BTC, ETH, XRP, LINK, ADA, EOS, and XLM Price Analysis for August 30

Price Predictions
Sun, 08/30/2020 - 15:43
Denys Serhiichuk
Could any of the altcoins surpass the rise of Bitcoin (BTC)?
BTC, ETH, XRP, LINK, ADA, EOS, and XLM Price Analysis for August 30
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.

Some of the coins have entered bearish territory on the last day of the week. However, most of them are still under bullish influence. From the Top 10 list, Chainlink (LINK) is the top gainer, having risen 7.88%.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

Below is the main data for Bitcoin (BTC), Ethereum (ETH), XRP, Chainlink (LINK), Cardano (ADA), EOS, and Stellar (XLM):

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin 

BTC

$214,375,393,756 $11,603.60 $18,965,214,197 1.17%

Ethereum

ETH

$45,750,728,352 $407.06 $9,458,110,256 2.05%

XRP

XRP

$12,481,092,991 $0.277389 $1,029,604,748 1.41%

Chainlink

LINK

$6,054,860,837 $17.30 $2,009,008,586 10.02%

Cardano

ADA

$2,996,116,425 $0.115559 $282,650,487 2.57%

EOS

EOS

$2,985,569,978 $3.19 $1,646,397,761 1.77%

Stellar

XLM

$2 004 798 629 $0,097288 $176 412 948 2.47%

BTC/USD

Bitcoin (BTC) is the least growing asset from our list. The rate for the leading crypto has risen 1.17% since yesterday, while the price change from last week has remained relatively unchanged.

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

Looking at the daily chart, Bitcoin (BTC) is trying to recover its lost position after falling from $12,000. At the moment, there are a few chances that new peaks will be set for the trading volume as well as for the liquidity.

Related Bitcoin (BTC) Price Analysis for August 27
Related
Bitcoin (BTC) Price Analysis for August 27

However, a slight rise is possible as a part of the more profound decline. In this particular case, growth may reach the closest resistance level at $11,900.

At press time, Bitcoin was trading at $11,610.

ETH/USD

The rate for the leading altcoin has increased much more than of Bitcoin (BTC). The price has increased by 2% in the last 24 hours.

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

From a technical standpoint, Ethereum (ETH) is forming a bullish divergence on the daily time frame, which is considering continuous growth. As with the Bitcoin (BTC) situation, there are few chances that the coin will update the previous local heights. This is why reaching the $420 resistance is a more likely scenario for the upcoming days. 

At press time, Ethereum was trading at $410.65.

XRP/USD

XRP is the only coin from the Top 3 list in which the rate has gone down from the previous week. The decline has constituted a drop of 1.63%.

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

XRP is also located under bullish pressure. The trading taking place is within a rising channel, with the next target at $0.29. The trading volume is also low, which means that a further rise is unlikely to occur. Such a statement is confirmed by the low trading volume as well as the liquidity,

At press time, XRP was trading at $0.28.

LINK/USD

Chainlink (LINK) is the biggest gainer from our list. The rate for the altcoin has rocketed by 10% since yesterday.

LINK/USD chart by TradingView
LINK/USD Chart by TradingView

Even though Chainlink (LINK) has significantly increased since the last time, a correction prevails over the continued rise as the coin has reached its local resistance. The decline in buying volume also supports the price drop. If such a scenario is real, then a  decrease may last until it reaches its support level at $15.68.

At press time, Chainlink was trading at $17.53.

ADA/USD

The price of Cardano (ADA) has increased by 2.57% since yesterday; however, decreased by 5% over the last 7 days.

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

After the altcoin bounced off its far retest zone at $0.10, it could not fix above the $0.12 price. This means that a decline before a continued rise has not yet concluded. The high liquidity supports this statement. In this particular case, there is a high probability of seeing a drop to the $0.10 zone, where the bulls may make another attempt to reverse it.

At press time, Cardano was trading at $0.1159.

EOS/USD

EOS has not increased as much as the other coins from our list. The growth has accounted for only 1.77%.

EOS/USD chart by TradingView
EOS/USD Chart by TradingView

Although the rise was not that big, EOS has confirmed the end of the correction phase as the altcoin successfully bounced off the support level. The lines of the Moving Average Convergence/Divergence (MACD) are also about to switch to green, confirming the end of the short-term bearish sentiments. All in all, the rise to the $3.42 resistance level is a more likely price action.

At press time, EOS was trading at $3.22.

XLM/USD

Stellar (XLM) has risen more than EOS as the growth has gone up 2.47%.

XLM/USD chart by TradingView
XLM/USD Chart by TradingView

Stellar (XLM) is trading under a bullish influence as buyers have seized on the initiative and are ready to maintain the rise of the altcoin. It is too early to consider an update of the peaks as the trading volume is low; however, a retest of the resistance at $0.1065 is quite possible in the near future.

At press time, XLM was trading at $0.0937.

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.