Crypto Price Analysis 8-26 BTC, ETH, SOL, DOGE, DOT, XRP, SEI
Release: 2024/08/26 17:54 Reading: 309
Bitcoin Surges Above $64,000 on Positive Catalysts
Bitcoin (BTC) experienced a significant increase over the weekend, surpassing $64,000. This rise was driven by two positive developments:
- Federal Reserve Chairman Jerome Powell's confirmation of a monetary easing cycle commencing next month.
- Crypto-friendly RFK Jr. endorsing Donald Trump in the presidential elections after suspending his own campaign.
Bitcoin Remains Above $64,000
Bitcoin (BTC), which had already gained around 3% on the news of the Federal Reserve's monetary easing cycle, received further support following RFK Jr.'s announcement of his support for Trump. Other major cryptocurrencies, including Solana (SOL), Ethereum (ETH), and several others, also recorded notable gains.
Despite RFK Jr.'s endorsement, the presidential race remains close. However, Kennedy's withdrawal from the so-called battleground states provides Trump with a potential advantage.
Trump and Kennedy have advocated for a crypto-friendly stance, contrasting with the Biden administration's approach. Trump has proposed creating a Bitcoin strategic reserve and pledged to immediately dismiss Securities and Exchange Commission Chief Gary Gensler if elected. Democrats have also expressed support for cryptocurrencies, with the Harris campaign stating that her administration would be receptive to them.
Crypto Markets Boom in 2024
The cryptocurrency markets have experienced a remarkable growth of $623 billion since the start of 2024, with the current market capitalization at an astounding $2.25 trillion. BTC, the largest and most popular cryptocurrency, has seen its value increase by over $20,000 since January. Ethereum (ETH) also gained $500 in value, while Tether (USDT) maintained its dominance in the stablecoin market, with its market cap rising from $91 billion to over $117 billion.
Meanwhile, Ripple (XRP) has dropped one position to seventh, and Dogecoin (DOGE) has moved to eighth. This position was previously held by Cardano (ADA). Toncoin (TON) and Tron (TRX) round out the top ten major cryptocurrencies.
Pavel Durov's Arrest Impacts Toncoin (TON)
The arrest of Telegram CEO Pavel Durov had a significant impact on Toncoin (TON), which dropped 18%. French authorities linked Durov to crimes facilitated via Telegram and the platform's insufficient moderation. As a result, TON fell below $5.55. Bitcoin (NOT) also plummeted over 20% following news of Durov's arrest.
Binance Faces Legal Troubles
Binance has continued to face legal challenges. Multiple individuals filed a class action lawsuit against the exchange and its founder, Changpeng Zhao, for allegedly facilitating money laundering. Zhao, who remains in custody, was recently moved to a halfway house, indicating a potential release in the near future.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) broke above the overhead resistance on Friday, climbing above $64,000, fueled by market developments. These included Federal Reserve Chair Jerome Powell's announcement of an easing monetary policy next month and RFK Jr.'s endorsement of Donald Trump for the presidential elections, giving the Republican candidate a significant advantage.
BTC had been accumulating bullish momentum last week, evident in the price chart, which shows a substantial jump to a day high of $61,401 on Tuesday. While sellers initially hindered this move above $60,000, the overall sentiment surrounding BTC remained optimistic.
BTC surpassed the 20-day SMA on Wednesday with an increase of 3.50%, settling at $61,134, but declined by 1.16% on Thursday as the 50-day SMA acted as a resistance level, preventing further price movement. However, with market factors coming into play, BTC surged by almost 6% on Friday, pushing above the 50 and 200-day SMAs and settling at $64,032. The price consolidated over the weekend, with a slight increase on Saturday and a minor decrease on Sunday, settling at $64,085.
The current session sees BTC down by 0.49% as sellers attempted to push the price back below the 200-day SMA. Buyers must maintain BTC above the 200-day SMA to potentially move towards $65,000 or higher. If buyers regain momentum and break above $65,000, BTC could rally towards $70,000. Alternatively, if sellers force BTC below the 200-day SMA, it could return to the $60,000 price level. The MACD is currently bullish, indicating an advantage for buyers.
Ethereum (ETH) Price Analysis
Ethereum (ETH) finally surpassed the 20-day SMA and $2,700 on Friday as markets experienced a sharp uptick. As shown in the price chart, ETH remained relatively quiet over the past week, struggling to break above the 20-day SMA as sellers actively defended the level.
ETH recorded a 2.21% increase on Wednesday, rising to $2,631. However, buyers lost momentum, and ETH experienced a moderate drop on Thursday. Sentiment shifted on Friday as buyers took control, propelling ETH above the 20-day SMA. Consequently, ETH gained 5.36%, breaking past the $2,700 resistance level and settling at $2,764.
Buyers attempted a move towards the crucial $2,850 resistance on Saturday, with ETH reaching a high of $2,820. However, ETH lost steam as sellers pushed the price back down to $2,769. Despite the selling pressure, ETH maintained a marginal increase.
Buyers pushed ETH down by 0.75% on Saturday as they tried to drive the price back below $2,700. Nonetheless, ETH remained above $2,700 and closed Sunday at $2,749. The current session shows ETH slightly lower as buyers and sellers battle for control.
Buyers aim to regain control and push ETH towards $2,850. A break and close above this crucial level could open the way for a move towards $3,000. Conversely, if sellers continue to maintain control, ETH could slip back below $2,700 and towards the $2,500 support level. The MACD, currently in the green, suggests that buyers currently hold an advantage.
Solana (SOL) Price Analysis
Solana (SOL) surged over the weekend, breaking through several resistance levels and moving averages. This price increase also saw SOL reclaim the crucial $150 level.
SOL had been relatively subdued over the past week, especially compared to its usual price movements. Buyers and sellers struggled to exert influence, as sellers could not drive SOL below $140 while buyers failed to push above the 20-day SMA.
However, this changed on Friday as buyers gained control, and SOL surged over 7%, breaking past the 20 and 200-day SMAs and the $150 price level. SOL eventually ended Friday at $153, with buyers firmly in control.
Bullish sentiment persisted on Saturday as SOL pushed above the 50-day SMA after a 4.82% increase, climbing above $160 and settling at $160.78. However, with sellers defending this resistance level, SOL fell to a day low of $155 on Sunday, but buyers managed to regain control at lower levels and drive the price back towards $160. SOL eventually settled at $159 after a drop of 1.04%.
The current session shows DOL marginally up as buyers attempt to push SOL back above $160.
SOL finds itself at a critical juncture regarding its future price movements. If it can break and close above $160, it could signal buyer control and a potential move towards $190. If sentiment changes, however, sellers may seek to drive SOL back below $150.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) tested the $0.110 and the 50-day resistance levels over the weekend but failed to surpass either. DOGE had bounced off the $0.100 support level last week and maintained a gradual upward trajectory.
It moved above the 20-day SMA, which had been acting as a dynamic resistance level, on Wednesday after a 2.81% increase, taking the price to $0.106. After countering selling pressure and registering only a slight drop on Thursday, DOGE gained 6.52% on Friday, pushing above the resistance at $0.110 and settling at $0.112.
Here, the 50-day SMA acted as a resistance level, preventing buyers from driving the price higher. Consequently, DOGE faced significant selling pressure, resulting in a 0.62% drop on Saturday. Sellers continued to dominate on Sunday as DOGE fell an additional 2.41% to slip back below the $0.110 level as buyers failed to transform it into support.
The current session finds DOGE remaining in the red with the price trading at $0.109. Sellers intend to drive DOGE back below the 20-day SMA and towards its $0.100 support level. However, if buyers can maintain DOGE above the 20-day SMA, they
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