By James Davis
Over the last three days, Bitcoin has seen highly volatile moves, signaling that the bulls and the bears are fighting for supremacy. BTC recovered sharply on Tuesday but has since lost its gains as of this writing. Many crypto analysts associate the latest sell-off with the regulatory uncertainty in the US and the high inflation rate in the UK.
Blockchain analysis firm Glassnode suggests that there is a possibility of a deep correction over the next few days. Nonetheless, the company says most on-chain indicators show the bear market is ending. Suppose that’s the case, then long-term investors can view the current dips as a buying opportunity.
With that said, let’s analyze the prices of some of the leading cryptocurrencies:
Bitcoin Price Analysis
On Wednesday, there was a tough battle between the bears and the bulls at the 20-day EMA (exponential moving average) of $29,052. The sellers attempted to tank the price below that level while buyers tried to begin a massive rebound. The bulls briefly won the fight before the bears pulled BTC down to its current price of $28,768. With the crypto asset trading below the 20-day EMA, it may plummet to $26,600 or even further to $25,750.
Ethereum Price Analysis
Since last weekend, the bulls managed to keep the ETH price above $2,000 until Wednesday, when it traded at $1,974. As of this writing, the second-largest cryptocurrency by market cap is changing hands for $1,947, slightly above the 20-day EMA of $1,944. The bulls must defend ETH from heading below this level. Otherwise, the bears might bring the price down to $1,805 and subsequently to $1,710. If the bulls succeed, they may push Ethereum to $2,190 and even rally further to $3,100.
BNB Price Analysis
The bulls defended a support level of $337 on Wednesday, but they couldn’t push BNB to the resistance at $351. This may have encouraged the bears, who pulled the price to the 20-day EMA of $326 on Wednesday and later to $323 at press time. Sell-offs are likely to intensify in the next hours, and BNB may find first support at $295. If buyers show interest in purchasing the token at this price, BNB may shoot up to the 20-day EMA and then to $351.
XRP Price Analysis
XRP traded above the 20-day EMA of $0.50 for over a week until yesterday, when it was priced at $0.49. The token has held relatively steady since then. If the bulls push the price above the 20-day EMA, XRP may rally to $0.58. Meanwhile, the bears are looking to sink the crypto asset to a support level of $0.47 and subsequently to $0.40, where the buyers are most likely to start buying the dip aggressively.
Dogecoin Price Analysis
DOGE traded below the 20-day EMA of $0.09 for the better part of Wednesday. But the bears couldn’t maintain the lower levels on Thursday as the bulls began buying the dip, pushing the price to $0.091 as of this writing. If the buying pressure continues, DOGE may reach $0.10 and then head toward the resistance level of $0.11. On the contrary, in case the sellers pull the price below the 20-day EMA again, the dog-themed coin may hit first support at $0.08.
Polygon Price Analysis
MATIC is trading at $1.08, below the 20-day EMA of $1.14. This means the Bears have a short-term advantage that they can capitalize on to pull the token down to a support level of $1. Bulls are expected to put up a strong defense at that price, which may lead to MATIC rallying to $1.25.
Solana Price Analysis
The current SOL price ($22.67) means it has sunk below the 20-day EMA of $22.83. The bears may pull the price down to first support at $21.80 and even further to $21. On the other hand, if the bulls succeed in pushing SOL above the 20-day EMA, the token may rally to $24 and subsequently to $27.10.