Price Analysis September 10th, 2024 – BTC, XRP, TON, ETH, and BNB
Like the S&P 500 Index, which has seen some gains since the start of the week, Bitcoin has found buyers at crucial support levels, rising above $56,500 as of this writing. Many are now waiting to see if the bulls can maintain the recovery rally despite massive outflows from spot Bitcoin ETFs, as reported by Bloomberg.
The news outlet said on Monday that investors had withdrawn over $1.2 billion from Bitcoin ETFs since September 2nd.
Meanwhile, prominent market researcher at Global Macro Investor, Julein Bittel, has claimed that BTC’s current price action resembles that of late 2019. He believes that Bitcoin is approaching an inflection point. If history repeats itself, then BTC could witness significant price moves in the coming weeks.
Will Bitcoin buyers sustain the asset’s price above $56,500 amid outflows from ETFs, or will they allow the sellers to start a downtrend? Let’s examine the charts to find out.
Bitcoin Price Analysis
As stated, BTC trades above the $56,500 at press time. It rallied to its current price after the bulls protected the key support at $53,321 last Friday. Now, Bitcoin has to go above the 20-day Exponential Moving Average of $57,923 to signal that selling pressure is declining. As such, the digital coin could cross above $60,000 again and move toward the 50-day Simple Moving Average of $60,708.
However, a reversal from $57,923 would render this bullish view invalid because Bitcoin is likely to begin a downtrend, dropping below $56,500 to retest $53,321. If no buying happens at that level, a dip to $49,102 is likely.
Ethereum Price Analysis
The bears’ attempts to flip $2,303.2 into a vital resistance have failed after the bulls pushed Ethereum above that level to $2,339.40 as of this writing. Increased buying activity could fuel an upward movement to the 20-day Exponential Moving Average of $2,467.90. However, we anticipate minor resistance at $2,401.
Conversely, if the bears pull Ether below $2,303.2 again, they may try to force a break below the $2,254 support and drive the coin’s price to $2,111.82, where the bulls must act or else further correction to $2,000.62 could become a reality.
BNB Price Analysis
BNB has seen its value surge 3% in the last 24 hours following news that Binance’s subsidiary TokoCrypto had secured a license in Indonesia. It’s now trading at $518.40. The relief rally might come under selling pressure near the 20-day Exponential Moving Average of $522.10. However, if the bulls maintain their momentum, BNB could rise to the 50-day Simple Moving Average of $538.45.
On the contrary, a dip below $500.18 could happen if the bears begin a downtrend from $522.10. In such a scenario, BNB is expected to head toward the $472 support.
XRP Price Analysis
After rallying above the $0.5483 resistance a few days ago, XRP has dipped below this level, suggesting minimal buying activity at higher prices. Furthermore, the 20-day Exponential Moving Average has dropped to $0.5502, and the Relative Strength Index is almost entering a negative zone, signaling that the bulls are losing the advantage.
If $0.5009 crumbles in the coming days, we can assume that the bears have defeated the bulls. As such, XRP will likely move toward $0.4693 and later to $0.4182.
On the other hand, a sustained rally above $0.5483 will allow the buyers to push the Ripple-affiliated token to the 50-day Simple Moving Average ($0.5703) and even to $0.6422.
Toncoin Price Analysis
TON has been the top gainer over the past seven days, thanks to Telegram’s CEO’s statement on his arrest in Paris last month. The token has now overtaken TRON to become the tenth-biggest asset based on market cap.
With its price currently above the 20-day Exponential Moving Average of $5.29, Toncoin could surge to $6.04, where selling activity is anticipated. Conversely, a sharp fall to the $4.56 support seems likely if the buyers fail to apply pressure at $5.
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