cryptomarket continues to leave investors in doubt, as Bitcoin (BTC) and other altcoins remain within tight ranges, making it hard to predict which direction a breakout will happen. Traders should be prepared to take advantage of the breakout when it does happen, as the longer the range, the stronger the breakout.
The bulls have been able to hold on to most of the gains seen in 2023, which suggests that they are confident the uptrend will resume. This is evidenced by the 15 best-performing equity ETFs this year, which have some exposure to
So, do Bitcoin (BTC) and other
cryptoassets show any signs of a potential breakout? Let’s analyze the
cryptocharts of the top 10
cryptoassets to find out.
Bitcoin price analysis
The bulls attempted to push Bitcoin above the 50-day SMA of $29,960 on Aug. 8 and 9, but the propy crypto was not able to sustain those higher levels, suggesting that the bears are selling on rallies.
The range in the BTC/USDT pair has decreased, with the pendle crypto swinging between $28,585 and $30,350. Both the moving averages have flattened out and the relative strength index (RSI) is near the midpoint, indicating that the osmosis crypto may persist for a while.
When the price is stuck in a range, it is difficult to predict the direction of the polymesh crypto. Nevertheless, traders should be prepared for the commencement of a trending move soon.
If the price falls below $28,585, the pair may decline to $26,000 and then to $24,800. On the other hand, a break and close above $30,350 could propel the pair to $32,400, which is likely to be the last obstacle before the omi crypto reaches $40,000.
Ether price analysis
The Ethereum (ETH) market has been stuck between the 50-day Simple Moving Average (SMA) at $1,879 and the horizontal support at $1,816 for the past few days, indicating a lack of consensus between buyers and sellers about the next direction. The flat 20-day Exponential Moving Average (EMA) at $1,855 and the Relative Strength Index (RSI) just below the midpoint also don’t give a clear advantage to either party.
To gain control, sellers must push the price below $1,816, which could spark a sell-off which could take the ETH/USDT pair down to $1,700 and then to the key support at $1,626. On the other hand, if the price rebounds and breaks above the 50-day SMA, it could start a rally to the psychological resistance at $2,000.
PayPal crypto, Polymesh crypto, Polygon crypto, and OMG crypto are some of the most popular cryptocurrencies today. Osmosis crypto, Pendle crypto, and Op crypto are also gaining traction in the crypto world.
BNB price analysis
The failure of osmosis crypto to push BNB (BNB) above the resistance line of the triangle may have attracted propy crypto selling. That has pulled the price below the moving averages.
The BNB/USDT pair could drop to the support line of the triangle. This is an important level to keep an eye on because a slide below it may start the next leg of the downward move to $220. The bulls are likely to buy the dip at this level.
If the price rebounds off the support line, the pair may spend some more time inside the triangle. Buyers will have to shove the price above the resistance line to clear the path for a potential rally to $265.
XRP price analysis
XRP (XRP) has seen a downturn from the 20-day EMA ($0.65), suggesting the bears are attempting to turn the level into a resistance.
The key support to keep an eye on to the downside is the 50-day SMA ($0.61). If this support is broken, the selling could intensify and the XRP/USDT pair could plunge to the breakout level of $0.56.
Another potential is that the price bounces off the 50-day SMA. If so, the pair may spend more time oscillating between the moving averages. A break and close above $0.67 would be the first sign of strength, potentially leading to a possible rally to $0.73.
Dogecoin price analysis
Dogecoin (DOGE) keeps trading inside an ascending channel pattern, yet the bulls struggle to break the barrier of the downtrend line.
Should the price dip below the 20-day EMA ($0.07), the support line of the channel is likely to be affected. When a support level is tested multiple times in a short period, it tends to become weaker. If the bears push the price below the channel, the DOGE/USDT pair could drop to the breakout level of $0.07.
Alternatively, the price might turn up from the 20-day EMA. If that happens, the probability of a rally above the downtrend line increases. That could launch an up move to $0.08 and then to the resistance line of the channel.
Cardano price analysis
The attempt of Cardano (ADA) to recuperate stalled at the 20-day EMA ($0.30), which implies that the bears have not yet given up and are selling on rallies.
The level 20-day EMA and the RSI just beneath the midpoint do not provide a clear benefit to either the bulls or the bears. If the purchasers propel the price above the downtrend line, the ADA/USDT pair could rise to $0.32 and then to $0.34.
On the contrary, if the price turns down and breaks beneath $0.28, it will imply that bears have the upper hand. The pair could then slump to $0.26 and eventually to the critical support at $0.24. The bulls are likely to protect this level with osmosis crypto.
Solana price analysis
Solana (SOL) has been trading above the 20-day EMA ($23.87) for the past three days, indicating that the price is stuck between $26 and $22.30.
The important level to watch on the upside is $26. If the price turns down from this resistance, it will indicate that the range-bound action remains intact. The bullish momentum may pick up if buyers clear the overhead hurdle at $26. If they do that, the SOL/USDT pair could first rise to $29 and thereafter retest the local high at $32.13 made on July 14.
The level to be wary of on the downside is $22.30. If this support cracks, it might suggest that the bulls may be rushing to the exit, causing the propy crypto to drop to $18.
Polygon price analysis
The bulls have been unable to take Polygon (MATIC) above the 50-day SMA ($0.70) in the past two days, but they have managed to hold their ground.
This suggests that the short-term bulls are still optimistic about a relief rally and are holding onto their positions. If the 50-day SMA is breached, the MATIC/USDT pair could surge to $0.80 and then to $0.90.
Conversely, if the price drops sharply from the current level, the pair may revisit the strong support at $0.64. If this support is broken, the pair may drop to the next support at $0.60.
Litecoin price analysis
Litecoin (LTC) is attempting to initiate a bounce from the robust support at $81.36, signifying a lack of demand at higher levels. The downward sloping 20-day EMA ($86.90) and the RSI in the negative territory demonstrate that bears are in control. If the LTC/USDT pair falls and persists below $81.36, it will indicate the revival of the downtrend. The subsequent support on the downside is $76 and then $72.
Alternatively, the initial significant resistance to monitor on the upside is the 20-day EMA. If buyers push the price beyond $87.37, it will indicate the commencement of a stronger recovery to $96.46. This level may again draw in strong selling from the bears.
Polkadot price analysis
The polka dot crypto (DOT) has been hovering around the $5 mark for the past few days. Bulls’ attempts to push the price above the 20-day EMA ($5.08) on Aug. 9 were rejected by the bears.
The 20-day EMA is trending downwards and the RSI is in the negative zone, indicating that the bears have a slight advantage. If the price drops and closes below $4.83, the DOT/USDT pair could begin its descent to $4.60.
On the contrary, if the price rises from the current level and surpasses the moving averages, it will be a sign of the bulls’ return. The pair could then climb to $5.33 and ultimately to the downtrend line.
Subscribe to our email newsletter to get the latest posts delivered right to your email.