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BTC, ADA, and BNB Price Analysis for August 20

Price Predictions
Fri, 08/20/2021 - 12:19
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Denys Serhiichuk
What coins from the top 10 list can rise as fast as Cardano (ADA)?
BTC, ADA, and BNB Price Analysis for August 20
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls keep dominating the market, with almost all the top 10 coins are green. Solana (SOL) remains the only exception, dipping by 1.25 percent.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Trading volumes were low yesterday morning, and the bears were unable to push through the $44,000 support. In the afternoon, buyers showed strong bullish momentum, which allowed the price of Bitcoin (BTC) to break through the two-hour EMA55 and recover above the resistance of $46,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

The growth continued overnight, and this morning the pair has already tested the level of $47,400. During the day, the price of BTC can test the resistance of $48,000. A breakout of this strong level could mean that the bulls are determined to continue running toward the $50,000 mark until the end of the week.

Bitcoin is trading at $47,038 at press time.

ADA/USD

Cardano (ADA) is the biggest gainer today, rising by 17 percent over the last 24 hours.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

Cardano (ADA) has set the new peak today at $2.55. The rise has been accompanied by the high trading volume which means that traders might have fixed their positions.

Related
Cardano (ADA) Price Analysis for August 18

In this case, the more likely scenario is the accumulation in the range between $2.47 and $2.55 as bulls need to gain more energy for continued growth. 

Cardano is trading at $2.5035 at press time.

BNB/USD

Binance Coin (BNB) is also not an exception. The price of the native exchange coin has risen by 5.43 percent.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

From the technical point of view, Binance Coin (BNB) is accumulating power to break the recently formed level at $435.77 that serves as a resistance level for now. The selling volume is low, which means that not a lot of bears want to sell the coin at the moment.

Related
BTC, LTC and ADA Price Analysis for August 17

Once BNB makes a breakout and fixes above it, the next resistance at $483 may be attained shortly.

Binance Coin is trading at $483 at press time.

 
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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 makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.