The dump on the cryptocurrency market has stopped, however, the growth has not started yet. Most of the top coins are located at different price levels against the US Dollar, but most of them are falling in correlation to BTC.
Five months of growth (from February to June) were the most dynamic for Bitcoin since August 2017. It is noteworthy that before this was the biggest decline in the history of digital gold (from August 2018 to January 2019).
The market is still dominated by sellers and, given the technical data, growth above $10,096 seems unlikely soon. Despite the continued stagnation of the market for the second month, the hash rate of the leading cryptocurrency reached record highs.
The total computing power of the Bitcoin network reached 83.526 TH/s, updating the historical maximum.
On the 3D chart, a breakdown of the lower border of the triangle is visible - clearly a bearish pattern. The prevalence of sellers is also indicated by the Relative Strength Index (RSI), the values of which fell below 50. Besides, Chaikin's cash flow also fell below zero.
All these patterns indicate that the path of least resistance lies down. In the coming days, Bitcoin will test the psychological level of $9,000. If a breakdown of this mark occurs, the next support may be the level of $8,738, through which the moving average (MA) passes with a period of 50.
Bitcoin is trading at $9,573 at the time of writing.
Regarding the top coins analysis, most of them are declining against Bitcoin. XRP might be the only exception whose rate is located in the green zone against BTC.
|$11 077 236 355||0,00002684 BTC||$814 203 501||0,66%||$0,277432 USD / $0,249951 USD|
|Binance Coin||BNB||$3 429 811 065||0,00229679 BTC||$172 921 595||-1,89%||$27,08 USD / $21,64 USD|
|Bitcoin SV||BSV||$2 290 236 211||0,01335993 BTC||$285 191 886||-1,12%||$135,86 USD / $120,63|
|EOS||EOS||$2 985 339 218||0,00033443 BTC||$958 161 208||-1,20%||$3,70 USD / $3,15 USD|
|Cardano||ADA||$1 162 685 963||0,00000467 BTC||$51 565 945||-1,75%||$0,052605 USD / $0,043396 USD|
|TRON||TRX||$1 036 042 316||0,00000162 BTC||$439 336 754||-0,90%||$0,018318 USD / $0,015137 USD|
XRP stands out from the rest of the top altcoins, as its rate has increased against Bitcoin over the last 24 hours.
On the 4H chart, XRP has been located sideways since the first days of August. The quotes are unlikely to go down due to the rising MACD indicator. In this case, the price is about to locate in the yellow corridor in the first week of September.
XRP is trading at 0.00002684 BTC at the time of writing.
Binance Coin is the biggest loser compared to other top coins, its price has soared by 2.20% over the last day.
BNB might have touched the bottom at 0.0022717 BTC. The price is unlikely to go deeper, as the RSI indicator is already below the oversold area. In a short-term scenario, BNB will reach the nearest resistance at 0.002350 BTC, as it is outlined on the chart.
BNB is trading at 0.0022730 BTC at the time of writing.
The rate of Bitcoin SV has almost unchanged over the day. Its price has gone down by around 1%.
On the 4H chart, BSV is located within the Triangle pattern with a possible breakout downward. Such a movement is confirmed by the lines of MACD which are about to decrease.
BSV is trading at 0.01344 BTC at the time of writing.
EOS keeps located under bearish tendencies since August 14. The price has been declining along with the trading volume.
Regarding the nearest price forecast, EOS is about to achieve the closest support at 0.00033 BTC, as there are no technical indicators, which could suggest the possible rate growth.
EOS is trading at 0.0003371 BTC at the time of writing.
The rate of ADA has been trading sideways since August 10, however, the situation is going to change soon.
In terms of a future price prediction, ADA is likely to drop to the support area at 440 satoshi. The blue line of MACD is crossing the red one, suggesting the upcoming decline.
ADA is trading at 0.00000468 BTC at the time of writing.
TRX is moving within the descending channel and the local bottom has not been reached yet.
On the 1D chart, the RSI indicator is moving to the oversold area, however, it has not achieved it so far. In this regard, the price is likely to drop to the level at 150 satoshi in the first days of September.
The price of TRX is trading at 0.00000161 BTC at the time of writing.