Bitcoin Tests USD 48K, Ethereum Steadies While DOGE Rallies

  • 16 August 2021, Monday, 05:00

Bitcoin price found support near USD 45,000 and started a fresh increase. BTC surpassed the USD 46,500 and 47,000 resistance levels and even spiked above USD 48,000. It is currently (04:00 UTC) consolidating gains and is trading well above USD 47,000.

Similarly, most major altcoins are trading in a bullish zone. ETH climbed above the USD 3,300 resistance before correcting lower. XRP performed well and broke the 1.30 resistance level. Besides, DOGE surged above the USD 0.300 and USD 0.320 resistance levels.

Total market capitalization

Bitcoin price

After a short-term downside correction, bitcoin price found support near USD 45,650. BTC started a fresh increase above the USD 46,500 resistance and even broke through the USD 47,000 zone. Finally, there was a spike above USD 48,000 before there was a minor downside correction. At pixel time, the initial support is near USD 47,200. The first key support is now forming near the USD 47,000 level. Any more losses may possibly lead the price towards USD 46,200.

On the upside, the price is facing hurdles near USD 48,000. A close above the USD 48,000 level could open the doors for a move towards the USD 50,000 region.

Ethereum price

Ethereum price remained well bid above the USD 3,100 and USD 3,120 levels. ETH started a fresh increase above the USD 3,250 and USD 3,300 levels. It traded as high as USD 3,340 before there was a minor drop. The bulls are currently active near the USD 3,250 level. The next major support is near USD 3,200.

On the upside, the price could gain traction if there is a close above USD 3,300. The next major resistance is near USD 3,350, above which the price might test USD 3,500.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) settled above the USD 2.00 resistance level. It even climbed higher steadily above the USD 2.10 level. However, the bears are now protecting the USD 2.20 resistance. If there is a downside break below USD 2.05, the price may possibly decline below USD 2.00.

Litecoin (LTC) traded slowly above the USD 180 resistance. It is struggling to clear the USD 188 resistance. The main hurdle is still near USD 200, where the bulls might struggle. On the downside, the USD 175 level is a short-term support, followed by USD 170.

Dogecoin (DOGE) outperformed bitcoin and it climbed above the USD 0.300 resistance. DOGE is up over 10% and it even surpassed the USD 0.320 level. If there are additional gains, the bulls might test the USD 0.350.

XRP price gained pace after it settled above the USD 1.00 level. The price broke the USD 1.20 and USD 1.25 resistances. It traded close to USD 1.35 before there was a small correction. On the downside, the USD 1.15 and USD 1.10 levels are important support zones in the near-term.

Other altcoins market today

Many altcoins are up over 5%, including SOL, ONE, LUNA, HNT, REV, FTM, QTUM, KLAY, STX, DASH, NEO, and EOS. Out of these, SOL rallied over 25% and it broke the former USD 56.20 all-time high.

Overall, bitcoin price is gaining pace above the USD 47,000 level. If BTC settles above USD 48,000, the bulls are likely to aim a test of USD 50,000 in the near term. __

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