The price outlook for Bitcoin, Ethereum, IOTA

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Cryptocurrency Market Cap Rises To $ 2 Trillion As Bitcoin And Ethereum Prices Rise To Crucial Levels

The top two cryptocurrencies by market cap started the week on a roll, hitting new multi-month highs despite negative news about the crypto tax in the United States. the Bitcoin the price went from a weekly low of $ 40,506 to a high of $ 46,586, according to data from CoinGecko.

Meanwhile, Ethereum broke the $ 3,000 mark after the successful implementation of the London hard fork. The price of ETH hit highs of $ 3,265 as positive market sentiment triggered similar gains for most altcoins.

IOTA the price also saw a decent rebound, going above $ 1.00 to hit nearly two-month highs at $ 1.10.

Moonrock Capital Managing Director Simon Dedic said BTC and ETH are both gearing up for new benefits after a retest of critical support levels. This should also see other altcoins facing buying pressure to continue to rise.

$ BTC and $ ETH retrace and test the previous resistance as new support.

Now is the time to charge before getting on.

– Simon Dedic (@scoinaldo) August 12, 2021

Here’s a brief price outlook for Bitcoin, Ethereum, and IOTA for the weekend.

BTC price

BTC / USD daily chart. Source: TradingView

BTC / USD formed a green candle on the daily chart after a formation of Doji caused a retracement towards the $ 43,700 area. The bulls are currently attempting to break through the $ 46,300 barrier and success would bring horizontal resistance into play at $ 48,858. The main targets for bulls are in the $ 50,000 area, but moves in the $ 53,000 to $ 55,000 area are potential targets over the next few days.

On the downside, the 20EMA ($ 41,732) and 50EMA ($ 39,063) offer robust support levels.

ETH price

ETH / USD daily chart. Source: TradingView

ETH / USD has retested the price point of $ 2,915, but is now looking to take a new step after registering more than 5% gains in the last 24 hours. Crypto analyst Il Capo suggests ETH could peak at $ 3,500 if BTC approaches $ 50,000.

On the downside, it put supports about $ 2.5,000. The chart below shows that the 20 EMA ($ 2,785) and 50EMA ($ 2,521) offer support if the bulls fail to clear $ 3,300.

IOTA price

IOTA / USD daily chart. Source: TradingView

The price of IOTA is in an uptrend and the indecision seen on Thursday appears to be resolving in favor of the bulls. The RSI is looking to break into overbought territory, while the 20 EMAs and 50 EMAs have formed a golden cross.

The bulls have approached $ 1.20 which is achievable if the bullish momentum keeps the price above $ 1.00. If the market turns negative, the moving averages offer solid support at around $ 0.92.


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