Technical Analysis on August 14: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, HYPE, XLM

Bitcoin (BTC) has surged above the 122,000 USD mark during Wednesday's trading session, indicating that the bulls are still maintaining strong pressure. The continuous testing of the resistance zone often weakens this "shield," thereby opening up opportunities for BTC to conquer the historical peak of 123,218 USD.

Not only BTC, Ether (ETH) is also accelerating, approaching the record of 4,868 USD after jumping to 4,733 USD. The market sentiment analysis platform Santiment stated on X that ETH could completely break through to new highs, as most retail traders are still skeptical about this upward trend. History shows that prices often move "against" the expectations of this group of investors.

In a recent report, Standard Chartered noted that strong cash flow from companies holding ETH and ETF funds, combined with the growth rate of stablecoin usage, is laying a solid foundation for the outlook of ETH. The bank has raised its ETH price forecast for 2025 to 7,500 USD, nearly double the previous forecast of 4,000 USD.

Will BTC break its historical peak and pave the way for a new breakout wave of altcoins? Let's analyze the price charts of the top 10 cryptocurrencies to find the answer.

Technical Analysis of BTC

Buyers continue to push BTC close to the historical peak of 123,218 USD, indicating strong buying power at each small correction.

BTC/USDT daily chart | Source: TradingViewThe 20-day simple moving average (SMA) is nearly flat at 116.957 USD reflecting a state of supply-demand balance, but the relative strength index (RSI) above 65 indicates positive momentum. This increases the likelihood of a breakout above 123.218 USD. If successful, the BTC/USDT pair could rise to the zone of 135,000 USD.

The bears are gradually running out of time. They need to quickly pull the price below the 50-day SMA (114.682 USD) to weaken the bullish momentum. If this scenario occurs, the price of Bitcoin could drop to 110,530 USD.

Technical Analysis of ETH

ETH has extended its rally above the 4,700 USD mark during Wednesday's trading session, indicating that buying demand remains strong.

ETH/USDT daily chart | Source: TradingViewThe bears will try to defend the zone 4.868 USD, which could trigger a correction or short-term accumulation. The RSI indicator is in the overbought zone also implies that the uptrend may slow down temporarily. If this happens, the ETH/USDT pair may retreat to 4.350 USD, even down to the breakdown level of 4.094 USD.

On the contrary, if buyers break through the 4,868 USD zone, the price of ETH could soar to the psychological level of 5,000 USD and further to 5,662 USD.

Technical Analysis of XRP

XRP surged from the 20-day SMA (3.11 USD) on Tuesday, but the bulls are still struggling to maintain the high price.

Daily XRP/USDT Chart | Source: TradingViewThe 20-day SMA is flat and the RSI is just above the neutral level, indicating that neither the bulls nor the bears have taken control. If the price breaks above 3.40 USD, the XRP/USDT pair could advance to 3.66 USD.

Conversely, if the price falls below the 20-day SMA line, it signals that the bears are regaining an advantage. At that point, the price of XRP could drop to the 50-day SMA line (2.85 USD), an area expected to attract buying pressure. The short-term trend turns negative if the price breaks below 2.72 USD.

Technical Analysis of BNB

BNB has recovered in a V shape from the level of 730 USD on August 3, indicating strong buying power in the low price zone.

BNB/USDT Daily Chart | Source: TradingViewThe BNB/USDT pair has risen close to the resistance level of 861 USD, where the bears are applying significant pressure. If the price corrects from 861 USD but bounces back from the 20-day SMA at (794 USD), it indicates a buying trend during the correction. At that point, the likelihood of breaking through 861 USD will be higher, opening up the opportunity to move towards 900 USD, and even 1,000 USD.

The first weakening signal is when the price breaks and closes below the 20-day SMA, indicating profit-taking at the high zone. At that time, the price of BNB could drop sharply to the strong support at 732 USD.

Technical Analysis of SOL

Solana surged strongly from the 20-day SMA (176 USD) and broke through the resistance at 185 USD during Tuesday's session.

Daily SOL/USDT chart | Source: TradingViewThe SOL/USDT pair has approached the resistance zone of 209 USD on Wednesday, but the long candle wick indicates that bears are still defending this price level. The price of Solana may retreat to support at 185 USD, where buying pressure is expected to emerge.

If the price strongly rebounds from the 185 USD mark, the bulls will again try to push the price above 209 USD. Success would pave the way for a rise to 240 USD.

Conversely, if the price breaks and closes below 185 USD, the market may form a trading range from 155 USD to 209 USD.

Technical Analysis of DOGE

Dogecoin has been stuck in a wide range from 0.14 USD to 0.29 USD for the past few months.

DOGE/USDT daily chart | Source: TradingViewThe price bounced off the 20-day SMA (0.22 USD) on Tuesday, indicating that the bulls are trying to take control of the market. The level of 0.25 USD will be the nearest resistance, and if surpassed, the DOGE/USDT pair could advance to 0.29 USD. The bears are likely to fiercely defend 0.29 USD, as a close above this level could trigger a strong rally up to 0.44 USD.

On the downward side, the first support is located at the 20-day SMA, followed by the 50-day SMA (0,20 USD). If it breaks below the 50-day SMA, the price of Dogecoin could drop deeply to 0.18 USD.

Technical Analysis of ADA

Cardano (ADA) has surged sharply from the 20-day SMA (0.77 USD) on Tuesday, indicating strong buying power in the low price zone.

ADA/USDT daily chart | Source: TradingViewThe bulls are trying to keep the price above the resistance level of 0.86 USD. If successful, the ADA/USDT pair may advance to 0.94 USD and then to 1.02 USD.

The first weakening signal will appear if the price breaks and closes below the 20-day SMA line. At that time, the price of Cardano may fall to the 50-day SMA line (, 0.72 USD ). This is a crucial level for the bulls to defend, as a break and close below the 50-day SMA line could shift the advantage to the bears.

Technical Analysis of LINK

Chainlink (LINK) is gradually heading towards the zone of 27 USD, reflecting strong buying power from the bulls.

Daily chart of LINK/USDT | Source: TradingViewHowever, the bears are likely to exert significant pressure in the resistance zone of 26 – 27 USD. If the price reverses from this zone, the LINK/USDT pair could plummet to 20.84 USD. It is expected that buying pressure will emerge to protect the level of 20.84 USD, as a breach of this mark could cause Chainlink's price to drop further to 18 USD.

On the contrary, if the bulls break through the resistance at 27 USD, the uptrend may continue and the price could potentially extend the rally to 31 USD.

Technical Analysis of HYPE

Hyperliquid (HYPE) is currently stuck between the moving averages and the support line of the ascending channel model.

HYPE/USDT daily chart | Source: TradingViewThe moving averages are flat along with the RSI slightly above the neutral level, indicating that neither side has a clear advantage. If the bulls successfully close above the support line, the HYPE/USDT pair may break out to 50 USD. The bears may try to halt the rally at this level, but if the bulls prevail, the rally could extend to the resistance line of the price channel near 64 USD.

This positive scenario will be invalidated in the short term if the price reverses and breaks below the moving averages. At that point, the price of Hyperliquid could fall to 36 USD.

Technical Analysis of XLM

Stellar (XLM) continues to receive support at the 20-day SMA ( 0.42 USD), reflecting positive sentiment in the market.

Daily XLM/USDT Chart | Source: TradingViewThe 20-day SMA is moving sideways, but the RSI is in the bullish zone, indicating momentum is leaning towards the bulls. If the bulls push the price above 0.47 USD, the XLM/USDT pair could accelerate to 0.52 USD. Notably, the Stellar price will complete a bullish inverse head and shoulders pattern if it closes above 0.52 USD.

On the contrary, the bears will need to quickly push the price below the 20-day SMA to regain an advantage. If successful, this currency pair could plummet to the 61.8% Fibonacci retracement level at 0.34 USD.

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