Price Analysis August 22nd, 2024 – BTC, ADA, BNB, SOL, and ETH
Bitcoin’s failure to stay above $61,000 hasn’t discouraged investors from injecting money into spot ETFs (Exchange-traded funds). According to a recent report by Farside Investors, Bitcoin spot ETFs have only had three days of outflows in the last two weeks, suggesting that the current price levels are viewed as a buying opportunity by long-term investors.
Prominent crypto analyst on X, SuperBro, continues to insist that BTC could find its price bottom before the US Presidential elections take place on November 5th. He further claims that the coin will likely rally and record a new all-time high at the start of 2025.
However, Bitcoin needs an increased demand to begin rallying again, and the whales appear not to be supportive. Per data from CryptoQuant, a well-known onchain analytics company, BTC whales have slowed their buying activity over the last two months.
Will the buyers thrust and sustain BTC above $61,000 to trigger a marketwide rally in the short term, or will the bears continue exerting pressure, pushing crypto assets to lower levels? Let’s take a closer look at the price chart to find out.
Bitcoin Price Analysis
Bitcoin went above the $61,001.76 resistance on August 21st, but the bulls couldn’t fuel a move to the 20-day Simple Moving Average of $61,345, indicating that the bears were blocking a further upside movement.
A minor advantage to the buyers is that the Relative Strength Index (58.84) is in positive territory, enhancing the possibility of a price appreciation above $61.001.76 toward the massive resistance at $65,708. If the sellers are defeated at that level, BTC will likely surge and cross $68,000 to touch $70,000.39.
Contrary to this bullish assumption, a downward move to $55,783, or even $49,203, could happen if the sellers tug and maintain Bitcoin below $59,495.
Ethereum Price Analysis
The price reversal near the 20-day Exponential Moving Average of $2,710 on August 20th indicated that the sellers were booking profits on key levels. If they keep building up on the bearish momentum, ETH could close below the $2,503 vital support and plummet to $2,310, where it’s expected that the buyers will exert pressure.
On the bullish side, propelling Ethereum above $2,710 could help the bulls start a massive rally to $2,864 and later to $3,000.
BNB Price Analysis
The battle between buyers and sellers continues near the downtrend line. Considering that BNB is trading above this crucial line, the buyers seem to be overpowering the sellers. If they maintain the current levels for longer, the Binance Coin could grow to $605.28 and later rally toward $634.18.
However, this positive assumption will no longer be valid if BNB closes below the downtrend line as the bears could occupy the driver’s seat and drag the coin to the 50-day Simple Moving Average of $542.18 and then to the 20-day Exponential Moving Average of $532.70.
Solana Price Analysis
Solana couldn’t surge past the 20-day Exponential Moving Average of $147.34 on August 20th, signaling that the sellers were aggressively guarding that key resistance point. If it closes below $140.38 in the coming days, the $136.45 support might break, leading to a drop to $116.43.
On the other hand, if Solana reverses from $140.38, it’ll suggest aggressively buying of the dip at lower levels. As such, we predict a rally above $147.34 toward the 50-day Simple Moving Average of $152.63 and later to $164.22.
Cardano Price Analysis
ADA has traded above $0.3489, the 20-day Exponential Moving Average, in the past 24 hours, signaling that the sellers are losing the fight. A break above the 50-day Simple Moving Average of $0.3897 would give the buyers a solid advantage, which they could use to fuel an uptrend to the $0.5208 resistance.
Meanwhile, the bears need to pull Cardano below $0.3489 to regain the advantage. If they do so, the digital asset’s price could slump below $0.3197 and move to the $0.2658 vital support.
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