Price Analysis August 18th – BTC, ETH, XRP, DOGE, BNB, and ADA
Bitcoin has finally broken out of the tight range it has been in for weeks now. On Thursday, analysts from crypto trading platform QCP Capital said that BTC might continue trading within the current price for the next few weeks but could experience high volatility at the end of September.
Kevin Kelly, the founder of Delphi Digital, says we are in the early days of a bull run and expects BTC to set a new peak price by December 2024. Similarly, prominent crypto investor Jesse Myers believes a rally is coming. However, he does not think Bitcoin will reach $100,000 in 2024. He says the coin will be valued at that price about 18 months after Bitcoin halving event happens.
It is clear that crypto players remain bullish in the long term, but how will digital assets fair in the short term? We now take a look at price charts to get the answers to this tough question.
Bitcoin Price Analysis
Last Friday, Bitcoin was trading above the 20-day EMA (Exponential Moving Average) of $29,278. Seven days later, the coin has dropped to $26,165 as of this writing. The bulls have been protecting the $26,021 support level since yesterday. If they cause a rally now, BTC might retest the $28,532 resistance level. A further rally is, however, unlikely. With that said, we predict Bitcoin will continue trading between $26,000 and $28,532 over the next few days.
Ethereum Price Analysis
After the buyers failed attempts to thrust Ethereum above $1,846.43, the 20-day EMA, the sellers have managed to tug the token below the $1,815.84 support level, causing a further drop to $1,665.62 at press time. More selling pressure may lead to ETH hitting another support at $1,600.30. To avoid the token’s price from collapsing to this level, the bulls must push Ethereum above the $1,702 resistance level. This way, the digital asset may continue rising to reach $1,846.43.
BNB Price Analysis
BNB dropped below the $237.58 crucial support level on August 16, giving bears the power to pull the token to its current value of $216.35. The bulls did not bother buying the dip at $220, another key support level. This suggests that they considered $220 a high price for buying BNB. Therefore, they are likely waiting for the crypto asset to plummet further. That said, $199 is a level to watch out for. If BNB reaches there and doesn’t rebound, then it may slide to $174.38 for the first time since March 2021.
XRP Price Analysis
XRP has been the biggest loser over the last seven days, declining by nearly 20%, according to data from CoinGecko. The token has now crossed the 50-day Simple Moving Average (SMA) of $0.6198. This shows the bears are fully in charge. They may attempt to cause a further drop to the $0.45 support level, where we expect the buyers to mount a strong defense and cause a price surge toward the resistance at $0.5629. However, if that does not happen, XRP could take a hit to $0.3697.
Dogecoin Price Analysis
The Bears took the driver’s seat on August 16 after defeating the bulls at the 20-day EMA of $0.069037. CoinGecko’s data shows Dogecoin is valued at $0.062886 as of this writing. As selling pressure continues to mount, the meme coin may reach $0.060050 over the next few days. The bulls are expected to fuel a short rally to the 50-day SMA of $0.065467 if Dogecoin hits $0.060050 and reverses. This assumption becomes invalid in the event that the token crosses below $0.060050. That’s because it could keep falling toward the $0.054678 support level.
Cardano Price Analysis
The bears have gained dominance over the bulls after tugging ADA below the $0.27613 support level. It now trades at $0.26137. If Cardano drops to $0.24763 and the buyers fail to start a rally, that support will crack, and the token may collapse to $0.20043. Conversely, if a rally begins at $0.24763, ADA could grow to touch the $0.32711 resistance level.
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