As a seasoned trader with years of experience under my belt, I have seen countless market cycles and trends unfold before my eyes. The current state of these three cryptocurrencies – Dogecoin (DOGE), Ripple (XRP), and SEI – is a testament to the ever-changing nature of this dynamic market.
Over the weekend, Bitcoin (BTC) momentarily reached a price of $60,000 but soon dipped below $59,000. At present, it’s hovering around $58,500, marking a decrease of approximately 1.50% over the last day.
As a researcher, I find myself bracing for a pivotal week ahead as Bitcoin maintains its steady course. Last week saw the unveiling of the Consumer Price Index (CPI) figures for the United States and the United Kingdom, followed by financial reports from retail titans like Walmart and Alibaba. The market’s attention is now focused on upcoming GDP data from Hong Kong and Taiwan, which could potentially reshape the market’s momentum.
2024 looks promising for crypto, as analysts remain optimistic, even with significant cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL) facing challenges due to various issues such as geopolitical conflicts.
Crypto Gears Up For Week Ahead
Over the coming days, several significant news events are set to unfold in the cryptocurrency market, which may substantially affect digital assets. Among these events, much attention is being focused on the publication of the minutes from the Federal Open Market Committee (FOMC) meetings and a speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Economic Symposium. These events will offer investors valuable insights regarding the Federal Reserve’s future monetary policy plans. Prior to these events, there will be a speech delivered by Fed Governor Christopher Waller. On Tuesday, Atlanta Fed President Raphael Bostic and Fed Vice Chair for Supervision Michael Barr are scheduled to make presentations. The week’s pivotal moment will likely be Jerome Powell’s speech, as his remarks could shed light on future interest rate adjustments.
Analysts Optimistic
Even though Bitcoin (BTC) dipped below $60,000 recently and crypto markets have been uncertain, with most major cryptocurrencies finding it tough to regain their previous levels, crypto analysts remain positive about the future of cryptocurrency in 2024. In fact, BTC managed to rise above $60,000 over the weekend but failed to hold its ground and fell below $59,000. In a recent investment note, QCP Capital expressed optimism about cryptocurrencies.
“We continue to maintain a positive outlook as we approach the end of the year. One aspect that gives us optimism is the market’s ability to bounce back from recent news about potential supply issues for both Bitcoin and Ethereum.”
Despite cryptocurrencies encountering various challenges, experts suggest Bitcoin’s lack of direction might not be primarily due to broader economic market fluctuations, but rather apprehensions about Mt.Gox transferring funds to creditors. The distribution from Mt.Gox appears to significantly affect Bitcoin’s price, as traders expect the creditors may choose to sell their BTC for a profit. Notably, the Mt.Gox estate still possesses approximately $2.7 billion in Bitcoin. Moreover, analysts remind us that traditionally, August and September have been relatively weak periods for Bitcoin.
“It’s possible that this trend is tied to specific seasons. Historically, Bitcoin tends to experience lower activity in August and September. We might be witnessing the effects of the summer’s reduced market liquidity.”
Bitcoin (BTC) Yet To Gain Momentum
Currently, Bitcoin (BTC) hasn’t managed to accumulate enough power to surpass the $60,000 mark. The crypto derivatives market has seen a significant amount of liquidation, which has impeded Bitcoin’s continuous upward climb. Investors are adopting a cautious stance, waiting to see if the Federal Reserve will lower interest rates. Additionally, escalating geopolitical issues have added to an air of apprehension, putting additional pressure on market assets like BTC. Similarly, Ethereum (ETH) is finding it tough to maintain its position above $2,600.
Bitcoin (BTC) Price Analysis
Currently, Bitcoin (BTC) is fluctuating within a narrow band, moving between roughly $60,500 and $57,500. Over the weekend, BTC found it challenging to post significant growth due to various factors that hampered its upward thrust, causing it to engage in sideways movement instead. Notably, BTC has been trading under its moving averages, yet it hasn’t managed to break above them, despite multiple attempts. Consequently, BTC has faced difficulties maintaining its position above $60,000, with substantial selling pressure at resistance levels and the demand gradually diminishing.
Last week, I found Bitcoin (BTC) trending upward, reaching a high of $60,658 by Tuesday. Attempts were made to push it above the moving averages, but these efforts proved fruitless, leading to an increase of 2.10% for BTC. However, due to persistent selling pressure above $60,000, BTC dipped into the negative territory on Wednesday, sliding by 3.14%, and falling below $60,000 to settle at $58,750. The downward trend continued on Thursday, with BTC hitting a low of $56,170. Despite this, strong demand at lower levels helped it recover, ending the day at $57,583 – still representing a 1.99% decline compared to Wednesday. As the weekend approached, demand for BTC picked up, resulting in a 2.31% increase on Friday and a 1.20% rise on Saturday, leaving it at $59,623.
BTC briefly pushed above $60,000 on Sunday but could not stay above this level. With the 20-day SMA acting as a dynamic resistance level, BTC fell below $60,000, dropping by 1.90% to $58,491. The current session sees BTC marginally up and trading at $58,674. BTC’s price movement depends on several factors, including a potential rate cut and the redistribution of Mt.Gox funds. Other factors include the upcoming elections and spot Bitcoin ETFs. Should the price recover and push above $60,000, it could move towards $65,000, provided bulls can also sustain momentum and push past the 50 and 200-day SMAs. However, if BTC cannot push above the moving averages and fall back into the red, we could see the price drop back to $58,000. If sellers can push BTC below this level, it could drop to $55,000. If we look at the MACD, we can see the histogram has just flipped to bullish, indicating that we could see a recovery in the short term.
Ethereum (ETH) Price Analysis
Currently, Ethereum (ETH) has maintained its position above $2,600, suggesting it’s entering a period of consolidation after facing significant volatility. After losing the important $2,850 support and dropping to $2,131, ETH has seen a recovery but has found it challenging to remain above $2,600, let alone regain its former support level. This once-support level has now been flipped into resistance by bears. ETH began the previous week with a strong push, rising by 6.52% on Monday to surpass $2,700 and close at $2,723. However, sellers were active at higher levels, causing momentum to wane. Consequently, ETH dipped into negative territory on Tuesday, decreasing by 0.71%. Despite attempts to push ETH below $2,500, these efforts were unsuccessful.
ETH experienced a downward trend on both Wednesday and Thursday, with decreases of 1.49% and 3.52%, respectively, leaving it at $2,569. However, the strong support level at $2,500 has so far prevented any further drops in price. This level attracted buyers, leading to a recovery on Friday that pushed ETH up to $2,594. Over the weekend, the price surpassed $2,600, but faced intense selling pressure on Sunday. Remarkably, the bulls managed to maintain ETH’s position above $2,600.
In this ongoing trading period, Ether (ETH) is showing a slight increase, currently valued at approximately $2,629. At present, ETH is holding steady above $2,600, but it’s encountering significant resistance, firstly from the 20-day Simple Moving Average (SMA). The next resistance level lies around $2,850. If ETH manages to surpass $2,700, there might be an attempt to reach $3,000. Nevertheless, some analysts have forecasted a possible decline beneath $2,000 by year-end. If ETH falls below the support levels at $2,200 and $2,000, the analyst predicts it could slide down to around $1,500.
Solana (SOL) Price Analysis
Over the weekend, Solana (SOL) experienced a significant recovery, with investors aiming to drive its price beyond $145 and $150. However, SOL’s efforts to surpass its moving averages have been unsuccessful since it dropped below both the 50-day and 200-day Simple Moving Averages (SMA) on August 11. Despite a promising beginning last week, SOL failed to go beyond the 200-day SMA. An attempt was made to push above $150 earlier, but it wasn’t successful. By Tuesday, SOL had reached $146.74, but it found resistance in its upward climb due to increasing selling pressure at higher levels.
On Wednesday, SOL slid into the negative territory again as sellers prevented any advance above the 200-day simple moving average (SMA), causing a drop of 2.01%, leaving the price at $143.79. The following day, Thursday, saw significant volatility with buyers trying to push SOL towards $150 and sellers aiming for prices below $140. Eventually, sellers took control but failed to force SOL below $140. Instead, it ended the day at $142, losing 0.82%. On Friday, SOL finally slipped beneath the $140 mark, reaching $139.14. However, by the weekend, it managed to regain the $140 level, rising by 2.04% on Saturday and an additional 0.36% on Sunday.
On Sunday, there was a significant surge in buying activity, pushing Solana (SOL) to an intraday high of $147. Yet, once more, sellers stepped in to lower the price. Despite this, SOL managed to eke out some small gains, ending the weekend on a hopeful note. Currently, the session finds SOL marginally dipping as both buyers and sellers strive for control. As previously stated, SOL has robust support around $140. If sellers succeed in breaking through this level, SOL might slide down to $130, another significant support zone. Conversely, if SOL recovers from this point, buyers will aim to drive it above the moving averages and towards $160. However, should the $130 threshold be surpassed, it would suggest that selling pressure is escalating, potentially leading SOL to retest support between $110 and $115.
Polkadot (DOT) Price Analysis
Over the past week, Polkadot (DOT) primarily moved downwards, spending most of the time in a losing position. The price of DOT has been persistently met with resistance at around $5, preventing further advancement so far. After dipping nearly 6% on Sunday, DOT began the week on a promising note by reaching $4.59. However, this momentum faded, and DOT returned to a downward trend on Tuesday, losing 0.87%. The price dropped by an additional 3.74% on Wednesday and another 2.28% on Thursday, ending the week at $4.28. Despite this, there was some minor buying interest towards the end of the week, causing a slight increase in DOT’s value.
Over the weekend, DOT experienced a rise of nearly 2%, reaching $4.37 on Saturday. On Sunday, buyers tried to push the price above $4.50, peaking at $4.53 before sellers intervened, causing the price to drop below $4.50 again, ending the day at $4.39. As of now in this session, DOT has climbed by 0.68% to trade at $4.42. The coin currently shows strong demand at lower prices, but demand has weakened at higher levels, preventing it from surpassing $4.50 and potentially $5. If demand doesn’t significantly increase, DOT might continue trading within the range of $4 to $5 for the near future.
Despite DOT’s price struggles, the Polkadot ecosystem has seen significant developments, such as the introduction of Polkadot 2.0 and asynchronous backing.
Dogecoin (DOGE) Price Analysis
Dogecoin has maintained its key support at around $0.100 as both bulls and bears have been in a stalemate. At present, DOGE is positioned at a critical point, but it hasn’t performed as well as other cryptocurrencies in the market. Examining the price graph, we can see small candles suggesting neither buyers nor sellers are strongly in control, with increasing indecision. DOGE initially showed positive momentum last week, reaching $0.107. However, on Tuesday, it slipped into the red again, falling to $0.106. The bearish sentiment continued on Wednesday and Thursday, pulling the price down to its support level of $0.100. On Friday, sellers made an effort to push DOGE below this support, but buyers managed to resist and tried to push the price up. Yet, neither side has been able to significantly impact the price so far.
Over the weekend, DOGE experienced a rollercoaster ride, increasing by 2.10% on Saturday only to decrease by 2.05% on Sunday, returning to $0.100. In the present trading session, DOGE continues to hover around its support level. If buyers manage to dominate the session, they might try to push DOGE beyond its 20-day Simple Moving Average (SMA). Breaking above the SMA could lead to a test of the resistance at $0.110. Yet, this optimistic scenario seems tough, as buyers must initially safeguard the $0.100 support level. If they fail to do so, DOGE might fall to $0.090.
Ripple (XRP) Price Analysis
As a crypto investor, I’ve noticed that Ripple (XRP) has kicked off this week on an optimistic trajectory, managing to surge above the 20-day Simple Moving Average (SMA). This upward trend suggests potential control by buyers. Moreover, open interest in XRP has increased significantly, surpassing $420 million – a rise of approximately 28% since August 5. It’s worth mentioning that XRP had been battling to break through the 20-day SMA ever since it dipped below it on August 9. On August 11 (Sunday), XRP hit a low of $0.546, but the week prior showed promise. By Tuesday, it had climbed to $0.577, however, sellers stepped in to defend this level, causing a slide. Consequently, it experienced a decline of 1.52% on Wednesday and an additional drop of 1.35% on Thursday, ending the day at $0.561.
On Friday and Saturday, as traders shifted their attention towards altcoins, XRP experienced a modest rise, ending at approximately $0.566. Attempts were made by buyers to propel XRP above its 20-day Simple Moving Average (SMA), reaching an intraday high of $0.584. However, sellers intervened, causing the price to dip, and XRP closed the day with a minor decrease of 0.49%, settling at $0.563. Nevertheless, in this current trading session, buyers have regained control, pushing XRP up by nearly 4%. This has allowed it to surpass its 20-day SMA and trade at $0.585. If the positive momentum continues, the next potential target for XRP is the resistance at $0.60. A break above this level could set XRP on a path towards $0.65. Conversely, if sentiment shifts negatively, XRP might fall back to the support level of $0.55.
SEI Price Analysis
As a researcher observing the market trends, I’ve noticed that SEI has persistently followed a downtrend, finding it challenging to surpass its 20-day Simple Moving Average (SMA). This digital coin, which has been trading beneath the moving averages, is currently grappling to regain the $0.300 price mark. On Monday (August 12), buyers made an effort to push SEI above this level, managing to elevate it to $0.304. However, with sellers aggressively guarding this resistance level and the 20-day SMA also factoring in, SEI slipped into the red on Tuesday, spending the remainder of the week being consistently pushed down by the 20-day SMA. By Friday, SEI had plunged to $0.267 as sellers endeavored to drive it below $0.25.
On Saturday, SEI experienced a minor price increase of 1.16%, but on Sunday, it dipped back into negative territory as buyers were unable to push SEI above its 20-day Simple Moving Average (SMA). By the end of Sunday, SEI was trading at $0.266, representing a decrease of 1.51%. Today’s session has seen SEI drop by more than 2% as sellers aim to drive the price below $0.25. If this level is broken, SEI might slide down to $0.20. For any significant upward movement to occur, SEI needs to surpass its 20-day SMA. A successful break and close above this moving average could pave the way for the price to challenge the $0.30 resistance level.
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2024-08-19 15:13