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Bitcoin (BTC) and most major altcoin projects are increasing their weekly earnings above 10%. During this period, XRP has appreciated by 57% in the last 7 days, while Cardano (ADA) has increased its earnings over 50%. We start with the current explanations of the experts about the crypto market and continue with the support and resistance levels determined by the analyst Upadhyay…

Cryptocurrency market received 2x more investment than last year

The KPMG report for the first half of 2021 titled “Pulse of Fintech H1 2021” shows that investments in blockchain and cryptocurrencies have increased to a total of $8.7 billion. In 2020, this amount was 4.3 billion dollars. On this, Anton Ruddenklau, KPMG global fintech co-leader, explains:

Cryptocurrencies and Blockchain are paddling globally. I think crypto will be a very hot ticket for investors, at least for the rest of this year.

Additionally, a separate study by on-chain analytics firm Blockdata shows that 55 out of the top 100 banks by assets under management invest directly or through affiliates in crypto and blockchain firms. Bittrex Global CEO Stephen Stonberg said that the crypto industry has become mainstream and has passed the early adoption stage. Stonberg’s other statements were as follows:

What is more interesting to see is the growth and acceleration of institutional adoption of cryptocurrencies. Almost all major institutions have invested in or are planning to invest in cryptocurrencies.

Stonberg added:

What is more interesting to see is the growth and acceleration of institutional adoption of cryptocurrencies. Almost all major institutions have invested in or are planning to invest in cryptocurrencies.

Later in the article, we take a look at analyst Rakesh Upadhyay’s technical analysis for future price predictions. Let’s start with BTC.

Bitcoin (BTC)

The bears pulled Bitcoin below the 200-day SMA on August 12, but failed to break the $45.218 level. If the price stays above this line, it shows that the bulls are buying on the lows. If buyers can push the price above the resistance line of the wedge shown below, his next target will be $51,500. It may face stiff resistance from this level. If exceeded, the next resistance is set at $60,000 with the uptrend. Also, the 20-day EMA ($41,743) and the RSI in the oversold zone suggest that the bulls are strong. If the price turns down from these levels, the bears may try to seize the opportunity. The first sign of weakness in the uptrend will begin with a break and close below the 20-day EMA. In such a move, the critical support level identified by the analyst is $36,670.

BTC and Ethereum cling to critical resistance levels

Along with BTC, the ETH price dropped below $3,000 on August 12, but the bears failed to seize the opportunity. The bulls bought on the downtrend and are trying to keep the price in an uptrend. Of the technical indicators, the 20-day EMA ($2,784) and the RSI in the oversold zone indicate that the bulls have the upper hand. If its buyers can hold the price above $3,274, the next target would be $3,587.06 followed by $4,000. If the price drops below $3,274 on a counter momentum, then the $3,000 region could be retested and consolidated for a few days. A break and close below the 20-day EMA will mark an initial weakness of the bullish momentum. Afterwards, ETH price may drop to $2,450.

Binance Coin (BNB)

BNB bears were undecided on August 12. Buyers continued to buy at lower levels and are trying to turn the uncertainty in their favor. Now, if the bulls can sustain the price above $408.72, BNB price could test the $433 resistance. From these levels, a challenge from the bear side could then drag the price towards $347. Maintaining this support will show that the buyer side is stronger. Afterwards, moves above $433 may strengthen. Should this happen, the levels to expect BNB price would be $520 and $600. For the bears to gain the upper hand again, it needs to pull the price down to $340.

Cardano rises 52% alongside Bitcoin (BTC)

The long tail candle Cardano recorded on August 11 shows that the bears are trying to keep the price close to the overhead resistance of $1.94. At the levels recorded afterward, the renewed long wicks indicated that the bulls were buying at lower levels and the price reached above $2. This opens the doors for $2.47, the ATH of ADA. On the technical side, the RSI break above 86 indicates a prolonged rally in the short term. Therefore, higher levels can be expected from the ADA price. Also, a minor correction or consolidation could be seen for the next few days. In such a case, a drop in ADA price to $1.94 would increase the likelihood of a pullback to the 20-day EMA (1.51). If the area is defended, it will be confirmed that the bulls are buying profits. Afterwards, a stronger ADA chart will be prepared for ATH, according to the analyst.

Ripple (XRP) and BTC approaching old support levels

XRP broke above the downtrend line of the descending channel and surged to the overhead resistance at $1.07 on August 11, but the bulls were unable to continue higher. The bears pulled back the price inside the channel on August 12, but the correction was short-lived. The bulls are holding the price above the channel today. After the currently broken $1.07 resistance, the next target is $1.70. On the contrary, the levels waiting for XRP will be $0.80 and $0.75. A break and close below these levels indicates that the bears are at the advantage again.

Dogecoin (DOGE)

Dogecoin defended its overhead resistance of $0.29 on August 12. The bulls, who defended the price from lower levels today, tried to reach above the general resistance again. On the technical side, the 20-day EMA ($0.23) and the RSI near the overbought zone suggest the path of least resistance to the upside. A break and close above $0.29 could open the doors for a further rally to $0.35 and then $0.45. Conversely, if the price breaks down from overhead resistance, DOGE could slide back to the 20-day EMA. With a support from this level, the bulls will turn towards $0.29 again. A break and close below $0.21 will also signal that the bears are back in the game.

Polkadot (DOT)

DOT bulls pushed the price above the $21 resistance on Aug. Then, on August 12, the bears’ pressure failed. The bulls are now trying to push the price above $22.45. Should it happen, the $26.50 support could be tested. The presence of the 200-day SMA at $27.23 indicates that the bears will defend this area fiercely. If the bulls defend the area, the probability of a rally will become sharper. A break and close below $26.50 could indicate the end of the downtrend. On the upside, a DOT dip below $18.70 could slide as low as $16.93.

Uniswap (UNI)

UNI failed to break through the $30 resistance on August 12, but the bears failed to pull the price up to $26.18. This indicates purchases from lower levels. UNI is now starting at $29.60 at $30 prep. If it breaks through the zone, the ATH level can be reached at $30, then $37, then $45. The rising 20-day EMA ($24.80) and the RSI in the overbought zone suggest that the bulls are in control. This positive view will be if the price drops from the current level and dives below the MAs. Such a move would signal that the pair could be stuck in the wide range between $13 and $30 for a few more days.

Left (LEFT)

Long wicks by Solana (SOL) on August 11 and 12 show that the bears are aggressively defending the overhead resistance at $44. However, sellers failed to push the price below the support at $38.10, indicating buying on the dips. The bulls have pushed the price back to the overhead resistance at $44 today. A break and close above this level could trigger a rally to $50 with psychological resistance. Then, its ATH of $58.38 can be retested. On the other hand, if the price drops from the current level, SOL expects the price at $36.77. A break and close below this support suggests it could extend its stay in the range for a few more days.

Litecoin (LTC)

In LTC, the struggle of the bulls to carry the price above $180 has been going on for some time. The area is protected by the bears, but LTC is currently trading above this level. If it gains downward momentum, the $151 support will be on the table again. With strong buyers coming in from this support, it could be confirmed that the downtrend is over. Afterwards, LTC could rally to $225, where the bears will be battling heavily. An aftermath to be won by the support of the bulls will point to the head of the uptrend. This positive view will be invalidated below $150.


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Michael Lewis

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