Since the start of the month, BTC has traded within a considerably tight range. The longer it stays there, the stronger the breakout will be. However, it is still unclear when the coin will break out of the current boundaries.
Meanwhile, the strengthening United States Dollar Index (DXY) could negatively impact the performance of crypto assets. DXY has been rising over the last four weeks.
So what are the crucial resistance and support levels that traders need to keep an eye on over the coming days? Let’s explore the price charts to find out.
Bitcoin Price Analysis
Since falling below the 20-day EMA (Exponential Moving Average) of $29,543 on August 13, Bitcoin has yet to retest that level. Data from CoinGecko shows the coin trading at $29,289 as of this writing after rebounding off from the $28,468 support level. This suggests the buyers are aiming to maintain Bitcoin at a higher level.
But with the Relative Strength Index at 52.84, which shows a balanced trading activity between the bulls and bears, BTC may continue consolidating inside the $28,468 – $30,327 range this week.
Meanwhile, a drop below $28,468 could lead to Bitcoin’s price collapsing to $26,067. On the positive side, the coin may rally to $31,479 if it breaks out at $30,327.
Ethereum Price Analysis
Since Monday, Ethereum has been trading near the 20-day EMA of $1,853.23, suggesting that the buyers are maintaining buying pressure. The token is valued at $1,846.37 as of Tuesday evening. The bulls need to push ETH above $1,853.23 to make a price surge to the 50-day Simple Moving Average (SMA) of $1,877.65 possible. Crossing this level increases the possibility of a massive rally to the $1,943.5 resistance level.
On the contrary, ETH is likely to reach the $1,817.12 support level if the bulls fail to exact enough buying pressure to thrust the digital currency above the 20-day EMA.
BNB Price Analysis
The selling pressure from bears has not been sufficient to cause BNB’s price to collapse, despite the token trading below both the 50-day SMA ($241.76) and 20-day EMA ($242.98) over the past few days. BNB is changing hands for $239.56 at press time. The Relative Strength Index (49.34) suggests minimal price movement for some time.
If the Binance coin breaks above $242.76, it will meet the first resistance at $251.83. Meanwhile, a decline to $220.59 becomes possible if BNB’s price closes below the $237.14 support level.
XRP Price Analysis
The moving averages have been key levels for XRP traders over the last seven days. Buyers have been buying the dip at the 50-day SMA of $0.6294, while sellers have been booking profits at the 20-day EMA of $0.6573. However, the declining Relative Strength Index suggests the bears are at an advantage. A drop below $0.6294 would cause XRP to depreciate further to $0.5683. On the positive side, the crypto asset will hit $0.7447 and likely reverse if the bulls sustain its price above $0.6573.
Cardano Price Analysis
ADA is now trading below moving averages. This suggests the bulls are not interested in buying the token at higher levels, prompting the bears to book profits. Cardano is priced at $0.2792, according to data from CoinGecko. If the bears continue selling, the digital currency may take a hit to $0.2598. Conversely, ADA could rise to $0.3402 if its price goes above the downtrend line.
Dogecoin Price Analysis
The bears have blocked every recovery attempt at the 20-day EMA of $0.0711 since August 13, causing Dogecoin to reach its current price of $0.0716. The support at $0.0708 is a key level to watch. In case DOGE crosses below that point, it may continue sliding to reach $0.0602. On the contrary, thrusting the meme coin above $0.0711 will help the bulls fuel a rally to $0.0874.
Solana Price Analysis
Like Bitcoin, Solana has been stuck in a range since August 1. The bulls have been buying at $22.01, while bears have been selling at $26.72. A breakout on the upside may push SOL’s price to $32.03. Conversely, if $22.01 cracks, the crypto asset could fall to $16.48 and later to $14.97.
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