Price Prediction 8/1 BTC, ETH, XRP, BNB, SOL, DOGE, ADA

ADA halted its advances at a critical level a few hours ago. The 1-day chart indicates that it halted its uptrend after several days of climbing.

The altcoin is off to a rocky start this week. However, ADA trades above a critical mark and sees a notable increase in trading volume in the last 24 hours. CoinMarketCap reports a 12% increase in buying and selling.

The global cryptocurrency market saw a similar spike, with volume exceeding 23%. However, there was no significant change during this period.

Nonetheless, investors are becoming increasingly bullish about the next price action. The altcoin season index is at its highest in over two weeks, surging to a high of 37. The improvement is mostly due to Bitcoin’s latest price move, as the altcoin season index dropped.

Some altcoins are on the uptrend at the time of writing. PUMP gained over 20% in the last 24 hours as LDO chases behind with an 8% increase.

Fundamentals are positive on Monday as the institutions resume accumulation. Other assets continue recovery, reclaiming lost levels. However, more attention revolves around the cryptocurrencies in the top 10. Let’s see how they’ll perform.

BTC/USD

Bitcoin made a massive leap a few hours ago. It started Monday at $119,312 and rose to a high of $12,312. The hike marked its first breakout above $120k in almost three weeks, and its first above $122k in a month.

The apex coin failed to sustain the momentum and retraced. It is currently trading slightly above its opening price. Investors fear another bearish close as the asset is yet to halt its gradual descent.

Nonetheless, its latest price action comes after a bullish end to the previous week. The buyers may be showing signs of exhaustion following the almost 48-hour boost. 

The moving average convergence divergence suggests that the latest price drop may be short-lived. It displayed a bullish crossover on the 1-day chart. It’s also worth noting that the relative strength index is at 61, revealing that the buying side is not currently overheating. 

BTC currently trades above the 23% fib level. The apex coin may drop below this mark if the downtrend continues. It trended close to $116k for an extended period last week. It may repeat this trend. Nonetheless, with MACD’s reading in focus, the largest coin may attain a new all-time high this week.

ETH/USD

Ethereum prints a red candle at the time of writing. However, it prints a doji as the asset previously surged to a high of $4,361 but retraced to a low of $4,165. The altcoin continues the previous day’s trend that ended with the same outcome.

Nonetheless, like ADA, it trades above a critical level. The cryptocurrency held on to $4,160 over the last 48 hours as the bulls attempted $4,400.

The relative strength index is at 71, indicating that the altcoin is overbought at the time of writing. Nonetheless, the metric is slightly declining as selling pressure increases. 

RSI suggests that the asset is due for correction. Its recent candles suggest that the downtrend may be unfolding, and ETH will slip below $4k in the coming days. 

XRP/USD

A red candle on Monday will mark the fourth day of consecutive declines. It peaked at $3.33 earlier but failed to sustain the uptick, resulting in a plummet below its opening price.

The moving average convergence divergence shows the 12-EMA trending close to the 26-EMA at the time of writing. It is worth noting that the trend extends to day three. Nonetheless, the relative strength index shows the reason for this movement. The metric is dropping, indicating that the altcoin in seeing a gradual increase in selling pressure.

Both indicators reveal no impending trend reversal. The fibonacci retracement shows the altcoin struggling above the 38% mark. It will slip below the mark if the selloff continues.

BNB/USD

Binance coin had another massive leap a few hours ago, surging to a high of $827. However, it is worth noting that the asset dropped to a low of $792.

The 1-day chart reveals that it’s been on the uptrend since last Wednesday. Its massive surge may cool down, pausing before resuming. The latest candle suggests that this is the case as the asset faced rejections at a critical mark.

The fibonacci retracement levels point to an impending drop to the 38% mark at $774. Nonetheless, previous price movements suggest that there is a slight demand concentration around $780.

SOL/USD

SOL is seeing significant losses like ADA. It opened trading at $182 and peaked at $186. However, it trades over 3% lower than it opened the day.

The asset approaches the 38% fib level but shows signs of an impending rebound. If this happens, it may surge above $180. However,  MACD displays an ongoing bearish convergence. It indicates that the decline may continue.

The drop in RSI reinforces predictions of further declines. However, further descent will see it lose the highlighted fib mark. It may drop to a low of $168 if the downtrend persists.

DOGE/USD

DOGE is one of the worst-hit coins in the top 10. It’s traded almost 8% down from its opening price. Like ADA, its downtrend enters day 2 as selloffs continue. 

However, the moving average convergence divergence indicates that the declines will extend. The 12-EMA is closing its gap with the 26-EMA as it nears a bearish crossover. RSI is at 54, down 6 points from its readings on Saturday.

The asset trades at $0.227, slightly higher than its low. Previous price movement reveals notable demand concentration around $0.220. Further decline may bounce off this mark. However, it risks dropping to $0.208 once it loses the level.

ADA/USD

The ADA downtrend entered day 2, and it is more severe than the previous day’s. The altcoin retraced from its previous high of $0.833, and trades at $0.78 at the time of writing.

The moving average convergence divergence shows the 12-EMA trending close to the 26-EMA following a bearish crossing.. Nonetheless, the relative strength index explains the reason for this movement. The metric is dropping, indicating that the altcoin in seeing a gradual increase in selling pressure.

Previous price movements point to $0.76 as the next price mark if the declines continue.

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