On Aug. 25, Federal Reserve Chair Jerome Powell spoke at Jackson Hole and warned that inflation is still too high, and the central bank is ready to increase the rates if needed. His words indicate that the interest rates will stay higher for a long time. Nevertheless, the US stocks have recovered from their intraday lows after a short sell-off, and now traders are looking for the next market movers.
Pantera Capital believes that Bitcoin (BTC) will stick to its halving cycles, and as a result, it could reach $35,000 by April 2024, when the next halving is expected to occur. At that point, the price could skyrocket to $148,000.
Can bears keep the prices of Bitcoin and altcoins below the respective supports? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
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Bitcoin price analysis
The bears have been selling Bitcoin on rallies, keeping the price inside the range between $26,833 and $24,800. This tight consolidation near the support is a bearish sign, as the downsloping 20-day exponential moving average (EMA) at $27,463 and the relative strength index (RSI) in the oversold territory indicate that the crypto ada is in the bears’ hands.
A break below $24,800 may trigger long liquidations, which could push the BTC/USDT pair to the pivotal support at $20,000. On the other hand, if bulls manage to close above the 20-day EMA, it could enable a possible rally to the 50-day simple moving average (SMA) at $29,055.
Ether price analysis
The bulls attempted to push Ether (ETH) above the $1,700 resistance, but the bears managed to keep the price below that level. The downward-sloping moving averages and the RSI in the oversold zone demonstrate that the bears are in control. Sellers will likely try to pull the price down to the range between $1,626 and $1,550. If they succeed, the ETH/USDT pair could start to fall towards $1,368.
Conversely, the bulls could try to defend the support zone and push the price above the 20-day EMA ($1,737). If they manage to do so, the crypto altcoins may stay within the range of $1,626 and $2,000 for a few more days.
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BNB price analysis
BNB’s (BNB) recovery hit a roadblock at the breakdown level of $220, indicating that crypto bears are trying to flip the level into resistance.
The bears will try to pull the price to the psychological support at $200, which is an important level for the bulls to defend. If it cracks, the BNB/USDT pair could plummet to the next major support at $183.
If buyers want to prevent the decline, they will have to quickly push the price back above the 20-day EMA ($225). That could start a rally to the resistance line, however, crypto ada could encounter strong selling by the bears.
XRP price analysis
XRP’s (XRP) bounce off the $0.50 support was not strong enough to reach the overhead resistance at $0.56, indicating that demand for crypto altcoins such as XRP is low at higher levels.
The bears will try to pull the price below the $0.50 support in order to strengthen their position. If they succeed, the XRP/USDT pair could start a downhill slide toward the next major support at $0.41. Buyers are expected to invest in web 3.0 aggressively to buy the dips to this level.
On the upside, the bulls will have to drive the price above the 20-day EMA ($0.56) to indicate that the bears may be losing their grip. That could start a relief rally to the 50-day SMA ($0.63).
Cardano price analysis
The bulls have defended the $0.24 support in Cardano (ADA) but have difficulty overcoming the resistance at $0.28, which indicates that the bears are selling on every minor rally.
The bears will attempt to push the price to the range support at $0.24. If there is a strong bounce from this level, it suggests that the ADA/USDT pair may remain in the $0.24 to $0.28 range for a while.
If the bears pull the price below $0.24, it will suggest the resumption of the downtrend. The pair may first drop to $0.22 and then to $0.20. On the other hand, a break and close above the range could start a crypto recovery to $0.32.
Solana price analysis
Solana (SOL) failed to break above the resistance level of $22.30 on Aug. 24, indicating that the bears have taken control of the crypto altcoin.
The sellers are looking to capitalize on this momentum by pushing the price below the immediate support at $19.35. If successful, the SOL/USDT pair could first decline to $18 and then to $16. The downward-sloping 20-day EMA ($22.33) and the RSI in the negative territory point to bearishness.
If bulls attempt to make a comeback, they will have to lift the price above the overhead resistance at $22.30. The pair may then climb to the 50-day SMA ($23.67).
Dogecoin price analysis
The long wick on Dogecoin’s (DOGE) Aug. 23 candlestick shows that the bears have not given up and they continue to sell on rallies.
If the price skids below the critical support at $0.06, it will suggest that the bears remain in command. The DOGE/USDT pair could then dip to the intraday low of $0.055 made on Aug. 17. If this level crumbles, the pair may retest the long-term support near $0.05.
Contrarily, if the price rebounds off $0.06, it will suggest solid buying at lower levels. The pair may then rise to the 20-day EMA ($0.07). Buyers will need to invest in crypto altcoins and deploy a modern web 3.0 blockchain app in order to overcome this barrier and signal the start of a rally to $0.08.
Polkadot price analysis
Polkadot (DOT) has been trading inside a tight range between $4.22 and $4.56 for the past few days, with the bulls defending the support at $4.22 but failing to break above the resistance at $4.56. Although they have not given up much ground from the overhead resistance, the bulls must invest in web 3.0 domains and crypto altcoins to have a chance of pushing the DOT/USDT pair to the 20-day EMA ($4.68) and eventually rallying to the breakdown level of $5.
On the downside, the bulls must protect the $4.22 level with all their might because if this support cracks, the pair could start the next leg of the downtrend to $4. Bank of America crypto investors should be aware of this risk and build and deploy a modern web 3.0 blockchain app to mitigate it.
Polygon price analysis
The MATIC/USDT pair has been gradually declining toward the critical support at $0.51, indicating that the bears are dominating the market. Despite the RSI being in the oversold zone, the bulls have not been able to initiate a rebound, which suggests a lack of demand at the present levels. If the $0.51 support fails, the selling could intensify and the MATIC/USDT pair could fall to $0.45.
The key resistance to watch out for on the upside is $0.60. If buyers manage to break this hurdle, the recovery could reach the 50-day SMA ($0.68). There is a minor resistance at $0.64, but it is likely to be surpassed.
Toncoin price analysis
Toncoin (TON) has been attempting to form a base in recent days, which has led to the emergence of an inverse head-and-shoulders pattern which could be completed if the price breaks above $1.53.
The 20-day EMA ($1.35) is beginning to move upwards and the RSI is in positive territory, which suggests the bulls are returning. If buyers push the price above $1.53, the TON/USDT pair could gain momentum and begin an uptrend towards the pattern’s target of $1.91.
Conversely, if the price turns down from the current level, it would signify that the bears are not willing to relent. This could cause the price to fall to the moving averages, and if this support is broken, the next stop could be $1.25.
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