Exploring the Differences between Web 1.0, 2.0, 3.0 and 4.0

Since April, Bitcoin has been trading within a wide range, suggesting that investors are uncertain about its future direction. On September 11, bulls managed to prevent bears from pushing the price below the range’s support. Nevertheless, Bitcoin (BTC) is still not out of danger.

Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence, told Cointelegraph that if the tightening cycle continues, combined with an increase in unemployment and more stress in the banking sector, Bitcoin could experience more pain.

Cryptocurrency traders are also being cautious. According to a Bitfinex report, the crypto sector witnessed capital outflows of $55 billion in August. The decrease in liquidity has caused isolated events to have a greater influence on market movements, the report added.

Will Bitcoin go down and test its key support? Could Bitcoin’s weakness cause a further sell-off in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

On Sept. 14, Bitcoin closed above the 20-day exponential moving average (EMA) of $26,228, indicating that the downside momentum is weakening. The 20-day EMA is flattening out and the relative strength index (RSI) is near the midpoint, suggesting that the BTC/USDT pair may stay range-bound between $24,800 and $28,143 for some time.

Should the bears want to make a comeback, they will have to quickly push the price back below the 20-day EMA. Such a move would imply that higher levels are being sold into, potentially leading to a retest of the strong support at $24,800.

Ether price analysis

Ether (ETH) dropped beneath the $1,550 support level on Sept. 11, but the bears were unable to extend the downward momentum. This signals that buying pressure is strong at lower prices.

Subsequently, the bulls started a recovery, which has reached the 20-day EMA ($1,638). This level is likely to be the battleground between the bulls and bears. A successful break and close above the 20-day EMA could trap numerous aggressive bears, resulting in a short squeeze. This could push the price of Ether up to $1,745.

On the other hand, if the price reverses direction from the 20-day EMA, it will suggest that the bears are still in control. The sellers will then make another attempt to sink the ETH/USDT pair below $1,550 and continue the bearish trend.

BNB price analysis

BNB (BNB) dipped to the $200 psychological support on Sept. 12, which shows that buyers are still present at lower levels.

The recovery has reached the 20-day EMA ($215), which is an important level to observe. If the BNB/USDT pair moves downwards from the current position, it implies that the sentiment is still bearish and traders are selling even during the rebounds. This increases the chances of a break below $200.

On the contrary, the RSI is forming a positive divergence, which suggests that the selling pressure is decreasing. An upsurge above the 20-day EMA could result in a retest of the 50-day simple moving average (SMA) at $225.

XRP price analysis

XRP (XRP) has been trading between $0.41 and $0.56 in recent days. The price has now recovered to the 20-day EMA ($0.50), an important level to keep an eye on.

If buyers can push the price past the 20-day EMA, it will signal that the selling pressure is decreasing. This could potentially spark a sustained recovery towards the resistance level of $0.56. This could once again act as a roadblock.

If the price drops from $0.56, it will indicate that the range-bound action may continue for some time. The next trending move is likely to begin after bulls break through the $0.56 barrier or bears push the XRP/USDT pair below $0.41.

Cardano price analysis

The strong selling in Cardano (ADA) caused the price to dip to $0.24 on Sept. 11, yet the bears were unable to break the crucial support.

The rebound off $0.24 on Sept. 12 reached the 20-day EMA ($0.26) on Sept. 15. This level is likely to witness a battle between the buyers and sellers. If the ADA/USDT pair declines sharply from the 20-day EMA, it will signify that every minor rise is being sold. That could increase the risk of a drop to $0.22.

On the other hand, if buyers push the price above the 20-day EMA, it will signal the start of a stronger recovery to $0.28.

Dogecoin price analysis

Dogecoin (DOGE) is trading between the 20-day EMA ($0.06) and the solid support at $0.06, which may not last long and a breakout could be imminent.

An increase above the 20-day EMA would indicate that sellers may be weakening, potentially resulting in a relief rally to the 50-day SMA ($0.07) where more selling is expected.

Conversely, if the price declines sharply from the 20-day EMA, it could lead to a break of the $0.06 support. This could cause the DOGE/USDT pair to drop to $0.055.

Solana price analysis

The price of Solana’s SOL (SOL) has been fluctuating between $14 and $27.12 for the past few months. Currently, the price is close to the 20-day EMA ($19.51), where the sellers may put up a strong resistance.

If buyers are able to drive the price above the 20-day EMA, the SOL/USDT pair could reach the resistance level at $22.30. This could be a challenge for the bulls, but if they manage to break through, the pair could climb to $27.12.

On the other hand, if the price drops from the 20-day EMA, it will indicate that demand is waning at higher levels. The bears might then attempt to continue the downward trend and push the price to the key support level at $14.

Toncoin price analysis

On Sept. 12, Toncoin (TON) recovered from the 20-day EMA ($1.75), which indicates that the bulls are taking advantage of the dips as buying opportunities.

The price rose to the first resistance at $1.98 on Sept. 13, where the bears are attempting to block the uptrend. The bulls have the slight advantage here, as they have not given up any ground to the bears, implying that they are in no rush to take profits as they anticipate the uptrend to keep going.

If the $1.98 level is broken, the TON/USDT pair could reach $2.07. This is a vital level for the bears to defend as a break above it could drive the pair to $2.40. Conversely, a slide below the 20-day EMA could shift the advantage to the bears.

Polkadot price analysis

Polkadot’s DOT (DOT) has been trading below the breakdown level of $4.22 for the past few days, which is a negative sign.

The bulls are trying to start a relief rally, but that is likely to face strong selling at $4.22. If the price turns down from the overhead resistance, it will suggest that bears remain in control. The sellers will then try to sink the DOT/USDT pair below $3.90. If they succeed, the pair could collapse to $3.44.

If bulls want to prevent the decline, they will have to push and sustain the price above $4.22. If they do that, it will suggest that the markets have rejected the breakdown. The pair may then attempt a rally to the 50-day SMA ($4.61). To understand the difference between Web 1.0, 2.0, 3.0 and 4.0, the best book to read is on Web 3.0. Cryptocurrency is an important part of Web 3.0, and the next generation of online business is advancing rapidly.

Polygon price analysis

MATIC (MATIC) fell below the key support at $0.51 on Sept. 11, but the bears could not keep up the selling pressure. Subsequently, the price began to recover and is now approaching the 20-day EMA ($0.54).

Bears will likely try to impede the recovery at the 20-day EMA and push the price below $0.50. If they succeed, it will indicate the continuation of the downtrend. The MATIC/USDT pair could then slump to $0.45.

Although the moving averages are pointing downwards, the positive divergence on the RSI suggests that the bearish momentum may be waning. If buyers manage to break through the obstacle at the 20-day EMA, the pair might climb to $0.60.