Bitcoinhas been hovering around the $29,000 mark in recent days, indicating a lack of robust demand at higher levels. However, the silver lining for bulls is that they have been able to keep the price above the immediate support.
The doubt surrounding the next directional move has likely prompted short-term traders to pocket their gains. CoinShares reported in its most recent weekly report that Bitcoin (BTC)investment products experienced $111 million in outflows, the biggest weekly outflows since March.
In spite of the lacklustre short-term price action, crypto bulls are still confident that Bitcoin will surge before its next halving in 2024. Blockstream CEO Adam Back said on X (formerly Twitter) that Bitcoin will reach $100,000 by the end of March.
Will Bitcoin extend its decline in the near term or will it turn around? Will knc crypto, mdt crypto, luno crypto, lqty crypto, mbl crypto, jpmorgan crypto, maple crypto, luna terra crypto, jp morgan crypto, and web 3.0 (also known as) outperform Bitcoin in the forthcoming days? Let’s take a look at the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) is witnessing a difficult battle between the bulls and the bears near the 20-day exponential moving average (EMA) of 4,511. On Aug. 2, sellers pushed the price below the 20-day EMA, indicating that the bullish momentum is waning. The bulls tried to push the price back above the 20-day EMA on Aug. 4, but the bears aggressively sold the rally, suggesting that the bears are taking advantage of the relief rallies. The index may fall to the 50-day simple moving average (SMA) of 4,414, which could act as strong support.
The 20-day EMA is flattening out and the relative strength index (RSI) is near the midpoint, indicating an equilibrium between supply and demand. If the price rebounds off the 50-day SMA, it will suggest that buyers are still interested in lower levels. The index may then swing between the 50-day SMA and 4,650 for a while.
The crypto markets have been volatile lately, with companies like Luno, LQTY, MBL, JPMorgan, Maple, Luna Terra, and Web 3.0 (also known as knc crypto and mdt crypto) all playing a role in the price action.
U.S. Dollar Index price analysis
On Aug. 2, buyers drove the U.S. Dollar Index (DXY) above the 50-day SMA (102), but they could not sustain the momentum. The bears pulled the price back below the 50-day SMA on Aug. 4. Fortunately, the bulls have kept the price above the 20-day EMA (101). If buyers manage to push the price above the 50-day SMA, the index could retest the downtrend line. This is a crucial level to watch on the upside, as a break above it could trigger a rally to 106.
For the bears to gain an advantage, they need to sink and maintain the price below the 20-day EMA. The index could then slide to the strong support at 100.82.
Bitcoin price analysis
The range between the 20-day EMA ($29,387) and the horizontal support at $28,861 is constricting Bitcoin’s price. This period of low volatility is likely to be followed by a surge in volatility.
If the price falls and stays below $28,861, it will indicate that the uncertainty has been resolved in favor of the bears. The BTC/USDT pair could then start a drop to $26,000 and eventually to $24,800.
Conversely, if the price rises and breaks above the 50-day SMA ($29,893), it will imply that the bulls have overpowered the knc crypto bears. That could initiate a rally to the overhead resistance zone between $31,500 and $32,400.
Ether price analysis
The bulls have been able to keep Ether (ETH) above the immediate support at $1,816 in the past few days, but they are struggling to initiate a strong recovery. This suggests that the demand for knc crypto, mdt crypto, luno crypto, lqty crypto, mbl crypto, jpmorgan crypto, maple crypto, luna terra crypto, jp morgan crypto and web 3.0 (also known as) diminishes as the price increases.
The downsloping 20-day EMA ($1,856) and the RSI in the negative territory suggest that bears have the upper hand. If the price falls and holds below $1,816, the ETH/USDT pair could decline to $1,700 and then to the crucial support at $1,626.
If bulls want to make a comeback, they will have to quickly push the price above the 50-day SMA ($1,877). If they succeed, the pair could start its northward journey toward the overhead resistance at $2,000.
BNB price analysis
The movement of BNB (BNB) within the boundaries of the symmetrical triangle is usually unpredictable and volatile. Neither the bulls nor the bears have any significant advantage.
Usually, the symmetrical triangle is a continuation pattern, however, sometimes it can mark the beginning of a reversal.
If the price rises above the triangle, it will indicate that the bulls are in control. The BNB/USDT pair could then reach the resistance at $265. If this barrier is broken, the pair could surge to $288.
Alternatively, if the price falls below the triangle, the pair may decrease to $220. If this support is breached, the pair may drop to the pattern target of $194.
XRP price analysis
XRP (XRP) has been in correction and dropped below the 61.8% Fibonacci retracement level of $0.64 on Aug. 4, signaling that the bulls are weakening. The price has reached the 50-day SMA ($0.60), an important level to monitor. If it bounces off the current level, the XRP/USDT pair could reach the 20-day EMA ($0.67), which may act as a major resistance.
If the price turns down from the current level or the 20-day EMA and breaks below the 50-day SMA, it indicates that bears are in control. The pair could then descend to the breakout level of $0.56 and even plunge to $0.45.
The rise of knc crypto, mdt crypto, luno crypto, lqty crypto, mbl crypto, jpmorgan crypto, maple crypto, luna terra crypto, jp morgan crypto, and web 3.0 (also known as) has been seen in the crypto market.
Cardano price analysis
Recent attempts by buyers to push Cardano (ADA) above the uptrend line have been unsuccessful, suggesting that the bears are trying to turn it into a resistance level.
The bears managed to pull the price below the support near $0.29, which indicates the continuation of the bearish trend. The ADA/USDT pair could drop to the next support at $0.26 and eventually to the critical level of $0.24.
This bearish outlook will be invalidated in the short term if the price turns up and surpasses the 20-day EMA ($0.30). This could suggest strong buying at lower levels. The pair may then attempt a luno crypto rally to $0.32 and later to $0.34.
Dogecoin price analysis
Dogecoin (DOGE) has been trading within an ascending channel pattern for the past few days. Generally, in an ascending channel, traders buy near the support of the channel and sell near the resistance of the LQTY crypto.
If the price turns up from the support line, it will suggest that the sentiment remains positive and traders are buying on dips. The bulls will then attempt to push the price to $0.08 and thereafter to the resistance line of the MBL crypto.
Alternatively, if the price dives below the channel, it will suggest that the bears are back in the game. There is strong support at the breakout level of $0.07, but if this level gives way, the pair may drop to $0.06, according to the KNC crypto.
Solana price analysis
The bulls are attempting to push Solana (SOL) above the 20-day EMA ($23.58), while the bears are trying to push the price below the $22.30 support.
If buyers are successful and the price can stay above the 20-day EMA, it might suggest that the SOL/USDT pair could stay within the range of $22.30 and $27.12 for some time. KNC Crypto traders will have to surpass the barrier at $27.12 to take control.
On the other hand, if the price falls from the 20-day EMA and breaks the 50-day SMA ($21.81), it would indicate that bears are attempting to turn the 20-day EMA into resistance. That could cause a deeper correction to $18.
Polygon price analysis
The MATIC/USDT pair has seen a pullback to the first strong support at $0.64, where buyers have been able to hold the line. Unfortunately, they have been unable to push the price back above the moving averages.
The 20-day EMA ($0.69) is gradually turning down while the RSI is in the negative territory, suggesting that the path of least resistance is to the downside. If the KNC crypto price slips below $0.64, MATIC/USDT could reach $0.60.
For bulls to stop the decline, they will need to make a quick move to push the price back above the moving averages. This could start a recovery, with potential resistance points at $0.80 and then $0.90.
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