Price Analysis August 8th, 2024 – BTC, ETH, SOL, BNB, and XRP
Bitcoin fell below $50,000 earlier this week. Following the price drop, trading company QCP Capital claimed on X that BTC had hit the bottom, urging its followers to accumulate more coins. However, some crypto analysts believe that Bitcoin could fall further in the coming days.
For instance, 10x Research crypto analyst Markus Thielen tweeted on Wednesday that Bitcoin might hit a low of $40,000 before starting a major rally. Similarly, Bitcoiner David Gokhstein has advised his X followers to buy the dip only when BTC reaches $42,000.
The bearish sentiments from the two crypto enthusiasts are supported by the bull-bear market cycle indicator, which now shows a bearish signal for the first time in more than 18 months. Julio Moreno, the head of research at CryptoQuant, says if the indicator stays bearish in August, it could suggest that Bitcoin might trend downward again.
Will the bulls sustain the current recovery rally, or will the bears pull Bitcoin and popular altcoins to lower levels? Let’s study the price charts to find answers.
Bitcoin Price Analysis
Bitcoin has continued to recover after plummeting to $49,498 on August 5th. As of this writing, the buyers have pushed the coin above the $55,754 breakdown level to $57,305, suggesting aggressive buying activity at lower prices.
The current rally may stall at the 20-day Exponential Moving Average of $61,893, where the sellers are likely to mount selling pressure. If Bitcoin reaches and turns down from $61,893, it’ll mean that sentiments around the coin remain largely negative. As such, BTC could drop below $55,754 and head toward $49,498 or even $40,000.
From a bullish point of view, a rally to $69,173 is possible if the bulls thrust and sustain Bitcoin above the 50-day Simple Moving Average of $62,203.
Ethereum Price Analysis
There has been significant selling activity near the $2,559.43 resistance level in the past 24 hours, indicating that the bears remain active at higher prices. Ethereum is trading at $2,427 as of this writing. If it drops below $2,398, the sellers will try to pull it toward the support at $2,128, where we anticipate the buyers will purchase the dip. However, if they don’t, ETH could plunge to $1,990 and later to $1,660.
Conversely, a price surge above 2,559.43 could signal that the bulls are getting stronger. In such a scenario, Ethereum could rally to $2,849.50.
BNB Price Analysis
The sellers succeeded in pulling BNB below $461, a key support level, on August 5th. However, they couldn’t maintain the coin at lower levels as the buyers came in and purchased the dips. BNB is changing hands for $488.92 at press time. If the bulls push and sustain the token’s price above the $495.55 resistance, room for a rally to the 20-day Exponential Moving Average of $537.80 will open up.
This bullish view will be invalid if BNB depreciates below $461. That’s because the coin may plummet further to retest the $400.20 support level or even $370.
Solana Price Analysis
Solana bulls have defended the $116.39 strong support since the start of the week, signaling that they are unwilling to let the bears take over the market. However, the bears haven’t allowed SOL to go above the 20-day Exponential Moving Average of $159.89. If they sustain the coin below this level for longer, they will try again to pull it below $116.39 and force a bearish move to $100.28.
On the other hand, a break above $159.89 increases the likelihood of a surge toward the $188.92 resistance level or even $209.
XRP Price Analysis
XRP hasn’t broken out of the $0.42 – $0.74 trading range for several months now, signaling that the bulls are buying at key support levels while the bears are booking profits at major resistance levels. The token is priced at $0.62 as of this writing. Intense buying activity could push it to the $0.65 resistance.
On the negative side, a drop below $0.60 enhances the chances of a move to the 20-day Exponential Moving Average of $0.55.
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