Price Analysis August 9th – BTC, MATIC, ETH, ADA, BNB, XRP, and SOL
Bitcoin’s price has been rising since dropping to $28,803 on Monday. This suggests that higher levels are attracting demand once again. Despite the price growth, crypto company CoinShares reported on Tuesday that Bitcoin-related investment products had lost $110 million to outflows over the last seven days, marking the biggest weekly outflows since late March.
Meanwhile, some crypto players are still bullish that BTC’s price could go higher over the following months. For example, Blockstream CEO Adam Back wrote on his X account over the weekend that the coin will reach $100,000 before the halving event in April 2024.
That said, is this the start of a rally, or will Bitcoin and the wider crypto market trend down again? Let’s explore some price charts to find out.
Bitcoin Price Analysis
On August 7, BTC soared above the 20-day EMA (Exponential Moving Average) of $29,315 to reach $29,781 as of this writing. The bulls could regain total control by thrusting the coin above the 50-day Simple Moving average of $29,894. If it happens, Bitcoin will likely head toward the $31,423 resistance level. Another possibility is that the oldest and the biggest coin could plummet to $26,954 if the support at $28,803 cracks.
Ethereum Price Analysis
ETH bulls defeated the bears yesterday at the $1,809.59 support level, causing a brief rally to $1,856.05. But the sellers have not lost the fight totally, considering that the token has yet to cross the 20-day EMA of $1,862.49, and the Relative Strength Index is at 41.83. Therefore, if Ethereum reaches $1,862.49 and bounces off, it will first retest $1,809.59, and if this level cracks, a downward move to $1,729.40 becomes possible.
On the positive side, if the buyers kick ETH’s price above $1,862.49, it would mean that higher levels are now attracting demand, and the token might grow to retest the $1,903.50 resistance level.
BNB Price Analysis
BNB has yet to break out of the $239.60 – $246.53 trading range. Therefore, we cannot clearly tell who has an advantage between the bulls and bears. Nonetheless, in case the token breaks out from the upper side, it’ll suggest that the buyers have occupied the driver’s seat and may take BNB to $266.73 and then to $288.29.
If $239.60 cracks, the sellers could continue booking profits, causing a drop to the $219.82 support level.
XRP Price Analysis
XRP is down 12.67% over the last seven days, suggesting that the hype around the token following Ripple’s court victory against the United States Securities and Exchange Commission is fading away. It rebounded off the $0.6062 support level on August 6, reaching its current price of $0.6428. However, XRP is unlikely to cross the 20-day EMA of $0.6742 because higher levels attract sellers. If it reaches $0.6742 and turns down, it may break below $0.6062 to decline further to $0.5649.
Cardano Price Analysis
Despite rising by 3.8% in the last 24 hours, ADA’s price remains below the $0.3057 key support level. Although there is buying activity going on, the bears still have the advantage and may use it to sink Cardano to $0.2634 and then to $0.2440. Conversely, the token could rise to $0.3349 if the bulls thrust it above the 20-day EMA of $0.3107. But first, they will need to defeat the bears at $0.3057, which now acts as a resistance level.
Polygon Price Analysis
On August 6, MATIC hit $0.6508, a level the bulls defended with all their might, thrusting the token to $0.6982 at press time. Still, the probability of Polygon declining over the next few days is higher than a further price increase. That’s because the sellers are likely to book profit when the token reaches the 20-day EMA of $0.7006. Therefore, we anticipate a drop to $0.6027 if $0.6508 breaks.
Solana Price Analysis
Although minimal, Bitcoin (0.8%) and Solana (1.8%) are the only top ten cryptocurrencies to post 7-day gains. SOL trades at $24.65, above the 20-day EMA of $23.54. The bulls could be completely in control when they thrust the crypto asset above the $27.19 resistance level. However, a deep correction to $19.03 could happen if Solana turns down from $27.19.
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