Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Rakesh Upadhyay 1 hour ago Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

After Aug. 10’s neutral CPI print, Bitcoin and altcoins are attempting to flip stiff overhead resistance levels to support in order to prepare for the next leg up.

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The Aug. 10 Consumer Price Index (CPI) report shows year-over-year inflation rose 8.5% in July and while this figure is below economists’ expectations of 8.7%, it is still high. Although inflation remains much higher than the Federal Reserve’s 2% target, the marginal slowdown raises hopes that the rate hikes by the Federal Reserve have started to work. That has reduced the probability of a 75 basis point rate hike in the September meeting from 68% on Aug. 9 to 37.5%, according to CME group data.

Risky assets, including the cryptocurrency markets, responded positively to the CPI print. Compared to Bitcoin (BTC), the altcoins are enjoying a stronger rally. This has pulled Bitcoin’s dominance near its yearly lows while Ether (ETH) has climbed near its yearly high.

Daily cryptocurrency market performance. Source: Coin360

According to CoinShares data, Ether-related products have seen inflows of $159 million in the past seven weeks. This indicates that Ether seems to be garnering attention from institutional investors in anticipation of the Merge, which is scheduled for Sept. 19.

Could Bitcoin and altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

cointelegraph.com