Crypto Analyst Identifies Prominent Altcoins for Current Market Conditions

On August 19, crypto analyst Cryptoinsightuk provided a market update suggesting improving conditions for altcoins as Bitcoin dominance weakens. Key points include:

Bitcoin dominance is declining, indicating potential gains for altcoins.
Current risk-reward dynamics favor long positions in major cryptocurrencies.
Bitcoin's 4-hour RSI shows potential upward movement; however, short-term direction may be influenced by US equity markets and macro news.

Top Altcoins to Watch

Avalanche (AVAX): Limit-bid plan at $22.75 with potential liquidity up to $30.
Dogecoin (DOGE): Long positions entered around $0.225-$0.227. Targeting significant resistance at 30 cents, with potential profit at $1.19 based on Fibonacci extensions.
XRP: Similar range construction to DOGE and AVAX, targeting the upper range limits.
Cardano: Visible liquidity at $1-$1.10, with potential upside continuation risks.
Flare (FLR): Noted for its developing corrective sequence that may lead to stronger impulse moves.
Ethereum (ETH): Attempting to break short-term downtrend with bullish divergences noted; positioned for aggressive movements if Bitcoin retests highs.
Mantle (MNT): Holding position with profit-taking considered near $2 upon a range break.

As of press time, ETH was trading at $4,175.