Fun

Price analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

News Feed - 2024-08-13 05:08:05

Rakesh Upadhyay3 hours agoPrice analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADAThe S&P 500 Index is extending its recovery, boosting buying in Bitcoin and select altcoins in the near term.930 Total views2 Total sharesListen to article 0:00Price AnalysisOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe S&P 500 (SPX) Index rebounded sharply from its intra-week lows to end the week on a flat note. Bitcoin (BTC) also made a similar recovery from its weekly lows to finish with marginal gains of about 1%. The failure of the bears to capitalize on the weakness suggests that the lower levels are attracting buyers.


The bears tried to deepen the pullback on Aug. 12, but the bulls purchased the dip in Bitcoin and are trying to maintain the price above the psychological level of $60,000. Bitcoin’s volatility is keeping traders on the edge. The Crypto Fear & Greed Index, which hit a low of 17/100 on Aug. 6, rose to 48/100 on Aug. 9 and is again back into the extreme fear zone at 25/100 on Aug. 12.Daily cryptocurrency market performance. Source:Coin360


The next big question is will the recovery sustain? Inflows into the spot Bitcoin exchange-traded funds have been sketchy over the past few days, indicating uncertainty among investors. Another short-term negative is that the institutions seem to have halted their stablecoin purchase, according to onchain analytics platform Lookonchain.


Could Bitcoin and altcoins extend their up move, or will higher levels attract sellers? Let’s analyze the charts to find out.S&P 500 Index price analysis


The S&P 500 Index is attempting a recovery that is likely to face resistance at the 20-day exponential moving average (5,393).SPX daily chart. Source: TradingView


If the price turns down from the 20-day EMA but finds support at 5,265, it will indicate that the selling pressure has reduced. That will increase the possibility of a break above the moving averages. The index may then climb to 5,566.


Alternatively, if the price turns down sharply from the 20-day EMA, it will suggest that the bears are selling on rallies. A break below 5,265 will increase the risk of a break below 5,119. The next support on the downside is at 5,000.US Dollar Index price analysis


The US Dollar Index (DXY) has been trading below the moving averages for the past few days, indicating that the bears have the upper hand.DXY daily chart. Source: TradingView


The bulls tried to push the price back into the channel on Aug. 8, but the bears held their ground. This suggests that the bears are trying to flip the support line into resistance. If they do that, the index may decline to 102.16.


This negative view will be invalidated if the price turns up and re-enters the channel. That will indicate the markets have rejected the lower levels. The index may then rise to the 50-day simple moving average (104.63).Bitcoin price analysis


Bitcoin turned down from the moving averages on Aug. 11, indicating that the bears are not willing to give up without a fight.BTC/USDT daily chart. Source: TradingView


The $55,724 level is the crucial support to watch out for on the downside. If this level breaks down, it will suggest that the sentiment remains negative and traders are selling on rallies. That will open the doors for a fall to $49,000.


On the contrary, if the bulls push the price above the moving averages, it will signal buying on dips. The BTC/USDT pair may then start its march toward $70,000. The sellers are expected to fiercely defend the $70,000 to $73,777 zone.Ether price analysis


The bulls are finding it difficult to push Ether (ETH) above the 50% Fibonacci retracement level of $2,753, but they have not allowed the price to dip below $2,500.ETH/USDT daily chart. Source: TradingView


If buyers overcome the obstacle at $2,724, the ETH/USDT pair is likely to jump to the breakdown level of $2,850. This level is expected to attract solid selling by the bears, but if the bulls prevail, the pair may reach the 50-day SMA ($3,145).


On the other hand, if the price turns down from $2,850, it will signal that the bears have flipped the level into resistance. That may start a move down to the strong support of $2,500 and then to $2,300.BNB price analysis


BNB’s (BNB) recovery hit a wall at the 20-day EMA ($529) on Aug. 11, indicating that the bears are selling on rallies.BNB/USDT daily chart. Source: TradingView


The bears tried to tug the price below the $495 support on Aug. 12, but the bulls successfully defended the level. Buyers are again trying to push the price above the 20-day EMA. If they manage to do that, the BNB/USDT pair will attempt a move toward $600.


Conversely, if the price turns down from the 20-day EMA and breaks below $495, it will suggest intense selling pressure. The pair may slump to $460, which is an important level to watch out for because a break below it may start a downtrend to $400.Solana price analysis


The failure of the bulls to maintain Solana (SOL) above the moving averages suggests that the bears are trying to gain the upper hand.SOL/USDT daily chart. Source: TradingView


Sellers will try to pull the price to $129 and then to $116. Buyers are expected to fiercely defend the $116 level because a break and close below it will signal the start of a downward move to $100 and then $80.


Instead, if the price turns up from the current level or the support zone, it will suggest that the bulls are aggressively buying at lower levels. A break above $164 could propel the SOL/USDT pair to $189.XRP price analysis


XRP (XRP) turned down and broke below the 20-day EMA ($0.57) on Aug. 11, indicating that the bullish momentum is weakening.XRP/USDT daily chart. Source: TradingView


The flattening 20-day EMA and the RSI near the midpoint suggest that the XRP/USDT pair may remain inside the $0.41 to $0.64 range for some more time. There is minor support at the 50-day SMA ($0.53), but if this level crumbles, the pair may plummet to $0.46.


Alternatively, if buyers push and maintain the price above the 20-day EMA, the pair may climb to $0.64. This is a crucial resistance to watch out for because a break and close above it will clear the path for a rally to $0.74.


Related:Why is Solana (SOL) price down today?Dogecoin price analysis


Dogecoin (DOGE) pulled back to the 20-day EMA ($0.11) on Aug. 11, but the bulls could not overcome this barrier.DOGE/USDT daily chart. Source: TradingView


A minor advantage for the bulls is that they did not allow the price to dip below $0.10. This suggests that every minor dip is being purchased. Buyers are again attempting to shove the price above the 20-day EMA. If they can pull it off, the DOGE/USDT pair may rise to the downtrend line.


Contrary to this assumption, if the price turns down from the current level or the 20-day EMA and breaks below $0.10, it will suggest that the bears are in control. The pair may slump to $0.09 and eventually to $0.08.Toncoin price analysis


Buyers could not push Toncoin (TON) above the 50-day SMA ($6.97), indicating selling at higher levels.TON/USDT daily chart. Source: TradingView


The 20-day EMA ($6.41) has flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. Buyers will have to push the price above the 50-day SMA to gain the upper hand. The TON/USDT pair may then rally to $7.65 and eventually to $8.29.


The immediate support on the downside is $6. If this level cracks, the selling may pick up, and the pair could drop to $5.26.Cardano price analysis


Cardano (ADA) turned down from the 20-day EMA ($0.36) on Aug. 10, indicating that minor relief rallies are being sold into.ADA/USDT daily chart. Source: TradingView


The bears will try to pull the price to $0.31 and, after that, to the critical support at $0.24. Buyers are expected to defend this level with all their might because a slide below it may sink the ADA/USDT pair to $0.20 and $0.18.


Instead, if the price continues higher and breaks above the 20-day EMA, it will signal that the bulls are on a comeback. The pair could then rise to the downtrend line. If bulls overcome this barrier, it will signal the start of a new up move.


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# Dollar# Ethereum# Bitcoin Price# XRP# Markets# Cryptocurrency Exchange# Cardano# TON# Price Analysis# Binance Coin# Ether Price# SolanaAdd reaction

News Feed

Concerns mount over Ethena USDe’s promise of 27% yield following mainnet launch
Zoltan Vardai15 hours agoConcerns mount over Ethena USDe’s promise of 27% yield following mainnet launchThe attractive yield opportunity is causing widespread concern in the crypto community.2889 Total views9 Total sha
Balancer Protocol Reveals Partnership With Wallstreetbets Defi Project Wsbdapp
Balancer Protocol Reveals Partnership With Wallstreetbets Defi Project Wsbdapp On Wednesday, the programmable liquidity platform Balancer Protocol announced the project has partner
Bank of Russia to Start Testing Digital Ruble With Real Users on April 1
Bank of Russia to Start Testing Digital Ruble With Real Users on April 1 The Central Bank of Russia plans to launch test operations with digital ruble transactions between real cus
Tom Blackstone13 hours agoTragedy or rug pull? Inside the collapse of a ‘charitable’ NFT projectOrica NFT’s charity efforts have succeeded, but its tokenholders have not, and up until now, its co-founder was nowher
Prashant Jha13 hours agoChinese hackers use fake Skype app to target crypto users in new phishing scamCrypto security firm SlowMist has discovered several wallet addresses linked to a phishing scam that drained hundreds
Dubai Luxury Hotel Palazzo Versace Allows Guests to Pay in Crypto
Dubai Luxury Hotel Palazzo Versace Allows Guests to Pay in Crypto Guests staying at Palazzo Versace Dubai have, since September 7, had an option to settle payment for services rend
Ethereum May Be Headed To $1,200 – Can ETH Make A Comeback? Analysts Explain
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
IOST in the First Batch of Blockchains to Support HUSD Stablecoin
IOST in the First Batch of Blockchains to Support HUSD Stablecoin PRESS RELEASE. IOST, an enterprise-grade, decentralized, and ultra-fast network oiled with the
Turner Wright2 hours agoUS lawmakers urge IRS to implement crypto tax reporting requirements before 2026The crypto tax reporting requirements proposed by the IRS in August are currently scheduled to go into effect in 202
Mt. Gox Stirs The Market With $1 Billion Bitcoin Transfer—What’s Going On?
Este artículo también está disponible en español. Bitcoin took center stage again as Mt. Gox moved 12,000 BTC, valued at over $1 billion, to an unknown wallet. This occur
Huge ‘Bitcoin Tram’ Ad Campaign and 20 Billboards Flood Hong Kong’s Financial District
Huge "Bitcoin Tram" Ad Campaign and 20 Billboards Flood Hong Kong"s Financial DistrictA massive Bitcoin ad campaign has launched in the heart of Hong Kong’s financial district
Qualcomm CEO States Metaverse Will Be a ‘Very Big’ Opportunity
Qualcomm CEO States Metaverse Will Be a "Very Big" Opportunity Qualcomm, one of the largest fabless mobile chip makers, is very optimistic about the future of the metaverse and wha