Price Analysis AUG 2023: BTC, ETH, XRP, DOGE.
BTC Price Technical Analysis
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Bitcoin is currently seeing a weak bearish momentum on the weekly technical charts. On the daily chart, the asset price BTC saw a strong upside recovery. BTC is currently trading near the value of $25909, with a loss of -0.53% in the intraday session.
Meanwhile, the support of the asset price is near $25150. BTC price is currently below the 100 and 200-day EMA if the price surges beyond the 200-day EMA, then a strong upside trend can be seen in the future.
Bitcoin price prediction indicates that the BTC coin is presently trading within the firm grasp of the bears. Despite making several attempts within the past few months the buyers have not been successful in breaking the price above its crucial resistance levels near 100 and 200 EMA on the 1-day chart. BTC technical indicators favor the bears projecting a pessimistic perspective for the buyers. Bitcoin’s RSI and stochastic RSI oscillator are moving near the overbought zone whereas the major EMA lines are acting as barrier points for BTC price.
ETHEREUM Technical Analysis
Ethereum is heading downward. ETH broke the 200 EMA support level with a powerful Bearish candle and is now resting at the level of $1659.2. A big selling volume was observed on the daily chart. The last 24 hours trading volume is 1.809K
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and the last 10 days’ average trading volume is 6.341K with a market cap of 199.443 Billion. The current fully diluted market cap is 199.443 Billion with a circulating supply of 120.211 Million.
ETH is trading in a bearish trajectory below the 50, 100, and 200 EMA supports. This scenario gives bearish views about ETH.
RSI is currently trading in an overbought zone of 19.74 below the 14-day SMA.
MACD is in the negative area where MACD (-41.7) is below the signal line (-21.6) giving a bearish perspective.
XRP Technical Analysis
XRP smashed below the 50 and 200 EMAs and is currently resting below the 200 EMA. Bearish sentiments spread around the market.
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After an excellent yearly performance, XRP witnessed a profit booking from a month ago. XRP gives a negative return of -38.61 in a month and -20.18 in a week. Its 24-hour volume is 2.387 Million lesser than the last 10 days average volume of 15.107 Million. current market cap of 26.615 Billion and FD market cap of 50.367 Billion.
RSI and MACD are in the bearish trajectory giving bearish views.
DOGE Technical Analysis
The DOGE crypto continues to exhibit weakness on the charts, with sellers exerting significant pressure in recent trading sessions. Furthermore, the chart structure favors the bears, and the price continues to form bearish candles, which shows the dominance of bears over bulls.
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The DOGECOIN is trading in a downtrend on the daily charts and has underperformed in the past months. Furthermore, the technical indicators continue to signal bearishness, with no signs of a bullish reversal
RSI and MACD are also in a negative trajectory giving bearish viewpoints about the crypto.
Disclaimer
This article is for educational and informational purposes only. It is not intended to be a source of financial, investment, or trading advice. Stock investing and trading involve risk. You should evaluate your own situation and risk tolerance before making any investment decisions.
