Bitcoin has once again failed to break out from the $28,800 – $31,000 trading range in the first week of August. The United States unemployment report published on Friday did not cause volatility in the coin. The report indicated that the US government had created 187,000 jobs in July. The figure didn’t match economists’ expectation of 200,000 jobs.
Even though Bitcoin remains stuck in a tight trading range, several crypto players predict a bullish run before the end of this year. For example, digital asset platform Matrixport is projecting that BTC will hit $45,000 by December 31.
However, investors should not get too excited about these projections because the US Securities and Exchange Commission has yet to make its decision regarding Bitcoin spot Exchange-Traded Fund (ETF) applications, which may cause the crypto market to trend downwards.
Meanwhile, we will explore the price charts of various leading cryptocurrencies to discover the key resistance and support points to keep a closer eye on over the coming days.
Bitcoin Price Analysis
BTC briefly dipped below $29,000 on Saturday, but the bears couldn’t get the token to retest the $28,870 support level. However, its current price ($29,075) shows that the sellers are still in charge since it’s below the 20-day EMA (Exponential Moving Average) of $29,578. The Relative Strength Index position (43.21) is also favoring the sellers. That said, if the bears can tug BTC below $28,870, the coin could witness a further drop to $27,532 and later to $26,321.
Conversely, if Bitcoin reaches $28,870 and then rebounds, it would mean that the buyers are not willing to allow a downward price movement and may cause a rally toward $29,990 and even $31,000. But it’s unlikely there would be further price growth from here.
Ethereum Price Analysis
The bears have appeared to be in control since Ethereum plunged below the 50-day SMA (Simple Moving Average) of $1,870.54 last Sunday. The second-biggest cryptocurrency by market capitalization is currently changing hands for $1,826.29. If this price reaches the $1,816.35 key support level and rebounds, it would suggest that Ethereum could remain stuck in the $1,816.35 – $1,997.26 range for quite some time.
On the contrary, we project a downward movement toward the $1,742.21 support level if ETH gets dragged below $1,816.35.
BNB Price Analysis
Like Bitcoin, BNB is stuck in a relatively tight range. Since July 16, the crypto asset has been trading between $237.36 and $245.85. The longer BNB stays in this range, the higher the volatility when it breaks out. With the Relative Strength Index at $50.06, we do not anticipate any wild price swings in the short term unless a macroeconomic factor comes into play over the next few days.
If BNB slides below $237.36, the token may head toward $220.17, a support level not retested for more than a year. On the positive side, a breakout above $245.85 would open the possibility of a price increase to $276.32 after crossing a minor resistance at $263.
XRP Price Analysis
XRP broke out of the $0.6756 – $0.8543 trading range earlier this week. Since then, the token has been trending down, crossing below the $0.6428 support level to trade at $0.6256 as of this writing. The bears are aiming to cause a deeper decline to $0.564. Increased demand at this level may help XRP enter the previous trading range.
Dogecoin Price Analysis
Dogecoin’s price has declined by 6.7% over the last seven days, suggesting that the sellers have been booking profits after last week’s sudden rally, fueled by X’s owner Elon Musk. The meme coin’s current price, $0.07427, is just below the 20-day EMA of $0.07431. However, even if the bulls thrust DOGE above $0.07431, it’s unlikely they will be able to sustain its price at higher levels. But if they do, the token could hit $0.08324.
The chances of a downward movement are currently high. We predict a drop to the 50-day SMA of $0.06931 over the coming days.
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