Cryptocurrency markets were quiet over the weekend. The horizontal price movement continues today. However, stock markets in the country are closed due to US Labor Day. Therefore, stocks are unlikely to be a new trigger. So things are not looking good for Bitcoin, SHIB, DOGE and other altcoins today.
Also, the energy crisis in Europe sent the euro to a two-year low against the US dollar. Meanwhile, the US dollar index (DXY), which has an inverse correlation with equity markets and cryptocurrencies, has risen above 110 for the first time since June 2002. As a result, the bullish picture for cryptocurrencies remains blurry.
A positive sign in bitcoin price
A positive sign amid all the turmoil is that Bitcoin (BTC) has not lost much ground in the past few days. The leading cryptocurrency continues to trade near the $20,000 psychological level. This shows that traders do not panic and leave their positions in a hurry.
Trade levels for BTC, SHIB and these altcoins
The bulls still have the potential to push Bitcoin above $20,000. This has the power to trigger a buyout in SHIB, DOGE and other major altcoins. So what price levels should you pay attention to? cryptocoin.com we have compiled for you.
Bitcoin (BTC)
Bitcoin has been stuck in a tight range between $19,520 and $20,576 for the past few days. So the price shows the indecision between the bulls and bears. In fact, although the bulls bought the dips, they could not overcome the general resistance. The falling 20-day EMA ($20,775) and the RSI in the negative zone increase the likelihood of a break below $19,520. If this happens, Bitcoin will drop to the strong support zone between $18,910 and $18,626.
Buyers are likely to defend this area with all their might. Accordingly, if the recovery breaks above the 20-day EMA, the pair will rise to the 50-day SMA ($22,253). The bulls need to break through this hurdle to open the doors for a possible rally to $25,211. However, if the bears sink BTC below $18,626, the pair will retest the recent support at $17,622. A break below this support will signal a resumption of the downtrend.
Ethereum (ETH)
Ethereum (ETH) has been stuck between the 20-day EMA ($1,605) and the neckline of the H&S pattern since August 31. However, this narrow range of trade is unlikely to continue for long. If buyers push and sustain the price above the 20-day EMA, ETH will rise towards the overhead resistance at $1,700. This is an important level to consider. Because a break and close above this will indicate that the bulls are back in control.
After that, Ethereum is likely to rally to $2,030 and later to the downtrend line. This bullish view will be invalidated in the near term if the price dips below $1,422. If this happens, Ether is likely to drop to $1,280. We expect the bulls to defend this level strongly. However, if the bears beat them, the drop is likely to extend to the $1,050 pattern target.
Binance Coin (BNB)
BNB has been trading near the strong support at $275 for the past few days. However, the bulls failed to make a strong recovery from this. This indicates a lack of demand at higher levels. The 20-day EMA ($286) is sloping down and the RSI is below 41. This is why BNB price indicators show that the bears have the upper hand.
If the price breaks below $275, BNB will complete the downtrend. Then Binance Coin will start to decline towards the $240 and then $212 model target. But things change if the price rises from the current level and rises above the moving averages. This indicates that the bulls are back in the game. The pair will then move higher to the overhead resistance at $308.
Ripple (XRP)
Ripple (XRP) has been stuck between $0.32 and $0.34 for the past few days. However, this narrow range of trade is unlikely to continue for long. The bears will try to push the price below $0.32. If successful, XRP will extend its decline to the critical support at $0.30. Buyers will aggressively defend this level as in the previous three events. Ripple (XRP) price and detailed market data from here you can see.
Alternatively, a recovery from $0.32 is possible for Ripple. If it rises above $0.34, it will suggest a short-term advantage for the bulls. After that, the altcoin will rise to the 50-day SMA ($0.36) and then to the hard overhead resistance at $0.39.
Cardano (ADA)
Cardano (ADA) broke above the 50-day SMA ($0.49) on Sept. 4. However, the bulls failed to sustain the breakout. This shows that the bears continue to sell in the rallies. Because of this, the ADA price fell, breaking below the 50-day SMA on Sept. 5. This shows that the bears are trying to trap the aggressive bulls.
Now Cardano is at risk of falling below the 20-day EMA ($0.47). If this happens, ADA will drop to $0.44 and then to $0.42. However, it is also possible for the altcoin to recover from the 20-day EMA. If Cardano rises above $0.51, it will suggest a sentiment shift from selling on rallies to buying on dips. The altcoin will then rise to the downtrend line.
Left (LEFT)
Solana (SOL) has been trading around $32 for the past few days. But there is a negative sign: buyers are unable to push and sustain the price above it. If the altcoin breaks below $30, the SOL will drop to the vital support at $26. This is an important level for the bulls to defend. Because if this support is broken, the pair will start the next leg of the downtrend.
In the near term, it is also possible for buyers to push Solana above the 20-day EMA ($34). This will indicate that selling pressure may decrease. The altcoin could then attempt a rally to the 50-day SMA ($38), where the bears could pose a strong challenge again.
Dogecoin (DOGE)
SHIB rival Dogecoin (DOGE) has been holding above the immediate support at $0.06 for the past few days. However, the bulls failed to make a strong recovery. This indicates that demand is drying up at higher price levels. A tight consolidation near a support often results in a breakdown. That’s why it’s important to follow the price for Dogecoin.
The falling 20-day EMA ($0.06) and the RSI in the negative zone suggest the path of least resistance is to the downside. The bears are likely to drop Dogecoin, keeping the price below $0.06. If this happens, DOGE will risk a drop to the critical support at $0.05. For this negative view to be invalidated, buyers need to hold the price above $0.07. If they do, the pair will rally towards the overhead resistance at $0.09.
Polkadot (DOT)
Polkadot (DOT) has been stuck in a wide range between $6 and $10 for the past few days. The price is gradually rising and the bulls are trying to break through the general hurdle in the moving averages. If they do, it will indicate that lower levels continue to attract buyers. Polkadot will then attempt a rally towards $9.17 and then the overhead resistance of $10.
On the other hand, if the price fails to break above the moving averages, it will indicate that the bears are active at higher levels. Sellers will then try to push the price below the strong support at $6.79. If this happens, the altcoin will drop to the key support at $6, which is likely to attract strong buying. Price action over a wide range is often random and volatile. Therefore, it is difficult to precisely predict short-term price movements within the range.
Polygon (MATIC)
Polygon (MATIC) has been in the $1.05 to $0.75 range for the past few days. The bulls pushed the price above the 50-day SMA ($0.88) on September 1. However, they could not continue above this level. This indicates that demand is drying up at higher levels. Now the bears will try to push the price below the 20-day EMA ($0.85). If successful, MATIC price will drop to the strong support at $0.75.
This is an important level for the bulls to defend. Because below that a break and closure will complete a head and shoulders pattern. It is also possible for Polygon to start a correction later on at the $0.63 and then $0.45 pattern target. However, if the price bounces back from the moving averages and rises above $0.91, the probability of a rally to $1.05 increases. The bears are likely to offer stiff resistance at this level.
Shiba Inu (SHIB)
Buyers pushed the Shiba Inu (SHIB) above the 20-day EMA ($0.0000013) on Sept. 4. However, the long wick on the candlestick of the day indicates that the bears are selling higher. SHIB price dropped and fell below the moving averages on Sept. The bears will now try to lower the SHIB price to $0.000012. This is likely to attract buyers to the meme coin.
The 20-day EMA is flattening and the RSI is just below the midpoint. So technical indicators show that there is a balance between buyers and sellers. This balance will turn in favor of the bears if they push the price below $0.000012. This will cause SHIB price to drop to $0.0000010 later. Additionally, if the bulls hold and sustain the price above $0.0000014, the Shiba Inu will attempt a rally to $0.0000018.
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