Expectations that the Federal Reserve will soon end its tough monetary policies have caused the S&P Index to rise by 3% over the last 30 days. However, the bullish mood around traditional financial instruments has yet to benefit cryptocurrencies. Bitcoin, for example, has posted a 30-day loss of 4.6%. It remains to be seen whether there will be an external factor to start a significant rally over the coming days.
For now, let’s look at the price charts to find out the critical support and resistance levels to watch keenly in the short term.
Bitcoin Price Analysis
Bitcoin dipped below $29,000 at the start of this month, reaching the $28,810 support level on Wednesday morning. The coin, however, has risen to $29,332 as of this writing. The current price is below the 20-day EMA (Exponential Moving Average) of $29,650, and the Relative Strength Index (RSI) is at 44.03, meaning the sellers are gaining control. Now, if Bitcoin drops below $28,810, it may continue declining to touch $27,460 and even $26,740.
On the other hand, we are predicting a price rise to $31,209 if the bulls sustain BTC above $29,650.
Ethereum Price Analysis
ETH continues to trade between the 50-day Simple Moving Average of $1,832 and the 20-day EMA of $1,884. If this range is broken at $1,832, a strong downward movement to $1,690 becomes likely. Conversely, a breakout at $1,882 could encourage the bulls to stage a solid rally toward the $2,005.43 resistance level. However, we do not anticipate any breakout in the next few days, considering that the RSI is at 50.23, thus signaling a balance between sellers and buyers.
BNB Price Analysis
BNB has finally regained its position as the fourth-largest crypto asset by market cap after XRP lost positive momentum. The token is trading at $240.57, below the 20-day EMA of $242.13. But with the RSI near 50, neither the bears nor the bulls have an advantage. The bulls must thrust BNB above the downtrend line to enhance the possibility of a rally to $265.38. On the contrary, the token’s price could reach $220.53 if the support at $237.68 cracks.
XRP Price Analysis
As mentioned earlier, the XRP bulls are finding it tough to maintain the price of the crypto asset at higher levels. XRP has crossed below the $0.6878 support level to trade at $0.6842 as of this writing. However, it is unclear whether the bears have an advantage over the bulls because the RSI is at 50.43. That said, if the buyers act fast and thrust XRP above $6878, then cause a short rally to the 20-day EMA of $0.6932, the token is likely to reach $0.7520. Conversely, if XRP continues plunging, its price might hit $0.5621.
Cardano Price Analysis
Based on ADA’s market performance over the last seven days, the token is not attracting demand at higher levels. Sellers have successfully blocked all buyers’ attempts to get Cardano above $0.3150, the 20-day EMA. However, they will have to tug the crypto asset below $0.3019 to cause a massive downturn towards $0.2351. On the upside, if the bulls break the $0.3150 barrier, XRP could rally to $0.3274 and then to $0.3483.
Dogecoin Price Analysis
Dogecoin briefly crossed the $0.08134 resistance level on Saturday, but it turned out to be a fake breakout as the bears mounted intense selling pressure, pulling the memecoin down to its current price of $0.07452. Nonetheless, DOGE is priced above the 20-day EMA of $0.07418. But if the bears can pull and sustain the token’s price below $0.07418, it would suggest the end of upward movement, and a drop to $0.06216 may be possible. On the upside, DOGE could cross $0.08134 if it bounces off $0.07418.
Solana Price Analysis
After protecting the $24.16 support level over the last few days, the bulls have finally let it crack today. SOL is now valued at $23.14. More selling pressure may cause the crypto asset to retest $21.95 and even $19.53, where increased demand for Solana is expected. If this occurs, we anticipate a price push toward $27.03.
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