Price Analysis September 17th, 2024 – BTC, BNB, ETH, SOL, and ADA
Bitcoin has failed to cross above $60,000 over the last 48 hours, suggesting low demand at higher prices. This could be due to uncertainty over the long-awaited Fed Reserve’s decision on the interest rate cut expected on Wednesday.
Some analysts argue that if the Fed cuts interest rates, it’ll be bullish for cryptocurrencies and other risky assets in the long term. However, they expect short-term drawdowns before a rally starts.
Meanwhile, WhaleWire CEO Jacob King does not believe the interest rate cuts are good for the economy and risky assets. He argues that sharp rate cuts have led to recessions in the past, and therefore, crypto investors should not be over-excited.
Will BTC head toward the $55,723 support level if the bears keep the asset below $60,000 for longer? Let’s analyze the charts to find out.
Bitcoin Price Analysis
Bitcoin retested the 20-day Exponential Moving Average of $58,322 on September 16th, signaling that the sellers were exerting pressure. However, the selling pressure wasn’t sufficient to pull the coin to lower levels, allowing the buyers to cause a recovery rally to $59,863 as of this writing.
If BTC crosses and closes above $60k, a rally to $61,382 becomes possible. Furthermore, crossing this price will enable the coin to head toward the $65,189 resistance, where the sellers will try to mount a solid defense.
From a bearish point of view, a close below $58,322 opens doors for a downtrend to $55,723 or even $52,557.
Ethereum Price Analysis
After blocking a move above the 20-day Exponential Moving Average of $2,413 on September 15th, the bears began a downtrend, pulling Ethereum to the $2,318 support the following day. However, the bulls successfully prevented further dip and have now pushed the coin to $2,348.
Still, the Relative Strength Index, which is currently in the negative territory, signals an advantage to the sellers, who might drag ETH to $2,109.38 if they cause $2,318 to collapse in the coming days. As for the bulls, fueling a move above $2,413 will give them an edge to push Ethereum’s price toward the $2,848.22 breakdown level.
BNB Price Analysis
BNB traders have waited for a breakout from the $462 – $636.70 trading range for nearly two months. However, a breakout at $636.70 could become a reality if the bulls maintain the coin above the 50-day Simple Moving Average of $539.40. Even better, a rally to the $723.40 resistance is likely if BNB crosses and stays above $636.70.
On the other hand, the prospects of a move to $462 would grow significantly if the bears tug BNB below $500 and cause the support at $496.27 to collapse.
Solana Price Analysis
Solana bulls have struggled to start a massive movement over the past seven days. This situation is attributed to selling pressure applied by the bears out of panic following news that the now-collapsed exchange FTX was planning to cash out its SOL holdings worth millions to raise money to pay its creditors.
Despite the increased selling activity, Solana has traded above a vital support level ($116.89), indicating that the buyers are keen on driving its price to new territories. If they win the test at the 50-day Simple Moving Average of $143.29, SOL will likely cross $164.21 and move toward the $200.18 resistance. Meanwhile, if $116.89 gives way, the likelihood of a bearish movement to $100.44 will increase.
Cardano Price Analysis
The 50-day Simple Moving Average of $0.3487 has proven tough for the bulls to break in the past two days, indicating intense selling at higher prices. Cardano’s 1D price chart is almost completing a bearish descending triangle, which will fully form when the token reaches $0.3105. As such, a downtrend to the $0.2497 support is likely.
To invalidate this bearish setup, the bulls must push ADA above the downtrend line. In such a scenario, $0.3487 could crumble, opening room for a bullish move to the $0.4015 or even $0.4600 resistance levels.
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