Cryptocurrency Price Analysis for August 14: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin is currently facing challenges in surpassing the overhead moving averages, which suggests that sellers are testing to turn this resistance into a new support level.

Overview of Bitcoin’s Current Status

Bitcoin (BTC) is struggling to remain above the significant barrier of $60,000, hinting at active participation from sellers at these price levels. However, some analysts remain optimistic. For instance, Charles Edwards from Capriole Investments shared on social media that Bitcoin appears promising, yet it has been lagging behind gold for three months. Therefore, it may require additional time before seeing a resurgence in its upward trajectory.

According to Nathan Thompson, a lead technical writer at Bybit, Bitcoin is merely in the second phase of its bullish cycle. If it adheres to the trough-to-peak ratios of its past cycles, the upward momentum could extend through to the third quarter of 2025, as detailed in a recent Bybit and BlockScholes report.

Bitcoin Price Analysis

On August 14, Bitcoin bulls attempted to overcome the moving averages but were thwarted by the sellers.

The sellers are looking to strengthen their position by pushing the BTC/USDT pair down to the crucial support level at $55,724, which is likely to see significant buying interest. If the price bounces off this level, the bulls will make another attempt to propel the price above the moving averages, potentially leading to a rally targeting $70,000. The sellers are anticipated to defend the range between $70,000 and $73,777 vigorously.

Conversely, a drop below $55,724 could indicate the onset of a more pronounced correction, with potential targets near $49,000.

Ethereum Price Analysis

Ethereum (ETH) has shown upward momentum but has failed to revisit the breakdown point of $2,850, indicating some hesitance from buyers.

The ETH/USDT pair faces considerable resistance near $2,850. A sharp decline from this level may indicate that sellers are attempting to turn it into a resistance zone, potentially leading the pair to decline toward $2,500 and subsequently $2,300.

If buyers manage to surpass $2,850, it would suggest the rejection of lower prices, setting the stage for a rally toward the 50-day simple moving average of $3,118, which is likely to attract selling pressure.

BNB Price Analysis

BNB (BNB) is showing signs of recovery after bouncing off $499 on August 12, suggesting attempts to establish a higher low.

The bulls may gain further momentum if they push the price beyond the 20-day exponential moving average of $528, leading the BNB/USDT pair to the downtrend line where significant resistance is expected. A pullback from this level may encourage sellers to drive the price below $495, eyeing a downward target of $460.

On the flip side, surpassing the downtrend line would indicate dwindling selling pressure, potentially allowing the pair to rise to $605, followed by attempts to reach $635.

Solana Price Analysis

Solana (SOL) remains within a broad range of $116 to $210, indicating a pattern of buying on dips and selling on rallies.

The bulls are trying to form a higher low around $141, but they are struggling to push past the 20-day EMA of $153. If the price declines below $141, selling pressure may intensify, pushing the SOL/USDT pair to $130.

However, if the price breaks above the 20-day EMA, it would indicate a bullish comeback attempt, where resistance is encountered at $164, but further gains could extend to $189 if surpassed.

XRP Price Analysis

XRP (XRP) bulls are making efforts to maintain momentum above the 20-day EMA of $0.57, reflecting demand at lower prices.

The flat 20-day EMA with an RSI hovering near the midpoint shows indecision among buyers and sellers. Continuation above the 20-day EMA could lead to a retest of $0.64, and breaking this level may enable the pair to rally toward $0.74.

However, the essential support to watch for is the 50-day SMA at $0.54. If it fails, the pair could plummet to around $0.46.

Dogecoin Price Analysis

Dogecoin (DOGE) has been trading below the 20-day EMA of $0.11 recently, but the price remains steady above $0.09, indicating ongoing demand.

The bulls will aim to regain strength by pushing above the 20-day EMA, with a rise likely leading toward the downtrend line which will be a critical test for sellers. A breakout above could suggest a cessation of the downtrend.

Conversely, a decline at this juncture could indicate a continuation within the falling wedge pattern for a bit longer.

Toncoin Price Analysis

Toncoin (TON) bounced from $6.05 on August 12, reflecting a positive sentiment shift as buyers act on minor dips.

The move above the 20-day EMA of $6.44 on August 13 has generated momentum. A close above the 50-day SMA at $6.94 would suggest room for bullish progress, potentially targeting $7.65 and $8.29 thereafter, with expected strong resistance encountered at $8.29.

If the TON/USDT pair retracts from current levels, it could indicate continued range-bound actions. A drop beneath the $6 support may favor sellers.

Cardano Price Analysis

Cardano (ADA) is attempting a bounce back, but a lack of upward movement towards the 20-day EMA of $0.36 indicates weak demand.

A downturn from current levels and a breach below $0.31 could suggest dominant selling pressure with targets set towards $0.24.

In contrast, if buyers can push past the moving averages, it would hint at a potential recovery, challenging the downtrend line as crucial resistance for future upward movement.

Avalanche Price Analysis

Avalanche (AVAX) faces difficulties maintaining levels above the breakdown point of $21.80, signaling robust selling interest.

If prices decline from current levels or the 20-day EMA at $23.01, a drop below $19.50 would indicate seller dominance, potentially pushing the AVAX/USDT pair down to the support line of the descending channel.

Conversely, if buyers succeed in pushing the price above the 20-day EMA, an uptrend could begin, leading to a rise towards the 50-day SMA at $25.82, with the potential for further movement toward the resistance line.

Shiba Inu Price Analysis

Shiba Inu (SHIB) retraced from the 20-day EMA of $0.000015 on August 11, indicating seller activity on rallies.

A notable aspect is the resilience of the buyers, as they have maintained price levels relative to the bears. This may suggest an impending breakout above the 20-day EMA. Although the 50-day SMA at $0.000016 poses resistance, crossing it could set a target for the breakdown level at $0.000020.

However, should the price decline past $0.000012, it may signal persistent seller control, leading to a potential drop towards $0.000010.

This analysis does not constitute investment advice. All investments and trading decisions carry risks, and it is advisable to conduct thorough research before proceeding.