Federal Reserve Chair Jerome Powell spoke on Aug. 25, and in his Jackson Hole speech, he cautioned that inflation remains too high and that the central bank remains open to raising rates further if needed. The remarks by Powell strengthen the narrative that interest rates are likely to remain higher for longer.
However, a positive sign is that after a brief sell-off, the United States equities markets recovered from their intraday lows. With the event having passed without any major price movement, traders are back to guessing as to what could move the markets next.
Pantera Capital believes that Bitcoin’s (BTC) price action will continue to follow its previous halving cycles. If that happens, Bitcoin could rise to $35,000 by April 2024, when the next halving is expected to occur. After that, Bitcoin could rally sharply and climb to $148,000.
Will bears maintain their selling pressure and pull the price below the respective supports in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin once again turned down from the overhead resistance at $26,833 on Aug. 23, indicating that the bears continue to sell on rallies. That has kept the price stuck inside the range between $26,833 and $24,800.
A tight consolidation near the support of a range is a bearish sign, as it shows a lack of aggressive buying by the bulls. The downsloping 20-day exponential moving average (EMA) at $27,463 and the relative strength index (RSI) in the oversold territory indicate that bears are in command.
If the price plummets below $24,800, it could hit the stops of several traders. That may trigger long liquidations, which could plunge the BTC/USDT pair to the pivotal support at $20,000.
The first sign of strength will be a close above the 20-day EMA. That could open the doors for a possible rally to the 50-day simple moving average (SMA) at $29,055.
Ether price analysis
The bulls nudged Ether (ETH) above the overhead resistance of $1,700 on Aug. 23 but could not sustain the higher levels. This shows that the bears are guarding the $1,700 level with vigor.
The downsloping moving averages and the RSI in the oversold territory indicate that the bears remain in control. Sellers will try to yank the price below the $1,626 to $1,550 zone. If they manage to do that, the ETH/USDT pair could start a downward move toward $1,368.
Meanwhile, the bulls are likely to have other plans. They will fiercely defend the support zone and try to propel the price above the 20-day EMA ($1,737). If they succeed, it will suggest that the pair may oscillate inside the large range between $1,626 and $2,000 for a few more days.
BNB price analysis
BNB’s (BNB) recovery hit a roadblock at the breakdown level of $220. This suggests that the bears are trying to flip the level into resistance.
The bears will try to pull the price to the psychological support at $200. This is an important level for the bulls to defend because if it cracks, the BNB/USDT pair could plummet to the next major support at $183.
If buyers want to prevent the decline, they will have to quickly push the price back above the 20-day EMA ($225). That could start a rally to the resistance line. This level may again attract strong selling by the bears.
XRP price analysis
XRP’s (XRP) bounce off the $0.50 support could not even reach the overhead resistance at $0.56, indicating that demand dries up at higher levels.
The bears will try to strengthen their position by pulling the price below the $0.50 support. If they manage to do that, the XRP/USDT pair could start a downhill slide toward the next major support at $0.41. Buyers are expected to aggressively buy the dips to this level.
On the upside, the bulls will have to drive the price above the 20-day EMA ($0.56) to indicate that the bears may be losing their grip. That could start a relief rally to the 50-day SMA ($0.63).
Cardano price analysis
The bulls successfully defended the $0.24 support in Cardano (ADA) but are struggling to overcome the obstacle at $0.28. This suggests that the bears are selling on every minor rally.
The bears will try to sink the price to the support of the range at $0.24. A strong bounce off this level will suggest that the ADA/USDT pair may extend its stay inside the $0.24 to $0.28 range for some more time.
If bears tug the price below $0.24, it will signal the resumption of the downtrend. The pair may first descend to $0.22 and thereafter to $0.20. Alternatively, a break and close above the range could start a recovery to $0.32.
Solana price analysis
Solana (SOL) once again turned down from the breakdown level of $22.30 on Aug. 24, suggesting that the bears have flipped the level into resistance.
The sellers will try to build upon their strength by yanking the price below the immediate support at $19.35. If they can pull it off, the SOL/USDT pair could first slump to $18 and subsequently to $16. The downsloping 20-day EMA ($22.33) and the RSI in the negative territory indicate that bears have the edge.
If bulls want to make a comeback, they will have to quickly kick the price above the overhead resistance at $22.30. The pair may then rise to the 50-day SMA ($23.67).
Dogecoin price analysis
The long wick on Dogecoin’s (DOGE) Aug. 23 candlestick shows that the bears have not given up and they continue to sell on rallies.
If the price skids below the critical support at $0.06, it will suggest that the bears remain in command. The DOGE/USDT pair could then dip to the intraday low of $0.055 made on Aug. 17. If this level crumbles, the pair may retest the long-term support near $0.05.
Contrarily, if the price rebounds off $0.06, it will suggest solid buying at lower levels. The pair may then rise to the 20-day EMA ($0.07). Buyers will have to overcome this barrier to signal the start of a rally to $0.08.
Related: Why is XRP price down today?
Polkadot price analysis
Polkadot (DOT) has been trading inside a tight range between $4.22 and $4.56 for the past few days. This shows that the bulls successfully defended the support at $4.22 but failed to break above the resistance at $4.56.
A minor positive in favor of the bulls is that they have not given up much ground from the overhead resistance. That enhances the prospects of a break above it. The DOT/USDT pair could first rise to the 20-day EMA ($4.68) and eventually rally to the breakdown level of $5. This level is likely to witness strong selling by the bears.
On the downside, the bulls will have to defend the $4.22 level with all their might because if this support cracks, the pair could start the next leg of the downtrend to $4.
Polygon price analysis
Polygon (MATIC) has been gradually drifting lower toward the vital support at $0.51, indicating that the bears have kept up the pressure.
Although the RSI is in the oversold territory, the bulls have failed to start a rebound. This indicates a lack of demand at the current levels. If the $0.51 level gives way, the selling could intensify and the MATIC/USDT pair could dive to $0.45.
The critical resistance to watch out for on the upside is $0.60. If buyers clear this roadblock, the recovery could reach the 50-day SMA ($0.68). There is a minor resistance at $0.64, but that is likely to be crossed.
Toncoin price analysis
Toncoin (TON) has been trying to form a base for the past few days. That has resulted in the formation of an inverse head-and-shoulders pattern, which will complete on a break above $1.53.
The 20-day EMA ($1.35) has started to turn up and the RSI is in positive territory, indicating that the bulls are on a comeback. If buyers shove the price above $1.53, the TON/USDT pair could pick up momentum and start a new up move toward the pattern target of $1.91.
Contrary to this assumption, if the price turns down from the current level, it will indicate that the bears are not willing to relent. That could first pull the price to the moving averages, and if this support breaks, the next stop could be $1.25.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
