By James Davis
Bitcoin sunk below $27,000 yesterday, but the co-founder of Decentrader, Philip Swift, says he doesn’t expect the coin to drop any further. The primary reason that keeps him bullish is the Bitcoin halving expected to happen next year. Usually, after this event, the price of BTC tends to rally. That said, Swift believes this is the right time to buy the crypto asset.
Now, let’s look at some cryptocurrencies’ charts to find the support levels that may likely attract buyers.
Bitcoin Price Analysis
A long-legged doji candlestick formed on Wednesday indicated indecision among the bears and the bulls. However, the bears exact selling pressure the following day, causing Bitcoin to slide below the 20-day EMA (Exponential Moving Average) of $28,124. BTC declined further on Friday to break below the support level of $26,800. If the bulls do not act fast, the bears’ next target will be to pull Bitcoin down to $25,700 and then to $25,125.
On the upside, the largest crypto asset by market cap may reach $27,500 if the bulls push its price above $26,800.
Ethereum Price Analysis
ETH rose above the 20-day EMA of $1,860 in mid-week, opening a possibility of the token rallying towards the $1,934 resistance level. But that didn’t happen. Instead, ETH trended down, breaking the support level of $1,840 on Thursday. It’s now trading at $1,806. A further drop to second support at $1,755 will likely attract the bulls to buy the dip.
BNB Price Analysis
BNB is changing hands for $309, closer to the $300 support level. The bulls defended that support on Friday and will probably do it again to avoid BNB slipping to second support at $275. BNB is up 1.3% in the last 24 hours. Buyers’ aim now is to get the price above the 20-day EMA ($318) to increase the chances of a rally to the $338 resistance level.
XRP Price Analysis
Buyers have struggled to push XRP above the support level of $0.43 since it plunged on Tuesday. This indicates that the bears are very much in control. They will try to sink the token below the second support at $0.39. That will give room for a further decline to $0.36. Meanwhile, to stage a strong recovery, the bulls need to take XRP above $0.43. Achieving this may cause the price to rally toward the 20-day EMA of $0.45.
Cardano Price Analysis
ADA is trading at $0.36 as of this writing. With the Relative Strength Index in negative territory and the current price below the 20-day EMA ($0.39), the bears have an advantage over the bulls. The sellers will try to block buyers’ recovery attempts to $0.39. If they are successful, ADA may witness an extended drop to $0.34 and subsequently to $0.31.
Dogecoin Price Analysis
DOGE has seen a substantial sell-off over the last seven days, causing its price to break below the $0.079 support level to trade for $0.072 at press time. If the bears sink the meme coin below $0.070, the bulls will have a hard time pushing its price to $0.079 or even to the 20-day EMA ($0.083). More selling pressure may cause DOGE to hit another support at $0.065.
Polygon Price Analysis
MATIC is priced at $0.862 after breaking below the $0.943 support level on Monday. However, the Relative Strength Index is in the oversold region, signaling that the selling pressure is cooling. That said, the token may begin an uptrend to retest the support level. Breaking this barrier will provide room for MATIC to rally to the first resistance at $1.01.
On the contrary, if the bears continue selling, Polygon may plunge further to $0.74.
Solana Price Analysis
SOL traded close to the support level of $19.85 on Friday. The bulls found this level a perfect opportunity to buy the dip, pushing Solana’s price to $21.06 as of this writing. Nonetheless, the current price is still below the 20-day EMA ($21.65). Crossing this barrier opens possibilities of Solana retesting resistance at $24. Conversely, if the price sinks below $19.85, SOL may hit support at $18.94.