With Bitcoin still stuck in a range since May, the indecision between the buyers and sellers makes it difficult at the moment to predict the crypto asset’s next directional movement. Bears’ efforts to tug BTC below the crucial support level of the current range on September 12 were made ineffective by the bulls. However, this does not mean the coin is now on an upward trajectory. In fact, some crypto analysts remain bearish on Bitcoin.
Crypto expert at Bloomberg, Jamie Coutts, recently wrote on his X account that the increasing rate of unemployment and the Federal Reserve monetary policies could cause a shift from risk assets like crypto over the coming months.
Meanwhile, a market report published by crypto exchange Bitfinex shows that the traders are practicing caution. Per the report, the cryptocurrency market has lost over $50 billion to net outflows since the start of August., leading to a decline in liquidity.
Now, let’s study the price charts to identify the key support and resistance levels to watch closely in the short term.
Bitcoin Price Analysis
Bitcoin bulls pushed the coin above the 20-day EMA (Exponential Moving Average) of $26,187 on Wednesday to $26,531 at press time, suggesting that the selling pressure was declining. However, the Relative Strength Index (53) indicates that the coin may continue trading in the $24,789 – $28,345 range.
The bears need to pull Bitcoin below $26,187 to take control of the market. If that happens, it will suggest that the upper levels lack demand. BTC may then drop to retest $24,789.
Also read:Ethereum Price Analysis
ETH bulls protected the $1,549 support level on Tuesday, indicating lower prices attracted buying activity. Nonetheless, the purchasing pressure has not been enough to thrust Ethereum above $1,642.09, the 20-day EMA. The token is valued at $1,629.72 as of this writing. If it crosses above $1,642.09, a rally to $1,745.87 becomes more likely. Conversely, a reverse from the 20-day EMA could cause ETH to retest $1,549.
BNB Price Analysis
BNB bulls came in to buy the dip near the $200.89 crucial support level on Septermber 13, pushing the crypto asset to $214.77 as of Sunday morning. The 20-day EMA of $216.13 is a key level to keep an eye on. If BNB reaches there and reverses, it will mean that the market sentiment around the token is still negative. The crypto asset may then drop to retest $200.89. On the contrary, a price above $216.13 may increase the chance of an upward move towards the 50-day SMA (Simple Moving Average) of $224.97.
TON Price Analysis
Toncoin has added 36% to its value over the last seven days. The price surge comes a few weeks after Ton Foundation revealed massive upgrades to the Toncoin ecosystem. The token’s market cap has also increased, pushing it into the top ten list. On Wednesday, the bulls bought the dip at $1.64, the 20-day EMA, causing a rally to $2.41 at press time. More buying pressure could propel TON to $2.66 for the first time since last December.
Conversely, a drop below $1.64 gives the sellers the advantage, which they may use to drag Toncoin towards $1.44.
Polkadot Price Analysis
Since the start of the week, DOT has traded below the $4.23 breakdown level. This gives the bears an edge. In the event they succeed in pulling Polkadot below $3.92, we expect the token to reach $3.43. Meanwhile, the buyers need to defect the sellers at $4.23 to start recovery. If they do, we may see DOT rising to retest the tough resistance at the 50-day SMA of $4.62.
Polygon Price Analysis
MATIC bears failed to strengthen their position when the token dropped below the $0.51985 critical support level earlier this week. Polygon trades at $0.52163 as of this writing. The first resistance the bulls will encounter is at the 20-day EMA of $0.54184. Thrusting MATIC above this level will enhance the possibility of a price increase to $0.61024. However, if the token reverses from $0.54184, it may plummet to $0.45193.
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