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Price Analysis September 22nd, 2024 – BTC, BNB, ETH, SOL, DOGE, and XRP

Bitcoin crossed $64k on September 20th, but the buyers couldn’t sustain it at higher prices, suggesting that the sellers continue to find key resistance levels ideal for taking profits.

On Friday, analyst at CrytoQuant, Avocado_onchain, said on X that the average buy price of BTC short-term investors (people who’ve held Bitcoin for 155 days or less) is $62,000. Therefore, if this price acts as a strong support level, BTC could surge higher in the coming days.

The analyst also noted that most institutional investors no longer engaged in Bitcoin shorting, indicating that they foresee a rally. Meanwhile, Farside Investors data shows increased inflows into Bitcoin spot ETFs in the past seven days. According to the data, investors have injected $158 million into these ETFs this week.

That said, Let’s explore the price charts to find out which levels we should monitor if Bitcoin crosses and stays above the $64K resistance.

Bitcoin Price Analysis

BTC broke above the downtrend line on September 18th, signaling that the buying pressure at lower levels had intensified. Despite facing resistance at $64,000 on Friday, Bitcoin still has a chance to rally further, considering that the Relative Strength Index (63.08) has entered a positive zone and the 20-day Exponential Moving Average ($59,973) is rising.

If the bulls thrust and keep the coin above $64,000, it could rally past the $65,548 minor resistance and head to $70,083. On the other hand, if the sellers tug Bitcoin below $60,012, $59,974 will likely crumble, leading to a move to $55,749.

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Ethereum Price Analysis

The sellers’ failure to pull Ethereum below the uptrend line indicates low selling pressure and increased buying at lower prices. The buyers pushed ETH above the 20-day Exponential Moving Average of $2,486 on September 19th and the 50-day Simple Moving Average of $2,583 the following day. The coin trades at $2,608 as of this writing.

Increased buying activity will enhance the chances of a surge to the 2,853.88 breakdown level or even to $3,407. Conversely, the sellers could drag Ethereum to $2,208 if $2,486 collapses.

BNB Price Analysis

BNB crossed both the 20-day Exponential Moving Average ($541.98) and the 50-day Simple Moving Average ($531.82) on September 17th, suggesting that investor sentiment remains positive. It’s now priced at $587, near the $600.49 resistance level. If BNB reaches this key point and the bulls defeat the bears, it could begin a new move to $700.50, where massive selling pressure is anticipated.

On the contrary, a break below $531.84 would mean that the bears have taken over the market and could cause BNB to dip to $490.36 or $463.62.

Solana Price Analysis

SOL has now crossed the 50-day Simple Moving Average of $142.04 to trade at $149.15. If it grows to $164.87 and the bears manage to defend this level, a strong bearish move could occur, causing the 20-day Exponential Moving Average of $137.43 to break. As such, Solana might touch the $129.85 support.

From a bullish point of view, if the buyers push and sustain SOL above $164.87, it’ll signal that the coin is ready for a pump to the $191 resistance and subsequently to $204.

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XRP Price Analysis

XRP is on the brink of breaking above the $0.5692 – $0.6028 as of this writing. If it does, a rally to $0.6408 is possible. Furthermore, sustaining XRP’s price above $0.6408 will enable the buyers to start a pump to the $0.7369 resistance.

However, the bears will invalidate this bullish view if they drag the coin below the 20-day Exponential Moving Average of $0.5711. As such, a downtrend to $5402 is likely.

Dogecoin Price Analysis

Dogecoin’s price has crossed above the downtrend line, signaling that the selling pressure is declining. If the buyers maintain DOGE above $0.1103, we could see a move to $0.1228 and later to $0.1407.

On the other hand, if the meme coin plummets below the downtrend line, it’ll mean that buying activity at higher levels has reduced. In this case, a pull toward the $0.0937 support could happen.


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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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