Bitcoin, Cardano and Solana Price Analysis: 16 August

Bitcoin, Cardano and Solana Price Analysis: 16 August

Bitcoin rested above the $47K mark on the back of a 1.8% increase since yesterday, while ADA depicted a minor decline of 0.2% as it continued to trade above $2. Lastly, Solana rallied 36.2% and was pictured amongst the top 10 gainers in the industry, after it observed a sharp spike in its circulating supply along with a noteworthy recovery in its Sharpe Ratio.

Bitcoin (BTC)

Bitcoin, at $47,892, has been trading comfortably above its support line of $46,197 over the last few trading sessions. If the coin manages to keep trading above the aforementioned support level, it could soon touch the $48,196 resistance level.

Technicals for BTC however, emanated mixed signals. Awesome Oscillator observed the onset of green signal bars implying bullish price movement. Bollinger Bands converged, indicating a decline in market volatility.

Conversely, MACD displayed red bar on the histogram, and also noted a bearish divergence with respect to BTC’s prices, which further suggested that prices could possibly dip. In case of a retracement, BTC would fall to the $46,197 support line.

Cardano (ADA)

ADA declined by a minute 0.2%, as prices stood at $2.14. After a breakout from the $1.96 level, ADA continued to sustain itself above that price level. The four-hour chart of ADA however, remained bearish in nature.

All technical indicators of the asset have displayed bearish divergence on the chart, a reading that implied a corrective price pullback for ADA. A fall from the current price level would result in it trading near the support line of $1.96.

On the 4-hour chart, MACD displayed red bars on the histogram. Red signal bars also showed above the half-line on the Awesome Oscillator.

Relative Strength Index fell from the overbought zone, however, it noted a gentle uptick implying buying strength in the market. An upward movement of ADA could push the coin to test the $2.25 resistance mark.

Solana (SOL)

With a staggering 36.7% surge over the last 24 hours, SOL was amongst the top ten gainers in the market. The coin was priced at $61.41. The psychological resistance level for SOL stood at $65 and sustained buying pressure would push SOL towards the aforementioned level.

Awesome Oscillator noted strengthened green signal bars which meant that prices were bullish, correspondingly, MACD also observed growing green bars on the histogram.

Relative Strength Index shot above the overbought zone as buying pressure saw a sharp spike, however, chances of a price pullback could possibly be expected.

SOL had touched these abovementioned price levels before, on 16 May, when it was valued at $58, after which it fell to $52.44. In case of a retreat in prices from $61.41, SOL could land up on the $55.85 support line.

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