Technical Analysis on August 12: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE

Bitcoin (BTC) broke through the 122,000 USD mark on August 11, but the long candle wick on the chart indicates that the bears are still determined to defend at the ATH of 123,218 USD. Nevertheless, if the bulls hold their ground and do not lose too much advantage, BTC is still on track towards a new high.

The heat from Bitcoin is further strengthened as institutional capital flows back strongly. On August 13 alone, Bitcoin ETF funds recorded a net inflow of 91.55 million USD. This figure continued to explode on the 14th and 15th of August, reaching 280.69 million USD and 403.88 million USD, respectively, according to data from SoSoValue.

Optimistic sentiment spreads throughout the cryptocurrency market, pulling many altcoins up sharply, led by Ether (ETH) at a price of 4,227 USD.

Notably, Arthur Hayes – co-founder of BitMEX – who just sold 2,373 ETH at a price of around 3,507 USD a few days ago, quickly bought it all back at a much higher level, around 4,150 USD, according to a post on X.

Will BTC have enough strength to break through the historical peak? And will altcoin continue to flourish following in Bitcoin's footsteps? Let's explore the charts of the top 10 cryptocurrencies to find the answers.

Technical Analysis of SPX

The S&P 500 (SPX) index dropped below the 20-day simple moving average (SMA) at the level of 6,331 on August 1, but the bulls quickly reclaimed this level on August 4.

SPX daily chart | Source: TradingViewThe bulls will try to extend the uptrend by pushing the price above 6,427. If successful, the index could break out to 6,500 and further to 6,696.

The first weak signal will appear when the price breaks and closes below the 20-day SMA line, indicating profit-taking pressure at high price levels. At that point, the index may retreat to the breakout level of 6,147. Bulls are expected to strongly defend this level, as breaking below 6,147 could indicate that the market has reached a short-term peak.

Technical Analysis of DXY

The USD index (DXY) is seeking support near moving average lines, but the long candle wick in the session on August 11 indicates that the bears are still selling when the price rebounds.

Daily DXY chart | Source: TradingViewIf the price drops below 97.94, bears will look to pull the index down to 97.10. The area from 96.37 – 97.10 is expected to see strong buying pressure, as breaking through this zone could lead the index to drop further down to 95.

On the bullish side, bulls need to push the price above 99.32 to signal that bears are losing their advantage. At that point, the index may advance to 100.54 and then to 102, where strong resistance is expected.

Technical Analysis of BTC

BTC broke the downtrend line on August 10, and the bulls continued the upward momentum on August 11, pushing the price up to 122,335 USD.

BTC/USDT daily chart | Source: TradingViewThe bears are defending at the historical peak of 123.218 USD, but the positive signal is that the bulls are still maintaining pressure. This increases the likelihood of breaking the 123.218 USD mark. If this scenario occurs, the BTC/USDT pair could break towards 135,000 USD.

The first sign of weakness will appear if the price breaks and closes below the 20-day SMA line at (116.795 USD), indicating the possibility of forming an accumulation zone. At that point, the price of Bitcoin may fluctuate within the range of 111.920 – 123.218 USD for a period of time. A short-term reversal trend will form when the price drops below 110.530 USD.

Technical Analysis of ETH

ETH accelerated after surpassing 3,745 USD on August 8, and continued to break the resistance level of 4,094 USD on August 10.

Daily ETH/USDT Chart | Source: TradingViewThe bears are unlikely to give up easily and will try to pull the price back below 4,094 USD. If successful, the ETH/USDT pair could drop to the 20-day SMA at (3.793 USD). A strong bounce from the 20-day SMA would indicate positive sentiment, opening the opportunity to continue rising towards 4,868 USD.

The bears will gain an advantage if they pull the price of ETH below the 20-day SMA. A short-term trend reversal signal will appear when the price loses support at 3,350 USD.

Technical Analysis of XRP

XRP has surged from 2.90 USD on August 6 and exceeded the 20-day SMA of (3.10 USD) on August 8.

XRP/USDT Daily Chart | Source: TradingViewThe bears have stopped the upward momentum at 3.38 USD on August 9, but the positive signal is that the bulls have not allowed the price to drop below the 20-day SMA. If the price surpasses 3.38 USD, the XRP/USDT pair could advance to 3.66 USD. The bears are expected to defend fiercely at this level, but if the bulls take over, the upward trend could extend to 4 USD and then 4.50 USD.

On the contrary, if the price continues to decline and breaks below the 20-day SMA, it indicates that the bears are still strong in the high price zone. At that point, XRP could drop to the 50-day SMA at (2.81 USD).

Technical Analysis of BNB

BNB has maintained above 794 USD for the past two days, but the bulls are still struggling to hold the price above 815 USD.

![](https://img-cdn.gateio.im/webp-social/moments-5e8e79df0f148c05183a0b2788dd9526.webp01 The daily BNB/USDT chart | Source: TradingView The upward moving averages and the RSI indicator in the positive zone indicate that the bulls are still in control. If the price bounces up from 794 USD and surpasses 828 USD, the BNB/USDT pair may rise to 861 USD.

On the contrary, if the price reverses and breaks below the 20-day SMA line at )785 USD(, this indicates profit-taking pressure at high price levels. At that point, BNB could drop significantly to the strong support level of 732 USD, where buying pressure is expected.

Technical analysis of SOL

The price of Solana )SOL( has broken through the simple moving average )SMA( of 20 days at 176 USD on Saturday, approaching the upper resistance zone at 185 USD.

![])https://img-cdn.gateio.im/webp-social/moments-9f56571e3d3b34f19123443932892e32.webp(SOL/USDT daily chart | Source: TradingViewBulls will try to push the price above the 185 USD mark to gain an advantage. If successful, the SOL/USDT pair could rise to 195 USD and then to 209 USD. However, bears are expected to defend strongly at the 209 USD level.

On the contrary, if the price breaks below the 20-day SMA line, this indicates that the bears are fiercely defending the 185 USD level. At that point, the price of Solana could retreat to the 50-day SMA line at 166 USD and further down to the strong support area at 155 USD.

Technical Analysis of DOGE

Dogecoin )DOGE( has surpassed the 20-day SMA ) at 0.22 USD( on Friday, but the bulls are struggling to push the price to the 0.26 USD mark.

![])https://img-cdn.gateio.im/webp-social/moments-6a22a01a1529506350d9e4ceb0b610c3.webp(Daily DOGE/USDT chart | Source: TradingViewIf the price reverses and falls below the 20-day SMA, the DOGE/USDT pair may drop to the 50-day SMA )0.20 USD(. This scenario indicates the market may enter an accumulation phase within the range of 0.25 – 0.19 USD for a while.

If the price bounces off the 20-day SMA and breaks through the 0.25 USD level, DOGE could accelerate to 0.29 USD. Conversely, if it breaks below the 0.19 USD level, the price could drop to 0.16 USD and even 0.14 USD.

Technical Analysis of ADA

Cardano )ADA( has crossed the 20-day SMA )0.77 USD( on Friday, indicating that buying pressure is returning.

![])https://img-cdn.gateio.im/webp-social/moments-a3e8eb7a5a4aa941a3dc7e85d2e43ffc.webp(Daily ADA/USDT Chart | Source: TradingViewThe bears tried to push the price below the 20-day SMA on Sunday, but the bulls still held their ground. The bounce from the 20-day SMA on Monday faced profit-taking pressure as the price rose higher. If the price breaks and closes below the 20-day SMA, the bullish momentum will weaken, and the price of Cardano may retreat to the 50-day SMA at )0.71 USD(.

On the contrary, if buyers can push the ADA/USDT pair above the 0.86 USD mark, the bullish trend will be reinforced, opening up opportunities to reach 0.94 USD.

Technical analysis of HYPE

Hyperliquid )HYPE( has surged in the past few days, showing strong buying activity in the lower price ranges.

![])https://img-cdn.gateio.im/webp-social/moments-c639560bebd0e7b9251fe09623168c17.webp(HYPE/USDT Daily Chart | Source: TradingViewThe HYPE/USDT pair is currently witnessing a fierce struggle between the bulls and bears at the support line of the ascending channel pattern. If the price reverses down from this support line, HYPE may correct towards the moving averages. A bounce from the moving averages will increase the likelihood of the price breaking through to 50 USD and then to 62.50 USD.

On the contrary, if the price breaks and closes below the moving averages, this will indicate that the bears are trying to take control, at which point the price may drop to 35.50 USD.

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