– Bitcoin price has found support at $25,174 and could kickstart a recovery rally after breaching the $27,300 hurdle.
– Ethereum price pulls back could breach the $1,714 barrier if the RSI makes a decisive break above the 30 level.
– Ripple price is poised for an uptrend, but traders sitting on the fence to play it safe could send XRP below $0.5048.
Bitcoin (BTC) price seems to have secured support after a stark downtrend, shining a ray of hope for altcoins, with Ethereum (ETH) price already convinced with the optimism.On the other hand, there is Ripple (XRP), whose price would do well correlating with BTC, but the ongoing legal entanglement with the US Securities and Exchange Commission ( SEC) will not let traders decide.
Also Read:
Breaking: Tornado Cash developers arrested and charged with laundering more than $1 billion
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants.Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network.This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods.The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins.Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar.An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa.
If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset.At consistent demand if the supply reduces, the asset’s price climbs.This has been observed in Bitcoin and Litecoin.
Bitcoin price finds support
Bitcoin (
BTC) price seems to have found support around the $25,174 level after a 16% downfall from the monthly high of $30,244 recorded on August 8.
After a weeklong consolidation, BTC could finally be ready to pull back after testing the demand zone marked by the $26,042 to $24,946 order block.
With the aforementioned order block holding as support, an increase in buying pressure above current levels could send Bitcoin price above the June 6 highs, marked by the $27,300 resistance level.Further north, the king of crypto could still extend above the $28,722 barricade, thereby reclaiming the ground lost during the August 17 crash.
In a highly bullish case, bulls could drive Bitcoin price to surpass the $30,000 psychological level, potentially tagging the $30,664 resistance level.Such a move would constitute a 15% ascent above current levels.
The Relative Strength Index (RSI) supports this thesis, pointing north to show rising momentum.If this trajectory continues, it would soon cross above the 30 level, confirming Welles Wilder’s interpretation of an overbought asset.If this holds, a pullback may be due to Bitcoin price.
Also, the histograms of the Awesome Oscillator are recording huge volumes of green bars, pointing to bullish momentum growing for BTC.
BTC/USDT 1-day chart
Conversely, there is the possibility that sellers could still recover the market.
For one, the RSI is still below 50 and, more specifically, 30, while the AO is still negative, meaning bears still have a firm grip on Bitcoin price.
If they prevail, the demand zone would fail as a support, becoming a bearish breaker and paving the way for a decline.In such a case, Bitcoin price could visit the $24,000 psychological level.
Also Read:
What are the three assets most correlated with Bitcoin?
Ethereum price confirms Wilder’s analysis of an overbought asset
Ethereum (
ETH) price is up a meager 3% in the last 24 hours, but this is not a mean achievement considering it has outperformed Bitcoin price.Like BTC, the largest altcoin by market capitalization has secured support, with ETH inflection point being the $1,627 level.
A pullback is underway for Ethereum price, confirmed by the RSI crossing above 30, with a pending buy signal as it crosses above the signal line (yellow band).
Traders heeding this call could solidify the ongoing uptrend, setting the tone for ETH to foray above the $1,714 resistance level.
In a highly ambitious case, Ethereum price could plough back August 17 losses, setting it atop the $1,813 hurdle for a chance to confront the multi-month resistance level of $1,891 or higher, targeting the $1,941 roadblock in an attempt to breach the psychological $2,000.
ETH/USDT 1-day chart
However, owing to the strong correlation between ETH and BTC, the current uptrend for Ethereum price may not hold for long.It could be an attempted liquidity grab, targeting long positions.
After trapping the orders, the price could pull back south to break below the immediate support at $1,627 before another attempt to pull north.
Also Read:
Optimism Whales scoop OP tokens ahead of Ethereum Cancun upgrade.
Ripple price at crossroads
Ripple (
XRP) price is at a crossroads, split between conforming to BTC’s optimism after securing support and the negativity fueled by the legal tussle against the US SEC.
If bulls stop playing it safe, Ripple price could move north, breaking above the $0.5752 hurdle and potentially going as high as the early August highs at $0.6840.However, XRP must overcome the July 19 highs at $0.8193 for a confirmed uptrend.Such a move would constitute a 55% climb.
The RSI tipping north and the green bars of the AO histograms point to rising momentum.This adds credence to the bullish outlook.
XRP/USDT 1-day chart
On the downside, the negative AO and the RSI below 50 still tip the odds in favor of bears.Unless bulls steady their hands, Ripple price could descend below the immediate support at $0.5048.
Ripple price could also dip into the demand zone, and if this order block fails to hold as support, the price could slip through to test the $0.4191 support level.
The move, which would have rendered the order block a bearish breaker, would denote a 20% nosedive.
Also Read:
XRP whales expect slight recovery in altcoin after recent developments in the SEC vs Ripple lawsuit
Join Telegram
Follow Content
Editors’ Picks
Bearish Scenarios Chairman
More Cryptocurrencies News
99% of AVAX holders are in loss ahead of nearly $100 million token unlock
Avalanche price has dropped from its mid-July peak of $15.94 to $10.19 at the time of writing.The decline in the token of the smart contract platform can be attributed to the upcoming token unlock event and a massive drop in the percentage of AVAX holders sitting on unrealized profits.
More Avax News
Optimism Whales scoop OP tokens ahead of Ethereum Cancun upgrade
Optimism is one of the largest Ethereum Layer 2 scaling solutions.Whales or large wallet investors in the ecosystem are accumulating OP, the native governance token of the project since the last week of May 2023.
An address associated with a crypto VC accumulated $5.71 million in OP tokens on Binance over the past 24 hours.
More Optimism News
Aptos announces an improvement over ERC-721 token standard, likely to catalyze APT recovery
Aptos announced the launch of a Digital Asset Standard (DA) to scale NFTs for creators on its chain.The launch is an improvement over the chain’s existing token standard TokenV1, Ethereum’s ERC-721 and Solana network’s SPL.
More Aptos News
Bitcoin: More BTC liquidations than during FTX fallout, what’s next?
Bitcoin price crashed 15.70% from Monday’s open to the weekly low.But Thursday’s daily candlestick hit a low of 14% from its open, which is what caught many investors off-guard.As a result of this sudden shock, $855 million in long positions and $194 million in short positions were wiped out.
Read full analysis.
