Fun

Price analysis 8/7: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

News Feed - 2024-08-08 03:08:12

Rakesh Upadhyay5 hours agoPrice analysis 8/7: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin’s recovery bounce is losing steam, indicating that the bears remain active at higher levels.2220 Total views25 Total sharesListen to article 0:00Price AnalysisOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin’s (BTC) recent fall on Aug. 5 flushed out several leverage trades. Trading firm QCP Capital believes that the panic selling could have resulted in a short-term bottom in Bitcoin and Ether (ETH). QCP told its Telegram channel subscribers that it was “possibly time to start thinking about accumulating BTC and ETH spot.”


However, a few other analysts have a different view. According to 10x Research head of Research Markus Thielen, a good entry point for Bitcoin could be in the low 40,000 zone from where a major rally is likely to be attempted.


Similarly, Gokhstein Media founder David Gokhstein said in a post on X that a drop to $50,000 or even to $40,000 in Bitcoin “would be a perfect opportunity to scoop up some more.”Crypto market data daily view. Source:Coin360


It is not all positive for the cryptocurrency market. The Bitcoin bull-bear market cycle indicator is flashing a bear signal for the first time since January 2023, according to CryptoQuant head of research, Julio Moreno. If this indicator remains bearish for two weeks, it could signal a sustained bear phase, said CryptoQuant founder Ki Young Ju in a post on X.


Will Bitcoin’s recovery sustain, pulling the altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysis


Bitcoin is recovering after the sharp fall on Aug. 5. The bulls pushed the price back above the breakdown level of $55,724 on Aug. 6, indicating aggressive buying at lower levels.BTC/USDT daily chart. Source: TradingView


The relief rally is likely to reach the moving averages, where the bears will try to stall the up move. If the price turns down from the current level or the moving averages, it will signal that the sentiment has turned negative and traders are selling on rallies. The BTC/USDT pair could then drop toward the crucial support at $49,000.


If the next fall maintains above $49,000, it will signal that a bottom has been made. Instead, if the price slips below $49,000, it will open the gates for a fall to $42,000.Ether price analysis


Ether’s (ETH) relief rally is facing strong selling near the 38.2% Fibonacci retracement level of $2,602, signaling that bears are active at higher levels.ETH/USDT daily chart. Source: TradingView


If the price sustains below $2,400, the bears will try to drag the ETH/USDT pair toward the $2,111 support. The bulls are expected to defend this level with all their might because if they fail in their endeavor, the pair may plunge to $2,000 and then $1,600.


On the other hand, if the price turns up and rises above $2,602, it will suggest that every minor dip is being purchased. The pair may then attempt a rally to the breakdown level of $2,850.BNB price analysis


The bears pulled BNB (BNB) below the $460 level on Aug. 5 but failed to sustain the lower levels. This suggests solid buying on dips.BNB/USDT daily chart. Source: TradingView


The bulls are trying to push the price above $495. If they do that, the BNB/USDT pair could rise to the moving averages, which are likely to act as a stiff resistance. However, if the bulls prevail, it will signal that the pair may oscillate between $460 and $635 for a while.


This positive view will be invalidated if the price turns down and breaks below $460. If that happens, the pair may retest the Aug. 5 intraday low of $400. A break below this support could sink the pair to $360.Solana price analysis


The bears tried to pull Solana (SOL) below the $116 to $210 range on Aug. 5, but the bulls successfully defended the level.SOL/USDT daily chart. Source: TradingView


The price has reached the 20-day EMA ($157), where the bears will try to halt the recovery. If the price turns down sharply from the 20-day EMA, the bears will again try to pull the SOL/USDT pair below $116.


On the contrary, a break above the 20-day EMA will suggest that the bulls are trying to make a comeback. Buyers will try to push the price to $189, where the bears may again mount a strong defense.XRP price analysis


XRP (XRP) has been trading inside the large range between $0.41 and $0.74 for several months, indicating buying on dips and selling on rallies.XRP/USDT daily chart. Source: TradingView


The XRP/USDT pair started a rebound from the $0.46 to $0.41 support zone, which is facing resistance at the 50-day SMA ($0.52). If the price slides below $0.48, the pair could retest the $0.46 to $0.41 support zone, where the buyers are expected to step in.


On the upside, a break above the 50-day SMA could push the pair to the 20-day EMA ($0.55). Buyers will have to pierce this resistance to signal that the pair’s range-bound action may continue for some more time.Dogecoin price analysis


Dogecoin (DOGE) started recovering off the $0.08 support, but the bulls are struggling to drive and maintain the price above $0.10.DOGE/USDT daily chart. Source: TradingView


The downsloping 20-day EMA ($0.11) and the RSI near the oversold territory signal that the bears have the upper hand. A shallow bounce will increase the likelihood of a drop below $0.08. If that happens, the DOGE/USDT pair may tumble to $0.06.


Alternatively, if the price rises above $0.10, it will suggest that the selling pressure is reducing. The pair may then climb to the breakdown level of $0.12, which is likely to act as a strong barrier.Toncoin price analysis


Toncoin (TON) bounced off the $4.72 level on Aug. 5, indicating that the bulls are fiercely defending the level.TON/USDT daily chart. Source: TradingView


The relief rally is facing resistance near the 50% Fibonacci retracement level of $5.81. If the price continues lower, the bears will again try to yank the TON/USDT pair below $4.72. If they succeed, the pair may plummet to $4.


Contrary to this assumption, if the price turns up and breaks above $5.81, it will suggest that traders are buying the dips. The pair may then rally to the 20-day EMA ($6.38), which remains the key resistance to keep an eye on.


Related:BTC price eyes $58K CME gap as analysis flags 2 Bitcoin "death crosses"Cardano price analysis


Cardano (ADA) has been in a downtrend for several days. The bulls are trying to start a relief rally from $0.27 on Aug. 5.ADA/USDT daily chart. Source: TradingView


The first obstacle on the upside is the moving averages, but if buyers overcome this, the ADA/USDT pair could reach the downtrend line. Sellers are expected to vigorously defend the downtrend line. If the price turns down sharply from the moving averages or the downtrend line, the pair may slide toward $0.24.


This negative view will be invalidated in the short term if the bulls push and maintain the price above the downtrend line.Avalanche price analysis


Avalanche (AVAX) fell below the $21.80 support on Aug. 4, but the bears are struggling to sustain the lower levels.AVAX/USDT daily chart. Source: TradingView


The AVAX/USDT pair turned up from $17.29 and has reached the breakdown level of $21.80. If bears flip the $21.80 level into resistance, it will increase the possibility of a drop below $17.29. The pair could then drop to $16.


Contrarily, if the price rises above the $21.80 resistance, it will suggest that the bears are losing their grip. The pair may then climb to the moving averages, which is an important level to watch out for.Shiba Inu price analysis


Shiba Inu (SHIB) rebounded from the strong support near $0.000010 on Aug. 5, indicating solid buying at lower levels.SHIB/USDT daily chart. Source: TradingView


The recovery could reach the moving averages, where the bears are expected to mount a strong defense. If the price turns down sharply from the moving averages, it will signal that the bears continue selling on rallies. That will increase the likelihood of a drop below $0.000010.


Instead, if buyers drive the price above the moving averages, it will signal that the downtrend could be ending. The SHIB/USDT pair could then climb to $0.000020.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Dogecoin# Cryptocurrencies# Altcoin# Ethereum# Bitcoin Price# XRP# Markets# Cryptocurrency Exchange# Cardano# TON# Price Analysis# Binance Coin# Ether Price# Solana# Avalanche# Shiba InuAdd reaction

News Feed

Prashant Jha12 hours agoWorldcoin opens up WLD reservations for unverified usersWorldcoin project has remained controversial right from its announcement and is currently facing regulatory trouble in multiple jurisdiction
Binance.US says it’s ‘radioactive’ to banks, SEC dealt ‘near-mortal blow’
Jesse Coghlan3 hours agoBinance.US says it’s ‘radioactive’ to banks, SEC dealt ‘near-mortal blow’A deposition from Binance.US’ chief operating officer claims the SEC’s suit last year caused banks to pull su
Jordan Belfort Joins OneTo11 Blockchain Gaming Ecosystem as an Investor
Jordan Belfort Joins OneTo11 Blockchain Gaming Ecosystem as an Investor press release PRESS RELEASE.SINGAPORE, March. 3, 2022 / DN News Desk / — Jordan Belfort, also known as
Demand for Cryptocurrency Miners Rises in Russia Amid Low Prices of Hardware
Demand for Cryptocurrency Miners Rises in Russia Amid Low Prices of Hardware Russia’s market for specialized crypto mining equipment has been seeing high demand over the pas
Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year
Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year Goldman Sachs has ranked bitcoin the best-performing asset so far this year. The cryptocurrency also tops the glo
Clever DeFi Launches 888 Cycle Challenge
Clever DeFi Launches 888 Cycle Challenge PRESS RELEASE. Decentralized finance protocol CLEVER (CLVA) launches its latest program called “Will you take the
German Bank Donner & Reuschel to Offer Crypto Custody Services in Response to a ‘High Market Demand’ in the Country
German Bank Donner & Reuschel to Offer Crypto Custody Services in Response to a "High Market Demand" in the Country Cryptocurrency adoption among the traditional
RBI Governor Discusses Crypto and Central Bank Digital Currency
RBI Governor Discusses Crypto and Central Bank Digital Currency The governor of the Reserve Bank of India (RBI), Shaktikanta Das, spoke about cryptocurrency during a press confer
Aloha Browser Paves the Way Towards Web3 With Recent HNS Integration
Aloha Browser Paves the Way Towards Web3 With Recent HNS Integration press release PRESS RELEASE.Aloha Browser is paving the way towards a decentralized web with the recent Handshak
VanEck Gives Official Backing To Donald Trump’s Bitcoin Reserve Strategy
On Tuesday, Matthew Sigel, the head of digital asset research at asset management firm and crypto exchange-traded fund (ETF) issuer VanEck, officially endorsedPresident-elect Donald Trump’s proposal for a national stra
Bitcoin bull-bear market cycle signals potential bear market — Analyst
Vince Quill7 hours agoBitcoin bull-bear market cycle signals potential bear market — AnalystBitcoin fell to a low of approximately $49,000 following market turmoil brought on by the Bank of Japan’s rate hike and the
Cointelegraph Innovation Circle8 hours agoExpert advice to help Web3 companies survive precarious economic timesWeb3 companies need to both leverage traditional strategies and lean into industry strengths to survive and