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BTC, ADA and LTC Price Analysis for August 23


u.today 23 August 2021 12:15, UTC
Reading time: ~2 m

The new week has begun with the continued rise of the market as most of the assets remain green. Solana (SOL) is the exception to the rule, decreasing by 4%.

Top coins by CoinMarketCap

BTC/USD

At the end of last week, the Bitcoin price consolidated in a sideways range with the support at $48,500. On Sunday, the bears managed to pierce this support level several times. But the Bitcoin (BTC) price did not fall below $48,000, immediately returning to the sideways corridor.

BTC/USD chart by TradingView

Buyers formed a bullish impulse tonight, which broke through the psychological level of $50,000 and, in the morning, marked a new August high of $50,438.

This summer, the price of BTC returned above $50,000 for the first time. This week, the growth may continue to the area of $51,500. Along with this, an increase in sales is to be expected soon. This might lead to a reversal of the pair in a pullback and a decline in price to the support of $48,000.

Bitcoin is trading at $50,256 at press time.

ADA/USD

Cardano (ADA) is the biggest gainer from today's list, going up by almost 8% since yesterday.

ADA/USD chart by TradingView

Cardano (ADA) keeps rising after setting a new peak on the daily chart. The trading volume is going down, which means that traders are accumulating power for a possible further price rise.

Now, the more likely price action is trading in the range around $2.72 before a rise to the psychological level of $3.

Cardano is trading at $2.82 at press time.

LTC/USD

The rate of Litecoin (LTC) is almost unchanged since yesterday. The price rise has accounted for only +0.53%.

LTC/USD chart by TradingView

Litecoin (LTC) has absorbed the fall from the local low at $162, which confirms the bulls' power. If the daily candle closes near the resistance at $189, one may consider a breakout and rise to the closest level at $200. The low buying trading volume supports this bullish mood.

Litecoin is trading at $189.10 at press time.


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