Price analysis 8/23: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin (BTC) rose above the overhead resistance near $63,000 and it appears that bulls are now ready to push prices higher. Risk assets received a boost after the Federal Reserve Chair Jerome Powell confirmed during his keynote address in Jackson Hole, Wyoming, that interest rates will start to come down. However, Powell refrained from committing to the timing and the pace of the rate cuts.

A technical market update from Kraken, said that Bitcoin must cross and maintain above the $62,000 level to avoid a retest of $49,000. 

“The price action suggests a corrective pattern rather than a strong bullish reversal,” the update added.

Bitcoin remains stuck inside the large range between $55,720 and $73,777. Generally, the price swings between the support and the resistance levels in the range. Bitcoin is attempting to rise toward the resistance of the range after the bears failed to sustain the price below the $55,724 support.

Could Bitcoin maintain above $60,000, or will bears pull the price lower and trap the aggressive bulls? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Sellers defended the 50-day simple moving average ($61,440) on Aug. 21, but they could not pull the price below the 20-day exponential moving average ($60,195). 

The bulls are trying to maintain the price above the 50-day SMA. If they can pull it off, the BTC/USDT pair could rally to $65,660 and, after that, to the psychological resistance at $70,000. Buyers may face significant hurdles between $70,000 and $73,777.

The upside narrative will take a back seat if the price turns down sharply from the 50-day SMA and slides below $60,000. That may accelerate selling and open the doors for a fall to critical support at $55,724.

Ether price analysis

Ether (ETH) has been squeezed between the 20-day EMA ($2,700) and the horizontal support at $2,500 for the past few days.

The failure to sink the price below $2,500 increases the likelihood of a break above the 20-day EMA. If that happens, the ETH/USDT pair is expected to rally to $2,850, which is an important level to watch out for. 

If the price turns down from $2,850 and breaks below the 20-day EMA, it will signal a range formation in the near term. Buyers will have to propel the price above the 50-day SMA ($2,984) to suggest the start of a sustained recovery.

BNB price analysis

BNB (BNB) turned up sharply from the downtrend line on Aug. 21, indicating that the bulls are trying to flip the level into support.

The upsloping 20-day EMA ($546) and the RSI in the positive territory indicate that the bulls have the edge. There is a minor resistance at $606, but it is likely to be crossed. The BNB/USDT pair may then attempt a rally to $635.

Contrary to this assumption, if the price turns down and breaks below the moving averages, it will indicate that the pair may remain stuck inside the $460 to $635 range for a few more days. 

Solana price analysis

The bears held Solana (SOL) below the 20-day EMA ($147) for the past several days but failed to sink the price below $136. This suggests that selling dries up at lower levels.

The bulls will again try to kick the price above the 20-day EMA. If they succeed, the SOL/USDT pair could rise to the 50-day SMA ($154) and later to $164. The bears are expected to fiercely defend the level, but if the bulls prevail, the pair may rally to $189.

The crucial level to watch on the downside is $136. If this support cracks, it will suggest that the bears are keeping up the pressure. The pair may then slump to $130 and eventually to $116.

XRP price analysis

XRP (XRP) is struggling to sustain above $0.60, but a positive sign is that the bulls have not ceded ground to the bears.

The upsloping moving averages and the RSI in the positive territory indicate advantage to buyers. The XRP/USDT pair is likely to reach the $0.64 level, which may pose a strong challenge. If the price turns down from $0.64 but does not fall below the 20-day EMA, it will improve the prospect of a breakout.

If bears want to prevent the upside, they will have to swiftly yank the price below the 50-day SMA ($0.55). If they do that, it will signal that the pair may remain stuck inside the $0.41 to $0.64 range for a while.

Dogecoin price analysis

Dogecoin (DOGE) has jumped above the 20-day EMA ($0.10), and the bulls are trying to stretch the recovery to the 50-day SMA ($0.11).

The bears will try to stall the relief rally at the 50-day SMA, but it is likely to be crossed. The real challenge for the bulls will be at the downtrend line. If the price turns down from the downtrend line and breaks below the 20-day EMA, it will suggest that the DOGE/USDT pair may remain inside the falling wedge pattern for a few more days.

On the contrary, if buyers drive the price above the downtrend line, it will signal the start of a new up move. The pair may climb to $0.14 and later to $0.18.

Toncoin price analysis

Toncoin’s (TON) price action in the past few days has formed a symmetrical triangle pattern, indicating a balance between demand and supply.

The flattish 20-day EMA ($6.54) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. A break and close below the support line will suggest that the bears have overpowered the bulls. That may start a move down to $6 and later to $5.50.

On the other hand, if the price rises above the resistance line, it will signal that the bulls have seized control. The TON/USDT pair may rally to $7.65 and subsequently to the pattern target of $8.11.

Related: Is XRP bottoming out versus Bitcoin? Chart fractal mirrors 500% rally setup

Cardano price analysis

The bears tried to stall Cardano’s (ADA) relief rally at the 50-day SMA ($0.38), but the bulls scaled the level on Aug. 23.

A close above the 50-day SMA will open the doors for a possible rise to the downtrend line. This is an important level to keep an eye on because a break above it will suggest that the downtrend may be over. The ADA/USDT pair could then start a rally toward $0.52.

Contrarily, if the price turns down from the current level or the downtrend line, it will suggest that the bears continue to sell on rallies. That may pull the price to the 20-day EMA ($0.35), which is an important level for the bulls to defend.

Avalanche price analysis

Avalanche (AVAX) continued its recovery and rose above the 50-day SMA ($24.88) on Aug. 22, indicating demand at higher levels.

The AVAX/USDT pair is likely to reach the resistance line, where the bears are expected to mount a strong defense. If the price turns down sharply from the resistance line and breaks below the moving averages, it will suggest that the pair may extend its stay inside the descending channel for some more time.

If buyers want to enforce a trend change, they will have to push and maintain the price above $29. That could trap the aggressive bears, pushing the price toward $33.

Shiba Inu price analysis

Shiba Inu (SHIB) broke and closed above the 20-day EMA ($0.000014) on Aug. 21, indicating that the bears are losing their grip.

The 20-day EMA has flattened out, and the RSI is near the midpoint, indicating a balance between supply and demand. Buyers will have to drive and retain the price above the 50-day SMA ($0.000015) to signal strength. The SHIB/USDT pair could then rally to the breakdown level of $0.000020.

The bears are likely to have other plans. They will try to defend the 50-day SMA and pull the price below the 20-day EMA. If they do that, the pair may retest the $0.000012 support.