Potential Effects of Bitcoin’s Price Stability on Altcoins BNB, TON, AAVE, and HNT

As Bitcoin consolidates its price, traders may shift their focus toward alternative cryptocurrencies. Notable coins to watch include BNB, TON, AAVE, and HNT.

Bitcoin Market Overview

Bitcoin (BTC) has maintained a stable price range this week, with buyers successfully defending the support level at $55,724. Institutional investors have leveraged this stability to increase their exposure to Bitcoin exchange-traded funds (ETFs). Reports indicate significant purchases by major funds:

• Goldman Sachs: $419 million
• Capula Management: $470 million
• Avenir Tech: $388 million

According to a recent report by Coinbase, investment advisors have increased their Bitcoin ETF holdings by 3% in Q2 2024. Meanwhile, hedge funds demonstrated a slight decline in their holdings. Coinbase also noted that the summer months may delay substantial capital inflows, causing ongoing price fluctuations.

Analyst Matthew Hyland outlined similarities between Bitcoin’s current performance and historical trends observed during previous U.S. election years. He predicts that Bitcoin might remain within its current range until a potential breakout occurs in October or November.

Bitcoin Price Analysis

Bitcoin rebounded from the $55,724 support level on August 15 and subsequently reached the 20-day exponential moving average (EMA) at approximately $60,193 on August 18.

The current technical indicators suggest a slight advantage for sellers. If the price declines from the 20-day EMA, sellers will aim to push the BTC/USDT pair below the crucial support level at $55,724. A successful breakdown could lead to a drop to around $49,000.

For bullish momentum, the price needs to surpass the 50-day simple moving average (SMA) at $61,540, paving the way for potential gains to $65,660, and possibly $70,000 thereafter.

BNB Price Analysis

BNB has approached its downtrend line, indicating efforts by bulls to establish a foothold. The flattened 20-day EMA ($529) alongside the relative strength index (RSI) near neutrality suggests waning selling pressure.

If buyers can maintain the price above the downtrend line, the BNB/USDT pair may target $605. Conversely, a sharp decline from current levels would suggest strong resistance from sellers, potentially dragging the price down to $495 and possibly to critical support at $460.

Toncoin Price Analysis

Toncoin has encountered resistance at the 50-day SMA ($6.85) but is currently supported by the 20-day EMA ($6.49).

The flat 20-day EMA and neutral RSI indicate a likely range-bound market in the near term. A close above the 50-day SMA may provide bulls with an advantage, pushing the TON/USDT pair to $7.65 and up to $8.29 as substantial resistance.

On the other hand, if the price falls below the 20-day EMA, this might signal more bearish sentiment. Although strong support exists at $6.05, a breach could lead to a decline toward $5.26.

Aave Price Analysis

Aave attempted to break through the resistance at $118 on August 17, but sellers maintained control. The rising 20-day EMA ($103) and RSI in bullish territory suggest that buyers are still inclined to make gains.

A sustained price above $118 may lead to further appreciation toward $134. However, a notable drop below the 20-day EMA could indicate a sideways range between $90 and $118.

Helium Price Analysis

Helium has shown upward movement recently, suggesting the start of a new bullish trend. The upsloping 20-day EMA ($6.22) and high RSI indicate that bulls are currently leading the market.

There is potential for the HNT/USDT pair to reach $9.74, but if sellers manage to drop the price below the 20-day EMA, a decline toward the 50-day SMA ($4.78) and ultimately to $4 could occur.

In summary, while Bitcoin’s stabilization may influence the resurgence of several altcoins, traders are advised to maintain caution and conduct thorough research when engaging in the market.