According to data from CoinGlass, Bitcoin has dropped by 6.9% in August. The coin fell 13.8% in the same month last year. The company expects BTC to shed more value in September as history indicates that the crypto asset’s price has declined every September since 2017.
Mike McGlone, Bloomberg’s Senior Commodity Strategist, is also bearish on BTC. During an interview at Kitco News, he said a global economic reset could pull Bitcoin to $10,000.
Although the coin has posted some gains over the last seven days, it has yet to break out from the present trading range. If a breakout happens, what are the key points to monitor? Let’s find out by analyzing the Bitcoin price chart and those of the top altcoins.
Bitcoin Price Analysis
The buyers and sellers have not taken any big bets as BTC continues trading inside the $25,900 and $27,890 range. If the bulls break the barrier at $27,890 and then push Bitcoin above the 50-day Simple Moving Average (SMA) of $28,798, the chance of the coin reaching $30,459 will be enhanced. On the other hand, if the $25,900 level cracks, Bitcoin may first hit $24,760 before falling further to $19,800.
Ethereum Price Analysis
ETH is finally trading above the $1,700.03 resistance level after being stuck between $1,617 and $1,646 for the past few days. The recovery could be stronger if the buyers push Ethereum above the 20-day Exponential Moving Average (EMA) of $1,718.24. If they do so, the crypto asset could reach $2,000 or even $2,115.
On the contrary, a downturn from $1,718.24 could put ETH in a freefall, reaching $1,617 in the process.
BNB Price Analysis
BNB touched $231.44 on Tuesday as the sellers defended the level aggressively. The digital currency’s price is still above the 20-day EMA of $222.76. If it reaches this level and reverses, the buyers may attempt to break the $231.44 barrier in an effort to push BNB to the 50-day SMA of $236.19. Conversely, a break below $222.76 may motivate the sellers to tug the Binance coin to the $200.48 critical support.
XRP Price Analysis
The buyers’ failure to kick XRP above the $0.55374 resistance level suggests higher levels are not attracting buying activity. The token has been stuck between $0.50653 and $0.52514 since August 18. In case the bulls let $0.50653 crack, XRP could hit the $0.41693 key support or even head towards $0.36758. On the positive side, if the buyers kick the crypto asset above $0.55374, then a strong rally toward the 50-day SMA of $0.64216 becomes possible.
Cardano Price Analysis
On August 29, Cardano crossed above the 20-day EMA of $0.27424, but the bulls couldn’t sustain the high price. The token is down to $0.26285 as of this writing. If it hits $0.24776 and the support level cracks, ADA’s price could reach $0.20012 for the first time since January 2021. On the contrary, the token may retest the $0.34278 if it touches $0.24776 and bounces off.
Dogecoin Price Analysis
Since August 17, Dogecoin’s price has been ranging between $0.06072 and $0.07027 (the 50-day SMA). Although the Relative Strength Index (39.23) suggests the bears are in charge, they will have to tug the meme coin below $0.06072 for any significant price drop to happen. If they do so, DOGE could touch $0.05587 or even $0.05020. On the positive side, a price above $0.07027 could cause a jump to the $0.80531 resistance level.
Solana Price Analysis
Solana bears have been selling on every rally, causing the crypto asset’s price to reach $20.67 as of this writing. If SOL hits the $19.33 support level formed on August 22 and the buyers fail to purchase the dip, the bears may put more selling pressure that could cause the token to decline to $15.48. However, this assumption will be declared invalid if Solana reaches $19.33 and turns up. The token could then head toward the 50-day SMA of $23.59, which acts as a minor resistance, before retesting $26.37.
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