Price Analysis for 8/26: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

Bitcoin and various altcoins are experiencing some profit-taking today; however, the overall upward trend is still in play.

Market Overview

Bitcoin (BTC) recently rebounded sharply from an August low of $49,000. However, historical trends suggest that recoveries in September are often short-lived. Data indicates that Bitcoin has averaged a decline of 4.78% in September since 2013, with a notable gain only occurring in 2023.

Nonetheless, investor interest in Bitcoin-related exchange-traded products (ETPs) remains strong. Recent reports highlighted that Bitcoin ETPs attracted inflows of $543 million last week.

The price of Bitcoin has fluctuated within the range of $55,724 to $73,777 for several months, suggesting a fierce struggle between bullish and bearish forces. The longer the price remains within this range, the more pressure builds for a breakout.

The question remains: Can Bitcoin surpass $65,000 and approach $70,000? Let’s delve into the technical analysis of the key cryptocurrencies.

S&P 500 Index Analysis

The S&P 500 Index continued its upward trajectory last week, nearing the significant resistance level of 5,670.

The 20-day exponential moving average (5,509) is turning upwards, and the relative strength index (RSI) is in a favorable position, indicating bullish sentiment. A decisive break above 5,670 could trigger the next uptrend phase toward 6,000.

Bears need to act quickly; otherwise, the index may remain stuck between 5,119 and 5,670 if the price dips below the moving averages.

US Dollar Index Analysis

Sellers dominated the US Dollar Index (DXY) last week, forcing the price below crucial support at 101.

This sharp drop has moved the RSI into oversold territory, suggesting bearish control. Any recovery attempts are likely to face resistance around 101.50 and at the 20-day EMA (102.40).

If the decline continues or resistance holds, further weakness may lead the index down to 99.57. Buyers must elevate prices above the 20-day EMA to regain strength.

Bitcoin Price Analysis

Bitcoin has found resistance around the $65,000 mark, but a positive takeaway for bulls is their resilience against bear pressure.

The 20-day EMA situated at $61,353 has begun to slope upward, and the RSI remains in positive territory, indicating bullish momentum. If the BTC/USDT pair bounces off the 20-day EMA, prospects for a rally to $70,000 strengthen. However, fierce resistance is anticipated in the $70,000 to $73,777 range.

A close beneath the moving averages may open the doors for a fall toward $55,724, a region where buyers are expected to re-enter.

Ether Price Analysis

Ether (ETH) pulled back from the breakdown level of $2,850, signaling potential bearish sentiment.

If buyers can maintain the price above the 20-day EMA ($2,717), it may indicate that dips are being absorbed. This could enhance chances of surpassing $2,850. A close above the 50-day SMA ($2,971) would further confirm the end of the downtrend.

Conversely, a breakdown below the 20-day EMA might indicate sustained bear control, potentially leading to sideways movement between $2,500 and $2,850 for a longer period.

BNB Price Analysis

BNB (BNB) faced rejection at $600 on August 23, suggesting bearish attempts to confine the price within the $460 to $635 range.

Should moving averages provide strong support, a bounce could indicate bullish sentiment and aim for a rally towards $635. However, if the price continues to drop below the moving averages, bearish momentum may drive the pair down to the strong support zone of $495 to $460.

Solana Price Analysis

Solana (SOL) broke above the 50-day SMA ($155) on August 24, indicating diminishing selling pressure.

The 20-day EMA has begun to trend upwards, and the RSI has moved into a bullish zone. If buyers push the price above $164, the SOL/USDT pair may gain traction and reach the resistance at $186.

Conversely, if the price declines and breaks below the 20-day EMA, bearish activity at elevated levels may prompt a fall to support at $136.

XRP Price Analysis

XRP (XRP) faced resistance at $0.64 on August 24, where sellers have aggressively defended the level.

Key support levels to monitor include the 20-day EMA ($0.58) and the 50-day SMA ($0.56). If the price rebounds from these moving averages, it would indicate bullish buying on dips, enabling another attempt at overcoming the resistance at $0.64. Successful rejection could lead the XRP/USDT pair to $0.74.

However, if the price declines below $0.54, it will likely confine the trading range between $0.41 and $0.64 for a while.

Dogecoin Price Analysis

Dogecoin (DOGE) encountered resistance at the 50-day SMA ($0.11), reflecting strong selling pressure.

To support a break above the downtrend line, buyers need to defend the 20-day EMA ($0.11). A close above the falling wedge pattern will suggest a shift in trend. In this scenario, the DOGE/USDT pair could initiate an upward movement toward $0.14 and subsequently $0.18.

If the price breaks below the 20-day EMA, the pair could remain confined within the wedge for an extended period, with bears potentially targeting support at $0.09.

Toncoin Price Analysis

Toncoin (TON) declined below the symmetrical triangle support on August 24, indicating that bears are currently in control.

The long tail observed on August 25 indicates that bulls aimed for a bounce from the $5.25 support but struggled to maintain momentum. Should bulls fail to defend this level, the ton/USDT pair may fall to $4.72, where a close below would confirm a bearish head-and-shoulders formation.

The first indication of strength would be a break above the 20-day EMA ($6.34), which could open the way to the 50-day SMA ($6.66).

Cardano Price Analysis

Cardano (ADA) managed to exceed the 50-day SMA ($0.38) on August 23 but was unable to push towards the downtrend line.

This inability may have prompted some short-term traders to realize profits, leading to a decline below the 50-day SMA. Buyers will aim to protect the 20-day EMA ($0.36); a break below would risk another drop toward $0.31.

If the price rebounds from the moving averages, it may signal an improvement in sentiment and potential buying on dips, increasing the chances of breaking above the downtrend line.

Note: This content does not constitute investment advice. All trading and investment decisions carry risk, and individuals should do their own thorough research prior to making financial commitments.