We report the traditional weekly crypto market analysis based on the contribution by Aayush Jindal (Cryptonews.com). The analysis was made on August 21.
After trading close to $ 11,550, bitcoin price started forming a support base. In the past few hours, there was a decent increase above 11,700 and 11,800. BTC is likely to continue higher, but there is a major hurdle waiting near 11,950 and 12,000.
A successful close above the 12,000 is a must for a fresh increase towards 12,200 and 12,500. If not, the price might move down in a range and revisit the 11,550 support in the near term.
Ethereum price is forming strong support above $ 400 and it is currently recovering higher. ETH is up +2% and it is trading above 410. An initial resistance is near 416, but the main resistance is near 420. A proper break above 420 might initiate a steady rise. If the bulls fail near 420, the price might decline again. The key support on the downside is near 402 and 400.
Bitcoin cash price is up close to 3% and it is trading above $ 295. Immediate resistance is near 300. A daily close above the 300 resistance is likely to open the doors for a fresh upward move. The next key resistance is near 320, above which the price might surge towards 345.
Chainlink (LINK) failed to recover above the $ 16.00 and $ 16.20 resistance levels. The price is now approaching the main 15.00 support region. If there is a bearish close below 15.00, it could generate a red flag for the bulls in the short term. The next major support could be 14.20.
XRP price is back above $ 0.290, but is struggling to gain bullish momentum above 0.292. The first crucial resistance is near 0.295, but the main resistance is still near 0.300. If the price climbs above 0.300, it could restart its uptrend. If not, there is a risk of another drop towards 0.280.
In the past three sessions, many small altcoins rallied over 20%, including OMG, ZRX, AMPL, FXC, LRC, SNT, QTUM, LSK, BAL, ICX, BAT and CRO. Out of these, OMG extended its rally for the second day in a row and it climbed above the $ 6.50 resistance.