08 Aug 2022 · 2 min read

Bitcoin and Ethereum Inch Higher, BNB and SOL Outperform, FLOW Rallies

 

  • Bitcoin price is still struggling to clear the USD 23,500 resistance.
  • Ethereum is consolidating near USD 1,700, XRP is facing resistance below USD 0.380.
  • BNB and SOL are the best performers among the top 10 coins today.

Bitcoin price is facing a strong resistance near the USD 23,500 level. It is currently (03:51 UTC) trading near USD 23,300 and is up over 1% in a day and is unchanged in a week.

Similarly, most major altcoins are attempting a fresh increase. ETH moved above USD 1,700 and might accelerate if it clears USD 1,740. XRP is still below USD 0.380 while ADA surpassed the USD 0.52 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a short-term drop, bitcoin price remained above the USD 22,500 support zone. BTC formed a base, started a decent upward move, and settled above the USD 23,000 level. The bulls even cleared the USD 23,200 level, but they are facing resistance near the USD 23,500 level. The next main resistance is still near the USD 23,800 level. A clear move above the USD 23,800 resistance zone could initiate a stronger increase.

On the downside, an immediate support is at USD 23,000. The next major support is near the USD 22,500 zone, below which the price could start a stronger decline.

Ethereum price

Ethereum price is back above the USD 1,700 level, but there are many hurdles on the upside. ETH is up almost 2% in a day and a week. An immediate resistance is near the USD 1,740 level. The next key resistance is near the USD 1,780 level, above which the price might gain bullish momentum. In this case, the price could rise to USD 1,880.

On the downside, an initial support is near the USD 1,650 level. The next major support is near the USD 1,620 zone, below which the price could continue to move down.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is moving higher and was able to climb above the USD 0.520 resistance zone. The next key resistance is near the USD 0.535 level, above which the price could test USD 0.50.

BNB is showing positive signs above the USD 320 level. It is also trading above the USD 325 level and might continue to rise. BNB is up almost 5% in a day and 15% in a week. If the bulls remain in action, the price might even test USD 340.

Solana (SOL) is up 5% and trading above the USD 41 level. An immediate resistance is near the USD 42 level. A clear move above the USD 42 level might send the price towards the USD 45 level.

DOGE is struggling to gain pace above the USD 0.0700 level. A close above this level might start a stronger increase. In this case, the price might rise towards the USD 0.0720 level.

XRP price is still trading below the USD 0.380 resistance. The first major resistance is near USD 0.388, above which the price might rise towards the USD 0.40 level.

Other altcoins market today

Many altcoins are also moving higher, DOT, AVAX, LINK, NEAR, CRO, ATOM, XLM, FLOW, THETA, EGLD, and QNT. Out of these, FLOW rallied 11% and surpassed the USD 2.90 level, increasing its weekly gains to 51%.

Overall, bitcoin price is still facing a major resistance near USD 23,500. If BTC clears the USD 23,500 barrier, it could gain bullish momentum.

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