Altcoins are still showing bullish signs, but Bitcoin (BTC)’s steady downward move could dampen the market’s positive sentiment, according to analyst Rakesh Upadhyay. Now, we take a look at the technical levels of 9 major altcoin projects as Bitcoin spends time around $45,500 again. Let’s start with the news from the market in general…
What happened in Bitcoin (BTC)?
The latest drop across the market, which wiped $10,000 from Bitcoin, does not seem to have shaken investors. The data shows currency data has dropped to 2,399 million Bitcoins (BTC), which is close to the May ATH of 2,390 million Bitcoins. cryptocoin.com Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, which we quoted, says this could result in a “sales-side liquidity crisis in Bitcoin.”
Meanwhile, although the leading cryptocurrency outperformed gold by a large margin in 2021, Omega Advisors president and CEO Lee Cooperma is hesitant to invest in it because he says he doesn’t understand Bitcoin. The billionaire investor still thinks the precious metal is a better store of value.
On the other hand, a new survey from research and data analytics firm YouGov showed that 43% of the “baby boomer” generation strongly oppose the idea of using Bitcoin as legal tender in the United States. However, 44% of respondents in the 25-34 age group support Bitcoin as a legal tender. So, could the failure of Bitcoin to recover lead to more sales and affect the prices of the crypto market? We look to the technical analysis of analyst Rakesh Upadhyay to answer…
Bitcoin (BTC) technical analysis
Bitcoin (BTC) price has been trading between the MAs for the past two days. These levels suggest that the bulls are buying near the 50-day SMA ($44,934), but the bears are not giving up. The bears are selling near the 20-day EMA ($47,774). Now, if BTC bears sink the price below the daily SMA, the BTC price could slide back to the $42,451.67 support. If this happens, the bulls need to defend the zone because a close below the zone could signal a possible change in trend. Alternatively, if the bulls push the price above the 20-day EMA, BTC could retest the higher resistance levels between $50,500 and $52,920. A break and close above this zone will signal the resumption of the uptrend.
BTC and ETH try to recover from September 7 dip
Although Ethereum bulls defended the $3,377.89 level for the last three days on a closing basis, they failed to hold the $3,464 region. This indicates that the bears are selling at higher levels. Now sellers pushed the price below $3,377.89 on Sept. 10, increasing the chances of a drop to the critical support at $3,000. From the technical indicators, the 20-day EMA has started to drop and the RSI has dropped below 48, indicating an advantage for the bears. After these levels, if ETH price bounces back from $3,000, it will indicate that buyers are accumulating lower. He can then spend time in this area for a few days. It will try to push the price above $3,567.06 for a $4,000 ride in the bulls.
Cardano (ADA) technical analysis
Cardano (ADA)’s long wick candles on September 8 show that it can find buyers at lower levels. The bulls defended the $2.47 support for the past two days but failed to push the price above $2.59. This created strong selling pressure and resulted in $2.47. Now, ADA price may decline towards the 50-day SMA (2.08) at $2.08. The falling 20-day EMA and the RSI below 46 suggest that the bears have a slight advantage. This negative view will be invalidated if the price bounces back from the current level and rises above the 20-day EMA. Such a move suggests that the correction may be over. ADA could then gradually move towards the overhead resistance zone between $2.97 and $3.10.
Binance Coin (BNB) technical analysis
Binance Coin (BNB) dropped from $433 on September 9-10, confirming that the bears were selling on the rally. They are now trying to push and sustain the price below $405. Their success could result in $340, according to the analyst. Of the technical indicators, the falling 20-day EMA ($450) and the RSI in the negative territory suggest that the bears are taking advantage. Contrary to this assumption, if the price can find support from the 50-day SMA, the bulls will make another attempt to push the BNB price above the 20-day EMA. If they are successful, positive momentum can rally and BNB could rally to $518.90.
Ripple (XRP) technical analysis
Ripple bulls pushed XRP price above $1.16 today, but the long wick on the day’s candlestick indicates aggressive selling at higher highs. The bears will now try to push the price below $1. From the technical indicators, the 20-day EMA has bounced back and the RSI has slipped into the negative territory, suggesting that the bears are taking advantage. If XRP price stays below the 50-day SMA, it could drop to $0.75. Conversely, if the price bounces back from the 50-day SMA, the bulls will try to push and sustain the price above the 20-day EMA. If they do, XRP could rally to the $1.35 to $1.41 resistance zone.
Solana (SOL), BTC dream was in exploration mode
Despite the BTC drop, SOL remains in a strong uptrend. The bulls settled above $200 above the SOL price, but the long wick on the day’s candlestick indicates a profit reservation at higher levels. Now, initial support on the downside on the SOL is at the trend line at $158.78, which is near the 38.2% Fibonacci retracement level. A strong rebound of this support will indicate that traders are buying on the dips. Next, they will try to continue the uptrend by pushing the SOL price above $216. On the technical side, the rising MAs and the RSI in the overbought zone suggest that the bulls dominate. Contrary to this assumption, if the bears pull the price below the trendline, it could drop to the SOL 20-day EMA ($131).
Dogecoin (DOGE) technical analysis
Dogecoin bulls have been unable to push and sustain the price above $0.26 in the past two days, suggesting buyers are missing out on higher levels. Now, DOGE bears will try to push the price towards the critical support at $0.21. Repeated testing of a support level at short intervals will indicate weakening of Dogecoin bulls. On the technical side, the falling 20-day EMA ($0.27) and the RSI below 39 suggest the bears are taking advantage. If DOGE breaks the $0.21 support, the bears can target the next support at $0.15. Conversely, if the price rises from the current level or bounces back to $0.21 and rises above the MAs, the bulls could start the journey for higher highs at $0.35.
Polkadot (DOT) technical analysis
Polkadot (DOT) rebounded from $23.44 in September and the bulls pushed the price above the 20-day EMA ($28.88) on September 9. This indicates that it is able to find buyers at lower levels. The bulls will now attempt to push DOT price above the $35.68 resistance, but the long wick on today’s candlestick indicates that the bears may struggle. They can be expected to aggressively defend the zone between $32.50 and $35.68. On the other hand, if the price breaks out of the general zone, the DOT could drop to $28.60 and then to the 50-day SMA. Conversely, if the bulls push the price above $35.68, it could resume the uptrend to $41.40 and then to $46.83.
Terra (Luna)
Terra’s native token, LUNA, jumped at $22.95 on September 7. This shows that the bulls have turned the previous resistance to support, which is a positive sign. The price broke above the 20-day EMA ($30.63) on Sept. 9, indicating strong buying on the dips. Aggressive buying today pushed the price above the previous ATH level at $36.89. This indicates that it is able to find buyers at higher levels. On the technical side, the 20-day EMA has risen and the RSI has risen above 68, indicating a strong rebound from the bulls. If buyers hold the price above $36.80, LUNA could resume its uptrend. The next target on the upside is $50. Conversely, if the bears pull the price below $36.89, the LUNA could slide back to the 20-day EMA.
Uniswap (UNI) technical analysis
Uniswap bears turned the $25 level into resistance and did not allow the price to rise above it on September 8-9. Today, sellers are trying to push the UNI price below $21, the intraday low of September 7. On the technical side, the MAs are on the verge of a downtrend and the RSI has dropped below 36, indicating that the bears have prevailed. If the $21 level is broken, UNI could drop to $18.69 where buyers can try to stop the decline. On the other hand, if the price rises to $21, it will indicate that the bears are piling up on the dips. The bulls will then make an attempt to push the price above $25. If they are successful, it will suggest that the fix may be finished. UNI could rise to $31.41 later on.
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