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Altcoins Look for More Upside as BTC Consolidates — Crypto Market Daily

2020.08.17 Robbie Liu

As of 8:00 am UTC, the Bitcoin (BTC) price was trading near $11,840 — up approximately $350 as of the same time on Friday. The price hasn't changed much in the past 24 hours after peaking at $11,980 on Saturday, as per OKEx BTC Index Price. The total cryptocurrency market capitalization stabilized at around $380 billion. Meanwhile, Bitcoin's dominance has declined to below 57%, as per data from CoinGecko.

The Litecoin (LTC) price has achieved four consecutive days of gains and has now risen from $55 to $64. It is still far from the upper resistance level of $73. The price has stayed strong above the 30-hour moving average.

The Chainlink (LINK) price rallied for five straight days after testing the $12 support level on Aug. 10 — reaching an all-time high of $20 yesterday. However, we have seen some profit-taking action in recent hours, since it is down 4% today. 

EOS has risen for three days after Block.one CTO Daniel Larimer announced the further development of decentralized finance on EOSIO. It is up another 1.37% over the last 24 hours. 

TRON (TRX) is also promoting DeFi in its new ecosystem JUSTswap, which will launch in the next 24 hours. TRX is up 15%. 

Other top large-cap altcoins saw marginal changes, with Ether (ETH) down 0.06% and Bitcoin Cash (BCH) up 0.14%. 

OKEx Token Index Board as of 8:00 am UTC on 8/17. Source: OKEx

Top altcoin gainers and losers

  • ZIP/USDT +61.53%
  • OMG/USDT +60.87%
  • KCASH/USDT +38.56%
  • ROAD/USDT -6.78%
  • WGRT/USDT -16.45%
  • CRV/USDT -24.92%

Small-capitalization altcoins have taken off again in the last 24 hours. Zipper Network (ZIP) and OmiseGO (OMG) realized a huge 60%. Meanwhile, KCASH gained 38.56%. 

Due to the huge daily supply of Curve's token, CRV, its price continues to fall toward a theoretical price of $1. It is down 24.92% over the last 24 hours. 

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BTC technical analysis

The BTC price is seeing significant resistance near $12,000. We have seen divergences on the MACD indicator across multiple time frames. While Bitcoin consolidates, it could be another sweet time for altcoins. 

An intraday threshold is located at $11,650 with further support near $11,200. In the meantime traders need to pay attention to the CME gap, which is between $11,715 and $11,740. The CME Bitcoin futures price now has about $150 premium over the OKEx BTC Index price. 

Bitcoin price chart
OKEx BTC Perpetual Swap 4h chart – 8/17. Source: OKEx, TradingView

ETH technical analysis

ETH is in a consolidation phase after hitting a recent high of $445 over the weekend. However, the correction has not been big, indicating market participants still have strong buying power. ETH still has a chance to test its previous high. 

An intraday threshold sits at $416. If it breaks, it may test the lower support near $400.

Ethereum price chart
OKEx ETH Perpetual Swap 4h chart – 8/17. Source: OKEx, TradingView

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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