Latest Market Overview 30th Aug: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
The Bitcoin market struggle to stay above the $60,000 mark is causing altcoin prices to slip towards their recent lows. The key question now is what will it take to shift the market momentum?
Over the past few days, Bitcoin has remained within the lower range of $55,724 to $73,777. Instead of panicking, large-scale investors, including whales and sharks, have taken advantage of this situation to accumulate more Bitcoin.
Sentiment, a market intelligence platform, noted that in the past month, wallets holding between 10 to 10,000 BTC have collectively acquired an additional 133,300 coins, while smaller traders have been offloading their holdings in frustration.
Another encouraging sign for bullish investors is the continued decline in Bitcoin stored on exchanges. Data from CryptoQuant reveals that Bitcoin reserves on exchanges have dropped by 12.9% since the beginning of the year, indicating a strong long-term bullish sentiment among investors.
An overhang on Bitcoin’s price in the coming months could be caused by the selling by the United States government, which holds more than 203,000 Bitcoin. Although Mt. Gox creditors, who have received the repayments, have not rushed to book profits, any change in their behaviour could weaken sentiment.
Will the Bitcoin bulls succeed in pushing the price above $60,000? Could the altcoins follow higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin turned down from the 20-day exponential moving average ($60,497) on Aug. 29, indicating that bears are selling on rallies.
The immediate support on the downside is $58,000. If the price turns up from the current level, the bulls will make one more attempt to clear the 20-day EMA. If they succeed, the BTC/USDT pair is likely to rally to $65,000. The 50-day simple moving average ($62,020) may act as a resistance, but it is expected to be crossed.
Contrary to this assumption, if the price continues lower and breaks below $58,000, it will signal that the bears remain in charge. That will increase the risk of a fall below $55,724. If this support cracks, the pair may plummet to $49,000.
Ether (ETH) Market Analysis
The down-sloping 20-day EMA and the RSI in the negative territory indicate that the bears are in control. The ETH/USDT pair may slump to $2,300, which is an important level to watch out for. If the price rebounds off $2,300 with strength, it will suggest that the pair may rise to $2,850 and remain stuck between these two levels for a few days.
Contrarily, a break and close below $2,300 will signal the resumption of the downtrend. The pair could then nosedive to $2,111.
BNB Market Analysis
The bulls tried to push BNB back above the moving averages in the past two days but the bears did not relent.
If the price continues lower and breaks below $520, it will suggest that the bears have seized control in the near term. The BNB/USDT pair could drop to $495 and thereafter to the critical support at $460.
Instead, if the price turns up and breaks above the moving averages, it will suggest an advantage to the bulls. The pair may rally to $600, which is likely to behave as a stiff resistance.
Solana (SOL) Price Analysis
Solana has been oscillating inside a large range between $116 and $210 for several months.
The price had been stuck between $136 and $164 for the past few days, but the support gave way on Aug. 30. There is minor support at $129, but if this level also fails to hold, the next stop is likely to be $116.
The bulls are expected to guard the $116 level with all their might. A strong bounce off this support will signal a continuation of the range-bound action, but if the $116 level breaks down, the pair may plunge to $100.
XRP Price Analysis
Buyers failed to push XRP back above the 20-day EMA ($0.58) on Aug. 28, indicating selling on minor rallies.
The bears will try to strengthen their position further by pulling the price below the $0.54 support. If they succeed, the XRP/USDT pair may slide toward $0.46. The pair may extend its stay inside the $0.46 to $0.64 range for some more time.
If the price rebounds off $0.54 and rises above the 20-day EMA, it will indicate that the bulls are fiercely defending the level. The pair may then climb to $0.64. Buyers will have to clear this hurdle to start a move to $0.74.
Dogecoin (DOGE) Price Analysis
Dogecoin has been trading inside a falling wedge pattern for the past several months, indicating selling on rallies.
The 20-day EMA ($0.10) has started to turn down gradually, and the RSI is in the negative zone, signalling that the bears have a slight advantage. If the price turns down and breaks below $0.09, it will signal the resumption of the downtrend. The pair may then plunge to the support line.
This negative view will be invalidated in the near term if the price turns up and breaks above the downtrend line. The pair may then start a relief rally to $0.14.
Toncoin (TON) Price Analysis
The long wick on Toncoin’s Aug. 28 candlestick shows that the bears are aggressively defending the 20-day EMA ($6.01).
Sellers will try to pull the price to the critical support at $4.72. This is an essential level for the bulls to defend because a break and close below it will complete the bearish head-and-shoulders pattern.
If the price turns up sharply from $4.72 and rises above the moving averages, it will suggest that the TON/USDT pair may continue to trade inside the large range for some more time. A break above $7 will favour the bulls in the near term.
Cardano (ADA) Price Analysis
The bulls are trying to arrest Cardano’s decline at the uptrend line but are struggling to push the price above the moving averages. This suggests a lack of demand at higher levels.
The 20-day EMA ($0.36) has started to turn down, and the RSI is just below the midpoint, signalling that the bears have the upper hand. If the price breaks below the uptrend line, the bears will try to pull the ADA/USDT pair to $0.31 and subsequently to $0.28.
If bulls want to prevent the downside, they will have to shove the price above the 50-day SMA ($0.38). If they do that, the pair may climb to the downtrend line. Buyers will have to overcome this barrier to suggest that the downtrend may be over.
Avalanche (AVAX) Price Analysis
The bulls tried to push Avalanche above the 50-day SMA ($24.72) for the past two days, but the bears held their ground.
The 20-day EMA ($23.62) has started to turn down and the RSI is just below the midpoint, indicating a minor advantage for the bears. If the price continues lower, it is likely to find support near $19.50.
On the contrary, if bulls push the price above the 50-day SMA, it will suggest the formation of a higher low. That will increase the likelihood of a rally above the descending channel. The AVAX/USDT pair may then rally to $33.
Shiba Inu (SHIB) Price Analysis
The weak bounce off the uptrend line in Shiba Inu shows a lack of aggressive buying by the bulls.
The bears will try to take advantage of the situation and sink the price below the uptrend line. If that happens, the SHIB/USDT pair could drop to $0.000012. This is a crucial level for the bulls to defend because a break below it may pull the price to $0.000010.
On the upside, the bulls will have to drive and maintain the price above the 50-day SMA ($0.000015) to suggest that the selling pressure is reducing. The SHIB/USDT pair may then climb to the breakdown level of $0.000020.
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