By James Davis
Bitcoin entered the weekend trading below $27,000. Some analysts are now convinced that the largest crypto by market cap may soon drop to $20,000 if the weakness seen recently persists. While that’s possible, the bulls are expected to put up a good fight at protecting the support level of $25,000.
Let’s now analyze the prices of Bitcoin and other major crypto assets.
Bitcoin Price Analysis
BTC hit the $25,865 support level on Thursday morning. But later that day, the bulls staged a short recovery, pushing the price above $26,000. The crypto asset currently trades at $26,657. The buyers will now try to get Bitcoin above the 20-day EMA (Exponential Moving Average) of $27,231, a level where the bears are expected to exact strong selling pressure.
If the sellers do start a downturn, BTC may plummet to $25,000 and subsequently to $20,000. On the contrary, in case the bulls stage another rally above the 20-day EMA, the price may retest resistance at $28,216.
Ethereum Price Analysis
Since Thursday, ETH has traded above the $1,790 support level thanks to the bulls who aggressively bought the dip. It changes hands $1,823 as of Saturday evening. The current price is, however, below the 20-day EMA of $1,828. If the bulls push the price above this level, a rally toward the $1,910 resistance level is possible. Conversely, a drop below $1,790 opens up the possibility of a further decline to $1,743.
BNB Price Analysis
The current Binance Coin price ($303) is slightly above the crucial support level of $301. However, a long tail formed on a candlestick on Friday suggests a strong buying activity. If a rally begins, the key resistance to look for is at the 20-EMA of $312. A downturn at this level will cause the token to sink below $301 and head down to second support at $276. On the upside, sustaining the price above $312 could help the bulls start a rally toward $349.
XRP Price Analysis
XRP has been rallying since Wednesday, when it crossed above the 20-day EMA of $0.451. As of this writing, the Ripple-issued coin has broken the barrier at the 50-day Simple Moving Average ($0.470) to trade at $0.0471. This gives the bulls a massive opportunity to drive XRP up to retest resistance at $0.542. Breaking this barrier provides room for a further rally to $0.584.
On the downside, a price below $0.451 could suggest a comeback by the bears. They will seek to pull XRP down to the $0.402 support level.
Cardano Price Analysis
The bulls defended the 20-day EMA of $0.371 on Thursday and Friday but could not sustain the fight on Saturday, letting the bears sink ADA to $0.363 as of this writing. The sellers may be aiming to fuel a further drop to $0.352 and then to $0.031. However, if the bulls wish to stage a rebound, they must act quickly to push ADA’s price above $0.371. Doing so increases the chances of a rally to the $0.443 resistance level.
Dogecoin Price Analysis
The bears managed to pull DOGE to the support level of $0.070 on Thursday. This price attracted buyers who began buying the dip. They have now succeeded in getting the dog-themed token above the 20-day EMA of $0.071. More buying pressure is needed to push Dogecoin to retest resistance at $0.080.
Note that if the price starts trending down from $0.071, the sellers may block every buyers’ attempt to mount a rally, causing ADA to head toward the support level of $0.069.
Polygon Price Analysis
MATIC is currently valued above the 20-day EMA of $0.898. It trades at $0.918 after posting a 7-day growth of 4.73%. The bulls may push the token to the 50-day Simple Moving Average ($0.980), where the bears are expected to resist any further rally. Conversely, Polygon might find support at $0.829 if the bears pull the price below $0.898. Also, a further drop to $0.697 is possible.