Cryptocurrency

BTC, ETH, XRP, SOL and MATIC Price Analysis for August 23


The cryptocurrency market is trying to recover after a few days of fall.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by almost 1% over the last day.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has once again bounced off the $21,000 mark, confirming buyers’ power. If the growth continues until the end of the day, there are chances to see the breakout of the recently formed local resistance level at $21,774.

Bitcoin is trading at $21,496 at press time.

ETH/USD

Ethereum (ETH) has followed the growth of Bitcoin (BTC), going up by 4.37% since yesterday.

ETH/USD chart by TradingView

Ethereum (ETH) has also made a false breakout of the vital mark of $1,600. Until the rate is above it, bulls have a chance to seize the initiative for a midterm rise. If that happens, the leading altcoin can test the nearest resistance zone at $1,700 shortly.

Ethereum is trading at $1,647 at press time.

XRP/USD

XRP is growing the least today, with a rise of 1.49%.

XRP/USD chart by TradingView

XRP is trading similar to Bitcoin (BTC) as the coin is accumulating power for a local bounceback. In addition, the selling volume has declined, which means that bears are getting weaker. If bulls can hold the $0.34 mark, the upward move might be restored.

XRP is trading at $0.3420 at press time.

SOL/USD

Solana (SOL) is not an exception to the rule, rising by 4%.

SOL/USD chart by TradingView

Solana (SOL) is about to fix above the $36 mark. Currently, one needs to pay attention to that mark as the breakout of it can lead to a sharp rise to the next level area of $37. It may happen if today’s candle closes with small or no wicks.

SOL is trading at $35.74 at press time.

MATIC/USD

MATIC is the biggest gainer today as the rate has rocketed by 4.56%.

MATIC/USD chart by TradingView

MATIC has bounced off the $0.80 mark, which means that bears are not ready for a further drop. At the moment, $0.83 plays a key role in the continued rise. If bulls can conquer it, the breakout may lead to the resistance at 0.8448 soon.

MATIC is trading at $0.8237 at press time.



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