11 Aug 2021 · 2 min read

Bitcoin and Ethereum Accelerate, ADA and XRP Rally

Bitcoin price is back above the USD 46,000 resistance. Ethereum cleared USD 3,200, XRP rallied above USD 0.865. ADA gained 18% and it broke the USD 1.70 resistance.

After failing to settle above the USD 46,500 resistance level, BTC corrected its gains dropping towards USD 45,000. However, it recovered sharply and is now (08:26 UTC) inching higher above USD 46,000 again.

As most major altcoins are showing positive signs, ETH also broke the USD 3,200 resistance. XRP gained 8% and it broke the USD 0.865 resistance.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a failed attempt near USD 46,500, bitcoin price corrected lower. BTC traded below USD 46,000, but the bulls protected the USD 45,000 support zone.
The main resistance for BTC is still near USD 46,500, above which the bulls might gain strength.
If there are more downsides, the price might test the USD 44,500 support zone. The next major support on the downside could be USD 43,500.

Ethereum price

Ethereum price cleared the USD 3,200 resistance zone, while bulls might push the price towards the USD 3,350 level.
On the downside, an immediate support is near the USD 3,110 level. The next major support is near the USD 3,050 level, below which the price might retest USD 3,000.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) outperformed bitcoin, ethereum and rallied by 18%. ADA broke the USD 1.60 and USD 1.70 resistance levels. If the bulls remain in action, there are chances of a move towards the USD 1.80 level. If there is a downside correction, the price might find support near USD 1.60.
Litecoin (LTC) is trading above the USD 170 level. Any more gains might push the price towards the USD 180 resistance. On the downside, the price might find a strong buying interest near the USD 155 and USD 150 levels.
Dogecoin (DOGE) is showing positive signs above the USD 0.250 level. An immediate hurdle is near the USD 0.265 level. The main resistance on the upside is near the USD 0.300 level, where the bears might appear. If there is a downside correction, DOGE might find support near USD 0.220.
XRP price is also gaining pace above the USD 0.850 resistance. It even surpassed USD 0.88 and it might continue to rise towards USD 0.900. Any more gains could set the pace for a test of the USD 1.00 hurdle in the near term.

Other altcoins market today

A few altcoins gained over 10%, including AXS, HNT, RVN, LUNA, ICP, KSM, FLOW, HOT, and CRV. Out of these, AXS rallied 64% and it broke the USD 70 level.

Overall, bitcoin price is back above USD 46,000, but it needs to clear the USD 46,500 level for upside continuation.

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