Bitcoin and Ethereum Show Signs of Life, Cardano Gain Traction

Bitcoin price remained stable above the USD 46,500 support level. A base was formed above USD 46,500 and BTC started a recovery wave. It is currently (11:45 UTC) trading above USD 47,000, with a major resistance near USD 48,500.

Similarly, most major altcoins are slowly recovering higher. ETH is back above the USD 3,110 and USD 3,150 resistance levels. XRP stayed above USD 1.05 and it recovered above USD 1.12. ADA outperformed with a strong move above USD 2.65 and USD 2.70.

Total market capitalization

crypto market capSource: www.tradingview.com

Bitcoin price

After a test of USD 46,500, bitcoin price started a steady recovery wave. BTC climbed above the USD 47,000 and USD 47,200 resistance levels. The price even surpassed USD 47,500. It is now approaching the USD 48,000 resistance. The main resistance is still near USD 48,500, above which the price might gain bullish momentum.

On the downside, an initial support is near the USD 47,200 level. The main breakdown support is now forming near the USD 46,500 level.

Ethereum price

Ethereum price also formed a base above USD 3,050 before it started an upside correction. ETH climbed above the USD 3,110 and USD 3,150 resistance levels. The main barrier is still near the USD 3,200 level. A close above USD 3,200 could set the pace for a decent increase.

If there is a fresh decline, the bulls might protect the USD 3,110 support. The next key support is near USD 3,050, below which the price may possibly test USD 3,000.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) found a strong support near the USD 2.50 level. As a result, the price started a steady increase and it broke the USD 2.65 resistance. The next key resistance is near the USD 2.80 level. A close above USD 2.80 level could initiate a fresh move towards the USD 3.00 level.

Litecoin (LTC) is stable above the USD 170 level. If LTC clears the USD 175 resistance, it might even surpass USD 180. Any more gains could open the doors for a move towards the USD 2.88 level. The next major resistance for the bulls is near the USD 3.00 level.

Dogecoin (DOGE) is recovering above the USD 0.270 level. An immediate resistance is near the USD 0.280 level. A clear break above USD 0.280 and USD 0.288 might lead the price towards the USD 0.300 level. If there is a fresh decline, the price might revisit the USD 0.250 support zone.

XRP price found a strong support near the USD 1.05 level. The price started a fresh increase above the USD 1.10 and USD 1.12 levels. The next key resistance is near USD 1.15, above which the price might rise towards the USD 1.20 level.

Other altcoins market today

Many altcoins are up 5%, including AR, CELO, SOL, REV, LUNA, PERP, RUNE, HNT, AVAX, and FTT. Out of these, AR rallied 30% and it broke the USD 30.00 level.

To sum up, the bitcoin price is rising and it is trading above USD 47,000. If BTC breaks the USD 48,000 resistance, BTC could accelerate higher towards USD 50,000.

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Bitcoin and Ethereum Show Signs of Life, Cardano Gain Traction 101

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Updated: 08/27/2021 — 09:00