Home Crypto Crypto Market Analysis Daily Crypto Review, August 18 – Crypto Fundamentals Booming: Bitcoin Above $12,000;...

Daily Crypto Review, August 18 – Crypto Fundamentals Booming: Bitcoin Above $12,000; XRP Skyrocketing to $0.315

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The cryptocurrency market made gains over the course of the day as Bitcoin broke the $12,000 mark. Bitcoin is currently trading for $12,247, which represents an increase of 3.61% on the day. Meanwhile, Ethereum gained 1.12% on the day, while XRP gained 5.14%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Flexacoin gained 27.98% on the day, making it the most prominent daily gainer. yearn.finance (26.80%) and Fetch.ai (25.97%) also did great. On the other hand, Algorand lost 14.78%, making it the most prominent daily loser. It is followed by Chainlink’s loss of 12.26% and THORChain’s drop of 10.18%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly (though it is still under the 60% mark), with its value currently at 59.64%. This value represents a 0.47% difference to the upside when compared to our last report.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a solid increase in value over the course of the day. Its current value is $384.43 billion, which represents an increase of $11.03 billion when compared to our previous report.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

Bitcoin finally broke $12,000 with confidence, after a couple of days slowly preparing for this move. The largest cryptocurrency by market cap broke out from a large ascending triangle formation and pushed up to $12,470 before falling back down slightly. However, for now, Bitcoin is safe above $12,000 even though it is moving towards the downside. It will most likely test the closest support level in the short term.

This (relatively) sudden break above $12,000 came as a result of many things, but mostly increased interest in DeFi which is making people enter the crypto space (which they do through Bitcoin) and because of institutional investors such as Pantera capital (which just recently announced raising $165 million)

BTC traders should look for a trade after Bitcoin retests its support level.

BTC/USD 4-hour Chart

Technical factors:
  • Price is above its 50-period EMA and its 21-period EMA
  • Price is slightly below its top B.B.
  • RSI is elevated (63.83)
  • Volume is decreasing (one-candle spike)
Key levels to the upside          Key levels to the downside

1: $12,000                                1: $11,630

2: $12,300                                2: $11,460

                                                 3: $11,090

Ethereum

Ethereum’s social sentiment was booming as more and more people started investing in DeFi tokens. As this happened, more and more institutional investors grabbed ETH. This made the second-largest cryptocurrency by market cap establish its place above $415 with no signs of going below it in the short future.

When talking about the past 24 hours, Ethereum made a push towards $450 (accompanied by skyrocketing volume), which it did not have the strength to complete. The move died down, and Ethereum is now consolidating at the $430 level.

Traders should look for a trade when ETH regains steady volume.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is currently above its 21-period and its 50-period EMA
  • Price is at its middle B.B.
  • RSI is neutral (52.68)
  • Volume is average (one-candle spike)
Key levels to the upside          Key levels to the downside

1: $445                                      1: $415

2: $496                                     2: $400

                                                  3: $361

Ripple

XRP made a bold move towards the upside after announcing that its company (Ripple) will focus its business model on the XRP token. As more emphasis was put on developing XRP as the main solution rather than a side solution, more investors flocked and bought XRP.

The third-largest cryptocurrency by market cap pushed past $0.31 and even $0.32, ultimately reaching $0.3275 as the top of the move. As it could not sustain itself above the $0.32 level, XRP fell below it and started a consolidation/confirmation period right between $0.31 and $0.32.

Traders can look for a trade after XRP moves towards $0.32 to break it or towards $0.31 to test the support level.

XRP/USD 4-hour Chart

Technical factors:
  • Price is currently above the 21-period and 50-period EMA
  • Price is slightly below the top B.B.
  • RSI is elevated (63.26)
  • Average volume (two-candle spike)
Key levels to the upside          Key levels to the downside

1: $0.32                                     1: $0.31  

2: $0.332                                   2: $0.285

                                                3:$0.266

 

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