BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin (BTC) has been trading between $55,724 and $73,777 for the past few days, but rather than panic, whales and sharks have taken advantage of the opportunity to accumulate more Bitcoin.

“Wallets holding 10-10K BTC over the past month have accumulated a total of over 133.3K coins, while small traders continue to impatiently dump their holdings into their wallets,” market intelligence platform Santiment said in a post on X.

Another positive sign for bulls is the continued decline in Bitcoin held on exchanges. According to CryptoQuant data, Bitcoin holdings on exchanges have plummeted by 12.9% since the beginning of the year. This suggests that investors are bullish in the long term.

The overhang in the Bitcoin price in the coming months could be caused by the US government selling off more than 203,000 Bitcoins. Mt. Gox creditors who received their repayments have not rushed to book their profits, but any change in their behavior could dampen sentiment.

Will Bitcoin bulls succeed in pushing the price above $60,000? Can altcoins go even higher? Let’s analyze the charts of the top 10 cryptocurrencies.

Bitcoin Price Analysis

Bitcoin fell below its 20-day exponential moving average ($60,497) on August 29, showing that bears were selling the rally.

The immediate support for the downside is $58,000. If the price rises from current levels, the bulls will try to break the 20-day EMA once more. If successful, the BTC/USDT pair is likely to rally to $65,000. The 50-day simple moving average ($62,020) could act as resistance, but it is expected to break above.

Contrary to this assumption, if the price continues to decline and falls below $58,000, it will be a sign that the bears are still in control. This will increase the risk of a drop below $55,724. If this support is broken, the pair could crash to $49,000.

Ether Price Analysis

Ethereum (ETH) attempted to bounce from $2,392 but was sold off near the 20-day EMA ($2,639) as seen in the long wick of the November 29 candlestick.

The downward sloping 20-day EMA and the RSI in negative territory indicate that the bears are in control. The ETH/USDT pair could crash to $2,300, which is a key level to watch. If the price bounces strongly from $2,300, it suggests that the pair could rally to $2,850 and stay between these two levels for a few days.

Conversely, a break and close below $2,300 will resume the downtrend, which could send the pair crashing to $2,111.

BNB Price Analysis

Over the past two days, bulls have tried to push BNB (BNB) above the moving averages, but the bears have not let up.

If the price continues to decline and falls below $520, it suggests that the bears have taken control in the short term. The BNB/USDT pair could drop to $495 and then to the important support level of $460.

Instead, if the price rises and breaks the moving average, it will be in the bulls’ favor. The pair can rise to $600, which is likely to act as a strong resistance.

Solana Price Analysis

Solana (SOL) has been fluctuating within a wide range between $116 and $210 over the past few months.

The price has been hovering between $136 and $164 for the past few days, but support was broken on August 30. There is some support at $129, but if that level also fails to hold, the next stop is likely to be $116.

The bulls are expected to defend the $116 level with all their might. A strong bounce from this support level will continue the range action, but a break below the $116 level could send the pair plunging to $100.

XRP Price Analysis

Buyers failed to push XRP (XRP) above the 20-day EMA ($0.58) on August 28, suggesting a sell-off following the slight upside.

The bears will try to further strengthen their position by pushing the price below the $0.54 support. If successful, the XRP/USDT pair could drop to $0.46. The pair could remain in the $0.46 to $0.64 range for a longer period.

If the price bounces from $0.54 and rises above the 20-day EMA, it indicates that the bulls are fiercely defending this level. Then, the pair can go up to $0.64. Buyers will need to clear this hurdle to start a move to $0.74.

Dogecoin Price Analysis

Dogecoin (DOGE) has been trading within a descending wedge pattern for the past few months, suggesting selling in the rally.

The 20-day EMA ($0.10) is starting to gradually decline, and the RSI is in the negative territory, which is sending a signal that the bears have a slight advantage. If the price declines and falls below $0.09, it will signal that the downtrend is about to resume. Then, the pair could plunge to the support line.

This negative view will be invalidated in the short term if the price rises and breaks the downtrend line. Then the pair can start a relief rally towards $0.14.

Toncoin Price Analysis

The long wick on the August 28 candlestick of Toncoin (TON) shows that the bears are aggressively defending the 20-day EMA ($6.01).

Sellers will try to push the price down to the important support level of $4.72, which is a crucial level for the bulls to defend, as a break and close below it would complete the bearish head and shoulders pattern.

If the price surges above the $4.72 moving average, it suggests that the TON/USDT pair may trade in a wider range for a longer period of time. A break above $7 would be bullish in the short term.

relevant: Why did Cardano price drop today?

Cardano Price Analysis

The bulls are trying to stop the Cardano (ADA) downtrend at the uptrend line but are having trouble getting the price above the moving averages, which suggests a lack of demand at higher levels.

The 20-day EMA ($0.36) has started to decline, and the RSI is just below the midpoint, signaling that the bears have the upper hand. If the price breaks below the uptrend line, the bears will try to push the ADA/USDT pair down to $0.31 and then $0.28.

If the bulls want to stop the downtrend, they will have to push the price above the 50-day SMA ($0.38). This will allow the pair to move up to the downtrend line. Buyers will have to overcome this barrier to suggest that the downtrend is over.

Avalanche Price Analysis

Over the past two days, bulls have tried to push Avalanche (AVAX) above its 50-day SMA ($24.72), but bears have held on.

The 20-day EMA ($23.62) has started to decline and the RSI is just below the midpoint, indicating a slight advantage for the bears. If the price continues to decline, it is likely to find support near $19.50.

Conversely, if the bulls push the price above the 50-day SMA, it will suggest that a higher low is forming. This will increase the likelihood of a rally above the descending channel. This could lead to a rally in the AVAX/USDT pair to $33.

Shiba Inu Price Analysis

Shiba Inu (SHIB)’s weak bounce from the uptrend line shows a lack of aggressive buying by bulls.

The bears will try to take advantage of the situation and push the price below the uptrend line. This could lead to the SHIB/USDT pair falling to $0.000012. This is a crucial level for the bulls to defend, as a drop below it could lead to a drop to $0.000010.

In an uptrend, the bulls will need to push the price above the 50-day SMA ($0.000015) and hold it to indicate that selling pressure is waning. Then, the SHIB/USDT pair can move towards the breakdown level of $0.000020.