Altcoins are likely to move higher even as Bitcoin price takes a breather after hitting $50,000 for the first time in months.
Bitcoin pushed above the psychological hurdle at $50,000 for the first time since May . The sharp rally of the past few days has turned the sentiment bullish, with many expecting the resumption of the bull run.
BTC/USDT
Bitcoin has been trading inside a rising wedge pattern for the past few days. The bulls flipped the $48,000 level to support and pushed the price above the psychological level of $50,000 today. The Bitcoin/Tether (USDT) pair could now rise to the resistance line of the wedge where the bears may mount a stiff resistance. If the price turns down from this resistance, the pair could drop to the support line of the wedge.
ETH/USDT
The bears tried to stall Ether’s (ETH) advance at the overhead resistance at $3,335, but the bulls did not allow the price to endure below $3,200. This suggests that sentiment remains bullish and traders are buying on slight dips. The bulls are currently attempting to hold the price above the overhead resistance at $3,335. If they are successful, the ETH/USDT pair could resume its uptrend and rally to $3,670, and then to the psychological level at $4,000.
ADA/USDT
ADA has been in a strong uptrend for the past few days. After hesitating near the previous all-time high of $2.47.The bulls resumed the rally on the 22nd. The next target objective on the upside is the psychological barrier at $3.00. Vertical rallies are rarely sustainable, hence the ADA/USDT pair may enter a minor consolidation or correction near $3.00.
BNB/USDT
BNB broke above the overhead resistance at $433, indicating the start of a new uptrend. The bear’s attempted to pull the price back below the breakout level and trap the aggressive bulls but was unsuccessful. The bulls resumed their buying today and pushed the price above the minor resistance at $460. The BNB/USDT pair may face minor resistance at $520. If the bulls can overcome this hurdle, the next stop could be $600.
XRP/USDT
The bears tried to stall XRP’s recovery at $1.28 on Aug. 21, but the shallow correction on Aug. 22 indicates that bulls are not closing their positions in a hurry. The bulls will now try to propel the price above the overhead resistance at $1.35.If they succeed, the XRP/USDT pair could pick up momentum and rally to the next stiff resistance at $1.66.
DOGE/USDT
DOGE rebound off the breakout level at $0.29 hit a wall at $0.33 on Aug. 20. This suggests that bears have not given up and are attempting to stall the recovery. The price is currently stuck between the breakout level at $0.29 and the overhead resistance at $0.35.
