Price Prediction 08/03: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), BNB, Cardano (ADA)
From Bitcoin (BTC), Ethereum (ETH) to Dogecoin (DOGE), and Tether, there are many different cryptocurrencies, which can make your precious first experience of entering the crypto market a remarkable one. To help you up to some instincts to get your bearings, these are some of the top cryptocurrencies from the top-10 and their technical analysis.
In this article, you will get to know about the technical analysis and the present condition of the market by effects of the War between Russia and Ukraine. The cryptocurrency market is well known for its highly volatile nature. The ongoing war between Russia and Ukraine is drastically affecting the trades in both the crypto and stock markets. The rising price of Crude and Gold is skyrocketing with each passing day.
Bitcoin is still faltering for stability at an intraday low near $37,000 today. According to various experts and crypto analysts, the ongoing war between Russia and Ukraine has introduced new and condemning volatility to the crypto market. Bitcoin is facing the consequences of Russia’s invasion of Ukraine as volatility increases, and investors’ worries are directly proportional to the volatility of the crypto market. Well, It’s never too late to gain stability, and Bitcoin never disappointed its investors. The world crypto market has to gain some stability in order to achieve new highs in the near future.
The daily cryptocurrency market performance chart was blood red signifying the bleeding market on Monday’s trading session. However, as the traders are aware of the high volatility factor, you can see some signs of recovery by different cryptocurrencies over the distribution chart. The green blocks signal a wave of calmness to the investors and a strong message that it’s just a matter of time to recover for the whole crypto market, despite the negative facts of the ongoing war in Europe slaughtering investors’ hopes. The crypto market stands still and rigid for the recovery and implicates good old intraday trading sessions.
Let us now move on to the chart analysis (Technical Analysis) of Bitcoin (BTC), Ethereum (ETH), XRP, BNB, and Cardano. By reading this article, you will learn about various chart patterns, the market capitalization and circulation volume of these coins, and price prediction.
BTC/USD Chart Analysis
Bitcoin price is trading below the neckline of head and shoulders pattern over the weekly chart. The trading signs are weak, and traders are worried about the trade due to the present war situations in Europe. Bitcoin is presently trading at $38,270, and the 24-hour lowest hit is $37,179, and the highest hit is $39,545. Bitcoin price is trading below 20 and 50 Simple Moving Average if 20 SMA line cut the 50 downwards, a slight fall could be observed in further trading sessions. However, BTC is recovering and has gained 0.16% in the intraday trading session. The market cap value of Bitcoin is $725.92B, and the volume to market cap ratio is 0.03953.
Bitcoin is in a slight recovery phase and trying to recover; however, the investors are still afraid of the volatility due to the Russian Invasion in Ukraine. The war scenario and news are testing the temperaments of investors currently.
Bitfinex Trading Team Comment Over Bitcoin
“Bitcoin has declined to a one-week low amid continued concern over Russia’s invasion of Ukraine and a possible ban on Russian oil imports. Those voicing skepticism over the performance of the cryptocurrency market might be better advised to take a longer-term view, given an inflating US dollar and the actions of governments to block bank accounts and payments. The trajectory of Bitcoin over the last 10 years, from being the preserve of a small band of technologists to an asset traded by institutional investors, demonstrates there is now significant liquidity and market interest to continue to support the long-term price appreciation of the currency. Regardless of its price direction over the coming days, we remain bullish on the currency, driven by the continued adoption of Bitcoin as the base layer of an alternative financial system.”
ETH/USD Chart Analysis
The Ethereum network came a long way to become the 2nd largest crypto asset after Bitcoin. Ethereum is introducing its update for its users named Ethereum 2.0, and ETH is ready to level up the performance and experience for its users.
ETH Coin is presently CMP at $2516 and has lost up to 0.93% of its market capitalization in the last 24-hour. The token is sustaining upwards the neckline of the head and shoulder pattern it went through over the past few weeks’ trading sessions. Ethereum has been bearish and in a downtrend for the past few weeks. However, the token is trying to sustain and trade under a downward sloping line over the weekly chart. ETH coin needs a breakout either way.
Source: ETH/USD by TradingView
Ethereum coin’s market capitalization stands at $297.26B. The 24-hour lowest hit is $2480, and the highest hit is $2572 by ETH Coin. The ongoing war in Europe affects the market of Ethereum, and the Russian-born Vitalik has also put many allegations on Putin regarding war.
XRP/USD Chart Analysis:
We have discussed earlier all about the “Ripple Lawsuit”. Let us now focus on the current trading conditions of XRP coins for short and long-term scenarios. XRP Coin’s price is presently CMP at $0.72 and has lost up to 3.00% of its market capitalization in the last 24-hour. XRP Coin is consolidating below a downward sloping line over the daily chart. The token needs to attract more buyers in order to escape from the consolidation phase. The 24-hour highest hit by XRP is at $0.73, and the lowest hit is at $0.71.
XRP needs to recover through the consolidation phase, and bulls need to sustain at the sloping line in the intraday trading session. In contrast, the trading volume is below average and needs to grow in favour of investors to break out of the downward sloping line over the daily chart.
BNB/USD Chart Analysis
Binance coin is a cryptocurrency issued by the Binance exchange and has the symbol BNB. This coin is limited to 200 million BNB tokens and runs on the Ethereum blockchain using the standard ERC 20 protocol.
The Binance currency is expected to help the Binance exchange and its ecosystem run more smoothly. It supports a variety of services on the Binance exchange, including trading fees, exchange fees, listing costs, and any other fees. The Binance coin has received backing from a number of collaborations, which has aided in its adoption.
Binance has launched “Bifinity” as its official fiat-to-crypto payments provider.
Bifinity, a payments technology firm backed by Binance, connects businesses, merchants, and millions of users to the world of cryptocurrency and blockchain. Bifinity’s user-friendly APIs can help merchants get their businesses crypto-ready and accept crypto payments. Consumers will also have easier access to more user-friendly crypto buy-sell services and entry points.
BNB Coin is presently CMP at $385.6 and has gained up to 3.48% of its market capitalization in the last 24-hour period. Binance Coin is sideways over the weekly chart. BNB coin’s highest hit in the previous 24-hour is $387, whereas the lowest is $376. The ease of buying and selling of BNB adds a crucial role in the increased trade in BNB coins. BNB investors are waiting for a much bigger opportunity to lead the coin to the long-term goal of $1000. BNB Coin is trading sideways under a downward sloping line and again moving ahead to retest again at the neckline. Bulls need to sustain at this level for the coin to completely move out of the consolidation phase under the downward sloping zone. However, the trading volume is below average, which signifies BNB needs to attract the buyers to act completely bullish. The low buyer’s influence is again an effect of the ongoing war between Russia and Ukraine.
ADA/USD Chart Analysis
Cardano uses “proof of stake” (PoS) instead of proof of work(PoW), improving its sustainability as compared to other crypto ecosystems. Cardano is said to be one of the most successful crypto ecosystems or crypto assets in the near future. The Experts even recommend investing in Cardano because of its unique and, at the same time, unified way of providing sustainability to the cryptocurrency ecosystems. Cardano’s Proof of Stack, ADA, and energy-saving approaches in the crypto industry are gaining a lot of attention.
Cardano is a very promising blockchain platform regarding transparency, security, scalability, and robustness.
ADA Coin is presently CMP at $0.80 and has lost up to 1.19% of its market capitalization in the last 24-hour. ADA has been bearish for a long time, and it’s falling in a decreasing wedge pattern. ADA Coin’s trading volume over the weekly chart seems pretty low, which means traders are off the radar. ADA needs to attract more buyers to escape dropping from a downward wedge. ADA price highest hit in last 24-hour is $0.81, and lowest hit is $0.78. The token needs to attract more buyers to recover until a respectable resistance level. Bulls may aim for $1.00 as their primary resistance level in the long run.
The crypto market is highly volatile and involves risks, but those who overcome are the winners. The traders have been waiting for the opportunity to trade rigorously for a long time.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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