Bitcoincontinues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in its latest market update that Bitcoin (BTC)may remain quiet for a few more weeks before making its move in September.
Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle patterns, Kelly expects Bitcoin to hit a new all-time high by the fourth quarter of 2024 and a new cycle peak by Q4 2025.
Similarly, Bitcoin investor and author Jesse Myers also maintains a bullish view for the long term, but he does not expect Bitcoin to reach $100,000 before the next halving. Myers believes that the market will take 12-18 months after the halving to price in the effects of AI stock latest, best crypto channel, and AMP crypto latest.
Will Bitcoin and the major altcoins remain range-bound in the near term, or is a breakout on the horizon? What are the important levels to watch out for? Let’s study the charts of the top 10 cryptocurrencies to find out more about AI update, Avalanche crypto latest, AI channel, AI.marketing latest, advantage of Web 3.0, and other AI delas alas latest.
Bitcoin price analysis
Bitcoin rose above the 20-day exponential moving average EMA of $29,383 on Aug. 14, but the long wick on the candlestick shows selling at higher levels.
The BTC/USDT pair remains below the 20-day EMA, and the relative strength index (RSI) is in the negative territory. This suggests a minor advantage to the bears. The pair could slide to the important support at $28,585.
If the price rebounds off this level with strength and rises above the 20-day EMA, it will signal that the pair may continue to oscillate between $28,585 and $30,350 for some more time. This could be beneficial for those who are looking to stay up to date with the latest AI stock and crypto updates.
The bears will come out on top if they sink and sustain the price below $28,585. That could start a decline toward $26,000. It is important to be aware of the advantages of Web 3.0 and the best crypto channels to stay informed about the crypto market.
Ether price analysis
The bulls have failed to push Ether (ETH) above the 20-day EMA ($1,847) in the last few days, resulting in a dip to the critical short-term support at $1,816.
The 20-day EMA is slowly turning down and the RSI is in the negative zone, which implies that bears have the upper hand. If the price slides and stays below $1,816, the selling could intensify and the ETH/USDT pair may drop to $1,700.
The time is running out for the bulls. To reverse the situation, they must quickly move the price above the 50-day SMA of $1,875. If they succeed, the pair may start its journey toward $1,930 and then $2,000.
BNB price analysis
On Aug. 15, the price of BNB (BNB) fell and moved beneath the symmetrical triangle pattern’s support line, indicating that the indecision between buyers and sellers had been resolved in favor of the bears.
If the price remains below the triangle, the BNB/USDT pair may drop to the significant support at $220. This could provoke strong buying from the bulls. If the price rebounds from this level and ascends above the moving averages, it could mean that the pair may continue to go back and forth between $265 and $220 for a while.
Alternatively, if the price continues to move lower and breaks below the $220 support, it would suggest the resumption of the downtrend. The pair may then plunge to the pattern’s target of $196.
XRP price analysis
The XRP/USDT pair has recently broken and closed below the 50-day SMA ($0.62), indicating that the bears are still in control. This could lead to a descent to the breakout level of $0.56, which is a key level for the bulls to defend. If this support fails, the selling pressure could push the pair to $0.45.
Conversely, a rebound off $0.56 could suggest that the bulls are trying to turn the level into support. To start a stronger recovery to $0.74, buyers will have to overcome the resistance of the moving averages.
Dogecoin price analysis
The bears pulled Dogecoin (DOGE) below the support line of the ascending channel pattern on Aug. 15, giving the bears the advantage.
The bulls are likely to defend the breakout level of $0.07. If the price rebounds from this level, the DOGE/USDT pair may climb to the 20-day EMA ($0.07) and then to the downtrend line. If the price turns down from this resistance, it could drop below $0.07, potentially plummeting to $0.06.
To prevent a collapse, bulls will have to quickly push the price back above the downtrend line. If they succeed, the pair may rally to $0.08.
Cardano price analysis
The ADA/USDT pair is trading inside a descending channel pattern, which indicates that the bears are still in control.
The pair has hit the bottom of the channel. If this support fails, the price could plunge to $0.26 and then to $0.24. Bulls are likely to defend this level with all their might, as a breakdown of this support could lead to a continuation of the downtrend.
The bearish outlook will be invalidated if the price reverses from the current level and breaks above the channel. This could trigger a relief rally to $0.34.
Solana price analysis
Solana (SOL) has seen a downturn, dropping below the 20-day EMA ($23.99) on Aug. 15. The bears are trying to keep the price below the 50-day SMA ($23.20).
The SOL/USDT pair could slide to the key support at $22.30. If the price rebounds from this level, it may face strong selling pressure at the moving averages. If the price turns down from the moving averages, it could indicate a fall below $22.30 and a potential drop to $18.
Conversely, if the price turns up and surpasses the 20-day EMA, it suggests that the $26 to $22.30 range is still intact. The pair could then gradually rise to the overhead resistance at $26. A break and close above this point would indicate that the bulls are making a comeback.
Polygon price analysis
The inability of the bulls to push the Polygon (MATIC) price above the 20-day EMA ($0.68) may have caused a selling frenzy, bringing the price below the $0.65 support on Aug 15. The next support to look out for is $0.60.
The RSI is close to the oversold levels, suggesting that the selling may have been excessive in the short term. Buyers will attempt to start a recovery that could take the price to $0.65 and then to the 50-day SMA ($0.70).
If the price turns down from the resistance, it will be a sign that bears are in control. This could increase the chances of a drop below $0.60, possibly even to $0.50.
For the bulls to make a comeback, they will need to lift and sustain the price above the moving averages.
Litecoin price analysis
The bears have taken the reins as Litecoin (LTC) dropped and closed below the strong support of $81.36 on Aug. 15. The RSI is in the oversold zone, so a consolidation or a bounce may be in the works. Bulls may try to defend the uptrend line. If the price rebounds from this level, it could face selling at $81.36 and then again at the downtrend line.
If the LTC/USDT pair turns down from the overhead resistance, it will show that the sentiment is still negative and traders are selling on rallies, thus increasing the chances of a drop to $70.
The first sign of strength will be a break and close above the downtrend line. This could open the way for a possible rally to the 50-day SMA ($91.70).
Polkadot price analysis
The attempt of the bulls to bounce off the $5 support in Polkadot (DOT) seemed to have been unsuccessful, prompting the bears to take advantage of the situation and push the price below the support on Aug. 15.
Despite buyers attempting to purchase the dip below the next support at $4.74, they are unable to maintain the recovery, which implies that the bears are still selling on any minor relief rally. If the price drops below $4.60, it will demonstrate that the DOT/USDT pair is strongly in the hands of the bears, which may result in a decrease to $4.22.
Investors are likely to strongly defend the area between $4.22 and $4.37. On the upside, the bulls need to push the price above the 50-day SMA ($5.16) to indicate a comeback. The pair could then surge to the downtrend line.
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