Price Analysis September 5th, 2024 – BTC, ETH, SOL, BNB, and ADA
The weakness in equity markets in the United States pulled crypto markets to lower levels on September 4th. But the positive news is that lower prices have continued to attract buyers, as evidenced by Bitcoin’s current price action, where the bulls are aggressively guarding the $55,600 support level.
Meanwhile, trading company QCP Capital believes that the expected Fed interest rate cut on September 18th will be bullish for cryptocurrencies and anticipates a massive upward move after the announcement. However, analysts from Bitfinex have a different view. On September 2nd, they said that Bitcoin could plunge roughly 15% after the Fed announces an interest rate cut. These analysts see Bitcoin trading at around $44,000 a few days after the potential rate cut announcement.
BTC’s risk of dipping below $50,000 has put pressure on other cryptocurrencies, which have recorded poor performance since the start of the month, causing the total market capitalization to plummet below $2.1 trillion, according to CoinGecko’s data.
Will BTC stay above $50,000 to prevent selling activity in altcoins, or should we expect deeper corrections soon? Let’s examine the price charts to find answers.
Bitcoin Price Analysis
BTC reversed from $59,573, the 20-day Exponential Moving Average on September 3rd, and dropped below $57,000 the following day. The buyers successfully defended the support at $55,676 to prevent a dip to $49,082 or worse to $42,798.
If Bitcoin crosses $59,573, we expect a move toward the 50-day Simple Moving Average of $61,687. If this hurdle crumbles, BTC could rise to $64,879 and then attempt to rally toward the $70,793 resistance.
Ethereum Price Analysis
Ethereum bears have failed to tug the token below the $2,308 support despite maintaining its price below $2,504 in the past 48 hours. This suggests that the buyers are purchasing the dips. If they push ETH above $2,504 and force a move to the 20-day Exponential Moving Average of $2,576, it’ll mean that the bears have weakened. As such, Ethereum could start a solid rally to the 50-day Simple Moving Average of $2,857.
On the other hand, if $2,308 breaks, the likelihood of a bearish move to $2,173 will surge significantly. If $2,173 collapses, the bears will be happy to drag ETH to $2,007.
BNB Price Analysis
BNB bounced off from $496, a vital support level, and rose to retest the 20-day Exponential Moving Average of $534 on September 3rd. Its failure to go above $534 signaled selling pressure at higher prices. If the bears continue selling, the $496 support might crack, leading to a move to $458.79, which, if not protected, a deeper dip to $400.85 could happen.
On the positive side, the bulls must push and keep BNB above the 50-day Simple Moving Average of $552.87 to take control of the market. As such, the crypto asset could cross $598 and head toward the $634.90 resistance.
Solana Price Analysis
The buyers have sustained Solana above the $116.33 support for several days but haven’t been able to cause a rally above the 20-day Exponential Moving Average of $142.84. However, if they finally achieve this milestone, we can assume that the bears are no longer interested in selling on recovery rallies. In such a scenario, SOL could jump above the 50-day Simple Moving Average of $152.88 and move to $184 before rallying toward $204.67.
On the other hand, we might see Solana plunge to the $100.38 support if the bulls allow the bears to drag the token below $116.33.
Cardano Price Analysis
The bears couldn’t tug Cardano below the $0.3193 support on September 3rd, indicating that the buyers were focused on keeping the crypto asset above key support levels. However, if $0.3193 eventually crumbles, ADA will likely slide to $0.2785 and later to $0.2487.
On the bullish side, the 20-day Exponential Moving Average of $0.3485 will be crossed if the bulls keep Cardano above $0.3193 longer. As such, a rally to $0.4071 is likely.
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