Technical Analysis on August 21: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, HYPE, XLM

Bitcoin (BTC) is trading around the level of 114,204 USD, attempting to bounce back from the key support zone near 112,000 USD. However, higher price levels are likely to continue facing take profit pressure. According to data from Farside Investors, the weakening of BTC has led to a net outflow of 523.3 million USD from Bitcoin ETFs in America on Tuesday, reflecting the increasingly cautious sentiment of institutions.

Santiment stated on X that the drop of BTC below 113,000 USD has triggered the strongest wave of pessimism on social media since June 22. This analytics firm also noted that retail investors are shifting towards a bearish trend, but paradoxically, this could be a positive signal for those who are patient, as the market often moves contrary to the expectations of the majority.

The deep decline of BTC has also spread to many altcoins, putting pressure on general sentiment. Google Trends data shows that the global search level for the phrase "alt season" has dropped to 45 on Tuesday, a sharp decrease from the peak of 100 recorded on August 13.

The question now is: what are the important support and resistance zones of BTC and the leading altcoins? Let's analyze the charts of the top 10 cryptocurrencies to find the answer.

Technical analysis of BTC

BTC has broken through the neckline of the inverted head and shoulders pattern on Tuesday and retreated close to strong support at 112,000 USD.

BTC/USDT daily chart | Source: TradingViewThe bulls will try to fiercely defend the zone 110,530 – 112,000 USD. If the price bounces back from this zone, the BTC/USDT pair may recover to the 20-day EMA line at 116,687 USD. A candle close above the 20-day EMA will signal sideways movement within the range of 110,530 – 124,474 USD.

On the contrary, if the price is rejected at the 20-day EMA and breaks through 110,530 USD, it means that the bears are selling strongly at the bounce back points. At that point, Bitcoin could plunge to 105,000 USD, even down to the psychological level of 100,000 USD.

Technical Analysis of ETH

Ether (ETH) has bounced back from the breakout level of 4.094 USD, indicating that the bulls are trying to turn this level into support.

ETH/USDT daily chart | Source: TradingViewIf successful, the ETH/USDT pair could target 4,576 USD, followed by 4,788 USD. Bears are expected to defend fiercely in the 4,788 – 4,868 USD zone, but if bulls gain the upper hand, ETH price could break out to 5,000 USD, then further to 5,662 USD.

On the contrary, if ETH reverses and drops sharply below 4,094 USD, it signals that the bulls are selling off. This scenario could pull the price back to the 50-day SMA at 3,593 USD.

Technical Analysis of XRP

XRP (XRP) has turned around from the 20-day EMA (3.07 USD) and has fallen below the 50-day SMA (2.97 USD) on Tuesday.

XRP/USDT daily chart | Source: TradingViewThe bears will try to pull the price down to strong support at 2.73 USD. The bulls are likely to defend aggressively at this level, as a close below 2.73 USD would open the door to 2.20 USD.

The first positive signal will appear when the price surpasses and closes above the 20-day EMA line, indicating a weakening of selling pressure. At that point, the XRP/USDT pair may move towards the downtrend line – which will be a significant barrier. The bulls need to break through this threshold to confirm that the correction phase has ended.

Technical Analysis of BNB

BNB (BNB) has been rejected at resistance 861 USD but still maintains support at the 20-day EMA (813 USD).

BNB/USDT daily chart | Source: TradingViewIf the bulls push the price above the resistance zone of 861 – 869 USD, the BNB/USDT pair may break out to the psychological level of 1,000 USD.

Conversely, the positive scenario will become invalid if the price breaks below the 20-day EMA line. At that point, BNB may retreat to 794 USD, and then further to the 50-day SMA line at (757 USD). This suggests the possibility that BNB will move sideways within a wide range of 732 – 861 USD for a period of time.

Technical Analysis of SOL

Solana (SOL) has fallen below the 20-day EMA (181 USD) and touched the 50-day SMA (173 USD) on Tuesday.

SOL/USDT daily chart | Source: TradingViewThe bulls are trying to keep the price above the 20-day EMA. If successful, the SOL/USDT pair may once again aim for resistance above 210 USD. The bears are expected to defend strongly at this level, but if the bulls gain the upper hand, the price of Solana could accelerate towards 240 USD.

On the contrary, if the price breaks down and closes below the 50-day SMA, the SOL/USDT pair may retreat to strong support at 155 USD.

Technical Analysis of DOGE

Dogecoin (DOGE) has dropped to an important support at 0.21 USD, where bulls are expected to step in.

DOGE/USDT daily chart | Source: TradingViewIf the price bounces back strongly from 0.21 USD and exceeds the 20-day EMA at 0.22 USD, it indicates that DOGE may form a short-term trading range. At that point, the DOGE/USDT pair could move within the zone of 0.21 – 0.26 USD.

On the contrary, if the price breaks through 0.21 USD, the bears will take control. The price of Dogecoin could drop to 0.19 USD, or even down to 0.16 USD. This means the trading zone of 0.14 – 0.29 USD will return.

Technical Analysis of ADA

Cardano (ADA) sharply turned down on Tuesday, falling to the 20-day EMA at (0.84 USD), indicating that the bulls are gradually losing control.

Daily ADA/USDT Chart | Source: TradingViewThe 20-day EMA line is an important short-term support level to watch, as if the closing price falls below this level, the ADA/USDT pair could drop to the 50-day SMA (0.77 USD). A deeper correction could delay the next bullish phase.

On the contrary, if the price bounces back strongly from the 20-day EMA, it reflects a positive sentiment. At that point, the bulls will attempt to push the price of Cardano close to the resistance of 1.02 USD. If it breaks through and closes above this level, ADA could extend its rally to 1.17 USD.

Technical Analysis LINK

Chainlink (LINK) has retraced from the resistance zone of 27 USD, but the bulls are not giving much space to the bears.

Daily chart of LINK/USDT | Source: TradingViewCurrently, the bulls are continuing their efforts to push the price above the resistance level of 27 USD. If successful, the LINK/USDT pair may enter a new upward phase, targeting 31 USD and then 36 USD.

On the contrary, if the price of Chainlink sharply reverses down from 27 USD and pierces through the 23.36 USD mark, it indicates that the bulls are rushing to take profit. At that point, the price may retreat to the 20-day EMA (21.86 USD), where strong buying power from the bulls is expected to be attracted.

Technical Analysis of HYPE

Hyperliquid (HYPE) has sharply fallen below the moving averages on Tuesday, indicating that the bears continue to maintain pressure.

Daily chart of HYPE/USDT | Source: TradingViewThe bulls will try to push the price back above the moving averages, but are expected to face strong resistance from the bears. If the price reverses and drops from this zone, the HYPE/USDT pair could fall to 36 USD.

To strengthen their position, the bulls need to push and maintain the price above the moving averages. At that point, the Hyperliquid price may advance towards the resistance level of 50 USD.

Technical Analysis of XLM

Stellar (XLM) is witnessing a fierce struggle between the bulls and bears around the 50-day SMA (0.39 USD).

Daily XLM/USDT Chart | Source: TradingViewThe 20-day EMA (0.41 USD) is starting to show a downward trend, while the relative strength index (RSI) is in the negative zone, indicating a slight advantage for the bears. If the price remains below the 50-day SMA, the XLM/USDT pair could plummet to 0.36 USD. This is a crucial level that the bulls need to defend, as a breach could risk Stellar's price dropping further to 0.29 USD.

The first strength signal will appear if the price breaks and closes above the 20-day EMA line. In this scenario, XLM could bounce back to 0.47 USD, before moving further to 0.52 USD.

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