Price analysis 8/16: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

1 year ago

Bitcoin (BTC) continues to commercialized wrong a constrictive scope with nary wide signs of a breakout from it. Trading level QCP Capital said successful their latest marketplace update that Bitcoin whitethorn stay quiescent for a fewer much weeks earlier making its determination successful September.

Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are successful the early stages of a caller bull cycle. Based connected a survey of Bitcoin’s four-year rhythm patterns, Kelly expects Bitcoin to deed a caller all-time precocious by Q4 2024 and a caller rhythm highest by Q4 2025.

Similarly, Bitcoin capitalist and writer Jesse Myers besides maintains a bullish presumption for the agelong word but helium does not expect Bitcoin to scope $100,000 earlier the adjacent halving. Myers believes that the marketplace volition instrumentality 12-18 months aft halving to price-in the effects.

Will Bitcoin and the large altcoins stay range-bound successful the adjacent word oregon is simply a breakout connected the horizon? What are the important levels to ticker retired for? Let’s survey the charts of the top-10 cryptocurrencies to find out.

Bitcoin terms analysis

Bitcoin roseate supra the 20-day exponential moving mean ($29,383) connected Aug. 14 but the agelong wick connected the candlestick shows selling astatine higher levels.

The BTC/USDT brace remains beneath the 20-day EMA and the comparative spot scale (RSI) is successful the antagonistic territory. This suggests a insignificant vantage to the bears. The brace could descent to the important enactment astatine $28,585.

If the terms rebounds disconnected this level with spot and rises supra the 20-day EMA, it volition awesome that the brace whitethorn proceed to oscillate betwixt $28,585 and $30,350 for immoderate much time.

The bears volition travel retired connected apical if they descend and prolong the terms beneath $28,585. That could commencement a diminution toward $26,000.

Ether terms analysis

The nonaccomplishment to propel Ether (ETH) supra the 20-day EMA ($1,847) successful the past fewer days whitethorn person attracted selling. That has pulled the terms to the captious short-term enactment astatine $1,816.

The 20-day EMA has started to crook down gradually and the RSI is successful the antagonistic territory. This suggests that bears person the precocious hand. If the terms skids and sustains beneath $1,816, the selling could intensify further and the ETH/USDT brace whitethorn driblet to $1,700.

Time is moving retired for the bulls. If they privation to salvage the situation, they volition person to rapidly thrust the terms supra the 50-day elemental moving mean ($1,875). If they bash that, the brace whitethorn commencement its travel toward $1,930 and past $2,000.

BNB terms analysis

BNB (BNB) turned down and plunged beneath the enactment enactment of the symmetrical triangle signifier connected Aug. 15. This shows that the uncertainty betwixt the bulls and the bears resolved to the downside.

If the terms sustains beneath the triangle, the BNB/USDT brace could driblet to the captious enactment astatine $220. This level is apt to pull assertive buying by the bulls. If the terms rebounds disconnected this level and rises supra the moving averages, it volition bespeak that the brace whitethorn proceed to plaything betwixt $265 and $220 for a portion longer.

Alternatively, if the terms continues little and breaks beneath the $220 support, it volition bespeak the resumption of the downtrend. The brace whitethorn past slump to the signifier people of $196.

XRP terms analysis

XRP (XRP) broke and closed beneath the 50-day SMA ($0.62) connected Aug. 15, signaling that the bears stay successful control.

The XRP/USDT brace could descend to the breakout level of $0.56. This remains the cardinal level for the bulls to support due to the fact that if this enactment gives way, the selling could prime up and the brace whitethorn dive to $0.45.

Contrarily, if the terms rebounds disconnected $0.56, it volition suggest that the bulls are trying to flip the level into support. Buyers volition person to flooded the obstruction astatine the moving averages to commencement a stronger betterment to $0.74.

Dogecoin terms analysis

The bears yanked Dogecoin (DOGE) beneath the enactment enactment of the ascending transmission signifier connected Aug. 15, which tilted the vantage successful favour of the bears.

The bulls are apt to defender the breakout level of $0.07. If the terms rebounds disconnected this level, the DOGE/USDT brace whitethorn ascent to the 20-day EMA ($0.07) and aboriginal to the downtrend line. If the terms turns down from this resistance, it volition summation the likelihood of a driblet beneath $0.07. If that happens, the brace could nosedive to $0.06.

If bulls privation to forestall a collapse, they volition person to rapidly propulsion the terms backmost supra the downtrend line. If they succeed, the brace whitethorn rally to $0.08.

Cardano terms analysis

Cardano (ADA) continues to autumn wrong a descending transmission pattern. This shows that the bears stay firmly successful the driver’s seat.

The ADA/USDT brace has reached the enactment enactment of the channel. If this enactment gives way, the brace could tumble to $0.26 and subsequently to $0.24. The bulls are expected to defender this level with each their mightiness due to the fact that if this enactment crumbles, the brace could resume the downtrend.

This antagonistic presumption volition beryllium invalidated successful the adjacent word if the terms turns up from the existent level and rises supra the channel. That whitethorn unfastened the doors for a alleviation rally to $0.34.

Solana terms analysis

Solana (SOL) turned down and slipped beneath the 20-day EMA ($23.99) connected Aug. 15. The bears are trying to physique upon this by sustaining the terms beneath the 50-day SMA ($23.20).

The SOL/USDT brace could skid to the captious enactment astatine $22.30. If the terms bounces disconnected this level, the brace whitethorn look beardown selling astatine the moving averages. If the terms turns down from the moving averages, it volition heighten the prospects of a autumn beneath $22.30. The brace whitethorn past tumble to $18.

Contrarily, if the terms turns up and breaks supra the 20-day EMA, it volition suggest that the $26 to $22.30 scope remains intact. The brace could past gradually ascent to the overhead absorption astatine $26. A interruption and adjacent supra this level volition suggest that the bulls are connected a comeback.

Polygon terms analysis

The repeated nonaccomplishment of the bulls to propel Polygon (MATIC) supra the 20-day EMA ($0.68) whitethorn person intensified selling. That pulled the terms beneath the enactment adjacent $0.65 connected Aug 15. The adjacent enactment to look for connected the downside is $0.60.

The RSI is nearing the oversold levels, indicating that the selling whitethorn person been overdone successful the adjacent term. Buyers volition effort to commencement a rebound that could scope $0.65 and past the 50-day SMA ($0.70).

If the terms turns down from the overhead resistance, it volition awesome that bears person the precocious hand. That could summation the likelihood of a driblet beneath $0.60. The brace whitethorn past nosedive toward $0.50.

If the bulls privation to marque a comeback, they volition person to footwear and prolong the terms supra the moving averages.

Litecoin terms analysis

Litecoin (LTC) tumbled and closed beneath the beardown enactment astatine $81.36 connected Aug. 15, indicating that the bears are successful command.

The RSI is successful the oversold territory, indicating that a consolidation oregon a bounce whitethorn beryllium astir the corner. The bulls whitethorn effort to support the uptrend line. If the terms snaps backmost from this level, it could look selling astatine $81.36 and past again astatine the downtrend line.

If the LTC/USDT brace turns down from the overhead obstacle, it volition bespeak that the sentiment remains antagonistic and traders are selling connected rallies. That volition summation the anticipation of a driblet to $70.

The archetypal motion of spot volition beryllium a interruption and adjacent supra the downtrend line. That could wide the way for a imaginable rally to the 50-day SMA ($91.70).

Polkadot terms analysis

The nonaccomplishment of the bulls to execute a beardown bounce disconnected the $5 enactment successful Polkadot (DOT) whitethorn person attracted selling by the bears. That tugged the terms beneath the enactment connected Aug. 15.

The bulls purchased the dip beneath the adjacent enactment astatine $4.74 but they are struggling to prolong the recovery. This suggests that the bears proceed to merchantability connected each insignificant alleviation rally. If the terms continues little and dips beneath $4.60, it volition suggest that the DOT/USDT brace is successful a steadfast carnivore grip. That could effect successful a diminution to $4.22.

Buyers are apt to fiercely support the portion betwixt $4.37 and $4.22. On the upside, the bulls volition person to thrust the terms supra the 50-day SMA ($5.16) to awesome a comeback. The brace could past surge to the downtrend line.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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