Price Analysis 8/10: BTC, ETH, XRP, BNB, SOL

ETH was on the front page for most of the previous week. It attained a new milestone following a recovery from a short decline.

The coin continued upward on Sunday, hitting a new high for the year. Additionally, data from CoinMarketCap reveals that ETH had a significant spike in trading volume over the last seven days. 

Aside from Ethereum, other assets registered notable increases. The global cryptocurrency market cap recovered from the losses it had the previous week, gaining almost 7%. It is also worth noting that it attained a new all-time high during this period.

The relative strength index indicates a significant spike in buying pressure. It currently sits at 66 on the 1-week chart and maintains a similar reading on the 1-day scale.

Investors have resumed asking questions about altseason following the notable rise in ETH’s price. CoinMarketCap’s altcoin season index is rising again. It is at 37, after dropping to 37 a few days ago.

Nonetheless, several altcoins saw massive increases in the last seven days. AERO resumed its uptrend after several days of downtrends. It rebounded from a low of $0.71 on Tuesday and has since gained almost 70%

A look at the top 10 largest coins shows that several had notable increases this week. Let’s take a closer look.

BTC/USD

Bitcoin edges closer to another bullish day. It broke above $119k for the first time in over ten days. Although the apex coin trades slightly lower than its high, it may end the day with a gain of almost 2%.

Nonetheless, the apex coin had its most bullish performance on Tuesday. It surged from $114,280 to a high of $117,675. BTC ended the session with gains exceeding 2%. The small increases see the asset slowly erase the losses it had last week, as it’s up by almost 4% on the 1-week scale.

However, indicators are printing new signals following the largest coin’s move. The relative strength index shows that it saw a gradual rise in buying pressure amid several attempts at selloffs. The metric rose more than 10 points over the last seven days and is trending at 59.

MACD’s 12-EMA is currently in contact with the 26-EMA and is billed for a bullish crossover in the coming days. 

Nonetheless, the fibonacci retracement shows that the apex coin is grappling with notable selling congestion around the 23% mark. Price trends over the last fourteen days point to several failed attempts at breaking it. They also indicate that prices linger around this level before a major move.

ETH/USD

Ethereum is printing its first doji after four days of consecutive increases. It had a good start to the seven-day session, gaining over 6% on Monday. 

ETH continued climbing after a brief pause in its uptrend on Tuesday. One of the biggest events happened on Friday when it broke above $4k for the first time in eight months. The surge sparked jubilation from investors, and the altcoin rose higher in the next days.

The asset had another significant move on Saturday. It surged to a high of $4,326 and closed with gains exceeding 6%. The apex altcoin is currently grappling with slight selling congestion.

RSI is above 70 at the time of writing. It saw a slight decline in the last 24 hours, and the relative strength index may drop further. Nonetheless, the moving average convergence divergence displayed a bullish crossover a few days ago. 

XRP/USD

XRP is printing a red candle at the time of writing. It opened Sunday at $3.22 and retraced to a low of $3.15. It is down by almost 2% since the day started. However, XRP had a good start to the session, rising by over 4% on Monday.

Nonetheless, it is on the verge of registering its third consecutive day of declines. It has been on the downtrend since its massive surge on Thursday. It surged from $2.96 to a high of $3.33 and ended the session with gains exceeding 11%.

MACD reveals that the altcoin is at a crossroads. The 12-EMA was on the verge of intercepting the 26-EMA in a bullish convergence, but failed as the coin lost momentum. Both EMAs have since trended close to each other. Additionally, the relative strength index is at 55 after peaking at 61 a few days ago. 

The fibonacci retracement level indicates that the altcoin grappled with notable selling pressure around the 23% mark. It is on the downtrend and edging closer to testing the 38% level at $3.08. 

BNB/USD

A look at the 1-day chart shows that Binance coin saw massive price increases like ETH. Nonetheless, it is yet to register any red candle following its recovery on Wednesday.

One of its biggest increases happened on Thursday when it opened trading at $769 and surged to a high of $789. It closed the session with gains exceeding 2%. It is worth noting that it dropped on Thursday but rebounded and ended the session with a similar increase.

The 1-week chart shows that the altcoin is up by over 6% in the last seven days. Nonetheless, it is yet to fully erase the losses it had last week.

Indicators are gradually flipping bullish following price actions during this period. MACD shows an ongoing positive convergence with the 12-EMA edging closer to intercepting the 26-EMA. The relative strength also reveals a gradual rise in buying volume.

SOL/USD

The 1-day chart shows that SOL had a similar movement to ETH. It saw notable price improvements over the last five days. It rose to a high of $186 a few hours ago but retraced and trades slightly lower at the time of writing.

It had notable increases on Thursday, surging from $168 to a high of $175. SOL ended the session with gains exceeding 4%. The 1-week chart shows that the asset is up by over 13% in the last seven days. 

Indicators are gradually flipping bullish following price actions during this period. MACD shows an ongoing positive divergence with the 12-EMA creating more distance from the 26-EMA. The relative strength also reveals a gradual rise in buying volume.

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