Since breaking below $29,000, Bitcoin has remained relatively stable, suggesting indecision between sellers and buyers. Last week’s price drop means BTC holders who purchased the coin within the past 155 days are in losses. Meanwhile, long-term holders haven’t started accumulating BTC as they did in the previous price fall.
Traders are now waiting for Fed Chair Jerome Powell to deliver his speech on August 25. In case he does not say anything negative, the traders may consider his speech bullish for assets like stocks and crypto, which many consider risky.
In the meantime, let’s explore different price charts to discover the major resistance and support levels that traders need to keep an eye on.
Bitcoin Price Analysis
Since March, BTC has been trading between $25,000 and $31,400, with buyers purchasing the dip at key support points while sellers booking profits at major resistance points. As of this writing, the Relative Strength Indicator is at 41.76, meaning the bears have taken control. To strengthen their position further, they will now try to tug Bitcoin below $25,000. However, the bulls are likely to buy the dip when the coin reaches this price. By doing so, they may fuel a rally to $26,500 and then to the 20-day EMA (Exponential Moving Average) of $28,054.
Ethereum Price Analysis
The bulls are struggling to push Ethereum above the $1,700 mark, which suggests that the sellers are still holding their ground and may continue resisting all minor rallies. With the buyers seemingly not interested in buying the token at its current price ($1,641), there is a likelihood of a price drop below the $1,625 support level. ETH may slide to retest $1,549.67, and if this level cracks, the crypto asset could hit $1,438 for the first time since March.
Conversely, if Ethereum reaches $1,549 and rebounds, the bulls may be motivated to thrust the digital currency’s price above $1,700. However, it will face strong resistance at $1,776.72, the 20-day EMA.
BNB Price Analysis
The bears tugged BNB below the $220.53 key support level on August 17, turning it to resistance. They are now preventing the bulls from pushing the token above this price. BNB is trading at $214.22, according to data from CoinGecko. If it crosses below $212.87, we anticipate a further drop to $195.87 and then to $183.79. Meanwhile, the bulls must kick BNB above $220.53 to increase the chances of a solid recovery. If they manage to do so, the fourth-largest crypto asset could see its value reach $231.06 or even $243.40.
XRP Price Analysis
On August 17, the bulls were able to defend the $0.4187 strong support level, pushing XRP to $0.5212 at press time. Still, they are finding it challenging to thrust the asset above the $0.5673 resistance level. This shows the buyers are not yet fully in charge. In the event XRP reaches $0.5673 and reverses, we may see the token trading between this level and $0.4187 over the next few days.
But in case XRP’s price goes above the 20-day EMA of $0.5918, it may rally toward the 50-day Simple Moving Average (SMA) of $0.6311.
Cardano Price Analysis
The buyers have protected the $0.2431 support level since last Thursday but still can’t cause a recovery toward the $0.2864 resistance level. It’s now trading at $0.2582. And with the Relative Strength Index at 38.75, it indicates that a downward move is more likely. So if ADA reaches $0.2431 again and the bulls fail to defend the price, it may continue declining, hitting $0.2163 in the process.
Conversely, this assumption will not be valid if the bulls kick Cardano above $0.2864. That’s because the token may begin an upward movement toward the 20-day EMA of $0.3117.
Dogecoin Price Analysis
DOGE went below $0.0600 last Friday, reaching $0.0595. But the bulls could not let the bears fuel a further price drop. So they purchased the dip, pushing the meme coin’s price to $0.0621 at press time. But this doesn’t mean a rally has begun. For that to happen, the buyers must thrust DOGE above the 20-day EMA of $0.0691. The token may then rise to retest the $0.0749 resistance level.
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