24 Aug 2021 · 2 min read

Bitcoin and Ethereum Consolidate, LUNA and BNB Gain Momentum

Bitcoin price struggled to stay above the USD 50,000 pivot level. Ethereum is consolidating near USD 3,300, XRP is correcting lower below USD 1.25. LUNA is up over 10% and it surpassed the USD 32 level.

Bitcoin price extended its increase to USD 50,500, but then it faced hurdles. As a result, BTC started a downside correction below USD 50,000. It is currently (04:00 UTC) consolidating gains above USD 49,000 and there could be a downside extension to USD 48,200 in the near term.

Similarly, most major altcoins are consolidating gains. ETH tested USD 3,380 before correcting a few points. XRP failed to surpass USD 1.30 and it corrected lower below USD 1.25. ADA remains elevated and it is now consolidating near USD 2.85.

Total market capitalization

marketcap
Source: www.tradingview.com

Bitcoin price

After testing USD 50,500, bitcoin price started a downside correction. BTC traded below the USD 50,000 and USD 49,500 levels. It now consolidating above USD 49,000. If there are additional losses, the price could test USD 48,500. The next major support is near USD 48,200, below which there is a risk of a major downside correction.

On the upside, an initial resistance is near the USD 50,000 zone. The next key resistance is near USD 50,500, above which the price could test USD 51,200.

Ethereum price

Ethereum price climbed above the USD 3,350 level, but it failed to test USD 3,420. A high was formed near USD 3,380 before the price started a downside correction. It is now consolidating near USD 3,300. If there are more downsides, the price could test the USD 3,250 level.

An immediate hurdle for the bulls is near the USD 3,350 level. The main resistance on the upside is still near the USD 3,420 level, above which the price might test USD 3,500.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) remained elevated above the USD 2.65 and USD 2.70 levels. ADA even surpassed USD 2.90, but it failed to clear the USD 3.00 barrier. It is now consolidating near USD 2.80, below which it could correct lower towards the USD 2.65 level.

Litecoin (LTC) spiked above the USD 190 level, but it faced sellers near USD 192. It is now trading in a range near the USD 185 level. The first key support is near USD 180, below which the bears might aim a test of the USD 170 level. On the upside, the bears could protect USD 192 and USD 195.

Dogecoin (DOGE) is struggling to settle above the USD 0.320 level. It is slowly moving lower towards the USD 0.305 support. The main support is near USD 0.300. Any more losses could open the doors for a drop towards the USD 0.280 level in the near term.

XRP price tested the USD 1.30 resistance before it started a downside correction. It traded below the USD 1.25 level and it might even test USD 1.22. The key breakdown support is forming near USD 1.20, below which the price could dive towards the USD 1.05 support.

Other altcoins market today

Many altcoins are up over 5%, including CHSB, KCS, ENJ, LUNA, XTZ, BNB, AMP, ONT, SC, NEO, HBAR, THETA, and HNT. Out of these, CHSB rallied 15% and it surpassed the USD 1.10 level.

Overall, the bitcoin price is correcting lower from the USD 50,500 zone. If BTC extends its decline below USD 49,000, it could even test USD 48,200 in the near term.

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