Price Analysis: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB – August 9

Currently, buyers are having difficulty consolidating Bitcoin’s rapid recovery from August 8, with indications that sellers are still active at elevated price levels.

Bitcoin (BTC) Price Analysis

After the price dropped below $55,724 on August 7, bulls quickly bought the dip, pushing Bitcoin towards the moving averages on August 8.

The selling pressure from bears is being felt, as they defend the moving averages. Should the price continue to fall from the current level, the BTC/USDT pair may retest the significant support at $55,724.

If buyers manage to hold above the moving averages, it indicates consistent buying interest, potentially leading to a rally towards the resistance zone of $70,000 to $73,777.

Ether (ETH) Price Analysis

Ether showcased a robust uptrend on August 8, breaking above the 38.2% Fibonacci retracement level at $2,602, suggesting robust buying activity.

Buyers are likely to attempt extending the recovery towards the breakdown level of $2,850, a notable resistance point. A reversal from $2,850 might indicate bears’ determination to turn this level into resistance. In this case, the ETH/USDT pair could decline towards $2,111, where buyers may again enter the market.

Trading within the range of $2,111 to $2,850 may continue for several days. A significant move above the 50-day SMA at $3,197 will reinstate bullish control.

BNB Price Analysis

As bulls pushed BNB above $495 on August 8, they took advantage of the bears’ inability to drive the price below the $460 mark.

With the 20-day EMA ($533) trending downwards and the RSI showing a bearish divergence, sellers are positioned to drive the price below $495 to test the critical support at $460. A break below this level could initiate a decline to $400 and potentially $360.

Conversely, a move above the moving averages may indicate temporary stability within the range.

Solana (SOL) Price Analysis

Solana closed above the 20-day EMA ($157) on August 8, reflecting significant buying at lower price levels.

The current flat 20-day EMA and RSI at a neutral position suggest SOL might consolidate further. Should it maintain above the 20-day EMA, a rise towards the resistance level of $189 where buyers will face challenges is possible.

A drop below the moving averages would suggest sellers are re-emerging, potentially pulling the price down to $116.

XRP Price Analysis

XRP surged above the moving averages and approached resistance at $0.64 on August 7, confirming aggressive buying.

The $0.64 resistance is being challenged by bears, but strong support seems to be holding at the 20-day EMA ($0.57). A rebound from this level could see XRP push above $0.64, aiming for the next target of $0.74. If the price dips below the 20-day EMA, the likelihood of staying within the range of $0.41 to $0.64 increases.

Dogecoin (DOGE) Price Analysis

Dogecoin remains within a downtrend, though buyers are attempting a recovery towards the moving averages.

Resistance is expected at the breakdown level of $0.12. Should buyers overcome this obstacle, a rally to $0.14 could ensue. Conversely, key support resides at $0.09, and a breach below may lead to a further slide to $0.08, where substantial buying could occur.

Toncoin (TON) Price Analysis

Toncoin gained traction after surpassing the 50% Fibonacci retracement level at $5.81 on August 8.

On August 9, the bulls advanced the price above the 20-day EMA ($6.39), signaling a potential loss of control by the bears. The next targets could be the 50-day SMA ($7.02) and the significant resistance at $8.29. The price is expected to fluctuate within the substantial range of $4.72 to $8.29 until a breakout occurs.

Cardano (ADA) Price Analysis

Cardano is making attempts to rise, but will likely encounter strong selling pressure at the 20-day EMA ($0.37) and at the 50-day SMA ($0.39).

If bears intend to maintain control, they must defend these moving averages and avoid letting the price slip lower. Minor support sits at $0.30; a breakthrough here could lead to a drop toward $0.24. However, a move above the moving averages would indicate a potential shift in trend, targeting the downtrend line.

Avalanche (AVAX) Price Analysis

On August 8, buyers were able to push Avalanche back above $21.80, but sustaining higher levels remains a challenge.

The downward trend of the 20-day EMA ($24.16) paired with a bearish RSI suggests the bears are currently in control. If the price sustains below $21.80, the bears may drive AVAX to decline towards $19.51 and $17.29. Conversely, moving above the 20-day EMA would indicate strong buying interest at lower levels, with the next targets being the 50-day SMA ($26.26) and a larger resistance region at $29.

Shiba Inu (SHIB) Price Analysis

Shiba Inu has retraced toward the moving averages, indicating a possible resurgence from the bulls.

As sellers are expected to defend the moving averages, a break above would pave the way for a rally towards the breakdown level of $0.000020, signifying buyer strength. However, if the SHIB/USDT pair sharply declines from the moving averages, it reflects lingering bearish sentiment, potentially bringing down the price to $0.000010.

This overview is for informational purposes only and does not serve as investment advice. All trading involves risk; readers should perform their own analysis before making financial decisions.