By James Davis
Bitcoin has experienced low volatility since Friday, suggesting indecision between the bears and the bulls regarding the coin’s next directional movement. Digital asset analyst and X user CryptoCon says BTC may continue trading within the current levels until around March 2024, a month before the halving event.
Similarly, asset manager ARK Invest released a report on Thursday indicating that macroeconomic factors like inflation, unemployment, and interest rates may cause the crypto market to continue declining over the remaining months of 2023.
Meanwhile, traders are still keeping an eye on the US Securities and Exchange Commission’s impending decision regarding spot Bitcoin ETF (Exchange-Traded Fund) applications. Many crypto analysts anticipate a rally if the agency approves even one ETF.
All said, where will the crypto market head in the coming days? We study the price charts of leading cryptocurrencies to find out.
Bitcoin Price Analysis
BTC almost touched the 20-day EMA (Exponential Moving Average) of $26,428 on September 7. The bears resisted all attempts to thrust the coin above that level, causing a price drop to $25,777 as of this writing. Nonetheless, the bears’ failure to get Bitcoin to $24,760 since the start of this month suggests that the bulls are guarding lower levels.
Moreover, the rising Relative Strength Index (45) shows the selling pressure is declining. The bulls will have to push BTC above $26,428 for strong upward movement. Achieving this will drive the most popular crypto asset towards the $28,141 resistance level. Conversely, if $24,760 crumbles, Bitcoin could hit the $20,198 key support level.
Ethereum Price Analysis
ETH reached $1,653 on Friday. However, the buyers’ failure to push the second-largest cryptocurrency above the 20-day EMA of $1,667.54 motivated the sellers to drag its price below the $1,617.03 support level on Monday morning. More selling pressure may lead to Ethereum retesting the $1,556 intraday low hit on August 18. If this happens and the bulls fail to buy the dip at that price, a further downward move to $1,367.96 is likely. The last time ETH traded $1,400 was in January 2023.
These assumptions will be deemed invalid when Ethereum crosses above $1,667.54. This will mean that the bulls have regained control of the market and may push the crypto asset toward the 50-day SMA (Simple Moving Average) of $1,761.87.
BNB Price Analysis
The bears have guarded the $221.43 breakdown level since August 31. The bulls made failed attempts to thrust BNB above the price on September 7, suggesting that it had become a strong resistance level. The token is now approaching the $211.54 minor support. If the sellers tug BNB below that level, $200.14 might be the next stop. We anticipate intense buying activity at that price, which may push the crypto asset toward $221.43, where the bears are likely to mount a tough defense.
XRP Price Analysis
After several weeks of defending the $0.50276 support level, the bulls finally gave in to the selling pressure from the bears on September 11. XRP is now valued at $0.48763. Its current price means all the gains realized mid-July after Ripple’s victory against the US Securities and Exchange Commission have been wiped out.
If the bears want to strengthen their position, they must drag XRP below the $0.45836 minor support. That way, they may collapse the token’s price to $0.41673 or even to $0.38652. Conversely, if buyers manage to push XRP above $0.50272, the digital currency may continue trading within that $0.50272 – $0.56941 range in the short term.
Dogecoin Price Analysis
DOGE bulls are not ready to let go of the $0.061045 support. They have been defending the level fiercely since September 1. Nonetheless, the Relative Strength Index (40.76) shows the bears are still in the driver’s seat. If they tug Dogecoin below $0.061045, there is a likelihood the memecoin would hit $0.055162 for the first time since April 2021.
On the upside, a price above the 20-day EMA of $0.064295 would signal buyers’ comeback and may push DOGE towards the 50-day SMA of $0.069978.