Price Analysis August 27th, 2024 – BTC, TON, ETH, SOL, and BNB
Earlier this month, Bitcoin dropped below $50,000 thanks to tension caused by now-collapsed exchange Mt. Gox. Notably, the coin has made a massive recovery since then, crossing above the $60,550 resistance over the weekend. However, history doesn’t favor the continuation of this recovery rally in September.
CoinGlass reported on Monday that BTC has made an average monthly loss of 4.5% in September since 2013. Despite the negative report, investors have continued to buy Bitcoin ETPs (exchange-traded products). According to CoinShares, these ETPs saw over $70 million in net inflows yesterday.
With Bitcoin still inside the $49k -$73k trading range, experts say the digital asset will need a great force to experience a breakout. Whether the expected interest rate cut in September will be the force to fuel a breakout remains to be seen.
Meanwhile, let’s explore the price charts to identify the crucial areas traders need to monitor this week.
Bitcoin Price Analysis
The $65,102 resistance seems challenging for Bitcoin to cross at the moment. But a positive sign is that the buyers have kept the number one coin above the $62,028 support, suggesting they are still in the driver’s seat.
If $65,102 eventually collapses, BTC could cross $69,900 and attempt to rally toward $73,576. However, the bulls should expect massive resistance when the price crosses $70,000.
On the bearish side, if Bitcoin slumps below $62,028 and the bulls fail to protect a price drop below the 20-day Exponential Moving Average of $61,328, it’ll be assumed that the bears have regained market control. As such, BTC might drop to $54,988.
Ethereum Price Analysis
ETH reversed from the $2,853 breakout level over the weekend, indicating that the bears had successfully flipped that price into a vital resistance. The coin is now trading at $2,634 below the 20-day Exponential Moving Average of $2,732. If the bears keep Ethereum at these lower levels for longer, the likelihood of a drop toward the $2,493 support will increase.
On the bullish side, closing above $2,853 would mean that ETH has ended its current price correction. In this scenario, we foresee an uptrend to the 50-day Simple Moving Average of $2,976 and later to $3,220.
BNB Price Analysis
The reversal from $598 on August 23rd indicated that the sellers were determined to keep BNB inside the $452 – $634.49 trading range. The Binance Coin now trades between the 20-day Exponential Moving average of $554 and the 50-day Simple Moving Average of $548.70. A break below $548.70 could fuel a bearish move to $500.30 or even $495.21.
On the other hand, if the bulls start a rally after BNB breaks above $554, they will try to defeat the bears at $598 and force a move to $634.49, where another battle is anticipated.
Solana Price Analysis
The buyers could not sustain Solana above the 50-day Simple Moving Average of $154.87 on Monday, signaling intense profit-booking at higher prices. However, the coin hasn’t slid below the 20-day Exponential Moving Average of $149.90, meaning the bulls are attempting to hold onto their advantage.
If Solana finally crosses and stays above $154.87, bullish momentum could pick up, fueling an uptrend toward the $185.56 resistance. Conversely, a bearish move to $136.08 is likely if $149.90 gives way.
Toncoin Price Analysis
After news emerged that Telegram CEO Pavel Durov had been taken into custody by the French government on Saturday, Toncoin, the native token of The Open Network, plummeted 8% to change hands below the 20-day Exponential Moving Average of $6.33 as of this writing.
The bulls, however, have successfully prevented a fall below the $5.27 support. But if they eventually give up, TON’s price chart will form a negative head-and-shoulder pattern, which could indicate a further price drop to $4.38. On the contrary, pushing and keeping Toncoin above $6.33 increases the likelihood of a bullish move to the 50-day Simple Moving Average of $6.69 and later to $7.
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