Crypto Price Analysis & Overview August 20th: Ethereum, Ripple, Cardano, Polkadot, & Solana
Ethereum
Ethereum saw a 5.4% price hike this week as the coin sits around $3200. It surged above $3200 last Friday to meet resistance near $3350, provided by a bearish .618 Fib Retracement level. Unfortunately, it could not overcome this level and ended up rolling over from there.
Throughout the week, ETH headed lower as it slipped beneath $3000 until support was found on Wednesday at $2960, provided by a .236 Fib and bolstered by the 20-day MA. It has since bounced higher from this support to break back above $3200 today.
Looking head, the first strong resistance now lies at $3350 (bearish .618 Fib). This is followed by $3540 (1.618 Fib Extension), $3600, $3790 (bearish .786 Fib), and $3880 (1.618 FIb Extension – blue).
On the other side, the first support lies at $3000 (20-day MA). This is followed by $2890 (June highs), $2800, $2720 (.382 Fib), and $2530 (.5 Fib & 100-day MA).
ETH also saw a slight retracement against BTC this week. The coin was trading inside a short-term symmetrical triangle pattern at the start of the week and ended up falling beneath the triangle on Tuesday.
It continued to trend lower but eventually found support around 0.067 BTC, provided by a .382 Fib. It rebounded from this support yesterday and is now tracking the 20-day MA level at around 0.0682 BTC.
Looking ahead, the first resistance lies at 0.0691 BTC (July high). This is followed by 0.07 BTC, 0.072 BTC (bearish .618 Fib), 0.0733 BTC (August high), and 0.075 BTC.
On the other side, the first support lies at 0.067 BTC (.382 Fib). This is followed by 0.066 BTC (100-day MA), 0.0651 BTC (.5 Fib), and 0.0645 BTC (50-day MA).
Ripple
XRP saw a solid 28.5% price hike this week as it reached as high as $1.36 earlier in the week. The cryptocurrency has been trading inside a wide ascending price channel through August and was trading at beneath $1 last Friday.
Over the weekend, XRP reached as high as $1.36 (1.618 Fib Extension & upper angle of the price channel) on Sunday. From there, XRP headed lower as the week progressed until support was found at $1.10 (.382 Fib & lower angle of price channel) on Wednesday. It has since bounced from this support and is trading at $1.25.
Looking ahead, the first strong resistance lies at $1.30. This is followed by $1.36 (1.618 Fib Extension), $1.48 (bearish .786 Fib), $1.55 (1.414 Fib Extension), and $1.62 (nearish .886 Fib).
On the other side, the first support lies at $1.20. Beneath the ascending price channel, support lies at $1.10 (.382 Fib), $1.00, and $0.928 (.618 Fib).
XRP is also performing well against BTC as it trades at the 2670 SAT resistance (bearish .5 Fib). Last Friday, it surged above the 100-day MA at 2200 SAT and continued to surge until resistance was met at 2730 SAT (1.618 Fib Extension) on Sunday.
From there, XRP headed lower in the first half of the week until support was met at 2380 SAT (.382 Fib) on Wednesday. It has since rebounded to return to the 2670 SAT resistance.
Looking ahead, the first resistance at 2670 SAT lies at 2730 SAT (1.618 Fib Extension). Above this, resistance lies at 2915 SAT (bearish .618 Fib), 3000 SAT, 3090 SAT (1.272 Fib Extension), 3200 SAT, and 3350 SAT (Feb 2020 highs)
On the other side, the first support lies at 2565 SAT (.236 Fib). This is followed by 2380 SAT (.382 Fib), 2230 SAT (.5 Fib & 100-day MA), and 2080 SAT (.618 Fib).
Cardano
ADA saw an extraordinary week as it soared by almost 38.2% to set a new ATH at $2.56 and reclaim the 3rd ranked position. The coin was trading at around $1.80 last Friday as it started to push higher over the weekend to reach $2.30.
In the first few days of the week, ADA dropped lower as it briefly dipped beneath $2.00. It quickly recovered above $2 on Wednesday and soared above $2.30 yesterday to meet resistance at $2.50 (1.414 Fib Extension – yellow).
Today, ADA pushed higher to set a new ATH at $2.56 as it met resistance at a 1.272 Fib Extension (purple).
Looking ahead, beyond $2.56, resistance lies at $2.71 (1.414 Fib Extension – purple), $2.81 (1.414 Fib Extension – blue), $2.92 (1.618 Fib Extension – purple), $3, and $3.15.
On the other side, the first support lies at $2.40. This is followed by $2.28 (.236 Fib), $2.10 (.382 Fib), and $2.00.
ADA is also performing very well against BTC as it also sets a new ATH price above 5050 SAT today. The coin broke above a descending trend line last Friday and started to surge into resistance at around 4700 SAT (bearish .886 Fib) over the weekend.
After a brief drop to 4780 SAT during the mid-week, ADA rebounded and exploded beyond 4800 SAT. Yesterday, it broke the previous ATH of 5050 SAT and continued to set a new ATH at 5400 SAT today. It is now battling resistance at 5320 SAT (1.618 Fib Extension).
Looking ahead, the first resistance above 5400 SAT lies at 5720 SAT (1.272 Fib Extension – purple). This is followed by 5800 SAT (1.618 Fib Extension), 5888 SAT (1.414 Fib Extension – purple), and 6000 SAT.
On the other side, the first support lies at 5050 SAT (previous ATH). This is followed by 4800 SAT, 4540 SAT (.382 Fib), 4280 SAT(.5 Fib), and 4000 SAT (.618 Fib & 100-day MA).
Polkadot
DOT saw a strong 35% price explosion this week as the coin reaches the 200-day MA at around $27.80. The cryptocurrency had been trading inside a narrow ascending price channel since rebounding from $13 at the end of July.
Yesterday, DOT managed to climb above resistance at $25.75 (bearish .382 Fib) and push higher to the 200-day MA for the first time since June.
Looking ahead, if the buyers can clear the 200-day MA, the first resistance lies at $30.50 (bearish .5 Fib). This is followed by $32.62 (1.272 Fib Extension), $35.30 (bearish .618 Fib), 38.66 (1.618 Fib Extension), and $40.
On the other side, the first support lies at $25.75. This is followed by $25, $24.20 (lowe angle of price channel), $22.50 (20-day MA), and $20.
DOT is also performing very well against BTC as it hits the 2020 highs today at 59,700 SAT. The coin bounced from an ascending trend line at the start of the week as it battled with the 100-day MA for a few days at around 52,700 SAT.
DOT finally penetrated the 100-day MA yesterday and continued above the 200-day MA today to reach the 2020 highs.
Looking ahead, the first resistance lies at 60,700 SAT (bearish .382 Fib). This is followed by 64,000 SAT (1.272 Fib Extension), 66,220 SAT (1.414 Fib Extension), and 68,600 SAT (bearish .5 Fib).
On the other side, the first support lies at 54,500 SAT (April low). This is followed by 52,700 SAT (100-day MA), the rising trend line, and 50,000 SAT.
Solana
SOL saw an extraordinary 74.1% price explosion this week as it soars into the top-10 ranked cryptocurrency projects. The coins as trading marginally above $40 last Friday as it started to climb higher. By Sunday, SOL managed to climb back above $50 and hit $55.
It continued to break the previous ATH at $58.47 on Monday and surged as high as $80 (new ATH) during the week. Right now, SOL is trading around $71.64 as it struggles to push past $75.15.
Looking ahead, the first resistance lies at $75.15. This is followed by $80, $87.16 (1.618 Fib Extension), $90, $96.60 (1.272 Fib Extension), and $100.
On the other side, the first support lies at $70. This is followed by $65, $58.32 (.382 Fib), $55, and $51.44 (.5 Fib).
SOL also created a new ATH around 0.0018 BTC against BTC this week. The coin surged above the 100-day MA on Sunday and cleared the previous ATH around 0.0013 BTC on Monday. From there, SOL continued to climb to set the new ATH price on Wednesday.
It has since dropped lower from the ATH but is battling to maintain support at 0.00152 BTC, provided by a .236 Fib Retracement.
Looking ahead, the first resistance lies at 0.0016 BTC (1.414 Fib Extension). This is followed by 0.00173 BTC (1.618 Fib Extension), 0.00177 BTC (ATH), 0.0019 BTC (1.272 Fib Extension – purple), and 0.002 BTC.
On the other side, the first support lies at 0.00152 BTC (.236 Fib). This is followed by 0.00136 BTC (.382 Fib), 0.0013 BTC, 0.00123 BTC (.5 Fib), and 0.0011 BTC (.618 Fib).
