Crypto Price Analysis 8-2 BTC, ETH, SOL, DOGE, BCH, RNDR, SEI
Release: 2024/08/02 21:10 Reading: 490
Bitcoin (BTC) Price Analysis
Overview
Despite a temporary uptick on Thursday, Bitcoin (BTC) has continued to decline this week. The current market conditions suggest a bearish trend, but analysts remain optimistic about a potential recovery.
Price Movements
- BTC experienced a strong push towards $70,000 at the beginning of the week, but selling pressure prevented further gains.
- A drop of 2.12% occurred on Tuesday, followed by a 0.83% decline on Wednesday.
- On Thursday, the price dipped to a day low of $62,304 but recovered to settle at $65,312.
- The current session has seen sellers regain control, with the price down by 1.70%.
Key Levels
- Support: $61,000, 200-day SMA
- Resistance: $65,000, $70,000
Analysis
- The expiration of $3 billion worth of Bitcoin and Ethereum options may introduce market volatility.
- If BTC dips below $64,000, it could face further declines towards $61,000.
- However, if bulls can keep the price above the 200-day SMA, a recovery is possible.
Ethereum (ETH) Price Analysis
Overview
Ethereum (ETH) remains in the red as it approaches a crucial support level of $3,100. Bears are attempting to push the price below this level, with outflows from spot Ethereum ETFs and potential whale dumps creating selling pressure.
Price Movements
- ETH started the week positively, rising by 1.42% on Monday.
- However, selling pressure on Tuesday and Wednesday pushed the price down by 1.17% and 1.45%, respectively.
- Thursday saw a drop to a day low of $3,079, but demand at lower levels supported a recovery to $3,202.
- The current session has ETH down by 1.61%.
Key Levels
- Support: $3,100, $2850
- Resistance: $3,500
Analysis
- If ETH dips below $3,000, the $2850 support level will be crucial.
- The RSI suggests oversold conditions, potentially leading to a short-term recovery.
- A consolidation above $3,200 is necessary for bulls to initiate a rally towards $3,500.
Solana (SOL) Price Analysis
Overview
Solana (SOL) continues its bearish trend, with a significant drop this week. The token has been in a pullback since Sunday, closing above $185.
Price Movements
- SOL attempted to push towards $200 on Monday but faced resistance.
- Selling pressure dominated on Tuesday and Wednesday, leading to declines of 1.30% and 4.18%, respectively.
- Thursday witnessed a drop below the 20-day SMA and a day low of $157.
- The price recovered to settle at $167.36, but the current session has SOL down by 3.26%.
Key Levels
- Support: $160, $150, $120
- Resistance: $185, $200
Analysis
- Analysts anticipate a major rebound as SOL trades above the 50-day and 200-day SMAs.
- If SOL falls below $160, it could decline further towards $120.
- A bounce from these levels could propel SOL towards $200.
Dogecoin (DOGE) Price Analysis
Overview
Dogecoin (DOGE) has lost over 10% in the past seven days, as the price of meme coins continues to decline. DOGE has been in the red all week and has slipped below the 20, 50, and 200-day SMAs.
Price Movements
- DOGE started the week with a 1% drop, as buyers failed to push above the 200-day SMA.
- Tuesday and Wednesday saw further declines of 1.95% and 3.42%, respectively.
- Thursday brought a drop below $0.120, reaching a low of $0.112.
- The current session has DOGE down by over 3%.
Key Levels
- Support: $0.120, $0.110, $0.100
- Resistance: $0.140, $0.150
Analysis
- The price chart suggests a falling wedge pattern, indicating a potential bullish reversal.
- If DOGE continues to decline, it could drop to $0.100.
Bitcoin Cash (BCH) Price Analysis
Overview
Bitcoin Cash (BCH) has fallen by almost 5% in the past 24 hours, as sellers maintain control. The price has slipped below $400, despite a strong start to the week.
Price Movements
- BCH began the week on Monday with a surge above $450.
- Selling pressure on Tuesday led to a drop of 1.49%.
- Wednesday saw BCH dip below the 200-day SMA, reaching a low of $389.
- However, buyers pushed the price back above $400, and it eventually settled at $413.
- The current session has BCH down by 3.38%.
Key Levels
- Support: $400, $389
- Resistance: $450, $459
Analysis
- Ongoing Mt. Gox repayments may be contributing to the price decline.
- If BCH dips below $400, further losses towards $389 could occur.
Render (RNDR) Price Analysis
Overview
Render (RNDR) continues to decline despite being one of the largest decentralized cloud GPU rendering platforms. The token has lost almost 17% in the past week and 60% from its all-time high.
Price Movements
- RNDR has been in a downward trend since early June.
- On Wednesday, the price lost the crucial $6 level.
- There is support at $5.40, but a breach of this level could lead to further declines.
Key Levels
- Support: $5.40, $3.60
- Resistance: $6
Analysis
- Technical indicators point to a prolonged bearish phase for RNDR.
- The RSI is nearing the oversold zone, suggesting a potential short-term recovery.
- However, further downside remains a possibility.
SEI Price Analysis
Overview
SEI has lost a key support level, contributing to its recent decline. The asset has been in the red since July 22.
Price Movements
- SEI dipped below the 20 and 50-day SMAs on Tuesday.
- Selling pressure continued on Wednesday and Thursday, leading to declines of 4.88% and 3.88%, respectively.
- The current session has SEI down by 4.01%.
Key Levels
- Support: $0.30, $0.25, $0.20
- Resistance: $0.35, $0.40
Analysis
- If selling pressure persists, SEI could drop further towards $0.25 or even $0.20.
- However, a recovery is possible if buyers can push the price above the 20-day SMA.
Disclaimer: This article is provided for informational purposes only and should not be considered investment advice.
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