8/30 Crypto Price Analysis: BTC, ETH, SOL, XRP & More

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has been trading in the lower half of its $55,724 to $73,777 range for the past few days. Instead of panicking, whales and shark holders have taken this opportunity to accumulate more Bitcoin.

According to market intelligence platform Santiment, “Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them.”

Another positive sign for the bulls is that Bitcoin stored on exchanges continues to dwindle. Data from CryptoQuant shows that Bitcoin reserves on exchanges have plunged by 12.9% since the start of the year, indicating long-term bullish sentiment among investors.

However, selling by the United States government, which holds more than 203,000 Bitcoin, could pose a risk to Bitcoin’s price in the coming months. Additionally, any change in behavior from Mt. Gox creditors, who have received repayments, could weaken market sentiment.

The key questions now are whether Bitcoin bulls can push the price above $60,000 and if altcoins will follow higher. Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin Price Analysis

On Aug. 29, Bitcoin turned down from the 20-day exponential moving average (EMA) at $60,497, indicating that bears are selling on rallies. The immediate support on the downside is $58,000.

• If the price rebounds from the current level, bulls may attempt to clear the 20-day EMA again. A successful breakout could push the BTC/USDT pair to $65,000, with the 50-day simple moving average (SMA) at $62,020 acting as potential resistance.
• If the price breaks below $58,000, it would signal that bears remain in control, increasing the risk of a fall below $55,724. If this support breaks, the pair may plummet to $49,000.

Ether (ETH) Price Analysis

Ether (ETH) attempted to bounce off $2,392 but met selling pressure near the 20-day EMA at $2,639, as evidenced by the long wick on the Nov. 29 candlestick.

• The down-sloping 20-day EMA and the RSI in negative territory indicate that bears are in control. The ETH/USDT pair could slump to $2,300, a crucial support level.
• If the price rebounds from $2,300 with strength, it could rise to $2,850 and remain range-bound between these levels for a few days.
• A break and close below $2,300 would signal the resumption of the downtrend, potentially driving the pair to $2,111.

BNB Price Analysis

The bulls attempted to push BNB (BNB) back above the moving averages over the past two days, but the bears held firm.

• If the price breaks below $520, it would suggest that bears have seized near-term control. The BNB/USDT pair could then drop to $495 and eventually to the critical support at $460.
• Conversely, if the price turns up and breaks above the moving averages, it would favor the bulls, potentially leading to a rally to $600, which may act as stiff resistance.

Solana (SOL) Price Analysis

Solayer Invests $12M in Solana Restaking UpgradeSolana (SOL) has been oscillating within a large range between $116 and $210 for several months. Recently, the price was stuck between $136 and $164, but support at $136 gave way on Aug. 30.

• If the minor support at $129 fails to hold, the next stop could be $116, where bulls are expected to defend vigorously.
• A strong bounce off $116 would signal continued range-bound action, but a break below this level could lead to a drop to $100.

XRP Price Analysis

Buyers failed to push XRP (XRP) back above the 20-day EMA at $0.58 on Aug. 28, indicating selling on minor rallies.

• If the bears succeed in pulling the price below the $0.54 support, the XRP/USDT pair may slide toward $0.46. The pair may remain range-bound between $0.46 and $0.64 for some time.
• If the price rebounds from $0.54 and rises above the 20-day EMA, it would indicate strong defense by the bulls, potentially leading to a move up to $0.64.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) has been trading within a falling wedge pattern for the past several months, suggesting selling on rallies.

• The 20-day EMA at $0.10 is gradually turning down, and the RSI is in the negative zone, indicating that bears have a slight advantage.
• If the price breaks below $0.09, it would signal the resumption of the downtrend, potentially driving the pair to the support line.
• This bearish outlook would be invalidated if the price turns up and breaks above the downtrend line, possibly leading to a relief rally to $0.14.

Toncoin (TON) Price Analysis

The long wick on Toncoin’s (TON) Aug. 28 candlestick indicates that bears are aggressively defending the 20-day EMA at $6.01.

• Sellers will aim to push the price down to the critical support at $4.72. A break and close below this level would complete a bearish head-and-shoulders pattern.
• If the price rebounds sharply from $4.72 and rises above the moving averages, it would suggest that the TON/USDT pair may continue trading within the larger range. A break above $7 would favor the bulls in the near term.

Cardano (ADA) Price Analysis

The bulls are trying to halt Cardano’s (ADA) decline at the uptrend line but are struggling to push the price above the moving averages, indicating weak demand at higher levels.

• The 20-day EMA at $0.36 is beginning to turn down, and the RSI is just below the midpoint, suggesting bears have the upper hand.
• If the price breaks below the uptrend line, the ADA/USDT pair could fall to $0.31 and subsequently to $0.28.
• If bulls want to prevent further downside, they must push the price above the 50-day SMA at $0.38, potentially leading to a rally to the downtrend line.

Avalanche (AVAX) Price Analysis

The bulls attempted to push Avalanche (AVAX) above the 50-day SMA at $24.72 over the past two days, but the bears held their ground.

• The 20-day EMA at $23.62 is starting to turn down, and the RSI is just below the midpoint, indicating a slight advantage for the bears. If the price continues lower, it may find support near $19.50.
• If bulls manage to push the price above the 50-day SMA, it could signal the formation of a higher low, increasing the likelihood of a rally above the descending channel, potentially to $33.

Shiba Inu (SHIB) Price Analysis

The weak bounce off the uptrend line in Shiba Inu (SHIB) shows a lack of aggressive buying by the bulls.

• The bears may attempt to push the price below the uptrend line. If successful, the SHIB/USDT pair could drop to $0.000012, a crucial level for the bulls to defend.
• A break below $0.000012 could lead to a decline to $0.000010.
• If the bulls manage to drive the price above the 50-day SMA at $0.000015, it could suggest that selling pressure is easing, with the pair potentially climbing to $0.000020.

Disclaimer: 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.