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BTC, ETH, XRP, ADA and BNB Price Analysis for August 28

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Mon, 28/08/2023 - 16:50
BTC, ETH, XRP, ADA and BNB Price Analysis for August 28
Cover image via www.tradingview.com

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Buyers could not keep the weekend's rise going as most of them are in the red zone.

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BTC/USD

The rate of Bitcoin (BTC) is almost unchanged since yesterday.

BTC/USD chart by TradingView

Image by TradingView

Today's slight fall has not affected the technical position of Bitcoin (BTC) on the daily chart. The following volume confirms that neither buyers nor sellers are ready to seize the initiative. In this case, sideways trading in the narrow range of $26,000-$26,300 is the more likely scenario for the next few days.

Bitcoin is trading at $26,113 at press time.

ETH/USD

Ethereum (ETH) is more of a loser than BTC with a drop of 0.51%.

ETH/USD chart by TradingView

Image by TradingView

On the daily time frame, the price of Ethereum (ETH) has once again tested the support level of $1,622. Until the rate is far from that mark, buyers have a chance to locally seize the initiative. However, until that happens, consolidation in the area of $1,640-$1,680 is the more likely scenario until the end of the week.

Ethereum is trading at $1,648 at press time.

XRP/USD

XRP is the biggest loser today, going down by 1.91% since yesterday.

XRP/USD chart by TradingView

Image by TradingView

From the technical point of view, XRP is trading similarly to Ethereum (ETH) as the rate is far from the main levels.

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But if the fall continues to the $0.51 mark, the accumulated energy might be enough for a sharp move to the $0.49-$0.50 range.

XRP is trading at $0.5188 at press time.

ADA/USD

The price of Cardano (ADA) has declined by 0.08% over the past 24 hours.

ADA/USD chart by TradingView

Image by TradingView

The price of Cardano (ADA) is in the middle of the channel between the support of $0.2545 and the resistance at $0.2731. If today's bar closes bullish and with no long wick, there is a possibility of seeing a test of the $0.27 area soon.

ADA is trading at $0.2658 at press time.

BNB/USD

The price of BNB has fallen by 0.03% since yesterday.

BNB/USD chart by TradingView

Image by TradingView

On the daily chart, the price of Binance Coin (BNB) is looking more bullish than bearish as the rate is located not far from the resistance of $220.2. If buyers keep controlling the situation, traders can expect a breakout, followed by a blast to the $222-$224 area soon.

BNB is trading at $218.7 at press time.

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