BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26

Bitcoin

(BTC) is in the process of breaking down from a rising support line.

Ethereum

(ETH) has formed a double top formation.

XRP

(XRP) is potentially trading inside a symmetrical triangle. The

Verge

(XVG) is trading between support and resistance at the $0.024 and $0.0365 levels.

Polygon (MATIC) has been rejected by the resistance area at $1.66.

Dogecoin (DOGE

) is following an ascending support line.

COTI Network (COTI) has broken out of a descending parallel channel.

BTC

Bitcoin has been falling since August 23, after reaching a local peak at $50,500. It is in the process of forming a bearish engulfing candle after forming an evening star candle formation.

The ongoing decline was preceded by significant bearish divergence on MACD, RSI

and stochastic oscillators.

If the downward movement continues, the nearest support level is at $42,400. This target is the support level at the 0.382 Fib retracement and the horizontal support area.

BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26BTC chart courtesy of Tradingview

ETH

On August 13, ETH reached a local peak at $3327. After a slight decline, it reached a slightly higher level of $3377 on August 23.

However, ETH was rejected by the 0.618 Fib retracement resistance level and formed a double top formation. Moreover, this formation was coupled with bearish divergence on RSI and MACD.

If the declines continue, ETH may find support between $2345 and $2545. These are support levels at the 0.5-0.618 Fib retracements (white).

BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26 ETH chart via Tradingview

XRP

XRP broke out of the horizontal area at $1.05 on August 13 and confirmed this level as support (green icon).

It is currently consolidating

above this area and potentially trading inside a symmetrical triangle.

A sym

metrical triangle is often considered a neutral pattern. Additionally, the technical indicators are mixed. MACD is negative, but RSI has generated a hidden bullish divergence.

If a breakout occurs, the next resistance will be at the $1.65 level.

BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26 XRP chart by Tradingview

XVG

XVG has been falling since August 16, when it was rejected by the resistance area at $0.0365.

Currently, the price is trading just above support at $0.264, which is the 0.5 Fib retracement support level. However, the main support area is at the $0.024 level. This target is the 0.618 Fib retracement support level and the horizontal support area.

Currently, there are no bullish reversal signals.

BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26 XVG chart by Tradingview

MATIC

MATIC has been rising along an ascending parallel channel since July 20. It reached a peak at $1.70 on August 21.

However, it fell shortly thereafter, confirming rejection from the resistance area at $1.66. In addition to being a horizontal resistance area, it is also a resistance level at the 0.5 Fib retracement.

As a result, MATIC is breaking down from the parallel uptrend channel. If the downward movement continues, the nearest support can be found at the level of $1.16.

BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26 MATIC chart by Tradingview

DOGE

DOGE

has been declining

since reaching the peak at $0.352 on August 16. The downward movement has taken the shape of a descending parallel channel, which is usually a corrective structure.

There is a very strong convergence of support levels at the $0.255 level, formed by:

The rising support line.
Parallel channel support line.
Support level at 0.618 Fib retracement.

Therefore, a bounce would be likely if DOGE reaches this support.

BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26 <img src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/DOGEUSD_2021-08-26_10-22-51..png” alt=” width=”1561″ height=”826″ />TheDOGE chartby Tradingview

COTI

COTI had been inside a descending parallel channel since March 18. On July 20, an upward move began and the altcoin

led a breakout from the channel on August 24.

While COTI accelerated after the breakout, it was rejected by the resistance level at the 0.786 Fib retracement at $0.49.

The price then fell below the horizontal resistance area of $0.42.

Whether or not COTI manages to regain this level will likely determine the direction of the future trend.

BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26BTC, ETH, XRP, XVG, MATIC, DOGE, COTI - technical analysis for August 26COTI chart courtesy of Tradingview

For the latest analysis of Bitcoin (BTC) by BeInCrypto, click here

.

Explanation

All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information on our website is solely at the reader’s own risk.