Bitcoin and Ethereum Recover Losses, Cardano Rallies 15%

  • 20 August 2021, Friday, 05:00

Bitcoin price extended its decline, but the bulls were active near the USD 44,000 level. As a result, BTC started a fresh increase above the USD 45,500 and USD 46,500 resistance levels. It is currently (04:00 UTC) trading above USD 47,000 and it could even test USD 48,000.

Similarly, most major altcoins are gaining bullish momentum. ETH climbed above the USD 3,150 and USD 3,200 resistance levels. XRP is up 8% and it surpassed the key USD 1.20 resistance level. ADA outperformed and rallied above the USD 2.40 resistance.

Total market capitalization

Bitcoin price

After a downside correction, bitcoin price found support near the USD 44,000 zone, BTC started a fresh increase and it climbed above the USD 45,500 resistance. The bulls were able to push the price above the key USD 47,000 resistance. On the upside, an initial hurdle is near the USD 47,500 level. The main resistance is still near the USD 48,000 level.

An immediate support is near the USD 46,800 zone. The next major support sits near the USD 46,200 level, below which there is a risk of a move towards USD 45,500.

Ethereum price

Ethereum price also followed a similar pattern and it started a fresh increase from the USD 2,950 support zone. ETH recovered above the USD 3,150 and USD 3,200 resistance levels. It is now facing resistance near the USD 3,250 level, above which the price could test the USD 3,300 barrier.

If there is a fresh downside correction, the price might trade below USD 3,180. The key support is now forming near the USD 3,110 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) outperformed with a major move above the USD 2.20 resistance. ADA climbed over 15% and it even surpassed the USD 2.40 level. It is now facing resistance near the USD 2.50 level. Any more gains could lead the price towards the USD 2.65 level.

Litecoin (LTC) remained supported near the USD 162 level. It started a fresh increase above the USD 172 resistance. The price is consolidating near USD 175 and it might continue to rise towards 180. The main breakout resistance sits near the USD 188 level.

Dogecoin (DOGE) settled above the USD 0.300 and USD 0.305 levels. The price even spiked above the USD 0.320 level, but there was no upside continuation. An initial resistance is near USD 0.325, above which the price might revisit the USD 0.335 resistance zone.

XRP price remained well bid above the USD 1.05 and USD 1.08 support levels. As a result, there was a bullish reaction and the price climbed above the USD 1.20 resistance. If the price surpasses the USD 1.235 and USD 1.250 resistance levels, it could even test USD 1.30.

Other altcoins market today

Many altcoins are up over 10%, including CHSB, FTM, VGX, GRT, ALGO, CRV, KSM, SUSHI, MATIC, ICP, XDC, RUNE, TEL, VET, and SNX. Out of these, CHSB rallied 30% and it surpassed the USD 0.90 level.

Overall, the bitcoin price is gaining pace above the USD 46,500 resistance level. Having said that, BTC must surpass USD 48,000 for upside continuation in the near term. __

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