Since its steep decline on August 17, Bitcoin's (BTC) price has been moving sideways, indicating that both bulls and bears are uncertain of the direction it will go. Therefore, holding off on placing substantial bets is wiser until the breakthrough occurs.
Institutional traders also appear to be exercising caution in the near term. According to a CoinShares analysis, digital asset investment products lost $55 million on September 13.
To begin trending, what crucial support and resistance levels must be broken for Bitcoin and other cryptocurrencies? To find out, let's examine the top 10 cryptocurrency charts.
ANALYSIS OF THE BITCOIN PRICE
The long tail on Bitcoin's candlestick on August 22 is a good sign since it demonstrates how fervently the bulls defend the support at $24,800.
Bulls will remain under pressure until they pass the overhead bar at $26,833 and the 20-day EMA at $27,777. If both resistance levels are broken, the BTC/USDT pair may stay between $24,800 and $31,000.
Although the 20-day moving average (20-day EMA) slows downward, suggesting a bearish advantage, the relative strength index (RSI) oversold levels indicate a potential recovery soon.
To further tighten their grip, the bears must be able to keep the price below $24,800 for an extended period. That might allow for a future decline to $20,000 in price.
ANALYSIS OF THE ETHER PRICE
The lengthy tail of the candlestick indicates significant purchasing at lower levels, even though Ether (ETH) once again went below the critical support level at $1,626.
Bulls must push the price over the overhead resistance level of $1,700. The ETH/USDT pair might reach the 20-day EMA ($1,756) if they manage to do that. This level is still crucial to pay attention to in the foreseeable future.
The bears will attempt to pull the pair below the $1,626 to $1,550 support range if the price declines from this level. If they succeed, the index might decline toward $1,368.
On the other hand, if the pair breaks above the 20-day EMA, there is a better chance that it will stay in the $2,000 to $1,626 region for a few more days.
ANALYSIS OF BNB PRICE
On August 17, BNB (BNB) bounced off the psychological support at $200, showing that the bulls are attempting to stop the drop at this price.
The rebound may reach the 20-day EMA ($227), which will once more represent a substantial barrier. If the price falls sharply from the 20-day EMA, the bears will attempt to send the BNB/USDT pair below $200 once more. If the pair is successful, the price may fall below $183.
Instead, it will signal that the bears lose control if the price moves over the 20-day EMA. The resistance line, which the bears must protect, may then be reached by the duo.
ANALYSIS OF THE XRP PRICE
XRP (XRP) turned down from the overhead resistance at $0.56, but a minor positive is that the bulls have not allowed the price to skid below $0.50.
The XRP/USDT pair may consolidate between $0.50 and $0.56 for a while. Bears have an advantage due to the downsloping 20-day EMA ($0.58) and the RSI nearing oversold zone.
If the price falls below $0.50, the pair may fall toward the next critical support level at $0.41. This could point to range-bound trading between $0.41 and $0.50.
Alternatively, if buyers push the price above the 20-day moving average, it will indicate that bulls are making a comeback. The currency pair might advance to the 50-day simple moving average (SMA) of $0.63.
ANALYSIS OF THE CARDANO PRICE
Cardano's (ADA) candlestick on August 22 displays a lengthy tail that indicates high demand at lower prices. The price is now restricted to the $0.24 to $0.28 range.
The second phase of the downturn for the ADA/USDT pair could begin if the price crashes below $0.24. The pair may initially fall to $0.22 before reaching the psychological support level of $0.20. The 20-day EMA ($0.28) is sliding downward, and the RSI is in the negative region, suggesting that bears may have a tiny advantage.
This negative impression might be false if buyers push the price beyond $0.28 shortly. If they do, the pair may start a relief rally to the 50-day SMA ($0.29) and then to $0.32.
ANALYSIS OF THE SOLANA PRICE
On August 22, Solana (SOL) fell below the level of immediate support at $20, but bulls bought the dip, showing demand at lower levels.
To save the situation, buyers must raise the price above the 20-day exponential moving average ($22.64). The SOL/USDT pair will likely gain momentum over this price and try to climb above $26. The 50-day SMA ($23.60) may serve as resistance, but it will probably be broken.
In contrast to this presumption, a price decline from the current level or the 20-day EMA will indicate that the bears are still in the game. This will make a break below $19.35 more likely. If that does place, the pair may eventually fall below $16 and then to $18.
ANALYSIS OF THE DOGECOIN PRICE
On August 21 and 22, Dogecoin (DOGE) recovered off the support at $0.06, showing that the bulls are buying the dips to this level.
The bulls are trying to start a relief rally to the 20-day EMA ($0.07). Sellers will fight for this level. If the price falls from the overhead barrier, DOGE/USDT may be trapped between the 20-day EMA and $0.06.
For a rally to begin toward the following significant resistance above $0.08, buyers must push the price above the moving averages. On the downside, a break and closure beneath $0.06 may begin a decline to $0.05.
ANALYSIS OF THE POLKADOT PRICE
Polkadot (DOT)'s lengthy tail on the August 22 candlestick shows that bulls held despite bears' attempts to bring it below $4.22, fundamental support.
Bears are in control because the RSI is negative, and the 20-day EMA ($4.73) is falling. Buyers must push the price above $4.56 and the 20-day EMA to imply a rebound.
The bears probably have other plans in the meantime. They will attempt to lower prices below $4.22 by selling during brief rallies. IF SUCCESSFUL, the DOT/USDT pair may begin the following leg of the downturn. $4 is the next support.
ANALYSIS OF THE POLYGON PRICE
The bulls are trying to keep Polygon (MATIC) over $0.51 after it bounced from $0.53 on August 22.
The bulls face a difficult task because significant selling will likely occur near $0.60. If the price breaks through this barrier, it could indicate that bears are present at higher levels. The MATIC/USDT pair may remain in the $0.51 to $0.60 area for a few days.
The decline will resume if $0.50 is broken and closed below. The pair may later fall to $0.45 and then $0.42. A rally above $0.60, on the other hand, might pave the way for one to $0.65 and then $0.69.
PRICE ANALYSIS OF THE SHIBA INU
On August 20, Shiba Inu (SHIB) dipped below the 50-day SMA ($0.0000084), but the bulls prevented a retest of the critical support level at $0.0000072.
The robust rebound on August 22 demonstrates active buying at lower levels. Following that, the bulls will try to rally above the moving averages. IF SUCCESSFUL, the SHIB/USDT pair may gain pace and fly toward $0.000011.
In contrast, a price decline from the moving averages will indicate that the bears are still in charge. The pair may drop to the firm support at $0.0000072 and then to $0.0000064.
Reviewed by cryptopotato
on
August 23, 2023
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