Price analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
Release: 2024/08/13 05:04 Reading: 567
Technical Analysis of Cryptocurrency Markets
The S&P 500 Index (SPX) has rebounded after reaching intra-week lows but ended the week with little change. Bitcoin (BTC) has also recovered slightly, gaining about 1%.
Bitcoin's volatility has been significant, with the Crypto Fear & Greed Index fluctuating between extreme fear and uncertainty. Inflows into Bitcoin exchange-traded funds have been inconsistent, indicating investor hesitation.
S&P 500 Index Analysis:
The S&P 500 Index is facing resistance at the 20-day exponential moving average (5,393). If the price falls below this level but remains above 5,265, it could indicate reduced selling pressure and the potential for a breakout above the moving averages. Otherwise, a drop below 5,265 could lead to further declines towards 5,119 and 5,000.
US Dollar Index Analysis:
The US Dollar Index (DXY) has been trading below the moving averages, suggesting bearish sentiment. Bears are attempting to turn the support line into resistance, potentially leading to a decline towards 102.16. However, a reversal and re-entry into the channel would indicate market rejection of lower levels and a possible rise towards the 50-day simple moving average (104.63).
Bitcoin Analysis:
Bitcoin has fallen below the moving averages, indicating ongoing resistance from bears. Support at $55,724 is crucial, and a breach could lead to a drop towards $49,000. Conversely, a rise above the moving averages would signal buying on dips, potentially propelling BTC/USDT towards $70,000.
Ether Analysis:
Ether (ETH) has faced resistance at the 50% Fibonacci retracement level of $2,753. If buyers overcome this obstacle, ETH/USDT could rise to $2,850 and possibly the 50-day SMA ($3,145). Conversely, a rejection at $2,850 could lead to a decline towards $2,500 and $2,300.
BNB Analysis:
BNB has encountered resistance at the 20-day EMA ($529), indicating selling on rallies. Bears attempted to push the price below $495, but bulls defended this support. Buyers are attempting to regain control above the 20-day EMA, with a potential rise towards $600. However, a failure to hold above the 20-day EMA and a breach below $495 could lead to a drop towards $460 and $400.
Solana Analysis:
Solana (SOL) has failed to maintain its position above the moving averages, suggesting bearish momentum. Sellers are aiming for $129 and $116 as potential support levels. A break below $116 could signal a downward move towards $100 and $80. However, a reversal above current levels or the support zone would indicate aggressive buying at lower levels, potentially leading to a rise towards $189.
XRP Analysis:
XRP (XRP) has broken below the 20-day EMA ($0.57), indicating weakened bullish momentum. The 50-day SMA ($0.53) is providing minor support, but a breach below this level could trigger a drop towards $0.46. Conversely, a rise above the 20-day EMA and a close above $0.64 could signal the start of a rally towards $0.74.
Dogecoin Analysis:
Dogecoin (DOGE) has pulled back to the 20-day EMA ($0.11) but failed to break through this barrier. Buyers are attempting to push the price above the 20-day EMA, with potential resistance at the downtrend line. A failure to hold above the 20-day EMA and a breach below $0.10 could lead to a decline towards $0.09 and $0.08.
Toncoin Analysis:
Toncoin (TON) has faced resistance at the 50-day SMA ($6.97), indicating selling at higher levels. The 20-day EMA ($6.41) is flat, and the RSI is near the midpoint, suggesting a balance between supply and demand. A rise above the 50-day SMA could lead to a rally towards $7.65 and $8.29, while a drop below $6 could trigger further selling and a decline towards $5.26.
Cardano Analysis:
Cardano (ADA) has turned down from the 20-day EMA ($0.36), suggesting that relief rallies are being met with resistance. Bears are targeting $0.31 and the critical support at $0.24. A slide below $0.24 could lead to further declines towards $0.20 and $0.18. However, a rise above the 20-day EMA and the downtrend line would indicate a potential new uptrend.
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