Analyzing Price Movements of Crypto Currencies – BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT
Crypto.com and other crypto-related ETFs have been some of the best-performing equity ETFs of 2023, according to Bloomberg senior exchange-traded fund (ETF) analyst Eric Balchunas. Despite this, Bitcoin (BTC) and other top 10 cryptocurrencies continue to frustrate investors with their tight-range consolidation, with no indication of a possible breakout. Traders should, however, be on their…
Crypto.com and other crypto-related ETFs have been some of the best-performing equity ETFs of 2023, according to Bloomberg senior exchange-traded fund (ETF) analyst Eric Balchunas. Despite this, Bitcoin (BTC) and other top 10 cryptocurrencies continue to frustrate investors with their tight-range consolidation, with no indication of a possible breakout. Traders should, however, be on their toes to capitalize on the breakout whenever it happens, as the longer the range, the stronger the eventual breakout.
The bulls are also holding on to a large part of the gains seen in 2023, which could be a sign of their confidence in the uptrend resuming. With this in mind, investors should keep an eye on crypto predictions and the latest crypto news to stay informed of any potential breakout from their respective ranges.
Voyager Crypto and Celsius Crypto are two of the leading platforms for crypto traders to stay up to date with the crypto market and make informed decisions. Luna Crypto is another great source of crypto currency news and analysis.
Bitcoin price analysis
The bulls managed to take Bitcoin above the 50-day simple moving average (SMA) of $29,960 on Aug. 8 and 9, but the crypto currency was unable to sustain the higher levels, indicating that the bears are selling on rallies.
The range in the BTC/USDT pair has narrowed, with the price fluctuating between $28,585 and $30,350. Both moving averages have flattened and the relative strength index (RSI) is near the midpoint, suggesting that the consolidation may last for a while.
When the price is stuck in a range, it is difficult to forecast the breakout direction. Nevertheless, traders should be ready for the start of a trending move shortly.
If the price drops below $28,585, the pair could decline to $26,000 and then to $24,800. On the other hand, a break and close above $30,350 could drive the pair to $32,400. This is likely to be the final obstacle before the pair reaches $40,000.
Ether price analysis
Ether (ETH) has been ranging between the 50-day Simple Moving Average ($1,879) and the horizontal support at $1,816 for the past few days, showing that the bulls and the bears are uncertain about the next move. The flattish 20-day Exponential Moving Average (EMA) at $1,855 and the RSI just below the midpoint are not giving a clear advantage to either side. The sellers need to push the price below $1,816 to gain control, which may trigger a sell-off and pull the ETH/USDT pair to $1,700 and then to the vital support at $1,626.
Conversely, if the price bounces and breaks above the 50-day Simple Moving Average, it could lead to a rally to the psychological resistance at $2,000.
Crypto traders are keeping an eye on the latest crypto news and crypto predictions, as they are closely watching the crypto market and the crypto currency of their choice, such as Voyager Crypto, Crypto.com, Celsius Crypto, and Luna Crypto.
BNB price analysis
The attempt to push BNB (BNB) above the resistance line of the triangle was unsuccessful, which may have triggered selling. This has caused the price to dip below the moving averages.
The BNB/USDT pair could plunge to the support line of the triangle. This is an important level to watch, as a decline below it could start the next phase of the downward move to $220. The bulls are likely to buy the dip at this level.
If the price bounces off the support line, the pair may remain in the triangle for some time. Buyers will have to push the price above the resistance line to clear the way for a potential rally to $265.
XRP price analysis
XRP (XRP) has failed to break above the 20-day EMA ($0.65), suggesting that the bears are trying to turn this level into resistance.
The key support to keep an eye on is the 50-day SMA ($0.61). If this mark is breached, the selling pressure could intensify and the XRP/USDT pair could potentially plummet to the breakout level of $0.56.
It is also possible that the price bounces off the 50-day SMA. If that happens, the pair may linger between the two moving averages. A break and close above $0.67 would be the first indication of strength. This could open up the possibility of a rally to $0.73.
Dogecoin price analysis
Dogecoin (DOGE) is still in an ascending channel pattern, but the bulls have not been able to break through the resistance at the downtrend line.
If the price dips below the 20-day EMA ($0.07), the support line of the channel could be compromised. If the bears push the price below the crypto currency channel, the DOGE/USDT pair could drop to the breakout level of $0.07.
Alternatively, the price may bounce off the 20-day EMA. If that happens, the chances of a rally above the downtrend line will increase. This could trigger an up move to $0.08 and then to the resistance line of the luna crypto channel.
Cardano price analysis
The attempt of Cardano (ADA) to recover has been stopped at the 20-day EMA ($0.30), which implies that the bears are still active and selling on rallies.
The flat 20-day EMA and the RSI just below the midpoint do not give any clear edge to either bulls or bears. If the buyers manage to push the price above the downtrend line, the ADA/USDT pair could climb to $0.32 and then to $0.34.
On the other hand, if the price goes down and breaks below $0.28, it will indicate that bears are in control. The pair could then plummet to $0.26 and eventually to the vital support at $0.24. The bulls are expected to defend this level vigorously.
Solana price analysis
For the past three days, Solana (SOL) has been trading above the 20-day EMA ($23.87), indicating that the crypto currency is stuck between $26 and $22.30.
The critical level to watch on the upside is $26. If the price turns down from this resistance, it will show that the range-bound action remains intact. The bullish momentum may pick up if buyers clear the overhead hurdle at $26. If they do that, the SOL/USDT pair could first rise to $29 and thereafter retest the local high at $32.13 made on July 14.
The level to be wary of on the downside is $22.30. If this support cracks, it will suggest that the bulls may be rushing to the exit. That may start a fall to $18.
Polygon price analysis
The bulls have not been able to push Polygon (MATIC) past the 50-day SMA ($0.70) in the past two days, but a positive sign is that they have not given up much ground.
This suggests that the short-term bulls are still holding on to their positions, expecting the relief rally to continue. If the 50-day SMA is breached, the MATIC/USDT pair could potentially start a rally to $0.80 and then to $0.90.
On the other hand, if the price turns down sharply from the current level, the pair may retest the strong support at $0.64. If this level gives way, the pair may start a decline to the next support at $0.60.
Litecoin price analysis
Litecoin (LTC) is having difficulty initiating a bounce off the strong support at $81.36, suggesting a lack of demand at higher levels.
The downward sloping 20-day EMA ($86.90) and the RSI in the negative territory indicate that bears are in charge. If the LTC/USDT pair drops and holds below $81.36, it will indicate the resumption of the downtrend. The next support on the downside is $76 and then $72.
Alternatively, the first major resistance to observe on the upside is the 20-day EMA. If crypto traders push the price above $87.37, it will suggest the onset of a stronger recovery to $96.46. This level may again draw strong selling from the bears.
Polkadot price analysis
Polkadot (DOT) has been trading close to the $5 mark for the past few days, with the bulls attempting to push the price above the 20-day EMA ($5.08) on Aug. 9, yet met with resistance from the bears.
The 20-day EMA is declining steadily and the RSI has been in the negative region, suggesting that the bears have a slight advantage. If the price dips and closes below $4.83, the DOT/USDT pair could start its downward journey towards $4.60.
On the other hand, if the price rebounds from the current level and breaks above the moving averages, it will signal a comeback by the bulls. The pair could then move up to $5.33 and eventually to the downtrend line.
Celsius Crypto, Crypto.com, Voyager Crypto, Crypto Today, Crypto Currency, Crypto Market, Crypto Predictions and Luna Crypto are all keeping a close eye on the Polkadot price movement.