Price Analysis August 31st, 2024 – BTC, SOL, BNB, ETH, and DOGE
Bitcoin’s sideways price action over the last few months hasn’t kept the whales from the market. Instead, they’ve continued to accumulate more BTC, indicating that they view the current prices as ideal for buying the dips.
On Friday, market intelligence firm Santiment reported that Bitcoin holders owning at least 100 coins have collectively purchased 133,300 BTC in the past 30 days. The company also said Bitcoin reserves on crypto exchanges have declined by 12% this year, suggesting that investors are moving their coins to non-custodial wallets in anticipation of a bullish market in the coming months.
Another positive sign is that Mt.Gox creditors have now received their BTC repayments. Notably, most of them haven’t rushed to take profits despite lacking access to their Bitcoin since 2014, when Mt.Gox filed for bankruptcy protection. However, BTC may be subject to selling pressure again if the American government, which holds over 200,000 coins, decides to sell.
That said, what levels must we monitor if Bitcoin crosses and stays above $60,423 this weekend? Let’s study the charts to find out.
Bitcoin Price Analysis
BTC reversed from $60,423, the 20-day Exponential Moving Average, on August 29th, signaling that the sellers were taking profits. It briefly fell below the $58,004 support the following day, but the bulls pushed its price to $59,388 at press time.
The next target for the bulls is to overcome the bears at $60,423. If they achieve this, Bitcoin could go above the 50-day Simple Moving Average of $62,046 and rally to $65,108, where strong resistance is expected.
On the other hand, a solid break below $58,004 would fuel a downtrend to $55,843. If the bulls fail to start a recovery rally there, we anticipate a correction to $49,652.
Ethereum Price Analysis
The selling pressure at the 20-day Exponential Moving Average of $2,628 was enough to pull Ethereum below the $2,510 major support on August 30th. However, the token didn’t stay at lower levels for long as the bulls bought the dip, pushing it to $2,528 at the time of publishing this article.
But ETH isn’t out of the woods yet. With the Relative Strength Index indicator in a negative area, it’s safe to assume that the bears are still in control. So, what should the bulls do to take over the market? They will need to thrust and maintain Ethereum above $2,628. Doing so enhances the possibility of a price growth to $2,851.
Conversely, if ETH breaks and stays below $2,510, we expect a bearish move to $2,367 and even $2,183.
BNB Price Analysis
The bulls’ attempts to force a break above the 20-day Exponential Moving Average of $546.34 in the last two days have met resistance, signaling that the bears are booking profits on recovery rallies.
The Relative Strength Index (49.17) shows a balance between buyers and sellers. However, if BNB drops below $521, it’ll mean that the sellers are at an advantage. As such, the token could slide below $500.84 to find support at $493.82.
From a bullish perspective, if the barrier at $546.34 crumbles, the advantage will shift to the bulls’ side, and we may witness a solid rally to $600.82.
Solana Price Analysis
SOL broke out of the $136 – $163 trading range on August 30th, but the breakout was short-lived. It’s currently priced at $138, according to CoinGecko’s data. However, if the bears pull and maintain Solana below $136, the $129.43 minor support could break, prompting a move to $117.03.
On the contrary, an uptrend to the 20-day Exponential Moving Average of $147.34 would be possible if SOL crosses $140.22.
Dogecoin Price Analysis
DOGE has traded above $0.10 in the past 24 hours after rallying 2.3% on news that a US court had dismissed charges brought against Dogecoin fan and X owner Elon Musk. The complainants argued that Musk manipulated the DOGE market between 2021 and 2023 via his X posts.
The bulls’ immediate aim is to push the meme coin to the 20-day Exponential Moving Average of $0.105. On the other hand, a drop to $0.091 could actualize if the bears tug and sustain DOGE below $0.10.
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