Price Analysis for August 2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

The downturn in the global stock markets is influencing a bearish trend in the cryptocurrency sector, indicating potential short-term challenges.

Bitcoin Price Analysis

Bitcoin (BTC) has retraced toward the mid-range of $55,724 to $73,777 after failing to break above the psychological level of $70,000. Historical performance data for August suggests limited optimism for a breakout, with an average increase of only 2.24% since 2013.

Weakness in global equities is creating additional uncertainty for risk assets. The Nikkei index in Japan dropped by 6% on August 1, marking its most significant decline since the “Black Monday” crash in 1987. If this trend continues, Bitcoin’s support level at $60,000 may come under intense pressure.

Despite recent weaknesses, analysts maintain a positive long-term outlook for Bitcoin. Analyst Willy Woo recently commented on social media that a modest 3% portfolio allocation by institutions could lead Bitcoin to values as high as $700,000.

The question now is whether buyers can sustain Bitcoin’s price at the $60,000 mark or if we will see a decline that pulls down select altcoins. Let’s delve into the price charts of the top cryptocurrencies.

Ethereum Price Analysis

Ethereum (ETH) attempted to stabilize around $3,080 on August 1, but sellers are currently dominating the market.

The price fell below $3,080 on August 2, which opens the potential for a decline to critical support at $2,850. This level has been a stronghold for buyers in recent months, and they are likely to defend it vigorously. If the price rebounds from $2,850 but falters at the moving averages, it will indicate bearish control, increasing the chances of a fall below $2,850.

Conversely, if the ETH/USDT pair rises and breaches the moving averages, it may initiate a rally towards the downtrend line.

BNB Price Analysis

BNB (BNB) has been oscillating within a range of $495 to $635, suggesting a balance between buyers and sellers.

A drop below $550 may lead to a decline toward significant support at $495. Bulls are likely to defend the area between $495 and $460, as breaching this level would likely lead to intensified selling pressure. Alternatively, an upward reversal from $550 may allow the BNB/USDT pair to regain footing above the moving averages, possibly targeting resistance at $635.

Solana Price Analysis

Solana (SOL) experienced a drop below the 20-day EMA ($168) on August 1, indicating that it remains confined within the range of $116 to $210.

The price has reached the 50-day SMA ($152), which serves as a crucial support level. If the price increases from this level, bulls will likely attempt to push above the 20-day EMA. Should the price drop further and break beneath the 50-day SMA, it would suggest a bearish advantage, potentially leading to a decline toward $116.

XRP Price Analysis

XRP (XRP) managed to exceed the $0.64 resistance on July 31, but heavy selling at elevated prices was evident from the long wick on the candlestick.

The price dropped below the 20-day EMA ($0.58) on August 1, indicating that bulls are exiting the market. Further selling on August 2 saw the price fall below the $0.57 support, suggesting that the XRP/USDT pair may trade within the range of $0.41 to $0.64 for the time being.

However, if the price rises from $0.54, buyers may attempt to push above the 20-day EMA, potentially driving the price upwards toward $0.64.

Dogecoin Price Analysis

Dogecoin (DOGE) fell below its moving averages on July 31 and followed up with a drop beneath the $0.12 support on August 1.

The 20-day EMA ($0.12) is starting to descend, while the RSI has dipped into negative territory, suggesting bearish dominance. Maintaining a price below $0.12 could see DOGE/USDT fall to $0.10. The bulls need to act swiftly to push the price back above the moving averages to signal demand at lower levels, with a potential rise target of $0.14.

Toncoin Price Analysis

Toncoin (TON) declined from the 20-day EMA ($6.87) on August 1, signaling negative sentiment among traders.

The bearish trend may solidify if the price drops below the $6.36 support, indicating a potential deeper correction to $6 and thereafter to $5.50. If buyers wish to avert this, a quick push above the 20-day EMA would be necessary to rally towards the 50-day SMA ($7.26), staying within the range of $6.36 to $8.29.

Cardano Price Analysis

Cardano (ADA) dipped below the $0.38 support on August 1, but buying interest was evident as shown by the long tail on the candlestick.

However, bears thwarted recovery attempts at the moving averages on August 2, demonstrating a commitment to maintaining their advantage. Should the price remain below $0.38, a decline toward $0.33 is likely. Any recovery is expected to face significant selling resistance at the moving averages, emphasizing the need for buyers to push ADA/USDT above these levels to signal a potential end to the downtrend.

Avalanche Price Analysis

Avalanche (AVAX) rebounded from the strong support level at $24 on August 1, but bulls could not capitalize on the momentum.

Bears aim to sustain pressure below $24, with potential drops to $21.80, a crucial support level expected to attract buyers. If the bears maintain control beyond this point, further declines to $18.90 may ensue. If the price rebounds from $24 or $21.80, bulls will again strive to push above the moving averages, which could lead to a rally towards $29.

Shiba Inu Price Analysis

Shiba Inu (SHIB) continues a downward trend, indicating that selling pressure remains strong.

Minor support stands at $0.000015, but a sustained breach could lead to a drop to $0.000013. Negatively trending moving averages and a low RSI elevate the risk of a breakdown. A reversal above the moving averages would be necessary to potentially rise to $0.000020, where sellers may again exert strong pressure.

This analysis does not provide investment advice. Each investment decision carries risk, and individuals are encouraged to conduct their own research before proceeding.