Cryptocurrency market on August 16: Bitcoin tests $ 48k, Ethereum stable

Crypto Market Aug 16 by cryptonew: Bitcoin price finds help close to $ 45,000 and begins a brand new spike. BTC broke the USD 46,000 and USD 47,000 resistance ranges and even surged above USD 48,000. Currently (04:00 UTC) earnings are consolidating and trading over $ 47,000.

Similarly, many of the massive altcoins trade within the bullish zone. ETH climbed above the USD 3,300 resistance earlier than correcting down. XRP did properly, breaking the 1.30 resistance. Also, DOGE rose above the $ 0.300 and $ 0.320 resistance ranges.

Cryptocurrency Market August 16: Bitcoin Price

After a short-term downward correction, Bitcoin price discovered help close to $ 45,650. BTC started rising once more above the USD 46,500 resistance and even broke the USD 47,000 space. Eventually there was a spike above $ 48,000 earlier than a slight downward correction. At pixel time, preliminary help is $ 47,200. The first main help is at present forming close to the $ 47,000 mark. Any additional loss might end in a price of $ 46,200.

On the flip facet, the price faces hurdles close to $ 48,000. A closing price above $ 48,000 might open the door for a transfer in direction of the $ 50,000 zone.

Cryptocurrency Market August 16: Ethereum Price

The Ethereum price stays excessive above the $ 3,100 and $ 3,120 ranges. ETH started rising once more above the $ 3,250 and $ 3,300 ranges. It traded as excessive as $ 3,340 earlier than falling barely. The bulls are at present lively close to the $ 3,250 mark. The subsequent massive help is at $ 3,200.

On the flip facet, the price might achieve momentum if it closes above $ 3,300. The subsequent main resistance is at $ 3,350, above which the price might take a look at $ 3,500.

Crypto market August 16: ADA, LTC, DOGE and XRP costs

Cardano (ADA) has settled above the USD 2.00 resistance. It even climbed steadily greater than the $ 2.10 mark. However, the bears are at present defending the $ 2.20 resistance degree. A break beneath $ 2.05 could drop beneath $ 2.00.

Litecoin (LTC) is slowly trading above the USD 180 resistance. It is struggling to beat the USD 188 resistance. The major hurdle stays at $ 200 the place the bulls could wrestle. On the flip facet, $ 175 is short-term help, adopted by $ 170.

Dogecoin (DOGE) outperformed Bitcoin, climbing above the USD 0.300 resistance. DOGE was up greater than 10% and even surpassed the $ 0.320 mark. If there are extra good points, the bulls can take a look at the $ 0.350 degree.

XRP price accelerated after stabilizing above the $ 1.00 degree. The price broke the $ 1.20 and $ 1.25 resistance ranges. It traded close to the $ 1.35 degree earlier than taking a small correction. On the draw back, the $ 1.15 and $ 1.10 ranges are main near-term help areas.

Cryptocurrency Market August 16: Other altcoin markets

Many altcoins are up greater than 5%, together with SOL, ONE, LUNA, HNT, REV, FTM, QTUM, KLAY, STX, DASH, NEO and EOS. Of these, SOL gained greater than 25% and broke the all-time excessive of $ 56.20.

Overall, the Bitcoin price rises to over $ 47,000. If BTC ranges off above $ 48,000, the bulls are possible aiming for a take a look at of $ 50,000 within the close to future.

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