By James Davis
There is still no directional move on the Bitcoin price chart since the coin experienced a sharp fall last week. The best thing retail traders can do right now is to wait for BTC to break out before opening their positions.
Institutional traders have also appeared to be approaching the crypto market with caution, according to data from CoinShares. The company’s report indicates that these traders withdrew over $50 million from crypto investment products in the previous week.
With this bearish sentiment, will cryptocurrencies continue declining, or should we expect a sudden price pump? And which resistance and support levels do we need to monitor? Let’s find out by studying the price charts.
Bitcoin Price Analysis
A long-tailed candlestick on BTC’s price chart that appeared on Tuesday shows the bulls are determined to protect the coin from sliding below the $25,362 support level. Still, the buyers are likely to be under heavy pressure until they manage to break the barriers at $26,765 and the 20-day EMA (Exponential Moving Average) of $27,677. Overcoming the two resistance levels could help Bitcoin stay above $28,000 for a while.
Meanwhile, the bears can only cause BTC’s price to sink deeper if they pull it below $25,362. That way, a downward trend towards $19,978 may happen for the first time since January 14.
Ethereum Price Analysis
Ethereum crossed below the $1,625.78 strong support on August 23, but the solid buying activity at $1,605.32 caused the token to reach $1,651.20 as of this writing. For a rally to the 20-day EMA of $1,755.98 to happen, the buyers must thrust ETH above the $1,700.37 resistance level.
If the token reaches $1,755.98 and reverses, it will encourage the sellers to sink the price below the newly formed support ($1,605.32) and tug it to another support at $1,558.10.
BNB Price Analysis
The buyers fiercely protected the $200.05 support level on August 22 as they knew that letting the price crack could have made it challenging to stage a significant recovery. According to CoinGecko’s data, BNB is valued at $216.51. Intense buying pressure could help the digital asset hit $228.10 or even the 20-day EMA of $231.08.
On the contrary, BNB could drop below $200.05 if a downturn happens at $228.10.
XRP Price Analysis
XRP’s value has dropped below the $0.56210 support level, but the good news is that the buyers haven’t let the sellers sink the token’s price below $0.50183. That said, there is a huge chance XRP may continue consolidating between $0.50183 and $0.56210 over the next few days. If $0.50183 cracks, then $0.4156 will be a key level to keep an eye on. A breakout on the upside could motivate the bulls to push XRP towards the 50-day SMA (Simple Moving Average) of $0.63271.
Solana Price Analysis
SOL briefly crossed below the $20.03 support level, reaching $19.94 on August 23, but it’s now trading at $20.59, suggesting that the bulls consider $20.03 an important support to let go. They will now make efforts to push Solana’s price above the 20-day EMA of $22.62 for a rally toward the $26.12 resistance level to be possible. In case the token hits this price but the bears reject further rally, it may trend down to retest $19.94. A price below this level could cause SOL to reach $16.85.
Polygon Price Analysis
The bulls blocked bears attempts to tug MATIC below $0.51038 on August 23, pushing the price to $0.53963 as of this writing. If Polygon continues rallying, it may witness a huge sell-off at $0.60893. A downturn at this level could mean that the sellers and buyers are active at higher and lower levels, respectively. Therefore, MATIC might be stuck between $0.51038 and $0.60893 for the next few days.
Shiba Inu Price Analysis
Although Shiba Inu dropped below the 50-day Simple Moving Average of $0.00000841 at the start of the week, the buyers haven’t allowed the meme coin to retest the $0.00000728 strong support. The bulls are aiming to push SHIB above $0.00000841 again to start a rally toward $0.0000120. Conversely, if $0.00000728 cracks, Shiba Inu’s price could hit $0.00000648.