polygon

Bitcoin continues to range trade, and altcoin traders are starting to view BTC’s price consolidation as a positive sign for the rest of the crypto market.

Bitcoin continues to frustrate traders who have been predicting a breakout on either side, but investors should keep a close watch because the longer the time spent inside the range, the stronger the eventual breakout from it.

The July jobs report released on Aug. 4 was a mixed bag. Hence, it could not shake Bitcoin (BTC) from its range. The report showed the addition of 187,000 jobs, fewer than the 200,000 expected by economists. But average hourly wages remained strong, showing an increase of 0.4% for the month against expectations of a 0.3% rise.

Although the price remains stuck inside a range, analysts are putting out bullish projections for the second half of the year. A recent report from Matrixport projected a target of $45,000 by the end of this year and $125,000 by the end of 2024.

Bitcoin’s long-term story remains intact, but traders should keep a close eye on any possible shocks from regulators, as that could cause a knee-jerk reaction to the downside. What are the important support and resistance levels to watch out for in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s price is getting squeezed between the 20-day exponential moving average (EMA) of $29,523 and the horizontal support at $28,861.

The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate that bears have a slight edge. If the price plummets and sustains below $28,861, the BTC/USDT pair may collapse to $27,500 and then to $26,000.

On the contrary, if the price bounces off $28,861, it will indicate that the bulls are protecting this level with all their might. A break and close above $30,000 will signal a comeback by the bulls. The pair may then climb to the overhead resistance zone between $31,804 and $32,400.

Ether price analysis

Ether (ETH) slumped below the 50-day simple moving average (SMA) of $1,871 on Aug. 2, which suggests that the bears are trying to gain the upper hand.

The bulls are trying to arrest the decline near the strong support at $1,816, but the failure to achieve a solid rebound suggests a lack of aggressive buying near the level. The downsloping 20-day EMA ($1,867) and the RSI just below the midpoint indicate that the path of least resistance is to the downside.

If the price skids below $1,816, the ETH/USDT pair may plunge to $1,698. This negative view will invalidate in the near term if bulls push and sustain the price above the 20-day EMA. In that case, the pair may swing between $1,816 and $2,000 for some time.

BNB price analysis

BNB (BNB) turned down from the resistance line of the symmetrical triangle pattern on Aug. 2, indicating that the bears are fiercely defending the level.

Both moving averages have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. This equilibrium will tilt in favor of the bulls if the price catapults above the triangle. The BNB/USDT pair could then attempt a rally to $265, where the bears may again pose a strong challenge.

Conversely, if the price turns down and breaks below the triangle, it will signal that bears are on a roll. The pair could then retest the crucial support at $220. If this level gives way, the pair may start the next leg of the downtrend.

XRP price analysis

XRP (XRP) tumbled below the 20-day EMA ($0.68) on Aug. 2 and followed that up with another slide on Aug. 3. That sent the price tumbling below the strong support at $0.67.

The bulls will try to protect the 61.8% Fibonacci retracement level of $0.64 because if this level breaks down, the XRP/USDT pair may collapse to the breakout level of $0.56. The 50-day SMA ($0.59) could act as temporary support, but it is likely to be broken.

Contrarily, if the bulls push the price back above the 20-day EMA, it will suggest solid demand at lower levels. That will increase the likelihood of the pair remaining inside the $0.67 to $0.85 range for a while longer.

Dogecoin price analysis

Dogecoin (DOGE) turned down and broke below the 20-day EMA ($0.07) on Aug. 2, indicating that higher levels are attracting sellers.

The bulls are trying to push the price back above the 20-day EMA on Aug. 4. If they succeed, the DOGE/USDT pair could rise to the downtrend line. This level is likely to attract selling by the bears.

If the price reverses direction from the downtrend line, it will signal that the trend is turning negative and the relief rallies are being sold. The bears will then again try to sink the price below the 20-day EMA and challenge the breakout level at $0.07.

On the other hand, a break and close above the downtrend line will suggest the start of a strong up move toward $0.10.

Cardano price analysis

Cardano (ADA) broke below the 20-day EMA ($0.30) on Aug. 2 and the 50-day SMA ($0.30) on Aug. 3. This suggests that the bears are trying to seize control.

If the price sustains below the uptrend line, the selling may pick up and the ADA/USDT pair could plunge to $0.26 and then to the vital support at $0.24. The buyers are expected to guard this level with vigor.

If the bulls want to make a comeback, they will have to quickly drive the price above the moving averages and the overhead resistance at $0.32. The pair could then travel to $0.34 and eventually to $0.38.

Solana price analysis

Solana (SOL) rebounded off the strong support at $22.30 on Aug. 4, indicating that the bulls continue to protect this level with vigor.

If the price rises above the 20-day EMA ($23.84), it will suggest that the SOL/USDT pair could march toward $25.68 and subsequently to $27.12. This remains the key resistance to watch for on the upside because a break above it will signal a potential new uptrend.

Meanwhile, the bears are likely to have other plans. They will try to sell the recovery to the 20-day EMA and sink the pair below the support zone between $22.30 and the 50-day SMA ($21.38). If they manage to do that, the pair may tumble to $18.

Related: Germany is dragging Europe’s economy down — and that’s great for crypto

Polygon price analysis

Polygon (MATIC) has been sliding since hitting the local high of $0.89 on July 13, which shows a lack of buying at lower levels.

The MATIC/USDT pair has reached the support near $0.65, where the bulls are likely to mount a strong defense. If the price rebounds off the support and climbs above the moving averages, it will clear the path for a possible rise to $0.80.

On the contrary, if the price skids below $0.65, it will indicate that bears remain in command. The pair could next slump to the support at $0.60. This level may again attract strong buying by the bulls.

Litecoin price analysis

Litecoin’s (LTC) range resolved to the downside on Aug. 2, and that was followed by another fall on Aug. 3, which completed a 100% retracement of the rally that started from $82.91 on July 29.

The bulls are trying to protect the support at $81.36, but the bears are unlikely to give up their advantage easily. If the price breaks below $81.36, the selling could intensify and the LTC/USDT pair may plummet to $76.

Alternatively, if the price rebounds off the current level, the pair may reach the overhead resistance at $87.37. A break above this level will suggest that the pair may remain range-bound between $81.36 and $96.46 for some time.

Polkadot price analysis

Polkadot (DOT) has been range-bound between $5 and $5.65 for the past several days. The price has reached the support of the range, which may witness a tough battle between the bulls and the bears.

The 20-day EMA ($5.17) has started to turn down and the RSI is in the negative territory, indicating a minor advantage to the bears. If the price slides and sustains below $5, it may start a deeper pullback to $4.74 and then to $4.60.

Instead, if the price rebounds off the current level and breaks above the 20-day EMA, it will signal that the range remains intact. The DOT/USDT pair could then rise to $5.33 and thereafter to the overhead resistance at $5.64.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin is witnessing a strong battle between the bulls and the bears, with the sellers currently holding a slight edge.

Ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+ on Aug. 1, and this move dented the risk-on sentiment. The U.S. equities markets witnessed profit-booking on Aug. 2, and the cryptocurrency market’s recovery stalled in its tracks.

However, after the knee-jerk reaction, the markets may settle down. The cryptocurrency markets are likely to keep their focus on the news and events surrounding the Bitcoin (BTC) spot exchange-traded fund (ETF) applications. Bloomberg ETF analysts Eric Balchunas and James Seyffart said in a statement that the possibility of an ETF application getting greenlighted has surged from 1% a couple of months ago to 65%.

The recent developments in the crypto sector have rejuvenated the Bitcoin bulls. Software development firm MicroStrategy, founded by Michael Saylor, is planning to raise up to $750 million via a stock sale, with the aim to use the funds for working capital and to buy more Bitcoin. The firm already holds 152,800 Bitcoin worth about $4.5 billion at current prices.

Will buyers defend the immediate support levels in Bitcoin and altcoins, or could the bears overpower the bulls? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s volatility picked up on Aug. 1. The bears pulled the price below the immediate support at $28,861, but the long tail on the candlestick shows aggressive buying at lower levels.

The bulls propelled the price above the 20-day exponential moving average (EMA) of $29,596, but they are struggling to clear the hurdle at $30,000. This shows that the bears are not willing to give up and are selling on rallies.

The 20-day EMA is flattening out and the relative strength index (RSI) is just below the midpoint, indicating a range formation in the near term. The boundaries of the range could be $30,050 on the upside and $28,585 on the downside.

If buyers drive the price above this narrow range, the BTC/USDT pair could rise to the overhead resistance zone between $31,000 and $32,400. On the downside, a crack below $28,585 may start a downward move to $27,500 and then to $26,000.

Ether price analysis

The tight-range trading in Ether (ETH) resolved to the downside on Aug. 1, but the bears could not sustain the lower levels, as seen from the long tail on the day’s candlestick.

A positive sign in favor of the bears is that they did not allow the price to rise above the 20-day EMA ($1,873). The bears are trying to strengthen their position by sustaining the price below the 50-day simple moving average (SMA) of $1,864.

If they manage to do that, the ETH/USDT pair could drop to $1,813. A break and close below this level could sink the pair to $1,700 and then $1,626.

If bulls want to prevent the short-term decline, they will have to overcome the hurdle at the 20-day EMA. That could start an up move to the psychological resistance at $2,000.

BNB price analysis

BNB’s (BNB) volatility picked up on Aug. 1, but the bulls could not push the price above the resistance line of the triangle.

The flat moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price rebounds off the moving averages, it will increase the likelihood of a break above the triangle. If that happens, the BNB/USDT pair could rally to $265.

On the contrary, if the price skids below the moving averages, the pair could drop to the support line of the triangle. If this support crumbles, the pair may retest the vital support at $220.

XRP price analysis

XRP (XRP) rebounded off the support at $0.67 on Aug. 1, but the bulls could not sustain the higher levels. This suggests that the bears are selling on every minor relief rally.

The bears are trying to again pull the price to the support at $0.67. The repeated retest of a support level within a short interval tends to weaken it. If the $0.67 level gives way, the XRP/USDT pair could plummet to the breakout level of $0.56.

Alternatively, if the price once again rebounds off $0.67 with strength, it will indicate that the bulls are fiercely defending the level. That could push the price to the immediate resistance at $0.75. A break above this level could open the doors for a possible rally to $0.85.

Dogecoin price analysis

Dogecoin (DOGE) snapped back from the 20-day EMA ($0.07) on Aug. 1, indicating that lower levels are attracting buyers.

However, the bulls could not propel the price above the overhead resistance near $0.08. The bears used this opportunity and have again pulled the price to the 20-day EMA. If this support cracks, it will suggest that the bulls are losing their grip. The DOGE/USDT pair could then slump to the breakout level of $0.07.

Instead, if the price once again rebounds off the 20-day EMA, it will signal that the sentiment remains positive and the bulls are buying the dips. That could enhance the prospects of a break above the overhead resistance. The pair may then rise to $0.10.

Cardano price analysis

The bears pulled Cardano (ADA) below the immediate support at $0.30 on Aug. 1, but the bulls bought the dip to the 50-day SMA ($0.29).

Buyers will need to thrust the price above the $0.33 to $0.34 resistance zone to indicate a comeback. The ADA/USDT pair could then rally to $0.38, where the bears may again mount a strong defense.

Contrary to this assumption, if the price continues lower and breaks below the 50-day SMA, it will suggest that the bears have seized control. The pair could then slide to $0.26 and eventually to $0.24.

Solana price analysis

Solana (SOL) snapped back from the strong support at $22.30 on Aug. 1, but the bulls could not push and sustain the price above the 20-day EMA ($24.02).

This is a negative sign and shows that the bears are selling on every minor rise. Sellers will again try to sink the price below the support zone between $22.30 and the 50-day SMA ($21.05). If they can pull it off, the SOL/USDT pair could start a deeper correction toward $18 and then $16.

On the other hand, if the price once again bounces off $22.30, it will indicate that the bulls are guarding this level with vigor. The pair may first recover to $25.68 and thereafter retest the crucial resistance at $27.12.

Related: Why is Bitcoin price stuck?

Polygon price analysis

Polygon (MATIC) has been gradually pulling down lower. The bears tugged the price below the 50-day SMA ($0.69) on July 31, but the bulls pushed the price back above the level on Aug. 1.

The gradually downsloping 20-day EMA ($0.72) and the RSI below 44 indicate that bears have a slight advantage. If the price turns down and breaks below $0.65, the selling could pick up and the MATIC/USDT pair may decline to $0.60.

This negative view will invalidate in the near term if the price turns up from the current level and breaks above the 20-day EMA. That could open the gates for a possible rally to $0.80. This level may prove to be a stiff barrier, but if bulls overcome it, the pair could reach $0.90.

Litecoin price analysis

Litecoin (LTC) bounced off the strong support at $87 on Aug. 1. This shows that the price remains stuck inside the range between $87 and $97.

The 20-day EMA ($92) remains flat and the RSI is just below the midpoint, indicating a balance between supply and demand. This equilibrium will shift in favor of the bears if they sink the price below $87. The LTC/USDT pair could then drop to $81 and later to $75.

Contrary to this assumption, if the price turns up from $87, it will suggest that the pair may extend its stay inside the range for a few more days. The bulls will have to drive the price above $97 to start an up move to $106.

Polkadot price analysis

The bears tried to resolve the uncertainty in Polkadot (DOT) in their favor on Aug. 1, but the bulls thwarted their attempt.

A minor positive in favor of the bears is that they did not allow the bulls to kick the price above the 20-day EMA ($5.21). This suggests that higher levels continue to attract selling by the bears.

The important support to watch on the downside is the 50-day SMA. If the price sustains below this level, the selling could intensify and the DOT/USDT pair may slump to $4.74 and then to $4.65.

Contrarily, a rise above the 20-day EMA may enhance the prospects of a rally to the overhead resistance at $5.64.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s price action remains lackluster, but select altcoins are showing signs of breaking out of their respective resistance levels.

The 25 basis point rate hike by the Federal Reserve on July 26 and the subsequent commentary by Fed Chair Jerome Powell failed to catapult Bitcoin (BTC) out of its range. This suggests that the event did not have any surprises and the outcome was already priced in by the markets.

The crypto markets continued their lackluster performance on July 28 after the United States Personal Consumption Expenditures (PCE) Index print came in lower than analysts’ expectations. The PCE is the Fed’s preferred inflation metric hence it is watched closely by market observers.

Although the near-term price action has kept the traders guessing, it is important to keep an eye on the long-term crypto story. Standard Chartered head of crypto research Geoff Kendrick said while speaking with CNBC that he expects Bitcoin to end 2024 in the range of $100,000 to $120,000. He believes that Bitcoin is likely to witness price patterns seen during previous halving cycles.

Even as Bitcoin consolidates, could select altcoins break out of their slumber?

Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s bounce off the 50-day simple moving average ($29,250) is fizzling out near the 20-day exponential moving average ($29,743), indicating that higher levels are attracting sellers.

The 20-day EMA has started to turn down and the relative strength index (RSI) is in the negative territory indicating that bears have a slight edge.

If bears sink the price below the immediate support at $28,861, the BTC/USDT pair may start a downward move to $27,500 and then to $26,000. Such a move will suggest that the pair may extend its stay inside the $24,800 to $31,000 zone for some time.

The important level to watch on the upside is the 20-day EMA. If this resistance is scaled, the pair may rise toward $31,000. The bears are likely to face an acid test in the $31,000 to $32,400 region.

Ether price analysis

Ether (ETH) has been stuck between the moving averages for the past few days. This shows that the bulls are buying the dips to the 50-day SMA ($1,854) but they haven’t been able to kick the price above the 20-day EMA ($1,881).

This narrow-range trading is unlikely to continue for long and it may soon resolve with a strong breakout. If the bulls shove the price above the 20-day EMA, the ETH/USDT pair may rise to $1,930 and eventually to $2,000.

Conversely, if the price turns down and plunges below the 50-day SMA, it will suggest that the bears have the upper hand. The pair may then oscillate inside the large range between $1,626 and $2,000 for a while longer.

XRP price analysis

After the sharp rally on July 13, XRP (XRP) may enter a period of consolidation. The boundaries of this range could be $0.67 and $0.85.

The 20-day EMA ($0.68) is sloping up gradually and the RSI is in the positive territory, indicating that the bulls have a slight edge. The XRP/USDT pair could rise to $0.75 and if this level is surmounted, the rally could continue to $0.85.

On the contrary, if the price turns down and plunges below $0.67, it will suggest that bears have seized control. The pair could then nosedive to the breakout level of $0.56. This level is likely to attract buyers.

BNB price analysis

BNB’s (BNB) price action has been random and volatile inside the triangle as both the bulls and the bears battle it out for supremacy.

If buyers push the price above the moving averages, the BNB/USDT pair could rise to the resistance line of the triangle. This is an important level for the bears to defend because a break above it could propel the price to $265 and then to the pattern target of $290.

Instead, if the price turns down from the current level, it will suggest that bears are maintaining their selling pressure. The pair could then drop to the support line. This level may attract buyers but if they fail to achieve a meaningful bounce, the pair may decline further and retest the vital support at $220.

Cardano price analysis

Cardano (ADA) rebounded off the breakout level of $0.30 on July 26, indicating that the bulls are trying to defend the support with vigor.

The flattish 20-day EMA ($0.30) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If bulls sustain the price above the 20-day EMA, the ADA/USDT pair could rise to the overhead resistance at $0.34. This level may act as a strong barrier but if crossed, the ADA/USDT pair could reach $0.38.

If bears want to prevent the up-move, they will have to quickly pull the price below the uptrend line. If they manage to do that, the pair may skid to $0.27 and then to $0.26.

Solana price analysis

Solana (SOL) bounced off the support at $22.30 on July 25 and climbed above the 20-day EMA ($24.07) on July 26, indicating that the range-bound action remains intact.

The rising 20-day EMA and the RSI in the positive territory indicate advantage to the buyers. If the price turns up from the current level, the bulls will try to push the SOL/USDT pair to the overhead resistance at $27.12. A break and close above this obstacle may indicate the start of a new uptrend.

On the other contrary, a break below the 20-day EMA could pull the price to the important support at $22.30. This is an important level to watch out for because if it cracks, the pair could slump to the 50-day SMA ($20.22).

Dogecoin price analysis

Dogecoin (DOGE) rose above the overhead resistance of $0.80 on July 25 but the bulls could not sustain the momentum. This shows selling at higher levels.

The bears pulled the price back below the breakout level of $0.08 on July 26. The DOGE/USDT pair could slide to the 20-day EMA ($0.07), which is an important level to watch for in the near term.

If the price rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips. That will increase the likelihood of a break above $0.08. If that happens, the pair may soar toward $0.10. This positive view will be negated if the price continues lower and tumbles below $0.07.

Related: French privacy watchdog questions Worldcoin’s data collection method: Report

Polygon price analysis

Polygon (MATIC) has been trading between the moving averages for the past three days, suggesting a state of indecision between the bulls and the bears.

If the price cracks below the 50-day SMA ($0.69), it will suggest that the bears are back in the driver’s seat. The MATIC/USDT pair could then descend to $0.65 and later to the strong support at $0.60.

Contrarily, if the price turns up and breaks above the 20-day EMA, it will suggest that the bulls have overpowered the bears. That could start a recovery to $0.80 and subsequently to $0.90.

Litecoin price analysis

Litecoin (LTC) is attempting a recovery but the bulls are facing stiff resistance at the 20-day EMA ($92). This suggests that the bears are active at higher levels.

If the price turns down from the 20-day EMA and drops below $87, it will indicate the resumption of the down move. The LTC/USDT pair could then fall to $81 where the bulls may try to arrest the decline.

Alternatively, if bulls drive the price above the 20-day EMA, it will suggest that the selling pressure could be reducing. There is a minor resistance at $96 but if bulls overcome it, the pair may rally toward $106.

Polkadot price analysis

The bulls repeatedly failed to propel Polkadot (DOT) above the 20-day EMA ($5.24) in the past three days, indicating that the bears are selling on minor rallies.

The bears will try to strengthen their position further by pulling the price below the 50-day SMA ($5.05). If they manage to do that, the DOT/USDT pair could dump to the next support at $4.74 and then to $4.65.

Contrary to this assumption, if the price rises and breaks above the 20-day EMA, it will suggest solid buying at lower levels. That could keep the pair range-bound between the 50-day SMA and $5.64 for a few more days.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.