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BTC, ADA, BNB, DOGE and SHIB Price Analysis for August 12

Fri, 08/12/2022 - 16:19
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Denys Serhiichuk
Which coins can return to previous levels after today's fall?
BTC, ADA, BNB, DOGE and SHIB Price Analysis for August 12
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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The market has faced a slight correction as most of the coins are in the red zone.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by more than 2% over the last day.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) has gone below the $24,000 mark. In this case, bears tend to be more powerful than bulls, which is also confirmed by low volumes.

Related
BTC, ADA and BNB Price Analysis for August 10

However, if buyers can restore the price above the mentioned level, there are good chances to see the test of the $24,800 mark soon.

Bitcoin is trading at $23,983 at press time.

ADA/USD

Cardano (ADA) has lost less than Bitcoin (BTC) with a fall of 1.46%.

ADA/USD chart by Trading View

Cardano (ADA) is trading near the resistance level at $0.5472, accumulating power for a sharp move. If the daily candle closes above $0.54, that might be a prerequsite for a midterm bull run to the $0.56-$0.57 area for the next week.

ADA is trading at $0.5313 at press time.

BNB/USD

Binance Coin (BNB) is showing almost the same decline as Cardano (ADA).

​BNB/USD chart by TradingView

Binance Coin (BNB) is trading sideways after a false breakout of the level of $336.3. However, if bulls can hold the rate above $320, there is a possibility to see a retest of the resistance soon.

BNB is trading at $323.5 at press time.

DOGE/USD

DOGE is not an expcetion to the rule, going down by 1.51%.

DOGE/USD chart by TradingView

Despite today's decrease, DOGE is neither bullish nor bearish as the price is far away from crucial levels. A further upward move is possible only when the rate approaches the $0.076 on the daily chart and fixes above it.

DOGE is trading at $0.07094 at press time.

SHIB/USD

SHIB is lookig better then DOGE with a price change of -0.88%.

SHIB/USD chart by TradingView

SHIB has more chances for a rise than DOGE as the rate is coming back to the resistance level at $0.00001297 after its false breakout. All in all, closure above $0.00001250 can generate sharp growth soon.

SHIB is trading at $0.00001242 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.