Crypto Bulls Aim High as Bitcoin Stalls at $118,000

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Bitcoin is currently consolidating around the $118,000 level, marking a pause in the recent downward trend observed in the cryptocurrency market. While agreements within the EU have been finalized, and information regarding a potential easing of restrictions with China has surfaced, former President Trump's position against Russia has also come to light. Significant economic data releases are anticipated tomorrow, with tariff-related announcements expected by the end of the week. Let's delve into the current outlook for Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), and HYPE Coin.

Ethereum and Dogecoin Price Predictions

The performance of Ethereum's chart is a key indicator for the overall health of the altcoin market. While bullish investors are targeting the $4,000 mark, a decisive breakthrough has yet to occur, although it remains a widely anticipated event. Analyst Lark Davis recently shared valuable insights into the trends expected to unfold in August.

"ETH is poised to surpass $4,000, and market activity is intensifying. Several factors contribute to this momentum. Ethereum has experienced an impressive 80% surge over the past month, but remains 25% below its peak from the 2021 cycle. Historically, for ETH to reach its cycle peak, Bitcoin's dominance needs to decrease to approximately 40%. Currently, Bitcoin's dominance is on a downward trajectory at 61%. The last instance of this trend saw ETH appreciate by over 200%. Furthermore, substantial capital is flowing into ETH weekly through ETFs and publicly-traded companies. Investor sentiment towards ETH remains largely optimistic."

August appears to be a favorable period for this scenario to play out, although external factors have been a major influence on cryptocurrency prices this year. If Federal Reserve Chair Jerome Powell signals a strong commitment to interest rate cuts on Wednesday, we could witness a more stable and positive environment for altcoins, free from these external pressures.

Dogecoin has established a support level at $0.22, and a sustained move above $0.248 could fuel further bullish momentum. The price experienced a nearly 20% retracement from the $0.287 resistance level due to recent news events. A short-term upswing is possible, but meme coins generally carry higher risks in the medium term.

Cardano and HYPE Coin

Cardano, a prominent altcoin with a significant market capitalization among US-based cryptocurrencies, tested the $0.93 level, leading many to believe it could reclaim the key $1 psychological barrier. However, news flow can easily shift market sentiment. If the current downward trend continues, lower price wicks between $0.76 and $0.65 may emerge. Maintaining a level above $0.73 would be a positive sign for future upward attempts.

In bullish market conditions, cryptocurrency exchanges often experience increased earnings. This positive trend is particularly supportive for HYPE Coin, given its association with a specific platform. Despite being a relatively new altcoin, it has rebounded from the $42.5 region and is now targeting $46.33.

Following successful breaches of the $46.33 and $47.4 resistance levels, the $50 psychological resistance and previous peak may be retested.