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BTC, ETH, XRP, BNB and DOGE Price Analysis for August 7

Price Predictions
Sat, 08/07/2021 - 14:28
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Denys Serhiichuk
Which cryptocurrencies can return to mid-term growth faster than the others?
BTC, ETH, XRP, BNB and DOGE Price Analysis for August 7
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 are giving bears no chances to seize the initiative as the coins from the top 10 list keep growing.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Saturday has begun with the continued bull run of Bitcoin (BTC), whose rate has increased by 5%.

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

On the daily chart, Bitcoin (BTC) broke the resistance of $42,335 and fixed above it, which confirms ongoing bullish pressure. As it is Saturday, one should not wait for high volatility. However, next week may keep the growth going to the next resistance around $47,000.

Bitcoin is trading at $43,475 at press time.

ETH/USD

Ethereum (ETH) is a bigger gainer than Bitcoin (BTC) as the main altcoin has risen by 7.20% since yesterday.

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

Ethereum (ETH) has almost touched the resistance zone at $3,117. From the long-term point of view, bulls may have accumulated enough efforts to break this zone; however, the first one may expect a false breakout of it, followed by a bounceback to the area of $2,700-$2,800.

Related
Ethereum (ETH) Price Analysis for August 5

It may be possible by the end of the current week.

Ethereum is trading at $2,961 at press time.

XRP/USD

XRP has gained the least from today's list as the growth has accounted for 3% over the last day.

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

XRP keeps locating in a range between the support at $0.70 and resistance at $0.80. Day by day, the price is getting closer to the resistance accompanied by declining trading volume. It may mean that bulls are ready for a breakout. If that happens, one can expect to see a continued rise to the next level at $0.92.

XRP is trading at $0.7598 at press time.

BNB/USD

Binance Coin (BNB) is also not such a big gainer as Bitcoin (BTC) or Ethereum (ETH), as the growth of the native exchange coin has made up +3.58%.

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

Binance Coin (BNB) has fixed above the $342 level, which was the resistance since the end of June. At the moment, the more likely scenario is accumulation in the range between $340 and $350 before growth to the zone of $390-$400.

Binance Coin is trading at $347 at press time.

DOGE/USD

The rate of DOGE has gone up by 6.23% over the past 24 hours.

DOGE/USD chart by TradingView
DOGE/USD chart by TradingView

DOGE is located in the zone of the most liquidity, which means that traders are still gathering power for a price blast. Such a statement is also confirmed by a low trading volume on the daily time frame. Currently, one may expect local growth of the altcoin as enough energy has been accumulated. In this case, resistance serves the recently formed level at $0.23314.

DOGE is trading at $0.21364 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.