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BTC, ETH, XRP, ADA, and EOS Price Analysis for 02/08

Which altcoin can resist the correction that was started by Bitcoin (BTC)?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market are facing a correction as the majority of the coins are following the drop of Bitcoin (BTC) after it reached the $12,000 mark. However, Ethereum (ETH) and XRP continue to trade in the green.

Top 10 coins by CoinMarketCap
Top 10 Coins by CoinMarketCap

Below are the key statistics for Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and EOS:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$207,669,876,035 $11,256.32 $30,134,223,033 -3.31%

Ethereum

ETH

$42,119,075,300 $376.02 $18,819,816,965 5.58%

XRP

XRP

$13,281,033,514 $0.296038 $4,852,488,881 10.51%

Cardano

ADA

$3,544,597,575 $0.136714 $500,563,876 -2.56%

EOS

EOS

$2,824,316,442 $3.02 $3,553,670,988 -5.18%

BTC/USD 

Bitcoin (BTC) touched the $12,000 mark; however, it could not fix at that price and dropped to the $10,500 mark. Currently, the leading crypto is trading around the $11,300 mark.

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BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the daily chart, Bitcoin (BTC) is about to enter a correction phase after rising from $9,000. The bears have shown their strength and have not allowed BTC fix above $12,000.

👉 MUST READ Bitcoin (BTC) Price Analysis for July 31related article image

The selling volume remains high, which means that the bears are not going away. In case the buyers cannot maintain the $11,000 level, then the next stop may be $10,000 before a further rise occurs.

At press time, Bitcoin was trading at $11,265.

ETH/USD 

Even though Ethereum (ETH) is growing faster than Bitcoin (BTC), it is still located in the bullish wave from the previous 24 hours. 

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Ethereum (ETH) has entered a correction phase after settling down at the local peak of $400, which has been the all-time high for 2020. The decline stopped to a certain extent; however, there is not enough liquidity to maintain growth. Respectively, the bears may continue to push the price of altcoin down to $310.

At press time, Ethereum was trading at $363.10.

XRP/USD 

XRP is another exception to the rule. It has not just stayed in the green but has risen 10% since yesterday. Meanwhile, its rate has increased by +26.58% since last week.

XRP/USD chart by TradingView
XRP/USD Chart by TradingView

Looking at the weekly chart, XRP has confirmed a long-term bullish trend; however, it failed to fix above $0.30 for the first time. This is why the most likely scenario is a retest of the support level at $0.2414 by the end of summer, followed by continuous growth to the $0.3468 mark by the end of the year.

At press time, XRP was trading at $0.2787.

ADA/USD 

Cardano (ADA) has not shown any growth since last week. Moreover, its rate has significantly dropped by almost 10%.

ADA/USD chart by TradingView
ADA/USD Chart by TradingView

Looking at the daily chart, Cardano (ADA) is showing signs of weakness as the bulls are out of 'fuel' to maintain growth. A bearish divergence has also formed, which confirms pressure from sellers. The closest area where buyers may resist is at the $0.1280 mark, which might be attained by the end of August.

At press time, Cardano was trading at $0.1336.

EOS/USD 

EOS is following the trend of Bitcoin (BTC) today. The price of the altcoin has declined by 8.20% since yesterday.

EOS/USD chart by TradingView
EOS/USD Chart by TradingView

Buyers could not push the rate of EOS to $3.5, and the bears have seized on the initiative as a short-term prospect. At the moment, there is nothing to worry about as the long-term trend remains bullish. EOS may continue to decrease to the $2.83 mark in order to obtain liquidity for a continuous rise.

At press time, EOS was trading at $2.94 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com