TURBO, JTO and Super Are Among Small-cap Cryptos to Look Out for in August
Three Small-Cap Cryptos to Look out For | Credit: Hameem Sarwar
Key Takeaways
- The TURBO price broke out from a resistance that existed since the all-time high.
- Jito (JTO) has likely completed a lengthy A-B-C corrective structure on July 5.
- SuperVerse (SUPER) reclaimed a previously lost long-term horizontal support area.
The month of July was bullish for the cryptocurrency market, especially for certain altcoins that posted substantial gains. Several small market capitalization (small-cap) cryptos increased in triple digits, and this positive momentum could continue in August.
While small-cap cryptos can provide outsized gains, they are also inherently riskier because of the relatively small capital required to make substantial price changes in either direction. The low-cap cryptos chosen are lower than 150 based on the market capitalization rankings. More specifically, TURBO, JTO, and SUPER are ranked #166, #173, and #182, respectively.
TURBO Could Reach New All-Time High
The TURBO price began a five-wave upward movement (white) in September 2023, which led to a new all-time high price of $0.0098 on May 28, 2024. The increase accelerated in January 2024, a sign that the third wave has extended. The sub-wave count is in black.
If the count is accurate, the price of TURBO has begun the final sub-wave of the third wave. A potential target for the top of this increase is between $0.0134-$0.0139. The 4.21 extension of wave one creates the lower limit while the 1.61 external Fibonacci retracement of sub-wave four creates the upper limit for this target.
The TURBO price action aligns with the count. On July 19 (white icon), TURBO broke out from a descending resistance trend line existing since the all-time high, a sign that the correction is complete.
Besides the price action, the daily RSI moved above 50 (black circle) during the breakout, legitimizing the latter. As a result, an increase toward the $0.0134 to $0.0139 target is the most likely future TURBO price outlook.
JTO Price Completes Correction
Since the beginning of the year, the JTO price has completed a five-wave increase (white), which led to the all-time high price of $5.33 on April 3. Then, it finished an A-B-C corrective structure, which shows textbook signs that it has reached its conclusion.
Firstly, waves A and C had an almost exactly 1:1 ratio. The bottom of wave C on July 5 created a bullish hammer candlestick. It also caused a breakout from a short-term descending resistance trend line (white).
Secondly, a descending parallel channel contained the entire correction, common in such structures. The July 5 bottom validated this channel’s support trend line.
Finally, bullish divergences in both the RSI and MACD (green trend lines) supplemented the bottom. Afterward, the MACD moved above 0 and the RSI above 50, confirming the bullish trend reversal.
So, the price action of JTO, Fibonacci proportion of waves, and technical indicators all suggest the correction is over. As a result, an increase toward at least the channel’s resistance trend line is likely, which depending on when it is reached can coincide with the $3.70 resistance area.
Another factor boding well for the long-term growth of JTO is the massive discrepancy between its market capitalization ranking and its Total Value Locked (TVL) . Cryptocurrencies with a higher TVL compared to market capitalization are considered undervalued and vice versa.
Jito, the largest liquid staking protocol on Solana has a TVL of $2 billion and a market capitalization of only $340 million, meaning its TVL is 5.8 times larger, a sign of considerable undervaluation.
SUPER Reclaims Long-Term Support
The SUPER price had fallen under a descending resistance trend line for 958-days, since its all-time high in April 2021. However, a swift five-wave increase (white) caused a breakout in November 2023, confirming the previous correction is over.
the price of SUPER increased 2,200% since the low, reaching a new yearly high of $0.160 on March 7, 2024. The ensuing decrease was contained inside a descending parallel channel and ended with a low of $0.45 on July 5, in what was likely an A-B-C corrective structure (black).
In this sense, the SUPER price action is similar to that of JTO, whose price also bounced at its channel’s support trend line in what is likely an A-B-C correction. However, unlike JTO, there is no bullish divergence in either the RSI or MACD to support this bounce. On the contrary, the MACD is below 0 (even though it has made a bullish cross) and the RSI is below 50.
As a result, even though the price action and wave count for SUPER support the possibility of a breakout, technical indicator readings do not. As a result, while the future outlook is bullish and a SUPER price breakout toward $1.70 is expected, this prediction has less conviction than those for JTO and TURBO.
August Could Be Lucrative for These Small-cap Cryptos
TURBO, JTO, and SUPER are all small-cap cryptos with bullish charts that suggest gains are in store for August. While JTO and TURBO could reach new all-time highs, SUPER is unlikely to do so. Nevertheless, it still has the potential for significant gains toward its yearly high and beyond.
Jito Price Reclaims $2.35 Support – Wave Count Suggests JTO Correction is Complete
