The second half of July has been aggressively bearish for the crypto market as the majority of major coins witness a significant correction. However, amid this retracement, the below-mentioned coins form a strong bullish continuation setup, indicating an optimistic approach for August. Here’s how you can trade these coins to raise a sustained recovery rally.

Also Read: Top Whales Accumulating Stablecoins, Is A Major Correction In Bitcoin Price Ahead?

Polygon(MATIC) Price Analysis: Bullish Pattern Hints Uptrend Continuation

Source: Tradingview

The MATIC price shows the formation of a falling wedge pattern in its 4-hour timeframe chart. This chart setup is considered a bullish continuation pattern, characterized by an initial downward trend followed by a progressive narrowing of the range. 

At the time of writing, the polygon coin price stands at $0.69, registering a slight intraday loss of 0.85%. Thus, the altcoin seems to be approaching the apex of the wedge, suggesting that a breakout might be on the horizon.

According to technical analysis theories, each swing high during the pattern formation can be used to predict a post-breakout target. Therefore, if the buyers give a decisive breakout above the overhead trendline, the MATIC price may surge to subsequent targets at $0.73, $0.80, and eventually $0.83.

XRP(XRP) Price Analysis: Correction Before the Next Leap

Source: Tradingview

The fifth-largest cryptocurrency XRP witnessed a notable rally on July 13th, where it surged a whopping 73% within a single day. Post this dramatic rise, the price movements seemed to enter a phase of consolidation, forming a distinctive pennant pattern over nearly three weeks, marked by a series of swings within two converging trendlines.

As of now, the XRP price is trading at around $0.699 and is nearing the apex of this triangular formation. The price compression within this narrowing triangle implies a heightened possibility of a significant price breakout in the near term.

A possible breakout above this overhead trendline would signal recuperated bullish momentum and provide a significant boost to the XRP price. The post-breakout rally would drive the XRP price 21.5% higher to reach  $0.85, followed by $0.92.

Chainlink(LINK)Price Analysis: Elliot Wave Hints Upcoming Rally

Source: Tradingview

The Chainlink price in a 4-hour time frame chart shows the five-wave structure of Elliot waves. This theory is used to predict the maturity of a trend and investor psychology.

If the wave counts are correct, the LINK price is currently in the 4th wave which often forms a triangle pattern structure. The coin price is currently trading at $7.548 and is gradually narrowing within the two converging trendlines, preparing for a decisive breakout.

A potential breakout from the overhead trendline will signal the chainlink price has entered the 5th wave impulse. The potential rally could meet a long-coming resistance trendline at $9 followed by $13.

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