Sep 02, 2023

Analyzing the Top 10 Cryptocurrencies on 9/1

The past few days have seen Bitcoin’s volatility increase, with the price skyrocketing on Aug. 29 after Grayscale’s victory against the United States Securities and Exchange Commission (SEC). However, the euphoria was short-lived, as the price gave back all the recent gains after the SEC delayed its decision on all seven proposed Bitcoin (BTC) exchange-traded…

Crypto Price Analysis of BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC on 9/1.
Price analysis 9/1: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

The past few days have seen Bitcoin’s volatility increase, with the price skyrocketing on Aug. 29 after Grayscale’s victory against the United States Securities and Exchange Commission (SEC). However, the euphoria was short-lived, as the price gave back all the recent gains after the SEC delayed its decision on all seven proposed Bitcoin (BTC) exchange-traded fund (ETF) applications.

News related to Bitcoin ETFs has been the major trigger for the markets in the past few days. According to Bloomberg ETF analysts, there is a 75% possibility of the ETFs being approved by the regulator in 2023. Eric Balchunas, Bloomberg senior ETF analyst, expressed his optimism in an Aug. 30 post on Crypto Twitter.

In the near term, the bulls face an uphill battle, as September has traditionally favored the bears. CoinGlass data shows that Bitcoin has seen negative returns in September for the past six years. Will this trend continue in 2023?

The weakness in Bitcoin is affecting several major altcoins such as Cardano crypto, Polkadot crypto, Matic crypto, Dogecoin crypto, and other top cryptos, such as Sol crypto, XRP crypto, and current cryptos. Will the decline extend further, or is it time for a bounce to happen? Let’s study the charts of the top 10 cryptocurrencies to find out when Web 3.0 is expected to be released.

Bitcoin price analysis

The bulls were unable to defend the 20-day exponential moving average (EMA) of $26,947 on Aug. 31, which triggered a sell-off that drove the Bitcoin price below the breakout level of $26,833.

Recent price action has seen BTC/USDT oscillating inside a large range between $24,800 and $31,000. Traders usually buy the dips to the range’s support and sell near the resistance, and the same is expected of the bulls at $24,800.

If the bears want to take control, they will have to drive the price below $24,800 and sustain it there. If that happens, the pair may decline all the way to $19,500. There is a minor support at $24,000, but it may not hold for long.

Ether price analysis

Ether’s (ETH) attempt to rebound off the strong support at $1,626 was met with resistance at $1,745 on Aug. 29, indicating that bears remain active at higher levels.

Bears will try to capitalize on this advantage by pushing the price below the $1,626 to $1,550 support zone. If successful, it could signal the start of a new downtrend, with the ETH/USDT pair potentially nosediving to the next formidable support at $1,368.

Alternatively, if the price sharply rebounds off the current level, it will show that the bulls are fiercely defending the support. This could drive the price to the 20-day EMA ($1,702) and then to $1,745, which may act as a resistance for the crypto dogecoin, top crypto, sol crypto, and crypto twitter markets.

BNB price analysis

The current situation with BNB (BNB) is that its recovery was halted at the 50-day simple moving average (SMA) of $234 on Aug. 29, and the bears managed to pull the price below the important support at $220 on Aug. 31.

The moving averages are sloping down and the relative strength index (RSI) is in the negative territory, meaning that bears have the upper hand. If they succeed, the BNB/USDT pair could reach the psychological support at $200. If this level collapses, the next major support could be at $183.

For bulls to start a relief rally, they must push the price back above the 20-day EMA ($222). The pair could then climb to the 50-day SMA and later to the resistance line.

Cryptocurrency traders are watching the current crypto dogecoin, top crypto, sol crypto, crypto twitter and xrp crypto markets to see if the Cardano crypto, Polkadot crypto, Matic crypto and other altcoins will experience a surge when Web 3.0 is released.

XRP price analysis

The long tail on XRP’s (XRP) Aug. 31 candlestick indicates that the bulls are attempting to protect the support at $0.50. However, the price action on Sep. 1 reveals that the bears are still exerting pressure.

If the XRP/USDT pair drops below $0.50, it will suggest that the bears have taken control. This could lead to a decline towards the strong support at $0.41. The bulls are likely to defend this level aggressively. A bounce from the support could keep the price range-bound between $0.41 and $0.56 for some time.

If the price bounces off $0.50, it will suggest that the pair may attempt a rally to $0.56. The bulls will have to break this resistance to begin a new uptrend to $0.63 and then to $0.73.

Cardano price analysis

Cardano (ADA) has been trading between $0.24 and $0.28 for the past few days. On Aug. 29, the bulls pushed the crypto dogecoin above the range but could not sustain the higher levels.

This may have encouraged the short-term bulls to exit their positions, leading to more selling. On Aug. 31, the price slipped below the uptrend line. The bears will attempt to take the ADA/USDT pair below the key support of $0.24.

If the price bounces off $0.24, the pair may stay in the range for some time. On the other hand, if the price dips below $0.24, it could indicate the start of a downward move to $0.22 and eventually to $0.20.

Dogecoin price analysis

The bulls are having difficulty igniting a recovery in Dogecoin (DOGE), signaling that demand is waning at higher levels.

The DOGE/USDT pair could dip to the strong support at $0.06. Buyers are likely to defend this level vigorously because a break below it could reinvigorate the downtrend. The pair could initially slide to $0.055 and then to the ultimate support near $0.05.

On the other hand, if the price rebounds from $0.06, it will signal that the bulls are taking advantage of the crypto dogecoin dips to this level. The bulls will then again try to surmount the hurdle at the 20-day EMA. If they succeed, the pair could surge to $0.08.

Solana price analysis

The SOL/USDT pair has been under the influence of bears since Solana (SOL) returned to the 20-day EMA ($21.37) on Aug. 30. The price has now reached a critical support level at $19.35.

The 20-day EMA is still sloping downwards and the RSI is in the negative zone, indicating that the bears remain in control. If the $19.35 support gives way, the selling pressure could intensify and the SOL/USDT pair could drop to $18.

The bulls are running out of time to start a recovery. To do so, they must quickly push the price above the overhead resistance at $22.30. If they manage to do that, the pair may surge towards $26. The 50-day SMA ($23.42) may present a challenge, but it is likely to be overcome.

Toncoin price analysis

Toncoin (TON) is exhibiting a strong bullish trend. Despite the bears attempting to impede the rally close to $1.77, the bulls have not conceded much ground. This indicates that the bulls are in no rush to take profits.

Buying pressure resumed on Sep. 1, and the TON/USDT pair achieved the projected goal of $1.91. If buyers can break through this level, the uptrend could continue and the pair could surge to $2.38. This level may witness traders booking profits.

This optimistic outlook will be invalidated if the price reverses and dips below $1.66. Such a move would suggest that there is aggressive selling at higher levels. This could then bring the pair down to the breakout point of $1.53.

Polkadot price analysis

On Aug. 30, Polkadot (DOT) turned down from the 20-day EMA ($4.56), signaling that the sentiment is still bearish and traders are selling on rallies.

The selling intensified on Aug. 31, pushing the DOT/USDT pair to the crucial support at $4.22. This level is expected to be the scene of a tug-of-war between the bulls and the bears. If the price dips below $4.22, the pair might initiate the next leg of the downtrend to $4.

The bulls have a difficult task ahead of them. If they want to regain control, they have to push and maintain the price above the 20-day EMA. If successful, the pair could rally to the overhead resistance at $5.

Polygon price analysis

The MATIC/USDT pair’s inability to stay above the 20-day EMA ($0.58) on Aug. 29 may have triggered profit-taking from short-term traders. The bulls attempted to push the price back over the 20-day EMA on Aug. 30 and 31, but the bears were able to resist.

The bears will try to increase their power by pushing the price below the immediate support at $0.53. If they succeed, the MATIC/USDT pair could drop to the key support at $0.51.

If the price rises from its current level, it is likely to encounter selling at the 20-day EMA and again at the 50-day SMA ($0.66). On the other hand, a break below $0.51 could resume the downtrend. The next support is at $0.45.

The current crypto market is witnessing a surge in the popularity of Cardano (ADA), Polkadot (DOT), MATIC, Dogecoin (DOGE), and other top cryptos. Moreover, the launch of SOL and Crypto Twitter has added to the hype.

The crypto industry is eagerly awaiting the release of Web 3.0, which is expected to revolutionize the blockchain space.

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