Price Analysis for September 2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

Bitcoin is making a modest attempt at recovery, but it is crucial for it to close above the $60,000 mark as a first step before both BTC and altcoins can recover from their recent downturns.

The S&P 500 Index (SPX) showed a small increase of 0.24% last week, while Bitcoin (BTC) faced significant selling pressure and experienced a nearly 11% decline. Investors are left questioning whether Bitcoin will regain its upward momentum or if it has already peaked.

Interestingly, large investors appear unfazed by the current market performance, actively accumulating more Bitcoin. According to insights shared by the market intelligence platform Santiment, the number of Bitcoin whale wallets holding 100 BTC or more rose by 283 to reach 16,129, marking the highest number in 17 months.

Historically, September has been a challenging month for Bitcoin, with an average loss of 4.45%. However, some market participants are optimistic about October, which has averaged a 22.90% gain, according to data from CoinGlass data.

Will Bitcoin maintain itself above $55,724, thereby continuing its sideways trading pattern? Will this encourage altcoin purchases? Let’s delve into the charts for deeper insights.

S&P 500 Index Price Analysis

The S&P 500 Index continues to trade within a narrow range just below its all-time high of 5,670, reflecting that bulls may not be eager to take profits just yet.

The upward slant of the 20-day exponential moving average (5,544) and the relative strength index (RSI) remaining positive suggest a potential bullish breakout. Should that occur, the index might initiate the next leg of its upward trajectory targeting 6,000.

Bears, on the other hand, need to push prices below the moving averages to gain control. Such a movement could lead to a decline towards 5,265, keeping the index within a range of 5,119 to 5,670 for several days.

US Dollar Index Price Analysis

The US Dollar Index (DXY) has rebounded significantly from the 100.50 level, indicating strong demand from buyers at lower points.

A rally is expected to face considerable resistance at the 20-day EMA (102). If the price retreats from this level, bears will attempt to push the index back below 100.50, with potential targets at 99.57.

Conversely, a move above the 20-day EMA would indicate a reduction in selling pressure, allowing the index to possibly rally towards the 50-day simple moving average (103).

Bitcoin Price Analysis

Bitcoin closed under the key support level of $58,000 on September 1, but the bears were unable to push it down to the critical level of $55,724, indicating some demand at lower prices.

Bulls are expected to attempt pushing the price above the moving averages. If successful, the BTC/USDT pair might rise to $65,000, a level anticipated to serve as a significant barrier. This would keep the pair oscillating within the large range between $55,724 and $73,777 for some additional days.

If the price retraces from the 20-day EMA ($60,007), bears will aim for another attempt to drive it below $55,724. If they succeed, the pair could potentially drop to the August 5 intraday low of $49,000.

Ether Price Analysis

Ether (ETH) showed signs of recovery from immediate support at $2,392 on September 2, suggesting that bulls are attempting to establish a higher low.

This rally could face selling pressure at the 20-day EMA ($2,605). If the price declines sharply from this level, bears may attempt to push ETH/USDT down to $2,300 and subsequently to $2,111.

A confirmation of strength will be a definitive break above the 20-day EMA, clearing the path for a possible rise to the resistance level at $2,850. Overcoming this barrier would signal the potential end of the downtrend.

BNB Price Analysis

BNB has been trading within a broad range of $460 to $635 for several weeks, indicating a strategy of buying on dips and selling on rallies.

The BNB/USDT pair declined from the moving averages on September 1 but found support at $495 on September 2. This indicates strong buying interest in the support zone between $460 and $495.

For upward movement, the moving averages are critical resistance levels that must be overcome to attract further buying interest. A close above the 50-day SMA ($549) could propel the pair toward $600 and eventually to $635.

Solana Price Analysis

Solana (SOL) temporarily fell below the $129 support on September 1, but bulls managed to recover and push the price above this level on September 2.

If the price holds above $129, bulls will aim to push the SOL/USDT pair above the 20-day EMA ($143). Success in doing so could lead to a rise towards the overhead resistance of $164, expected to serve as a significant short-term hurdle.

Conversely, if the price retracts from current levels or the 20-day EMA, it might indicate pessimism in market sentiment and could lead to a decline toward the crucial support at $116. Buyers are likely to defend this level vigorously, as falling below it could trigger further declines to $100.

XRP Price Analysis

XRP faced resistance at the 20-day EMA ($0.57) on August 31 and reached the solid support level at $0.54 on September 1.

A close below $0.54 would open the path for a decline to $0.49, suggesting prolonged oscillation within the $0.41 to $0.64 range.

If the price rebounds from the current support and breaks above the moving averages, it would indicate continued buying interest. This scenario could see the pair climb to resistive levels around $0.64, which must be overcome to initiate the next upward leg towards $0.74.

Dogecoin Price Analysis

Dogecoin (DOGE) faced a downturn from the 20-day EMA ($0.10) on September 1, suggesting consistent selling pressure from the bears.

Immediate support sits at $0.09. Should bulls fail to maintain this level, intensified selling pressure might drive the DOGE/USDT pair down to $0.08, and eventually to the support line of a falling wedge pattern.

In order to indicate a shift in trend, buyers would need to push and hold the pair above the downtrend line to initiate a new movement towards $0.14.

Toncoin Price Analysis

Toncoin (TON) is forming a large bearish head-and-shoulders pattern, which could execute on a break below $4.72.

With the moving averages trending downwards and the RSI showing weakness, it suggests bears hold the upper hand. There exists minor support at $5.12, but it may not hold, potentially leading the TON/USDT pair down to $4.72, where aggressive buying is anticipated.

A bounce from $4.72 and subsequent break above the 20-day EMA ($5.81) would indicate diminishing selling pressure, allowing an upward movement towards the 50-day SMA ($6.38). This scenario would suggest that the pair could stay within the range of $4.72 to $8.29 for a while.

Cardano Price Analysis

Cardano (ADA) dipped below an uptrend line on September 1, but bears are struggling to maintain these lower levels.

If the price can hold above the uptrend line, bulls will once again attempt to elevate the ADA/USDT pair above the moving averages. If achieved, they may target the downtrend line, where successful crossing would indicate a short-term trend reversal.

Failing to stay above the uptrend line could lead to declines down to $0.31, where buying interest is expected. If bears gain control, the pair could further drop to $0.27 and potentially to the critical support level of $0.24.

This content does not serve as investment advice. Each investment and trading decision carries its own risks, and readers are encouraged to conduct thorough research before making choices.