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BTC, BNB and XRP Price Analysis for August 24

Price Predictions
Tue, 08/24/2021 - 16:11
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Denys Serhiichuk
Are there any altcoins that can rise when Bitcoin (BTC) goes down?
BTC, BNB and XRP Price Analysis for August 24
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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At the moment, neither bulls nor bears are dominating as some coins are still in the green zone, while others have come back to red.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday, in the first half of the day after the morning high, the rise in the Bitcoin (BTC) price continued a little more to a new summer record near the $50,560 mark. At the same time, sales volumes began to significantly exceed the average level, and the price started to decline.

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

Before the end of the day, the pair rolled back to the level of $49,000. This morning, the price returned to the area of the two-hour EMA55, setting a local minimum at $48,765.

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BTC, ADA, and BNB Price Analysis for August 20

If bears push through the level of average prices, then the nearest support—which might limit the decline—may become the $47,745 level.

Bitcoin is trading at $48,491 at press time.

BNB/USD

Binance Coin (BNB) has joined the list of losers, going down by 2.68% over the past 24 hours.

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

Binance Coin (BNB) could not fix above the vital $500 mark, having formed a false breakout. At the moment, one needs to pay close attention to the level of $483.

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If bears succeed and fix below it, there is a high possibility of seeing the ongoing decline to another support at $458.

BNB is trading at $482.87 at press time.

XRP/USD

Yesterday, buyers made a desperate attempt to break through the resistance of $1.30, but the XRP price could not hold above this level and, in the afternoon, the pair returned to the support of $1.20.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

If the market remains positive, then the price of XRP might follow the cryptocurrency flagship to a new August high around the $1.40 mark.

XRP is trading at $1.1987 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.