On August 29, Bitcoin and other cryptocurrencies increased in value thanks to Grayscale’s court victory against the US Securities and Exchange Commission (SEC). But the rally was short-lived, as exchange-traded fund (ETF) analysts warned that there was no guarantee the victory would lead to a spot Bitcoin ETF approval.
Further, despite the United States Dollar Index turning down in recent weeks, the crypto market hasn’t been able to trend upwards, suggesting that traders are now focused only on crypto-related news.
So, if the buyers defend key support levels in the next few days, will that be enough to cause a strong recovery? Let’s take a look at the price charts to find out.
Bitcoin Price Analysis
Despite Tuesday’s rally fueled by Grayscale, Bitcoin failed to break out of the $24,789 – $30,823 range. The coin rose to $27,934, and then the bear pulled it back to $26,081 on Friday. However, based on the Relative Strength Index, the selling pressure from the bears is declining. Therefore, if the BTC reaches $25,985 and turns upwards, it may cross above the 20-day EMA (Exponential Moving Average) of $27,047 to retest $27,934. If bears let go of this level, a rally to $30,823 becomes a possibility.
Ethereum Price Analysis
Although buyers purchased the dip at the $1,617.03 key support level on August 28, causing a price jump to $1,737.24, they couldn’t sustain Ethereum at high levels. The second-biggest has plunged to $1,651.32 as of this writing. There is a likelihood that ETH will continue trading inside the $1,617.03 – $1,825.14 range for some time. That said, the token may fall to $1,617.03, a level we anticipate the bulls will come in and buy the dip.
BNB Price Analysis
BNB touched $231.42 earlier this week as the bears blocked bulls’ attempt to thrust the digital asset above the 50-day SMA (Simple Moving Average) of $235.07. BNB’s value ($216.33) is now below the 20-day EMA of $224.87 and even the $220.42 crucial support level, suggesting that the sellers have taken control. Their immediate goal is to drag the token to the intraday low of $204.56 hit on August 22. If BNB turns up from here, it may rise to $235.07, but in case it continues declining, the support at $187.86 will be its next destination.
XRP Price Analysis
XRP is valued at $0.50799, according to data from CoinGecko. This means the token has lost all the gains it accumulated since July 13 after its issuer’s victory against the SEC. The bulls have rejected all bears’ efforts to tug XRP below $0.5. That’s because they understand there won’t be any strong resistance on the downwards when $0.5 cracks. In the event the bulls let go of this crucial level, XRP May go as low as $0.33170.
On the positive side, a rally to the 50-day SMA is possible if the token crosses the $0.56284 resistance level.
TON Price Analysis
August was a good month for TON, recording 30-day gains of 33.85%. It’s now the 12th largest crypto asset by market cap. TON traded above $1.54 on August 29, signaling a change of character to the upside. It’s now priced at $1.74. The bulls are targeting to thrust the token above the $1.92 resistance level to make a rally to $2.08 possible.
Conversely, if TON falls below $1.54, it would suggest that the uptrend was a bull trap. The crypto asset could then plunge to $1.20.
Solana Price Analysis
SOL’s recovery met tough resistance at the 20-day Exponential Moving Average of $21.79 on August 29, suggesting that market sentiment around the token is still bearish and traders would continue selling on every rally. Now, if the support at $19.34 cracks, we predict a downward movement to $18.43 and later to $15.97.
On the other hand, a price above $21.79 would signal bulls’ comeback and may push SOL to $23.57 and even to $24.85.
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