Bitcoin, Ether, Binance Coin, XRP, Cardano, Solana, Dogecoin, Polkadot, Polygon, Shiba Inu – Crypto Market Analysis
In the fast-paced world of cryptocurrency trading, timing is everything. Traders need to be active when the markets are trending in order to make money. However, during periods of price consolidation, it’s often better to exercise patience and wait on the sidelines. Otherwise, traders may risk losing money due to unpredictable price fluctuations.
Bitcoin (BTC) has been trading sideways since a sharp drop on August 17, indicating uncertainty in the market. As a result, it’s wise to wait for a breakout before making any significant bets.
Institutional traders are also exercising caution in the short term. According to a CoinShares report, there was an outflow of $55 million from digital asset investment products during the week of September 13.
To determine the next possible move in Bitcoin and altcoins, it’s important to analyze the support and resistance levels on the charts. Let’s take a closer look at the top 10 cryptocurrencies.
Bitcoin Price Analysis
The long tail on Bitcoin’s August 22 candlestick indicates strong support around $24,800. However, the bulls will face pressure from the overhead resistance levels at $26,833 and the 20-day exponential moving average (EMA) at $27,777. A breakthrough of these levels would suggest that the BTC/USDT pair is likely to remain within the $24,800 to $31,000 range for a while longer.
Although the 20-day EMA is sloping downwards, indicating a bearish advantage, the oversold levels on the relative strength index (RSI) suggest a possible recovery in the near future. On the other hand, if the bears sustain the price below $24,800, it could lead to a potential drop to $20,000.
Ether Price Analysis
Ether (ETH) briefly dipped below strong support at $1,626, but the long tail on the candlestick shows significant buying interest at lower levels. For the bulls to take control, they need to push the price above the overhead resistance of $1,700 and target the 20-day EMA at $1,756. This level will play a crucial role in the near term.
If the price fails to sustain above the 20-day EMA, the bears will attempt to push the pair below the $1,626 to $1,550 support zone. On the other hand, a breakout above the 20-day EMA would enhance the chances of the pair remaining within the $2,000 to $1,626 range for a few more days.
Binance Coin Price Analysis
Binance Coin (BNB) found support at the psychological level of $200 after a sharp decline on August 17, indicating bullish interest at this level. The recovery could lead the price to the 20-day EMA at $227, which is expected to act as a strong resistance. If the price turns down from the 20-day EMA, the bears will aim to push the BNB/USDT pair below $200 and potentially slide to $183.
Alternatively, if the price surpasses the 20-day EMA, it would suggest weakening bearish momentum. In this case, the resistance line becomes a crucial level for the bears to defend.
XRP Price Analysis
XRP (XRP) experienced a rejection from the overhead resistance at $0.56, but has managed to hold above $0.50. The XRP/USDT pair may consolidate between $0.50 and $0.56 for some time. The 20-day EMA and the RSI in the oversold territory give an advantage to the bears.
A break below $0.50 could lead to a further decline towards the next major support at $0.41, indicating a range-bound action between $0.41 and $0.50. Conversely, a rally above the 20-day EMA would suggest a comeback for the bulls, potentially pushing the pair towards the 50-day simple moving average at $0.63.
Cardano Price Analysis
Strong demand at lower levels is evident from the long tail on Cardano’s (ADA) August 22 candlestick. The price is currently trading within a range of $0.24 to $0.28. A drop below $0.24 could trigger the next leg of the downtrend, with potential support levels at $0.22 and $0.20. The 20-day EMA and the negative RSI give a slight edge to the bears.
However, if buyers manage to push the price above $0.28, it could invalidate the bearish view and initiate a relief rally towards the 50-day SMA at $0.29 and potentially to $0.32.
Solana Price Analysis
Solana (SOL) experienced a temporary drop below immediate support at $20 on August 22, but the bulls quickly stepped in to buy the dip. To salvage the situation, buyers will need to push the price above the 20-day EMA at $22.64. If successful, the SOL/USDT pair could gain momentum and attempt a rally to $26. The 50-day SMA at $23.60 may act as a resistance but is likely to be surpassed.
Alternatively, if the price turns down from the current level or the 20-day EMA, it would suggest that the bears have not given up. A break below $19.35 would increase the likelihood of a drop to $18 and potentially $16.
Dogecoin Price Analysis
Dogecoin (DOGE) experienced a rebound from the support level at $0.06, indicating strong buying interest at this level. The bulls are attempting to initiate a relief rally that could reach the 20-day EMA at $0.07. However, sellers are likely to defend this level. If the price fails to break above the 20-day EMA, the DOGE/USDT pair may remain stuck between the moving averages and $0.06 for some time.
To start a rally, buyers will need to push the price above the moving averages and overcome resistance above $0.08. On the downside, a break below $0.06 could signal a downward move to $0.05.
Related: Here’s what the latest Bitcoin price correction reveals
Polkadot Price Analysis
The bears attempted to push Polkadot (DOT) below the crucial support at $4.22, but the bulls managed to hold their ground, as seen from the long tail on the August 22 candlestick. The 20-day EMA is sloping downwards and the RSI is in the negative zone, suggesting an advantage for the bears.
If buyers can push the price above the resistance zone between $4.56 and the 20-day EMA, it would signal a possible comeback. On the other hand, the bears will likely sell on minor rallies and attempt to push the price below $4.22. A successful break below this level could trigger the next leg of the downtrend, with the next support at $4.
Polygon Price Analysis
MATIC/USDT’s significant bounce from $0.53 suggests strong buying interest at lower levels. However, the bulls will face strong selling pressure at $0.60. If the price reverses from this resistance level, it would indicate bearish sentiment at higher levels. In this case, the MATIC/USDT pair may trade within the $0.51 to $0.60 range for a few days.
A break and close below $0.50 would signal a resumption of the downtrend, potentially leading to a drop to $0.45 and later $0.42. On the other hand, a rally above $0.60 could pave the way for a further rally to $0.65 and then $0.69.
Shiba Inu Price Analysis
After falling below the 50-day SMA on August 20, Shiba Inu (SHIB) experienced a solid bounce on August 22, indicating strong buying support. The bulls will now attempt to rally above the moving averages, which could lead to a surge towards $0.000011. However, if the price fails to break above the moving averages, the bears may remain in control, pushing the pair towards the substantial support at $0.0000072 and subsequently $0.0000064.
Please note that this article does not provide investment advice or recommendations. Traders should conduct their own research and analysis before making any investment decisions.
Editor Notes: Promote Uber Crypto News
If you want to stay updated with the latest news and trends in the cryptocurrency market, be sure to check out Uber Crypto News. They provide in-depth analysis, expert insights, and real-time updates on Bitcoin, Ethereum, Binance Coin, XRP, Cardano, Solana, Dogecoin, Polkadot, Polygon, Shiba Inu, and more. Whether you’re a seasoned trader or a beginner in the world of crypto, Uber Crypto News has you covered.