Price Analysis: Top Cryptocurrencies – BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC
The bulls attempted to energize Bitcoin from its stupor on Sept. 7, however the rally was brief. This proposes an absence of lucidity between the bulls and the bears about Bitcoin’s (BTC) next directional move. Analyst CryptoCon said on X (formerly Twitter) that Bitcoin could remain in a “mid cycle lull” until the start of…
The bulls attempted to energize Bitcoin from its stupor on Sept. 7, however the rally was brief. This proposes an absence of lucidity between the bulls and the bears about Bitcoin’s (BTC) next directional move. Analyst CryptoCon said on X (formerly Twitter) that Bitcoin could remain in a “mid cycle lull” until the start of the next bull run in November 2024.
Along similar lines, ARK Invest said in a report that digital forms of money could keep on confronting headwinds in the second 50% of 2023 because of different macroeconomic issues, for example, loan fees, gross domestic product appraisals, joblessness and expansion.
Sept.In correlation, the bulls will intently follow the choice of the United States Securities and Exchange Commission on the different Bitcoin spot exchange-traded fund (ETF) applications. Moreover, the race for a spot Ether (ETH) ETF additionally started authoritatively on Sep. 6 with filings from VanEck and ARK Invest. Bloomberg ETF analyst James Seyffart expects more Ether ETF filings to occur in the following not many days.
Could Bitcoin’s range-bound activity increment the selling pressure on altcoins? How about we contemplate the graphs of the top 10 cryptos, for example, matic crypto, polkadot crypto, crypto dogecoin, sol crypto, open ai, how to invest in web 3.0, top crypto, current crypto, when will web 3.0 be released, crypto twitter, to discover.
Bitcoin price analysis
The bulls were unable to surpass the 20-day exponential moving average (EMA) of $26,419 on Sept. 7, indicating that the bears are strongly protecting the 20-day EMA.
However, the bears’ failure to challenge the crucial support at $24,800 implies that selling pressure is reducing at lower levels. The relative strength index (RSI) is attempting to form a positive divergence, suggesting that the bearish momentum is weakening.
The first sign of strength will be a break and close above the 20-day EMA. This will open the way for a sustained recovery towards $28,143.
On the contrary, if the $24,800 support is breached, the BTC/USDT pair could initiate a downtrend. There is minor support at $24,000, but it may not stop the decline. The pair could eventually reach the essential support at $20,000.
Ether price analysis
Ether, a matic crypto, continues to trade inside a narrow range between the 20-day EMA ($1,668) and the formidable support at $1,626.
The failure of the bulls to clear the overhead hurdle at the 20-day EMA increases the risk of a breakdown. Below $1,626, the ETH/USDT pair could retest the Aug. 17 intraday low of $1,550. Buyers may purchase the dip to this level with vigor because if the support cracks, the pair could plunge to $1,368.
Time is running out for the bulls. If they want to prevent the collapse, they will have to first drive the price above the 20-day EMA and thereafter attempt a rally to the 50-day simple moving average (SMA) of $1,762. That could increase the likelihood of the pair being range-bound between $2,000 and $1,626 for a few more days.
BNB price analysis
The bulls attempted to propel BNB (BNB) above the breakdown level of $220 on Sept. 6, yet the bears declined to yield. This shows that the sellers are trying to turn the $220 level into resistance.
There is minor support at $211, however, if the bears push the price beneath it, the BNB/USDT pair could reach the psychological level of $200. This level is likely to draw strong buying from the bulls. If the price bounces off this support, it will demonstrate that the pair may consolidate between $200 and $220 for some time.
Contrary to this assumption, if the price turns up from the current level and rises above $220, it will suggest accumulation at lower levels. That could trigger a recovery towards the downtrend line.
XRP price analysis
Bulls attempted to purchase XRP’s (XRP) dip below $0.50 on Sept. 6, but with no success to start a strong rebound, it shows a lack of demand at higher levels.
Bears will try to worsen their position by pushing the price below $0.50. If they succeed, the XRP/USDT pair could plunge to the next major support at $0.41. This decline is likely to be fast, as there is no major support between $0.50 and $0.41.
On the other hand, if the price rises from the current level, it will suggest that the bulls are trying to make $0.50 a support. A break above the 20-day EMA will indicate that the crypto dogecoin pair is likely to oscillate between $0.50 and $0.56 for some time.
Cardano price analysis
The Doji candlestick pattern formed by Cardano (ADA) on Sept. 6 and again on Sept. 7 indicates that bulls and bears are in a state of indecision. Furthermore, the 20-day EMA ($0.26) moving downwards and the RSI in the negative territory increase the probability of a bearish breakdown below $0.25, which could lead ADA/USDT to the critical support at $0.24.
On the upside, the bears have managed to stop the price from going beyond the 20-day EMA; hence, this is a key level to keep an eye on. If the bulls are able to push the price above the 20-day EMA, the pair may reach the resistance at $0.28.
For those interested in investing in web 3.0, crypto dogecoin, sol crypto, matic crypto, polkadot crypto, and other top cryptos, it is important to stay informed about the current crypto trends and when web 3.0 will be released. Crypto Twitter is a great resource to stay up to date with the latest news.
Dogecoin price analysis
The bulls attempted to push Dogecoin (DOGE) above the 20-day EMA ($0.06) on Sept. 6, but the bears were able to hold their ground.
The crypto dogecoin price is still stuck between the 20-day EMA and the horizontal support at $0.06. When the price trades inside a range, it is difficult to predict the direction of the breakout, but the downsloping 20-day EMA and the RSI near 40 indicate an edge to the bears. If the DOGE/USDT pair falls below $0.06, it could descend to $0.055.
This bearish outlook will be invalidated in the near term if bulls manage to lift and sustain the price above the 20-day EMA. Such a move would suggest the start of a stronger recovery to $0.07 and eventually to $0.08.
Solana price analysis
Sol (SOL) crypto has been correcting inside the wide range of $14 to $27.12, as bears sell the relief rallies to the 20-day EMA ($20.53), suggesting a bearish sentiment.
The failure of bulls to push the price above the 20-day EMA implies that the path of least resistance is downwards. If bears drive the SOL/USDT pair beneath the immediate support at $19, it could drop to $18 and further to $16.
However, bulls will likely attempt to take the price above the 20-day EMA. If they succeed, the pair may reach the overhead resistance at $22.30. This is an important level for bears to defend, as a breakout could lead to a potential rally up to $26.
Toncoin price analysis
Toncoin (TON) attempted a rebound on Sept. 6, but the long wick on the Sept. 7 candlestick shows that crypto dogecoin traders are still selling on rallies.
The 20-day EMA ($1.68) remains the key level to keep an eye on in the short term. If the price rebounds off the 20-day EMA, the bulls will again attempt to drive the TON/USDT pair above the overhead resistance at $2.07.
Conversely, if the price slips below the 20-day EMA, it will suggest that the sol crypto traders are aggressively booking profits. The first stop on the downside is at the breakout level of $1.53 and then the 50-day SMA ($1.44).
Polkadot price analysis
The bears pushed the Polkadot (DOT) price below the strong support at $4.22 on Sept. 6, but they were unable to sustain the lower levels, indicated by the long tail on the candlestick which showed buying at lower levels.
However, the bulls were unable to keep up the momentum and the price failed to reach the 20-day EMA ($4.41). This suggests that any minor rallies are being sold off. The bears have pulled the price back to the important support at $4.22. If this support level is breached, the DOT/USDT pair could drop to the psychological support at $4.
If the bulls want to make a comeback, they will need to push the price above the 20-day EMA. If they are successful, the pair is likely to climb to the downtrend line. This is the key level to keep an eye on because a break above it could signal the end of the downtrend.
Polygon price analysis
Traders have been attempting to push MATIC crypto above the 20-day EMA ($0.56) for the past three days, but the bears have remained in control. This implies that investors are selling on minor rallies.
The bears are likely to try to drag the price beneath the immediate support at $0.53. If they manage to do so, the MATIC/USDT pair may drop to the essential support at $0.50. The bulls are predicted to protect this level strongly as a break below it could open the doors for a further decline to $0.45.
The bulls will have to force and sustain the price above the 20-day EMA to demonstrate that the bearish pressure is decreasing. That could initiate a recovery to $0.64, where the bears may yet again mount a powerful defense.