• Market Cap: $1,094,236,421,388.38
  • 24h Vol: $34,913,660,568.07
  • BTC Dominance: 47.33%

Bitcoin and Ethereum Stuck in a Key Range, FLOW Surges Over 50%

Published: Friday, 5th August, 2022 - 12:56
  • Bitcoin price is facing resistance near USD 23,500.
  • Ethereum could rally if it clears USD 1,680, XRP eyes a test of USD 0.40.
  • The best performer today, FLOW, increased its gains to more than 50%.

Bitcoin price climbed above the USD 23,000 level and is currently (10:44 UTC) trading near USD 23,160. BTC is up over 1% in a day and down 3% in a week.

Similarly, most major altcoins are trading in a key range. ETH might clear USD 1,680 and start a stronger increase. XRP might struggle to clear the USD 0.40 resistance. ADA is trading in a range above the USD 0.50 support zone.

Total market capitalization

Source: coincodex.com

Bitcoin price

After a minor decline, bitcoin price was able to recover losses and traded above the USD 23,000 level. BTC even spiked above USD 23,200, but it is facing a strong resistance near the USD 23,500 level. A successful close above the USD 23,500 level might start a stronger increase. In this case, the price may perhaps rise towards the USD 24,500 resistance.

On the downside, an immediate support is at USD 22,800. The next major support is near the USD 22,500 zone. A close below USD 22,500 might start a sharper decline in the coming sessions.

Ethereum price

Ethereum price remained strong and settled above the USD 1,600 level. ETH even surpassed the USD 1,650 level. ETH is up almost 3% in a day and down almost 4% in a week. The bulls are now facing hurdles near the USD 1,680 level. A close above the USD 1,680 level might start a steady increase in the coming sessions. The next hurdle could be USD 1,750.

On the downside, an initial support is near the USD 1,600 level. The main breakdown support this week is near the USD 1,550 zone, below which the price might decline heavily.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is consolidating above the USD 0.50 support level. An immediate resistance is near the USD 0.52 level, above which the price might rise towards the USD 0.55 level.

BNB is up 7%, and there was a move above the USD 320 resistance. The price is now approaching the USD 325 resistance, above which it could rise towards the USD 335 level.

Solana (SOL) was able to surpass the USD 40 resistance. It is now trading in a range and might rise towards USD 42. Any more gains could open the doors for a move towards the USD 45 level.

DOGE is up over 4% and trading above the USD 0.0680 resistance zone. The main resistance on the upside is near USD 0.070, above which the price could start a steady increase.

XRP price could soon attempt an upside break above the USD 0.388 resistance. If the bulls succeed, the price may perhaps clear the USD 0.40 level.

Other altcoins market today

Many altcoins are rising steadily, including DOT, MATIC, UNI, LTC, ATOM, FLOW, ALGO, VET, MANA, XTZ, AAVE, and AXS. Out of these, FLOW rallied 56% on Meta and Instagram news and surpassed the USD 2.90 level, increasing its weekly gains to 58%, and becoming the best performer among the top 100 coins today and in the past week.  

To sum up, bitcoin price is aiming for a fresh move above the USD 23,500 resistance. If the bulls keep struggling, there might be a drop towards the USD 22,500 support.


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This post first appeared on: Crypto News

Author: Aayush Jindal
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