August 25 BTC, ETH, XRP, BCH, LINK, LTC, BSV, CRO, BNB and ADA Price Analysis
The Corona virus outbreak forced people to change various social behavioral habits. In addition to maintaining social distance from each other, people also avoid using banknotes, coins or cards as they can transmit COVID-19.
A new report from the Bank for International Settlements suggests that social distancing procedures and “state-to-person payment schemes” are accelerating efforts to launch central bank digital currencies (CBDCs). The report shows that public interest in CBDCs in 2020 exceeded that of Bitcoin (BTC) and Libra.
However, CBDCs will be a digital version of fiat currencies that will only be controlled by central banks. So, issues that are currently plaguing the US dollar will affect even the digital version of the dollar.
Therefore, once people become familiar with CBDCs and realize their ease of use, it is likely that they will warm up to cryptocurrencies because of their inherent advantages over fiat currencies.
Despite its numerous advantages, Bitcoin continues to receive criticism from its opponents. Ryanair CEO Micheal O’Leary painted a very downward picture of Bitcoin and said it was “equivalent to a pyramid scheme”. This indicates that a few institutional investors are still wary of cryptocurrencies, but individual traders are also quick to adopt the new asset class.
BTC / USD
The Bulls defend the 20-day exponential moving average ($ 11,589), which is a positive sign as it indicates that sentiment is on the rise. Bitcoin could now rise to the $ 12,113.50 resistance.
The 20-day EMA is gradually rising and the relative strength index is in the positive zone. This shows that the path of least resistance is up.
If the bulls can push the price above the $ 12,113.50 – $ 12,460 resistance zone, the uptrend is likely to continue with the next target of $ 13,000 and then $ 14,000.
However, the bulls are unlikely to give up without a fight. Again, they will show a stiff resistance at $ 12,113.50. If the BTC / USD rate falls from this zone, it is possible for the price to drop to $ 11,000 and then to $ 10,400.
ETH / USD
Ethereum (ETH) fell below the 20-day EMA ($ 394) for three consecutive days from August 21 to 23, but the bears were unable to concentrate the sale and push the price to $ 366. This indicates that the bulls are accumulating at a lower level.
Currently, the bulls are trying to push the ETH / USD pair above the $ 415,634 resistance. If they are successful, a retest at $ 446,479 is likely. A break at this level will signal the resumption of an uptrend with the next target of $ 480 followed by $ 516.11.
However, if the pair breaks down from $ 415,634 or $ 446,479, several-day price range action is possible.
The flat 20-day EMA and the RSI just above the midpoint also suggest a few days of consolidation. If the bears break the price below the critical support to $ 366, the trend will turn negative.
XRP / USD
XRP currently ranges from $ 0.326113 to $ 0.268478. The 20-day EMA ($ 0.285) has flattened and the RSI is just above the midpoint, indicating a balance between demand and supply.
If they can push the price above $ 0.326113, this balance will shift in favor of the bulls. Above this level, a rally to $ 0.346727 and then to $ 0.40 is possible.
However, if the pair breaks down from $ 0.326113, it will extend its stay within the range for a few more days.
If the XRP / USD pair breaks below the $ 0.268478 support, the advantage will shift in favor of the bears. If this level is broken, the price is likely to fall to $ 0.24.
BCH / USD
The bulls managed to maintain the $ 280 breakout level that suggested buying the dips. They will now try to push Bitcoin Cash (BCH) to the overall resistance of $ 326.30. Bears will likely defend this level aggressively.
If the price drops below $ 326.30, the BCH / USD rate may remain tied to the price range for a few more days.
However, if the bulls can push the price above $ 326.30, a rally to $ 353 is possible. Breaking this resistance could lead to an uptrend to $ 400.
This view will be invalid if the pair breaks and remains below the $ 280 support. The next target on the downside is $ 260 followed by $ 245.
LINK / USD
The LINK / USD pair is currently trading above the 20-day EMA ($ 14.43), gradually rising and the RSI in the positive zone. This points to a slight advantage in favor of the bulls.
If the bulls can push the price above $ 16, the pair could gain momentum and rise to $ 17.6738. A break at this level could result in a retest of $ 20.1111.
Contrary to this assumption, if the pair falls below $ 16, the bears will again try to push the price below the 20-day EMA. If they are successful, there is a high probability that the price will drop to $ 12.89.
LTC / USD
Litecoin (LTC) fell below the 20-day EMA ($ 59.54) on August 22 and 23, but the bears were unable to sustain the lower levels, indicating that the bulls were accumulating in the bearish.
Currently, the LTC / USD pair is bouncing off the 20-day EMA and the bulls will try to push the price above the $ 65,1573 – $ 68,9008 resistance zone. If they are successful, the uptrend will likely continue and the next target will be $ 80.
The moving averages are rising and the RSI is also in the positive territory, suggesting the bulls have an advantage.
If the pair breaks down from the general resistance and breaks below the $ 57.7736 support, this view will be invalid.
BSV / USD
Bitcoin SV (BSV) broke the $ 200 support on August 21, completing the descending triangle pattern. The model target for this setup is $ 142.
The 20-day EMA ($ 209) is falling and the RSI is in the negative zone, indicating that the bears are getting the upper hand. If the bears defend the $ 200 breakout level, the BSV / USD rate will likely drop to $ 160.
However, if the bulls can pull the price back above $ 200 and the 20-day EMA, it will be possible for the triangle to move into the downtrend line. A break above this resistance will change the advantage in favor of the bulls.
CRO / USD
Crypto.com Coin (CRO) is out of the 20-day EMA ($ 0.165) and the bulls will now try to push the price above the $ 0.176596 resistance. If they are successful, the uptrend will continue.
The first target on the upside is $ 0.191101 and if this level is scaled, the next target is $ 0.20. The 20-day EMA is gradually rising and the RSI is in the positive zone, indicating that the path of least resistance is up.
This bullish outlook will be invalidated if the CRO / USD pair breaks down from overall resistance and falls below the 20-day EMA. Such a movement will show that momentum is weakening. A break below $ 0.154322 could initiate a deeper correction.
You May Be Interested In : What is Yearn Finance ? Yfı coin
BNB / USD
Binance Coin (BNB) fell below the 20-day EMA ($ 22.16) for three consecutive days between August 21-23, but the bears were unable to lower the price below the $ 21.7628 support. This shows that the bulls are aggressively defending this support.
The bulls are currently trying to do a relaxation rally. If they can push the price above $ 22.93, a transition to $ 24.4588 is possible. If this level is scaled as well, the upward movement can go up to $ 27.1905.
Contrary to this assumption, if the BNB / USD rate drops from $ 22.93, the bears will once again try and maintain the price below $ 21.7628. If they succeed, the price is likely to fall to the 50-day simple moving average ($ 20.26).
ADA / USD
Cardano (ADA) fell sharply below the $ 0.13 support on August 21, indicating a possible change in trend. The 20-day EMA ($ 0.132) has begun to decline and the RSI is in the negative territory, giving the bears an advantage.
The initial target on the downside is $ 0.11, and if this breaks down, it is possible for the price to drop to $ 0.10.
However, the bulls are unlikely to give up without a fight. They will try to push the price above $ 0.13 and the 20-day EMA.
If they are successful, it will indicate strong demand at lower levels, but if the price falls from general resistance, the bearish trend is likely to continue.