Cryptocurrency Price Analysis for August 30: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin has struggled to remain above the $60,000 mark, resulting in a decline for many altcoin prices towards their recent lows. What changes are necessary to reverse this trend?

Bitcoin Price Analysis

Bitcoin has been hovering in the lower half of its trading range, between $55,724 and $73,777, for the past few days. Rather than panic, larger investors have taken this opportunity to accumulate more assets. According to market analytics, significant holders have added 133.3K BTC in recent weeks.

Another encouraging signal for the bulls is the decrease in Bitcoin held on exchanges, indicating a more bullish long-term outlook among investors. Current data shows that Bitcoin reserves have decreased by 12.9% since the start of the year.

However, Bitcoin’s price may face downward pressure due to potential selling by U.S. government holdings, which include more than 203,000 BTC. Any changes in selling behavior from recent creditors could further affect market sentiment.

Could the bulls push Bitcoin’s price back above $60,000? Let’s delve deeper into the chart analysis of the top cryptocurrencies.

Ethereum (ETH) Price Analysis

Ethereum attempted to recover from $2,392 but faced resistance around the 20-day EMA of $2,639. The downtrending EMA and negative RSI readings suggest bearish control.

Key support is located at $2,300. If this level holds, a potential rebound could result in a rise to $2,850. Conversely, a dip below $2,300 could lead to a more significant drop to $2,111.

BNB Price Analysis

BNB has encountered selling pressure as it attempts to break above its moving averages. If BNB falls below $520, it could see a decline towards $495, with $460 being a critical support level.

If BNB manages to rise above the moving averages, it may attempt a rally towards $600.

Solana (SOL) Price Analysis

Solana has been trading within a broad range from $116 to $210. Recent price action has shown a drop through minor support at $136, with potential support next found at $129.

If support at $116 fails, Solana could further decline to $100. A robust response off $116 may signal a continuation of its range-bound movement.

XRP Price Analysis

Failed attempts to push XRP above its 20-day EMA of $0.58 suggest continued selling pressure. If XRP drops below the support level of $0.54, it may slide towards $0.46.

A rebound from $0.54 that results in a rise above the EMA would indicate strong defending from the bulls, potentially pushing the price up to $0.64 and beyond.

Dogecoin (DOGE) Price Analysis

Dogecoin is currently trading in a falling wedge pattern, revealing persistent selling on rallies. The downsloping 20-day EMA signals a slight edge for bearish sentiment.

A break below $0.09 could lead to further downside, while a move above the downtrend line could initiate a relief rally towards $0.14.

Toncoin (TON) Price Analysis

Toncoin has faced resistance at the 20-day EMA of $6.01. If sellers manage to push the price down to $4.72, it will be crucial for bulls to defend this level to avoid a bearish pattern.

A bounce off $4.72 that leads above the moving averages could signal continued trading within the established range, while a breakout above $7 would favor bulls.

Cardano (ADA) Price Analysis

Bulls are currently attempting to halt Cardano’s decline at its uptrend line, but limited demand at higher levels is evident. A significant bearish signal would occur if the price falls below this support line.

If Cardano can rise above the 50-day SMA of $0.38, it may experience a rally towards reversing the current downtrend.

Avalanche (AVAX) Price Analysis

Avalanche bulls have faced resistance near the 50-day SMA of $24.72, with a downtrend in the 20-day EMA suggesting bearish conditions.

Should the price continue lower, it will likely seek support around $19.50. Conversely, if the bulls push above the 50-day SMA, it may set the stage for a rally past the descending channel.

Shiba Inu (SHIB) Price Analysis

Shiba Inu’s lackluster bounce from its uptrend line indicates weak buying interest. A breach of this line could trigger a decline towards support at $0.000012.

For bulls to gain momentum, maintaining a price above the 50-day SMA of $0.000015 is crucial, as it would indicate reduced selling pressure and potential movement towards $0.000020.

This analysis is provided for informational purposes only and does not constitute investment advice. Always conduct your own research before making financial decisions.