Price Analysis August 27th – BTC, ADA, ETH, BNB, XRP, DOGE, and SOL
The Fed Chair Jerome Powell delivered his most awaited speech on Friday, cautioning that inflation was still high, so the US central bank will still consider hiking rates if need be. Powell’s speech aligned with the expectations of many traders that interest rates will remain relatively high for a long time. Notably, there were no significant price movements in the stock and crypto markets.
Meanwhile, Pantera Capital is optimistic that BTC will hit $35,000 before the next halving event in April 2024. The crypto asset manager also expects the coin to reach $148,000 by December next year.
Should we anticipate a rally in the short term, or will the sellers continue controlling the market to pull Bitcoin and other digital currencies to key support levels? Studying the price charts can give us the much-needed answers.
Bitcoin Price Analysis
Since turning down from the $26,826 key resistance last Wednesday, Bitcoin’s price has been considerably stable, ranging between $25,879 and $26,135. If BTC broke below $25,879, it would suggest a lack of buying activity from the bulls, and this may open possibilities of the price crashing below $24,786, where stop losses of many traders are likely to be hit. A sign of a massive recovery will be when Bitcoin goes above the 20-day EMA (Exponential Moving Average) of $27,453. If it happens, the coin could grow to reach $29,786.
Ethereum Price Analysis
Sustaining ETH on higher prices has been challenging for the bulls. Their efforts to get the token to the $1,700.02 resistance level have faced strong rejection from the bears. On Thursday, ETH reached $1,686.74 and then reversed to $1,655.53 as of this writing. The Relative Strength Index is at 37.79, meaning the sellers control the market. If they tug Ethereum below $1,626.45, we predict a sharp fall to $1,549.96.
This assumption will be invalidated if the bulls thrust ETH above $1,700.02. That’s because the crypto asset is likely to continue rising towards the 50-day Simple Moving Average of $1,816.29.
BNB Price Analysis
BNB has trended upwards since rebounding from $205.55. It’s now valued at $218.61, according to data from CoinGecko. The recovery could meet resistance at $220.08. Breaking this barrier is crucial because if the token reverses from here, a decline to $183.28 becomes likely. On the contrary, if the buyers sustain BNB’s price above $220.08, it could rally to the 20-day EMA of $225.74 and even touch $231.50, a level we expect to attract sellers.
XRP Price Analysis
XRP bulls are aggressively guarding the $0.50342 support level. However, they still cannot mount enough buying pressure to help the crypto asset overcome the barrier at $0.56739, suggesting that the sellers remain active at high levels. If the bulls win the battle at $0.56739, XRP could rise towards the 50-day Simple Moving Average of $0.63218. Conversely, the token is expected to hit $0.41784 if $0.50342 cracks.
Cardano Price Analysis
ADA bulls haven’t let the $0.24193 support level crack, but they are still facing pressure from the bears, who are protecting the $0.28419 resistance level by selling on minor rallies. If $0.24193 cracks, it would mean that the bears have taken control and may cause XRP to trend down toward $0.19362. Meanwhile, a price above $0.28419 could encourage the buyers to start another rally to $0.34996.
Solana Price Analysis
On Thursday, SOL retested $21.92, a level that proved tough for the bulls to break. The token is now selling for $20.58. The bears can have a massive advantage if they tug Solana below $19.31. That way, the crypto asset could plummet to $17.42 and then to $14.98. On the other hand, the bulls must thrust SOL above $21.92 to enhance the chances of a rally to $23.69, the 50-day Simple Moving Average.
Dogecoin Price Analysis
A long-wicked candlestick on DOGE’s price chart suggests that the bears are still selling on rallies. The support at $0.06847 is a critical level to watch. If the bulls do not defend it, Dogecoin could see its value decline to $0.05529 or even $0.05006.
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