By James Davis
The bears’ failure to drag Bitcoin below the $24,900 support level has fueled buying pressure since the start of the week. The bulls have managed to sustain the coin above $27,000 over the past 24 hours.
The upward trend comes at a time when the majority of crypto traders expect the Fed not to increase rates for the remaining part of the year. According to the CME Fedwatch Tool, there is a 57% chance that the Fed’s current interest rate will remain unchanged even after its meeting in December.
However, traders are advised to be extra careful over the coming days, as history shows that the fourth week of September tends to favor the sellers.
Will the bulls continue with the recovery, or will the bears take over and pull cryptocurrencies to lower levels? We will get the answers after studying the price charts.
Bitcoin Price Analysis
Bitcoin bulls have kept the popular digital currency above the 20-day EMA (Exponential Moving Average) of $26,432 since September 15, suggesting they are trying to turn the level into crucial support. BTC trades at $27,196 as of this writing. The buyers will strengthen their advantage if they thrust the coin above the 50-day SMA (Simple Moving Average) of $27,300. But this won’t be an easy challenge, as the sellers are expected to mount a strong resistance at that level. Nonetheless, if the bulls succeed in thrusting Bitcoin above $27,300, we anticipate a further recovery to $28,148.
Conversely, a reverse from $27,300 will cause Bitcoin to retest $26,432. If the bulls fail to stage a comeback there, a decline to $24,900 becomes likely.
Ethereum Price Analysis
On Monday and Tuesday, Ethereum traded above the 20-day EMA of $1,638.85. However, the digital currency has slid to $1,628.97 at press time, indicating that buying interest is fading at higher levels. In case the bulls buy ETH now and manage to push the token above the 50-day EMA of $1,710.35, we might witness a sustained rally toward the $1,958.87 strong resistance. On the other hand, we are looking at a possible downward movement to $1,542.58 if $1,605.31 cracks.
BNB Price Analysis
BNB’s value has been above the 20-day EMA of $215.02 since September 17, signaling a weakening bearish momentum. The buyers are looking to fuel a short rally towards the 50-day Simple Moving Average of $224.76. Winning the battle at this price will help BNB rise to retest the $235.06 resistance level. A fall from here may open up possibilities of BNB trading between $219 and $235.06 in the short term.
XRP Price Analysis
XRP formed a new support at $0.48375 on September 14. That price attracted buying interest, causing the token to reach $0.51912 as of this writing. XRP now trades above the 20-day EMA of $0.50392, meaning the buyers may have a slight advantage over the sellers. Moreover, the Relative Strength Index (59.73) suggests that there is room for a further upward move. If the bulls push XRP above the $0.57438 resistance level, it may continue rising to hit the 50-day SMA of $0.62444.
Contrary to this assumption, the token could go as low as $0.40986 if $0.48375 cracks.
Dogecoin Price Analysis
Dogecoin bulls have been protecting the $0.06038 support level from cracking. That’s because they know there won’t be a strong resistance on the downward when they let go of $0.06038. In case it happens, DOGE may touch the levels it traded at last in 2021. The meme coin could retest $0.05743 and even drop to $0.05217.
On the positive side, if DOGE crosses above the 20-day EMA of $0.06294, the next destination will be the 50-day SMA of $0.06645.
Toncoin Price Analysis
TON bulls encountered a massive resistance at $2.58 on September 19. With the Relative Strength Index in the overbought zone, a price correction in the short term appears likely. We anticipate a downward move toward the $2.24 support level. However, the correction could be deeper if $2.24 cracks.