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

Price Analysis
Mon, 08/07/2023 - 16:35
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The decline has continued on the cryptocurrency market as the rates of most of the coins keep falling.

Top coins by CoinMarketCap


The rate of Bitcoin (BTC) has declined by 0.12% over the last 24 hours.

Image by TradingView

On the daily chart, buyers are getting weaker as the price is about to fix below the vital zone of $29,000. If that happens, the drop is likely to continue to the area of $28,000-$28,250 until the end of the week.

Bitcoin is trading at $28,974 at press time.


Ethereum (ETH) is less of a gainer than BTC as the decline has made up 0.09%.

Image by TradingView

A similar picture can be seen on the daily time frame of ETH as the price is on its way to testing the support at $1,816. If a breakout happens, the decrease may lead to the test of the $1,760-$1,780 area shortly.

Ethereum is trading at $1,820 at press time.


XRP has lost more as its rate has declined by 2.13%.

Image by TradingView

XRP is testing the support level of $0.61 on the daily chart. If a bounce back does not happen and the candle closes around that mark, there is a high possibility of seeing an ongoing correction to the $0.57-$0.58 zone soon.

XRP is trading at $0.6117 at press time.


DOGE is not an exception to the rule, falling by almost 1%.

Image by TradingView

Despite the fall, the rate of DOGE is far from the main levels, which means there are low chances of seeing any sharp moves soon. However, if the decline continues to the support at $0.07253, bears might seize the initiative that can lead to a further drop to $0.07.

DOGE is trading at $0.07360 at press time.


SHIB has followed the drop of DOGE, going down by 2.92%.

Image by TradingView

The price of SHIB remains bullish as the rate is still above the crucial level of $0.00000878. If the false breakout of it happens, there is a possibility of seeing a bounce back, followed by an impulse to the $0.00000950 mark.

SHIB is trading at $0.00000899 at press time.