Bitcoin fell below $27,000 following the Fed’s meeting on September 20. Nonetheless, hodlers have continued accumulating the coin, according to data from Glassnode. On Thursday, the crypto analytics firm said that long-term Bitcoin holders have collectively bought BTC worth $450.60 million since the start of this month.
While retail whales remain active, institutional investors appear to have exited the crypto market as they await more clarity on the macroeconomic and regulatory front. According to asset management firm Coinshares, crypto-focused ETFs have lost $437 million to outflows since August 1.
Meanwhile, financial market analysts are still divided in regard to the next Bitcoin move in the short term. John Bollinger, the founder of the popular indicate Bollinger Bands, wrote on his X account earlier this week that BTC could begin an upward move but said it was a bit early to tell when that will happen.
So, which direction will prices of leading Cryptocurrencies head in the next few days? We take a look at the charts to find out.
Bitcoin Price Analysis
Before the Fed’s meeting, Bitcoin was trading above the 50-day SMA (Simple Moving Average) of $27,214. After the Fed’s Chair, Jerome Powell delivered his speech, the coin started a downward trend, reaching $26,564 as of this writing.
BTC is now approaching the 20-day EMA (Exponential Moving Average) of $26,489. If it slides below this crucial level, it will be assumed that the bears have taken control and may attempt to pull Bitcoin towards the $24,659 strong support. Conversely, a rebound from $26,489 may help the coin reach $27,214 and even $28,111.
Ethereum Price Analysis
From Monday, the bulls gave their all to defend the $1,625.89 breakdown level, although they failed to start a rally as bears came in to book profits immediately after the Fed’s meeting. With the token valued below the 20-day EMA of $1,636.79 at press time, it may slide to $1,564.50 if $1,601.22 is not protected. On a positive note, ETH could retest the August 17 daily high of $1,744.27.
BNB Price Analysis
Buyers failed to thrust BNB above the $220.43 resistance level on Tuesday. Sellers have not let the token cross above that mark since August 31. Nonetheless, BNB’s price has been within the 20-day EMA of $214.83 over the last few days, suggesting that the bulls are not ready to let the bears cause a deeper price fall. However, if the crypto asset slides to $202 and the level cracks, its value may drop to $186 for the first time in two years.
The bulls can only take the driver’s seat if they push BNB above $220.43. That way, an upward movement toward $237.94 becomes likely.
XRP Price Analysis
XRP is one of the altcoins that haven’t experienced high volatility in the wake of the Fed’s meeting. The token continues to trade above the 20-day EMA of $0.50592 as of this writing. However, getting XRP to the $0.56112 resistance level has been challenging for the bulls. Still, even if they achieve this, the bears are likely to cause a massive sell-off from that level. Additionally, we anticipate a drop to $0.42994 if $0.50592 finally crumbles.
Toncoin Price Analysis
The $2.57 mark proved difficult for the bulls to overcome mid-week. Although TON has dropped to $2.28 at press time, the altcoin is still up 17% over the last seven days. It is worth mentioning that the Toncoin has become a top-ten digital currency after its market capitalization surpassed that of TRON.
If TON continues plummenting, the bull may attempt to protect the $2.24 support level. If they don’t show buying interest there, a price drop to $2.05 is possible. Conversely, a rally above $257 could encounter resistance at $3.27.
Cardano Price Analysis
ADA bulls are still unable to push the altcoin above $0.25961, the 20-day EMA. If they eventually succeed, Cardano could rise to retest $0.28447. Meanwhile, a drop below the $0.24129 support level would cause the crypto asset to retest $0.22481 for the first time since January 2021.
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