BTC, ETH, ADA, and LTC Price Analysis for August 23

Price Predictions
Sun, 08/23/2020 - 12:50
Denys Serhiichuk
Apart from Bitcoin (BTC), can any of the prospective coins show signs of steady growth in a long-term scenario?
BTC, ETH, ADA, and LTC Price Analysis for August 23
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.

The bearish sentiment dominates the cryptocurrency market; however, there is one exception to the rule. Polkadot (DOT) is the only coin from the Top 10 list that is located in the green.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

Below is the key information for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Litecoin (LTC):

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin 

BTC

$213,763,733,599 $11,574.38 $18,200,963,948 -0.35%

Ethereum

ETH

$43,355,169,394 $386.07 $8,628,292,426 -1.48%

Cardano

ADA

$3,136,554,624 $0.120976 $260,665,617 -3.16%

Litecoin

LTC

$3,828,632,211 $58.63 $2,097,566,031 -1.88%

BTC/USD 

Bitcoin (BTC) continues to be stuck a correction period after failing in an attempt to fix above the crucial $12,000 mark. The price change from the last 7 days has constituted 2.16%.

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

Looking at the daily chart, the leading crypto is trying to grow; however, the king coin is not supported by a trading volume that show a bearish signal. Thus, there a bearish divergence on the Relative Strength Index (RSI) confirms the bulls' strength.

Related Bitcoin (BTC) Price Analysis for 22/08
Related
Bitcoin (BTC) Price Analysis for 22/08

In this particular case, Bitcoin (BTC) might drop below $11,000 next week if the buyers do not come back. A possible reversal might happen when the coin attains the $10,600 mark.

At press time, Bitcoin was trading at $11,570.

ETH/USD 

Ethereum (ETH) has lost much more than Bitcoin (BTC) since last week. The rate for the chief altcoin has decreased by almost 10%.

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Ethereum (ETH) is trading in a similar manner to the main cryptocurrency. The trading volume is also declining, which show the weakness of buyers. When applying the Bollinger Bands to the chart, one needs to pay attention to its support line, which refers to $360. The ongoing drop is likely to continue to that mark as the buyers do not have enough strength to maintain growth.

At press time, Ethereum was trading at $386.28.

ADA/USD 

Cardano (ADA) is the biggest winner from our list. The rate for the coin has declined by 3.16% since yesterday, and the price change from last week has accounted for a 12% drop .

ADA/USD chart by TradingView
ADA/USD Chart by TradingView

Even though the rate of Cardano (ADA) has significantly dropped from last time, it is about to make a reversal now. The trading volume has gone down, which means that a bounce could happen soon. In addition, the high liquidity level confirms the following statement. To sum it up, the bulls could bring back the rate of Cardano (ADA) to its closest support at $0.1324 next week.

At press time, Cardano was trading at $0.1205.

LTC/USD 

Litecoin (LTC) is one of the few coins in which the rate has not declined as much as compared to the other coins. The 'digital silver' has declined by 4.65% from the last 7 days.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

Looking at the daily time frame, Litecoin (LTC) has bounced off its support level at $57 for the second time over the last days. For the moment, the bulls are more powerful than the bears; however, it is only applied to the short-term scenario. From the technical perspective, the rise may last until the bulls reach the $61 mark. If they fix above it, then the long-term bull run will continue.

At press time, Litecoin was trading at $59.14.

 
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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.