16 Aug 2022 · 2 min read

Bitcoin and Ethereum Stuck In Range, DOGE Resumes Rally

  • Bitcoin price is stuck near USD 24,500.
  • Ethereum is consolidating near USD 1,900, XRP might revisit USD 0.385.
  • DOGE rallied over 12%, and CHZ gained 10%.

Bitcoin price is trading in a range near the USD 24,000 pivot level. BTC seems to be struggling to gain pace for a move above USD 24,500. It is currently (11:20 UTC) showing a few positive signs and might attempt a fresh increase if there is no downside break below USD 23,500.

Besides, most major altcoins are trading in a range. ETH is trading near USD 1,900 and holding the USD 1,850 support zone. XRP might rise towards USD 0.385 or USD 0.388. ADA could rise towards the USD 0.578 resistance zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a bearish reaction, the bitcoin price found support near the USD 23,775 level. BTC remained well bid and started trading in a range near the USD 24,000 level. On the upside, an immediate resistance is seen near the USD 24,500 level. The next resistance is near the USD 25,000 level, above which the price might gain bullish momentum.

If there is no upside break, the price might drop below the USD 23,775 level. The next major support is near the USD 23,500 zone. Any more losses could set the pace for a larger decline towards USD 22,500.

Ethereum price

Ethereum price also followed a similar pattern after it declined below USD 1,920. ETH remained well bid near the USD 1,860 and USD 1,850 levels. It is now consolidating near the 1,900 level. On the upside, the price is facing resistance near the USD 1,950 level. The next key resistance is near the USD 2,000 level, above which the price could start a strong increase.

If not, there is a risk of more losses below the USD 1,850 support. The next major support is near USD 1,800, below which the price might drop to the USD 1,740 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is slowly moving higher and trading well above the USD 0.55 support zone. On the upside, the price is facing resistance near USD 0.578 and USD 0.580.

BNB is well above the USD 312 support zone. If there is a clear break above the USD 320 level, the price might attempt another increase. The next major resistance sits at USD 325.

Solana (SOL) tested the USD 42.50 zone before it recovered a few points. It is now facing resistance near the USD 44.20 level, above which the price may perhaps rise towards the USD 45 level.

DOGE gained strength above the USD 0.080 resistance level. It gained over 12% and there was a clear move above the USD 0.085 resistance zone.

XRP price is slowly moving higher towards the USD 0.385 level. The first key resistance is near USD 0.388, above which the price may perhaps rise towards USD 0.40.

Other altcoins market today

A few altcoins are rising, including XMR, BCH, FIL, XTZ, CHZ, ZEC, GMT, MINA, ANKR, and TWT. Out of these, CHZ gained over 12% and surpassed the USD 0.205 level.

To sum up, the bitcoin price is consolidating near the USD 24,000 level. To start a fresh increase, BTC must clear the USD 24,500 resistance zone.

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