The Current State of Bitcoin
The price of Bitcoin has once again dropped to frustrating levels, causing losses in altcoins. This is not surprising as the increased regulatory pressure following the SEC’s lawsuits against exchanges clearly reflects the medium-term regulatory risks, leading to a weak risk appetite among investors. The lack of volume confirms this situation.
Dogecoin (DOGE) Analysis
Bulls are struggling to initiate a recovery in Dogecoin, indicating that demand has dried up at higher levels. The DOGE/USDT pair may revisit the critical support level of $0.06 several times. Buyers are expected to defend this level with all their might, as a break below it could continue the downward trend. The pair will first drop to $0.055 and then to the support level of $0.05.
However, if the price can recover from its current level, it would indicate that bulls have bought the dips up to this level. The current outlook suggests that the decline will continue for now. A major development on the macro front, such as an announcement from the SEC that it will not appeal the GBTC case, may not be big news at this stage.
In an optimistic scenario, a recovery starting from $0.06 could push the price up to $0.08.
Solana (SOL) Coin Analysis
Solana bounced off the 20-day EMA ($21.37) on August 30. A similar pattern is seen in most altcoins, as investors cashed in their short-term profits, causing support levels to weaken. The price of SOL Coin is now hovering near the critical support level of $19.35.
The 20-day EMA is sloping downwards, and the RSI is in the negative zone, indicating a higher probability of a downtrend. Time is running out for the bulls. If they want to initiate a recovery, they will need to push the price above the resistance level of $22.30. In the opposite scenario, the decline could continue to the $18 and $15 regions.
MATIC Coin Graph Analysis
Polygon’s failure to hold above the 20-day EMA ($0.58) on August 29 triggered profit-taking by short-term investors. Bulls attempted to push the price back above the 20-day EMA on August 30 and 31, but bears held their ground.
Bears will try to strengthen their position by pulling the price below the immediate support level of $0.53. If they succeed, the popular altcoin could drop to $0.51. If the price turns upwards from the current level, it is likely to face selling pressure at the 20-day EMA and again at the 50-day SMA ($0.66). A critical event could be a drop to $0.45 in case of closes below $0.51.
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