Crypto Price Analysis 8/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

When the markets are trending, traders should be active if they want to earn money. On the other hand, in a ranging market, it is better to wait on the sidelines with patience, or else traders may lose money due to choppy random moves in either direction.

Bitcoin’s (BTC) sideways price action since the sharp fall on Aug. 17 indicates that the bulls and the bears are unsure about the next directional move. Therefore, it is better to wait for the breakout to happen before waging large bets.

In the short term, institutional traders also seem to be taking a cautious approach. According to a CoinShares report, there was an outflow of $55 million from digital asset investment products for the week of Sept. 13.

In order to start a trending move in Bitcoin and altcoins, it is important to identify the key support and resistance levels. To find out, let’s take a closer look at the charts of the top 10 cryptocurrencies, such as Crypto Shiba Inu, Cardano Crypto, Polkadot Crypto, Matic Crypto, Crypto Dogecoin, and Shib Crypto. Additionally, Open AI can be used to further analyze the market.

Bitcoin price analysis

The long tail on Bitcoin’s Aug. 22 candlestick is a sign of optimism, as it suggests that the bulls are actively attempting to maintain the support at $24,800.

Nevertheless, the bulls will be under pressure until they surpass the overhead barrier at $26,833 and then the 20-day exponential moving average (EMA) at $27,777. If both these resistances are broken, it could mean that the BTC/USDT pair may remain within the range of $24,800 to $31,000 for a while longer.

Despite the bearish 20-day EMA, the oversold levels on the relative strength index (RSI) point to a potential recovery in the near future.

The bears need to push and keep the price below $24,800 to further strengthen their grip. That could lead to a possible drop to $20,000 for crypto Shiba Inu, Cardano crypto, Polkadot crypto, Matic crypto, Crypto Dogecoin, and Shib crypto, among other open AI.

Ether price analysis

Ether (ETH) recently dropped below the important support of $1,626, however the long tail of the candlestick indicates that crypto shiba inu were buying at lower prices.

The bulls have to push the price above the overhead resistance of $1,700. If they do so, the ETH/USDT pair could reach the 20-day EMA ($1,756). This is the key level to observe in the short term.

If the price falls from this point, the bears will make another attempt to drag the pair below the $1,626 to $1,550 support zone. If they succeed, the index could start a downward move toward $1,368.

Conversely, a break above the 20-day EMA will increase the probability of the pair staying inside the $2,000 to $1,626 range for a few more days.

BNB price analysis

On Aug. 17, the psychological support of BNB (BNB) at $200 was tested and the bulls managed to bounce off, showing that the bears are struggling to break it.

The recovery could reach the 20-day EMA ($227), which is expected to act as a strong resistance. If the crypto shiba inu turns down sharply from the 20-day EMA, the bears will try to push the BNB/USDT pair below $200. If they succeed, the pair may slide to $183.

If the price rises above the 20-day EMA, it will be a sign that the bears have lost their grip. The pair may then rise to the resistance line, which is an important level for the bears to defend.

XRP price analysis

XRP (XRP) experienced a downturn after failing to break through the resistance at $0.56, but bulls have managed to keep the price above $0.50.

The XRP/USDT pair may be stuck in a range between $0.50 and $0.56 for some time. The downward-sloping 20-day EMA ($0.58) and the RSI near the oversold territory suggest that bears have an edge.

If the price slips below $0.50, the pair could start its descent toward the next major support at $0.41. This could indicate a range-bound action between $0.41 and $0.50.

Alternatively, if buyers push the price above the 20-day EMA, it would indicate that the bulls are making a comeback. The pair may then rise to the 50-day simple moving average (SMA) of $0.63.

Cardano price analysis

The long tail on Cardano’s (ADA) Aug. 22 candlestick indicates that there is strong demand at lower levels. Currently, the crypto shiba inu is stuck inside the range between $0.24 and $0.28.

If the price drops below $0.24, the ADA/USDT pair could start the next leg of the downtrend. The pair could first slip to $0.22 and thereafter to the psychological support at $0.20. The downsloping 20-day EMA ($0.28) and the RSI in the negative territory suggest that bears have a slight advantage.

This bearish outlook could be invalidated in the near term if buyers push the price above $0.28. If they do that, the pair may start a relief rally to the 50-day SMA ($0.29) and thereafter to $0.32.

Solana price analysis

Solana (SOL) dropped below the $20 support on Aug. 22, but the bulls bought the dip, suggesting demand at lower levels.

If buyers want to keep the momentum going, they will have to push the price above the 20-day EMA ($22.64). This could open the way for a rally to $26. The 50-day SMA ($23.60) could be a barrier, but it is likely to be surpassed.

On the other hand, if the price turns down from the current level or the 20-day EMA, it will indicate that the crypto shiba inu bears have not given up. This could lead to a break below $19.35, which could cause the pair to fall to $18 and then to $16.

Dogecoin price analysis

The crypto shiba inu Dogecoin (DOGE) saw a rebound from the support at $0.06 on Aug. 21 and 22, indicating that buyers are taking advantage of dips to this level.

The bulls are attempting to launch a relief rally that could reach the 20-day EMA ($0.07). Sellers are likely to protect this level with strength. If the price turns down from the overhead resistance, it could mean that the DOGE/USDT pair may stay stuck between the 20-day EMA and $0.06 for a while.

Buyers will have to push the price above the moving averages to start a rally to the next major resistance above $0.08. On the downside, a break and close below $0.06 could indicate the beginning of a decline to $0.05.

Polkadot price analysis

The bears attempted to push the Polkadot (DOT) price beneath the vital support at $4.22, however, the bulls held their position as seen from the long tail on the Aug. 22 candlestick.

The 20-day EMA ($4.73) is heading downwards and the RSI is in the negative zone, demonstrating that bears have the upper hand. If buyers want to show a comeback, they will need to boost the price above the overhead zone between $4.56 and the 20-day EMA.

Meanwhile, the bears are likely to have other intentions. They will likely attempt to sell on minor rallies and drive the price below $4.22. If they succeed, the DOT/USDT pair could initiate the following leg of the downtrend. The next support is at $4.

Polygon price analysis

MATIC/USDT pair has been trading in the range of $0.51 to $0.60 as the bulls are striving to keep the price above the crucial support of $0.51 after a rebound from $0.53 on Aug. 22.

The bears may be active at higher levels if the price retreats from $0.60, which could result in a consolidation in the same range. On the other hand, a breakdown below $0.50 could indicate the resumption of the downtrend and a possible drop to $0.45 and later to $0.42.

Conversely, a breakout of $0.60 could potentially open the doors for a rally to $0.65 and then to $0.69. However, crypto shiba inu, crypto shiba, cardano crypto, shiba crypto today, crypto ”shiba inu, polkadot crypto, matic crypto, crypto dogecoin, shib crypto, and open ai traders should keep an eye on the price movements.

Shiba Inu price analysis

On Aug. 20, the SHIB/USDT pair’s price of Shiba Inu (SHIB) fell below the 50-day SMA ($0.0000084), but the bulls did not let it retest the important support at $0.0000072.

The solid bounce on Aug. 22 indicated strong buying of crypto Shiba Inu at lower levels. The bulls will try to push the price up above the moving averages. If successful, the SHIB/USDT pair may gain momentum and surge towards $0.000011.

Alternatively, if the price turns down from the moving averages, it will show that the bears are still in control. The crypto Shiba Inu pair could then decline to the strong support at $0.0000072 and further to $0.0000064.