BTC analysis
As mentioned in our previous market outlook article, USDT.D remains overall bullish, trading within the ascending channel shown in orange.
Currently, USDT.D is hovering in the middle of the channel, with a 50/50 chance of moving either up or down.
On the 4-hour timeframe, USDT.D broke above the last major high at 5.61%, indicating that the bulls have taken control again.
For the bulls to remain in full control, a break above the structure at 5.94% is required.
Just like in our previous market outlook, BTC is now back within the $58,000 - $60,000 support zone.
As long as this support zone holds, we expect the bulls to take action in the near future.
From a medium-term standpoint, BTC remains bullish as it continues to trade within the rising channel shown in orange.
A new bullish impulse is expected unless the $58,000 level is broken to the downside.
5 Altcoins Analysis
Let's start with TRX. Due to the recent memecoin hype on the Tron network, TRX has been outperforming almost all other altcoins.
TRX is currently displaying one of the cleanest trends, having traded within an ascending wedge pattern for almost a year.
This week, TRX has been approaching the upper bound of the wedge and its all-time high of $0.185.
The last major low is at $0.153. If this level is broken to the downside, a bearish correction toward the $0.13 mark would be expected.
Meanwhile, TRX remains bullish and could still test its all-time high.
Turning our attention to LDO, it is approaching the lower bound of its rising range, marked in red, near the round number $1.
We are awaiting a break above the orange trendline for the bulls to signal the start of the next bullish wave.
Next, we have WLD. Just like LDO, it has been hovering within a flat channel marked in red.
Since it is retesting the lower bound of the range, we will be looking for short-term buy setups on lower timeframes as long as the $1.34 structure holds.
Analyzing TON, it dipped by over 25% following the arrest of Telegram founder and CEO Pavel Durov on Saturday.
However, it is currently sitting around the $5 round number, suggesting that a bullish correction may be on the horizon.
On the 4-hour timeframe, for the bullish impulse to start, a break above the last high, marked in red at $5.7, is required.
Meanwhile, TON remains bearish, and all eyes are on Pavel Durov’s case.
Last but not least, let’s go over SUI. After breaking above the $0.9 resistance, this level has now turned into support.
Since SUI is retesting the support zone, we will be looking for bullish reversal setups.
SUI just formed a minor swing high, as shown in red, at $0.86.
For the buy setups to be activated, a 1-hour candle close above $0.86 is needed.
Quotes / Advices
Losers average losers.
~ Paul Tudor Jones
Closing Remarks
In summary, USDT.D remains overall bullish, with a crucial 5.94% level needed to maintain bullish control, while BTC continues to trade within a supportive range, with potential for a bullish impulse unless $58,000 is breached.
TRX has been a strong performer, driven by memecoin hype, and is approaching its all-time high, though a break below $0.153 could signal a bearish correction.
LDO and WLD are both testing key support levels, with potential for bullish setups upon certain breakouts.
TON experienced a significant drop due to external news but could see a correction from its current position near $5.
Finally, SUI is retesting its support after breaking resistance, with bullish setups hinging on a break above $0.86 on the 1-hour timeframe.
Take a look at our latest altcoins article.
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