Crypto Price Analysis for August 21: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

The ongoing inflows into spot Bitcoin ETFs indicate a sustained long-term bullish sentiment within the market.

Bitcoin Price Analysis

Bitcoin (BTC) is struggling to maintain its position above the $60,000 mark, yet buying activity in spot Bitcoin ETFs remains robust. Data shows that since August 7, there have been only a couple of days with outflows, suggesting that many investors view current price levels as favorable for long-term accumulation.

Technical analysts note that Bitcoin has historically bottomed out in July or August during election years in the United States. Should historical patterns repeat, BTC might see a significant rally following the elections in November.

However, for Bitcoin to achieve new highs, it will require a surge in demand, something that currently appears to be lacking as large holders, or whales, have scaled back their purchases since the March peak.

The key level to watch if downward pressure persists is $55,724; a fall below this level could lead to a decline towards $49,000.

Ether Price Analysis

Ether (ETH) faced resistance again at the 20-day EMA ($2,707) on August 20, indicating ongoing selling pressure from bears.

A critical test for the bulls will be to push past the 20-day EMA; otherwise, the price could fall to $2,500 and potentially to $2,300. If buyers can regroup and push above $2,850, they may successfully challenge the current selling pressure.

BNB Price Analysis

BNB recently closed above the downtrend line on August 19, signaling bullish momentum.

Should bears manage to push the price back below the downtrend line, it could suggest a false breakout. Conversely, a rebound at this level could prompt a rally towards $605 and then the resistance at $635.

Solana Price Analysis

On August 20, Solana (SOL) faced rejection near the 20-day EMA ($147), indicating aggressive selling from bears.

If SOL continues to decline, a break below the support at $136 may occur, leading to further losses toward $116. Alternatively, should the price rebound, the bulls will aim to reclaim the 20-day EMA and target the 50-day SMA ($153).

XRP Price Analysis

XRP broke through immediate resistance at $0.58 on August 19, setting the stage for a push towards $0.64.

A successful break above $0.64 could lead to a rally towards $0.74, whereas a dip below the 50-day SMA may suggest further consolidation within the range of $0.46 to $0.64.

Dogecoin Price Analysis

Dogecoin (DOGE) attempted to overcome the 20-day EMA ($0.10) on August 20 but faced strong resistance.

Should the bulls succeed in pushing above the 20-day EMA, they could target the 50-day SMA ($0.11) next. Conversely, if the price reverses from the EMA, it may signal continued bearish sentiment.

Toncoin Price Analysis

Toncoin (TON) has struggled to maintain levels above the 50-day SMA ($6.79), indicating persistent selling.

A pull below the 20-day EMA ($6.56) could send the price to solid support at $6.05. Should buyers emerge here, a recovery might occur; otherwise, continued bearish pressure could push prices lower.

Cardano Price Analysis

Cardano (ADA) broke past the 20-day EMA ($0.35) on August 21, indicating a potential shift in momentum.

The next targets for the ADA/USDT pair could be the 50-day SMA ($0.38) and downtrend line. A strong close above the downtrend line may indicate the start of a bullish trend.

Avalanche Price Analysis

Avalanche (AVAX) moved past the 20-day EMA ($22.18) on August 21, suggesting a possible recovery.

The immediate resistance is at the 50-day SMA ($24.85), and crossing this level might pave the way for further upward movement.

Shiba Inu Price Analysis

Shiba Inu (SHIB) attempted to surpass the 20-day EMA ($0.000014) on August 20 but met opposition from sellers.

A close above the 20-day EMA could suggest diminishing selling pressure, allowing potential moves towards the 50-day SMA ($0.000015) and $0.000018 levels. Conversely, a breach below the $0.000012 support could lead to a decrease to $0.000010.

Investors and traders are encouraged to conduct thorough research and consider their risk tolerance when making investment decisions.