Price analysis 8/11: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, LINK, SOL

Bitcoin's (BTC) potent recovery and march toward the psychological level at $l,000 has improved the overall sentiment in the crypto sector. That has boosted the total crypto market capitalization to over $1.9 trillion.

Information from Glassnode shows a precipitous increment in the authorisation of Bitcoin transactions exceeding $one one thousand thousand during the past few months. The on-chain analytics house noted in a report that the transactions by the $1 meg–$10 million group surged when Bitcoin corrected to $29,000 in July. This suggests that institutional investors may have been buying, which is "adequately constructive for price."

*Daily cryptocurrency market performance. Source:* *Coin360*

Further evidence of possible institutional ownership came from CryptoQuant data, showing that Bitcoin reserves on derivatives exchanges have declined to one.256 million BTC, the everyman level since May 11. A similar drop in derivatives exchange balances was seen before the kickoff of the bull run at the end of 2022.

With signs of institutional accumulation increasing, could the bullish momentum choice up further in the side by side few days, or is information technology high time to volume profits? Let's study the charts of the meridian x cryptocurrencies to find out.

BTC/USDT

The bears have been attempting to pull the price of Bitcoin (BTC) back beneath the 200-24-hour interval unproblematic moving boilerplate (SMA) of $45,091 for the past two days, only the bulls accept held their ground.

The 20-day exponential moving average (EMA) of $41,010 has been sloping upwards and the relative strength index (RSI) is in the overbought zone, indicating that bulls are in control.

If buyers propel the cost in a higher place $46,700, the BTC/USDT pair is likely to starting time its journey toward the $50,000 to $51,500 resistance zone. The bears will try to stall the rally in this zone but if the bulls tin can overcome the challenge, the pair could rise to $60,000.

If bears pull the price back beneath the 200-day SMA, the pair could drop to the twenty-mean solar day EMA. If the price rebounds off the xx-solar day EMA, the bulls will make another endeavour to start the uptrend.

Conversely, a break below the twenty-twenty-four hours EMA could open up the doors for a refuse to the adjacent back up at $36,670. This is an important level for the bulls to defend because if information technology cracks, the bears will olfactory property an opportunity.

ETH/USDT

Ether's (ETH) stiff rebound on Aug. 9 shows that bulls flipped the $3,000 level into support. This level is probable to human action every bit a flooring on time to come declines.

The bulls are attempting to resume the uptrend on Aug. 11. The ETH/USDT pair could now rally to the $iii,4441.73 to $3,587.06 resistance zone where the bears are likely to pose a stiff challenge.

If the price turns down from this zone but rebounds off $3,000, it will suggest that bulls are ownership on dips. That will meliorate the prospects of a rally to $4,000.

Alternatively, if bears pull the price beneath the 20-day EMA ($2,712), it will suggest that the electric current breakout was a bull trap. The pair could and then drop to the 200-twenty-four hour period SMA ($2,229).

BNB/USDT

Binance Coin (BNB) rebounded off the moving averages on Aug. nine and started its upwards journeying toward the resistance of the large $211.70–$433 range. The bears are likely to defend the $433 level aggressively.

However, if bulls do not give up much ground near $433 or if they buy the dips to the 20-twenty-four hours EMA ($338), the likelihood of a break above $433 increases. If that happens, the BNB/USDT pair could rally to $520 and later to $600.

On the contrary, if the price turns down from the electric current level or the overhead resistance and breaks below $340, information technology will suggest that the range-bound action may go along for a few more than days.

ADA/USDT

The bears attempted to stall Cardano's (ADA) relief rally at the $1.50 resistance, but they could non pull the price dorsum below the xx-day EMA ($1.42). This showed that the bulls were not booking profits, every bit they anticipated the recovery to continue.

The ADA/USDT pair surged above the $1.fifty level on Aug. 10 and could now rally to the overhead resistance at $1.94. This level could concenter profit-booking, and if the price turns down from it, the bears volition endeavour to pull the cost back to $1.50.

If that happens, the pair could extend its range-bound action for a few more days. On the opposite, if bulls thrust the price above $1.94, the pair could challenge the all-time loftier at $ii.47. A breakout and close higher up this level will suggest the resumption of the uptrend.

XRP/USDT

The bulls successfully held the retest of the breakout level at $0.75 on Aug. 9 and pushed XRP back higher up the 200-day SMA ($0.lxxx). The altcoin could now rally to the downtrend line of the descending channel where the bears may mount stiff resistance.

If the toll turns down from the downtrend line but rebounds off the 20-twenty-four hours EMA ($0.75), it will indicate that bulls are ownership on dips. A breakout and shut above the descending channel volition signal a possible alter in trend.

The first target on the upside is $1.07, and if bulls push the price to a higher place this resistance, the upwards-move may accomplish $1.26. Alternatively, if the cost turns down from the electric current level or the downtrend line and breaks beneath $0.69, it volition suggest that the downtrend remains intact.

DOGE/USDT

Dogecoin (DOGE) turned downwardly from the overhead resistance at $0.29 on Aug. 8, simply the correction was curt-lived, equally the price again bounced back on Aug. 9. The bulls will now try to push the cost to a higher place the overhead resistance.

If they succeed, the DOGE/USDT pair could rally to $0.35. This level may human action every bit potent resistance, but if bulls clear this hurdle, the up-motion may reach $0.45. The 20-twenty-four hour period EMA ($0.22) has started to turn upwardly and the RSI is just below the overbought zone, suggesting that the path of least resistance is to the upside.

On the other hand, if the price turns down from $0.29, the pair could driblet to the 20-twenty-four hours EMA. If the price rebounds off this support, the bulls will make 1 more than attempt to propel the toll above $0.29. Conversely, a pause below the 20-solar day EMA could keep the pair range-spring betwixt $0.21 and $0.29 for a few days.

DOT/USDT

The bears attempted to stall Polkadot'due south (DOT) recovery at the overhead resistance at $21 for the past few days, just the bulls did not surrender much ground. This suggests that bulls are ownership on every small dip.

The ascension xx-solar day EMA ($eighteen.18) and the RSI in the overbought zone suggest that bulls are in control. If buyers sustain the price above $21, the DOT/USDT pair could showtime its journey to the overhead resistance at $26.50.

If the price turns downwardly from $26.50, the pair could drop to $21 and remain range-bound between these two levels. A breakout and shut higher up $26.50 will suggest the first of a new uptrend that may reach $31.28. The bears will have to pull the price back below $sixteen.93 to tilt the advantage in their favor.

UNI/USDT

Uniswap (UNI) turned down from the overhead resistance at $thirty on Aug. 10, simply the bears have non been able to sustain the lower levels. This suggests that bulls are buying on every modest dip.

If bulls button and close the price above $30, the UNI/USDT pair could start its northward march toward $37. A breakout of this resistance could clear the path for a retest of the all-fourth dimension high at $45.

However, the RSI is in the overbought territory which suggests that the rally could be overextended in the brusque term. That may result in a pullback to the 200-day SMA ($26). A potent bounce off this support volition propose that bulls are in command. The bears volition take to pull and sustain the toll below $23.45 to gain the upper paw.

Related: U.s. dollar downturn aids Bitcoin bulls before $50K BTC price showdown

LINK/USDT

The relief rally in Chainlink (LINK) has reached the disquisitional overhead resistance zone at $26.48 and the 200-day SMA ($27.86) where the bears are probable to pose a stiff challenge.

If the price turns downwards from this zone, the LINK/USDT pair could again drop to the twenty-day EMA ($22.37). A stiff rebound off this support will advise that the sentiment has turned positive, and the bulls will then make one more than attempt to clear the overhead hurdle.

A breakout and close above the 200-day SMA volition advise that bears have lost their grip. The pair could so rise to $32 and later on to $35.33. Conversely, a break and shut below the $22.07 back up will suggest that the bullish momentum has weakened.

SOL/USDT

The failure of the bears to sustain Solana (SOL) below $38.x on Aug. 9 attracted further buying, which has pushed the price to the overhead resistance at $44.

If bulls thrust the cost in a higher place $44, the SOL/USDT pair could rally to the psychological resistance at $50 and then retest the all-time high at $58.38. A breakout and close in a higher place this resistance volition signal the resumption of the uptrend.

The upsloping 20-twenty-four hours EMA ($35.59) and the RSI in the overbought territory suggest that bulls take the upper hand. This positive view will be invalidated if the toll turns down from the current level and breaks below the xx-24-hour interval EMA. That could pull the price downward to $32 and then to the 200-day SMA ($26.81).

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves gamble. Yous should conduct your own research when making a decision.

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