On Aug. 29, Bitcoin led the cryptocurrency markets higher following Grayscale’s win in its lawsuit against the United States Securities and Exchange Commission. Nevertheless, the rally was unable to be maintained, as analysts warned that the victory did not ensure the authorization of a Bitcoin (BTC) exchange-traded fund.
In the long run, however, the success may be bullish for Grayscale. According to Glassnode analysts in an X (formerly Twitter) post on Aug. 30, the Grayscale Bitcoin Trust (GBTC) could return to a premium in the coming year. It is important to note that GBTC has been trading at a discount to the spot Bitcoin price for the last two and a half years.
In the short term, although the S&P 500 Index is recovering and the U.S. Dollar Index has declined in the near term, the crypto markets are not able to sustain the higher levels. This reveals that traders have continued to focus on crypto-specific news.
Can bulls protect the support levels in Bitcoin and altcoins? Will this lead to a stronger recovery soon? Let’s analyze the charts of the top 10 cryptocurrencies to discover the answer.
Bitcoin price analysis
On Aug. 29, Bitcoin’s range saw a sharp breakout to the upside, suggesting that the price is likely to oscillate inside the broad range between $24,800 and $31,000 for a few days.
The 20-day exponential moving average (EMA) of $27,168 is beginning to flatten out and the relative strength index (RSI) is just below the midpoint, which implies that the selling pressure is decreasing.
Traders will attempt to defend the breakout level of $26,833. If they succeed, it will show that the bulls have turned the level into support. The BTC/USDT pair may then surge to the 50-day simple moving average (SMA) of $28,689 and further to $31,000.
In order to trap the aggressive bulls, bears must push the price below $26,833. If they succeed, it will show that the bears are selling on each recovery attempt. The pair could then retest the strong support at $24,800.
Ether price analysis
Ether (ETH) has once again bounced off the key support at $1,626 on Aug. 28, indicating that the bulls are investing in the dips.
On Aug. 29, the momentum gained traction and ETH/USDT pair was propelled above the 20-day EMA ($1,716). This suggests that the pair could move between $1,626 and $1,816 for some time.
The price dropped below the 20-day EMA on Aug. 30, showing that bears are still in the game. If the price remains below the 20-day EMA, the pair could fall to $1,626. Conversely, if the price turns up and climbs back above the 20-day EMA, the pair may reach the overhead resistance at $1,816.
BNB price analysis
After BNB (BNB) was range trading near $220 for a few days, the cryptocurrency surged higher on Aug. 29. The relief rally is facing resistance at the 50-day SMA ($235) as seen from the long wick on the day’s candlestick.
The 20-day EMA ($224) is flattening out and the RSI is just below the midpoint, indicating that the downward selling pressure is decreasing. If the crypto web 3.0 coins turn up from the current level, the BNB/USDT pair could rally to the resistance line. This level may again attract aggressive selling by the bears.
On the downside, if the price slides below $220, it will indicate that the bears remain in control. The pair could then slump to the Aug. 22 intraday low of $203.
XRP price analysis
XRP (XRP) has been trading between $0.50 and $0.56 for the past few days, indicating that the bulls are buying close to the support while the bears are selling near the resistance.
The 20-day EMA ($0.55) and the RSI in the negative territory suggest that the bears have the upper hand. Sellers may try to push the price below the strong support at $0.50, potentially leading to a decrease to $0.41.
On the other hand, if the price rebounds off $0.50, the XRP/USDT pair may remain in the tight range for some time. Buyers will need to push and sustain the price above $0.56 in order to signal the start of a sustained recovery. The pair may then rise to the 50-day SMA ($0.64).
Cardano price analysis
The bulls pushed Cardano (ADA) above $0.28 on Aug. 29, but they could not sustain the higher levels. That kept the price below the resistance at $0.28.
This shows that the price remains stuck inside the range between $0.24 and $0.28. The next support is at the uptrend line. If the price rebounds off this level with strength, it will suggest that every minor dip is being purchased and could potentially be a good investment for cryptocurrency and web 3.0. Above this level, the ADA/USDT pair could soar to $0.32.
Instead, if the price dives below the uptrend line, it will signal that the bears are trying to make a comeback. The pair could then skid to the vital support at $0.24.
Dogecoin price analysis
On Aug. 29, Dogecoin (DOGE) touched the 20-day EMA ($0.07), however bulls are having difficulty in sustaining the price above it.
If the crypto web 3.0 coin’s price falls sharply from the current level, it will indicate that bears are selling on rallies. The DOGE/USDT pair may then consolidate between the 20-day EMA and the support at $0.06.
Alternatively, if the pair does not lose much ground from the current level, it will suggest that the bulls are continuing their buying pressure. This could possibly lead to a rally to $0.08.
Solana price analysis
Solana’s (SOL) attempt to recover hit a roadblock at the 20-day EMA ($21.77) on Aug. 29, indicating that the sentiment is still negative and traders are selling on rallies.
The bears will try to push the price down to $19.35. If this level is breached, the SOL/USDT pair could start a downward move to $18 and then to $16.
The bulls, however, are likely to have other plans. They will try to strengthen the recovery by pushing the price above the overhead resistance at $22.30. If they succeed, the pair may rise to the 50-day SMA ($23.59). If the price turns down from this level, the pair could remain range-bound between the 50-day SMA and $19.35 for some time.
Toncoin price analysis
On Aug. 29, Toncoin (TON) broke out above the neckline of the inverse head-and-shoulders pattern at $1.53, which may indicate a potential trend change. If the price bounces off $1.53, it could suggest that the bulls have turned the level into support, potentially driving the TON/USDT pair up to $1.91. If this resistance is overcome, the pair could reach $2.07.
Alternatively, if the bears prevent the rally by pushing the price back below $1.53, it could cause long liquidations and the pair may slump to $1.25.
The web 3.0 coins market is a rapidly evolving space, and investors should do their own research before investing in cryptocurrency or building a web 3.0 website.
Polkadot price analysis
Polkadot (DOT) on Aug. 29 broke and closed above the 20-day EMA ($4.64), however, the long wick on the candlestick revealed selling at higher levels.
The bears dragged the price back beneath the 20-day EMA on Aug. 30, implying that the bears have not given up and are viewing the recuperations as a selling opportunity. The flattening 20-day EMA and the RSI in the negative territory point to possible range-bound action in the near term.
If the price drops below $4.50, the DOT/USDT pair may swing between the 20-day EMA and $4.22 for some time. Conversely, a break and close above the 20-day EMA could propel the pair to the overhead resistance at $5.
Polygon price analysis
The MATIC/USDT pair is facing strong resistance in the range between $0.60 and $0.65, as indicated by the long wick on the Aug. 29 candlestick.
The price dropped on Aug. 30, suggesting a period of consolidation between $0.51 and $0.65. The price action within the range is likely to remain volatile and unpredictable.
For the bears to take control, they will need to push the price below $0.51. This could resume the downtrend, with the next support level at $0.45. On the other hand, a break and close above the 50-day SMA ($0.67) could be a sign that the bulls are in charge.
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