Cryptocurrency Price Analysis – August 28

Bitcoin’s recent decline below the $60,000 threshold indicates short-term weakness. However, long-term investors appear to be withdrawing coins from exchanges, suggesting a more optimistic future trend.

Overview of Major Cryptocurrencies

Bitcoin (BTC) has been fluctuating significantly within a price range of $55,724 to $73,777. Although predicting the breakout direction from this range is challenging, data from CryptoQuant indicates substantial net outflows of about 45,000 BTC from exchanges on August 27.

Ether (ETH) investors also seem poised for accumulation, with notable activity from large holders. Analyst Satoshi Sniper reported that Ether whales added 200,000 ETH, approximately valued at $540 million, over the past four days.

Bitcoin Price Analysis

The inability of Bitcoin to surpass $65,000 on August 25 suggests a reduction in demand at higher price levels, resulting in a pullback below notable moving averages on August 27.

• The bulls are attempting to establish a higher low at $58,000.
• A potential relief rally may encounter selling pressure at the moving averages.
• If the price declines further or meets resistance at the 20-day exponential moving average of approximately $60,904, it might drop to $55,724.

Key resistance levels to monitor include the moving averages. A breakthrough beyond $65,000 could indicate a shift in momentum towards the bulls.

Ether Price Analysis

Ether retraced from the breakdown point of $2,850 on August 24, signaling a conversion of this level into resistance.

• A closing below the 20-day EMA of $2,670 on August 26 intensified selling pressure.
• The critical support level to watch is around $2,300. A breach could lead to a revisit of the August 5 low of $2,111.
• If the price rebounds from current levels or off $2,300, it may remain bounded within a $2,300 to $2,850 range.

BNB Price Analysis

BNB (BNB) has been oscillating between $460 and $635 for months.

• Both moving averages are flat, indicating the possibility of continued range-bound trading.
• Decreasing below the moving averages, the bears may target the $495 to $460 area.
• Conversely, a rise above the moving averages could lead to an advance towards $600 and potentially $635.

Solana Price Analysis

Solana (SOL) fell below its moving averages on August 27, indicating pressure at higher levels.

• The potential support range is between $129 and $136.
• A bounce back is likely to test the moving averages, while a decline below $129 could push the price towards $116.
• To regain bullish momentum, buyers need to push prices above $164, setting a course towards $189.

XRP Price Analysis

XRP (XRP) has shown a trading pattern between $0.64 and $0.54, implying bullish accumulation during dips.

• Subsequently, the bulls should seek to elevate prices above the moving averages.
• Success could lead XRP towards contention at $0.64, with a further possibility of reaching $0.74.
• If prices revert from the moving averages, the next target for bears could be $0.46.

Dogecoin Price Analysis

Dogecoin (DOGE) reversed direction from its 50-day simple moving average (SMA) on August 24, subsequently dropping below the 20-day EMA on August 26.

• Support is expected in the $0.10 to $0.09 range.
• Pushing above the falling wedge may signal an end to the downtrend, with potential upside to $0.14.
• Conversely, slipping below this support zone could mean extending the decline to $0.08.

Toncoin Price Analysis

Toncoin (TON) sharply declined from the 50-day SMA on August 24, falling under the $5.26 support level on August 26.

• The downtrend of the moving averages and a negative Relative Strength Index (RSI) indicate a bearish sentiment.
• An imminent drop towards the crucial support at $4.72 is likely, with buyers expected to defend this level vigorously.
• If the price surpasses the moving averages, the bearish outlook may be negated.

Cardano Price Analysis

Cardano (ADA) has slipped below the 50-day SMA on August 26, indicating reduced demand at higher price points.

• Continued declines suggest a breach of minor support levels could take it to $0.31.
• A rebound could signal bullish intent, pushing for a potential rally above the 50-day SMA.

Avalanche Price Analysis

Avalanche (AVAX) faced resistance at the descending channel pattern’s resistance line on August 25.

• The 20-day EMA at $23.89 needs to hold for bulls to advocate for buying on dips, with targets of $33 and $37.
• Should the price break below this level, the trend may continue down towards $19.50.

Shiba Inu Price Analysis

Shiba Inu (SHIB) faced resistance after failing to sustain above the 50-day SMA on August 25.

• Current support levels include the uptrend line, which, if breached, could lead to a fall to $0.000012.
• A sustained rally towards $0.000020 requires maintaining prices above $0.000016.

Investment and trading decisions involve risks, so it is crucial for individuals to conduct their analysis before participating in any market activities.