After the chaos of Aug. 26, the United States equity markets are trying to stabilize. Similar to Bitcoin (BTC), there is also a battle for supremacy between the bulls as well as the bears at the psychological level $20,000 in Bitcoin.
While many analysts have lowered their expectations for Bitcoin’s future, this has not stopped whales from building wealth at lower levels. Santiment data shows that whale addresses have increased by 103 to hold between 100 and 10,000 Bitcoin in the last 30 days.
Everyday cryptocurrency market performance. Source: Coin360
Bear markets are prone to rumors spreading quickly that could lead to rapid declines. However, many times these fears are not true. Mt. Mt. According to the creditors, the infrastructure required for the repayment is still missing.
Can Bitcoin and other altcoins continue to rebound? Let’s look at the charts for the top 10 cryptocurrencies to see if they can sustain the rebound.
Bitcoin fell below $20,000 psychologically on Aug. 28, but bears couldn’t capitalize. The price has risen to $20,000 by Aug. 29, which is a sign of strong demand at lower levels.
Daily chart of BTC/USDT Source: TradingView
The BTC/USDT exchange rate could reach the 20-day exponential moving mean (EMA) of $21,620, which is a crucial level to watch. Bulls pushing the price higher than this resistance could indicate that bearish momentum is weakening. Breaking and closing above the moving averages could lead to a rally that could reach $25,211
If the price falls below the moving averages or downtrend line, this will indicate that bears are selling every minor increase. The pair could fall to the $18,910-$18,626 support zone. This support zone is expected to be defended by bulls as if it breaks, the pair could fall to $17,622.
Ether (ETH), which was down from the 20 day EMA ($1,638) Aug. 26, fell below the neckline and shoulders patterns. This completes the bearish setup and indicates that sellers are in control.
Daily chart of ETH/USDT Source: TradingView
The bears were unable to sustain the price below their neckline, which indicates that they are buying on dips. Bulls are trying to push the price higher than the neckline, and overcome the $1,700 overhead resistance. The ETH/USDT pair may rally to $2,000.
If the price falls below the moving averages or current level, this will indicate that bears may be active at higher levels. The pair could fall to $1,280 if the price falls below the neckline. This level is expected to be defended by the bulls, but if they fail, the pair could plummet to $1,050.
Heavy selling resulted from the failure of bulls to maintain the price above the 20 day EMA ($293) Aug. 25. Binance Coin (BNB), which fell sharply on August 26th, broke below the 50 day SMA ($284)
Daily chart BNB/USDT TradingView
The bulls didn’t allow the price below $275, which is a minor plus. The buyers are trying to push the price higher than the 50-day SMA.
The BNB/USDT pair may rally to the 20 day EMA if they succeed. This is where bears could pose a challenge. To open the door to a rally to $338, the bulls must push the pair to above $308.
If the price falls below the moving average, and it breaks below $275, it will form a head-and-shoulders pattern. This could lead to a fall to $240, and then to the $212 target.
The breakout on Aug. 26 was halted by the bulls when XRP fell below the moving averages. This suggests that it may have been a trap. This has led to increased selling, and bears are trying to push the price down to $0.30.
Daily chart of XRP/USDT Source: TradingView
Buyers will likely defend the $0.30 support aggressively as if it cracks, the pair of XRP/USDT could begin the next leg in the downtrend. The pair could fall to $0.25, and then to $0.21.
If the price rises to $0.30 with strength, this will signal strong demand at lower levels. The bulls will attempt to push the price higher than the moving averages. If they succeed, the pair may rally to $0.39 overhead resistance.
Cardano (ADA), continues to slide towards the strong support of $0.40. It is possible that buyers will be attracted again by the fact that bulls have previously bought dips below this level twice before.
Daily chart ADA/USDT Source: TradingView
Bulls are trying to push the price higher than the moving averages. If they succeed, the ADA/USDT pairing could rally to the downtrendline and then attempt an upward move to the $0.70- $0.74 resistance zone.
However, if the price falls below the moving averages again, it will indicate a lack in demand at higher levels. The bears will attempt to bring the price down below $0.40 to resume the downtrend.
Solana (SOL), broke below $32 support on Aug. 26, which indicates that the range is in favor of bears.
Daily chart of SOL/USDT Source: TradingView
Bulls are trying to get the price above $32 at breakeven. The SOL/USDT pair may rise to the $20 EMA ($36) if they succeed. This level is important to watch because a break or close to it could increase the chance that the pair stays within the $32-$48 range for at least a few days.
If the price falls below the current level or 20-day EMA it will indicate that bears are in charge. The price could fall to $26, which is the crucial support. If the pair breaks or closes below this level, it could signal the beginning of the next downtrend.
Dogecoin (DOGE), which broke below the trendline for the ascending triangle pattern, on Aug. 26, invalidating the bullish setup. The price is now at $0.06.
Daily chart of DOGE/USDT Source: TradingView
The price rebounding from the current level will indicate that bulls are accumulating on dips. The buyers will attempt to push the price higher than the moving averages. The DOGE/USDT exchange could rise to $0.08 if they succeed. If the bears lose their grip, a break or close above this level could be the first sign.
Alternativly, if the price falls below $0.06, selling could intensify, and the pair could fall to $0.05. This support is likely to be defended by the bulls as if it breaks, the downtrend could resume.
Similar: These altcoins completely ignored bear markets in the past 90 days
Polkadot’s (DOT) range remains between $10 and $6. Bears have an advantage because of the downsloping 20 day EMA ($7.68), and the RSI in negative territory.
Daily chart of DOT/USDT Source: TradingView
Bulls want to push the price higher than the moving averages. If they succeed, the DOT/USDT pairing could rally to $9.17 before reaching the overhead resistance at 10.
Contrarily, if the price falls below the moving averages again, it will indicate that bears are selling rallies. The price could fall to $6, which is the critical support. To signal the beginning of the next downtrend, the bears must sink and keep the price below $6.
Shiba Inu, (SHIB), broke below $0.000012 as immediate support on Aug. 28, but the bears were unable to build on the advantage. This indicates that bulls are buying dips.
Daily chart of SHIB/USDT TradingView
The SHIB/USDT pair may attempt to rally to $0.000014 if buyers can maintain the price above its 50-day SMA ($0.000012). The SHIB/USDT pairing could stay between $0.000012 to $0.000014 if the price drops below this level.
The pair could rally to $0.000018 if bulls push and maintain the price above $0.000014. If the price falls below the Aug. 28 intraday high, this bullish view will be invalidated in the short term.
Polygon’s rebound (MATIC), met stiff resistance at the 20 day EMA ($0.83) Aug. 28, indicating that bears aggressively defend the level.
Daily chart MATIC/USDT Source: TradingView
On Aug. 29, the MATIC/USDT pairing bounced off of $0.75 as strong support, which indicates that bulls are buying dips up to the support range. Although the pair is trading between $0.75 and the 20-day EMA, this tight-range trading pattern is unlikely to last long.
The overhead resistance at $1.05 could be reached if buyers push the price higher than the moving averages. If the bears are again a threat, they may attempt to retake control. If the price falls below $0.75, it could fall to $0.63, which would be a strong support.
Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.
HitBTC exchange provides market data.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.