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BTC, ETH, XRP Price Analysis — Indicators are Showing Further Decline to Support Levels

  • Denys Serhiichuk
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    Bears are dominating over bulls again. Should we consider it as a short-term scenario or bearish trend is going to continue?

BTC, ETH, XRP Price Analysis — Indicators are Showing Further Decline to Support Levels
Contents

August 28 has started with a slight correction on the cryptocurrency market. All the top 10 coins are located in the red zone, while the biggest loser is Binance Coin, whose rate has gone down by 5.61%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Even though Bitcoin is going down along with other top coins, its dominance rate has almost come back to the previous level and now constitutes 68.9%.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

24 Hour High / Low

Bitcoin

BTC

$182 334 690 991

$10 186,64

$15 668 825 773

-1,56%

$10 406,08 USD / $10 169,12 USD

Ethereum

ETH

$20 057 625 742

$186,60

$6 392 370 150

-2,02%

$190,85 USD / $186,10 USD

Ripple

XRP

$11 495 203 816

$0,267748

$1 079 780 435

-1,33%

$0,272760 USD / $0,267135 USD

BTC/USD

The daily chart shows that the price is still above the moving average with a period of 100, although there are no vigorous rebounds from this line of dynamic support.

BTC/USD 1-day chart
BTC/USD chart by TradingView

Bulls need to overcome the $10,956 mark to break out of the bearish pattern from lowering highs.

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The price of BTC is trading at $10,160 at the time of writing.

ETH/USD

Ethereum keeps trading sideways since August 15 against the falling trading volume. 

ETH/USD 1-day chart
ETH/USD chart by TradingView

On the 1D chart, ETH is likely to test the nearest support at $170 before a price bounces back to the levels between $180-$200. Respectively, Ehtereum is going to trade sideways in September 2019

The price of ETH is trading at $186.10 at the time of writing.

XRP/USD

The quotes of XRP are located in a similar pattern to Etheruem. 

XRP/USD 1-day chart
XRP/USD chart by TradingView

According to the chart, XRP is slightly going down to the support zone at $0.25. This is the crucial level to watch regarding the future trend. If the price breaks it, a bearish trend keeps dominating in the long-term scenario. 

The price of XRP is trading at $0.2675 at the time of writing.

Cover image via www.123rf.com
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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