BTC, ETH, XRP, ADA and BNB Price Analysis for August 3
The cryptocurrency market has started to rise after a few days of correction, turning most of the coins back into the green zone.
The rate of Bitcoin (BTC) has risen by 1.35% over the last day.
On the daily chart, Bitcoin (BTC) has bounced off the $23,000 mark once again, which means that bulls are not ready to give up so easily. At the moment, the price is stuck in a narrow range against a declining volume. However, if buyers can come back to the $24,000 zone, the rise may continue to $25,000 until the end of the month.
Bitcoin is trading at $23,285 at press time.
Ethereum (ETH) is gaining more than Bitcoin (BTC), going up by 1.66%.
From the technical point of view, Ethereum (ETH) is trading similar to BTC as bulls can hold the $1,600 mark. Despite today’s rise, the leading altcoin might not have accumulated enough power for a further mid-term rise.
In this case, sideways trading in the range of $1,600-$1,700 is the more likely scenario for the next days.
Ethereum is trading at $1,657 at press time.
XRP is an exception to the rule, with a price change of -0.19%.
XRP is neither bullish nor bearish as the altcoin has not gathered enough strength yet. A further rise is possible only if the price fixes above the important mark of $0.40. The low volume also confirms the weakness of buyers and sellers.
XRP is trading at $0.3720 at press time.
Binance Coin (BNB) is the biggest gainer from the list today, rocketing by 4.21%.
Binance coin (BNB) is again on the way to testing the $300 mark after a false breakout of $280. If buyers can hold the initiative until the end of the day, there are high chances to see a rise to the $320 zone shortly.
Binance Coin is trading at $294.9 at press time.
Cardano (ADA) could not show such a rise as BNB, going up by only 1.88%.
Despite such a slight rise, Cardano (ADA) was able to break the $0.50 mark and is currently trading above it. If the daily candle closes above that mark, the upward move may continue to the nearest resistance level at $0.5457.
ADA is trading at $0.5085 at press time.