Crypto Price Analysis 8-5 BTC, ETH, SOL, XRP, TON, DOT, TIA, PEPE

As a seasoned cryptocurrency investor who has weathered numerous market storms since 2017, I have to say that the current turbulence in the crypto markets is nothing short of alarming. The precipitous drop in DOT‘s price over the past few days has been particularly concerning, given its once promising trajectory.

As a crypto investor, I’ve experienced a significant downturn in the value of Bitcoin (BTC) over the past week, with a staggering loss of over 13% in just 24 hours. This dip comes as global stock markets are plummeting, creating a ripple effect that has also affected the crypto markets. The value of BTC fell drastically from above $60,000 and breached crucial support levels, currently trading around $52,700. It’s a challenging time for us investors as we navigate this bearish market trend.

The weekend selloff accelerated late Sunday evening, sending BTC plunging to levels not seen since February. ETH also saw a drastic fall, sending its value plummeting to lows not seen since December. The trigger for what has become an unprecedented correction in crypto could have been the Bank of Japan, which hiked its benchmark interest rate.

Panic Grips Markets

Over the weekend, both the stock market and cryptocurrency sector experienced a significant drop, with prices continuing to fall upon reopening this week. This decline is attributed mainly to economic instability and the looming threat of conflict in the Middle East, but it’s also important to note that increased regulatory scrutiny and inflation concerns have intensified market volatility, causing prices to fluctuate wildly. Notably, Bitcoin (BTC) has decreased by more than 20% over the past week, while Ethereum (ETH) has nearly wiped out its year-to-date gains. Previously, we discussed how the catalyst for this market downturn might have been the Bank of Japan’s decision to raise its key interest rate.

As a seasoned investor with over a decade of experience in the financial markets, I can confidently say that this week has been particularly challenging for cryptocurrency investors like myself. The recent downturn in Bitcoin (BTC), which is now experiencing its worst weekly decline since the FTX collapse last year, has left many of us feeling uneasy. Similarly, other major altcoins such as Ethereum (ETH) and Dogecoin (DOGE) have also plummeted, recording significant losses.

As a market analyst, I’ve been closely monitoring the escalating tensions in the Middle East and their impact on global markets. The uncertainty created by these economic and geopolitical stresses has led traders and institutional investors to react, resulting in a significant decline in asset values. Last month, for instance, we saw the largest outflows from Spot Bitcoin ETFs in the US over the past three months.

Long-Term Traders Still Buying The Dip

Even though there’s a decline, long-term investors are seeing these developments as a possible chance to buy. Historically, purchasing during market downturns can lead to substantial gains when the market recovers, a tactic known as “buying the dip.” Some experts believe that the current prices offer a rare opportunity for investors to acquire cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) at a steep discount, potentially leading to substantial profits when the markets recover. Furthermore, data from Google Trends suggests a growing curiosity about “buying the dip,” implying that more traders might opt for this approach.

Bitcoin (BTC) Price Analysis

Over the weekend, Bitcoin (BTC) plummeted significantly, causing a drop of nearly 12% during the present trading session. This steep fall has led to a massive decrease in the overall value of cryptocurrencies by approximately $270 billion. Notably, BTC and ETH have experienced substantial declines as investors unloaded risky assets, leading to a dramatic fall in their prices. The current price level of Bitcoin is at its lowest since February 2024, with the session’s low reaching $49,360 even breaking through the $50,000 threshold.

Last week, Bitcoin struggled and remained in the negative territory after failing to surpass $70,000. A pessimistic outlook emerged, causing its value to plummet to $61,786 by Friday, dipping slightly below its 200-day Simple Moving Average (SMA). On Saturday, Bitcoin slipped further under the 200-day SMA following a 1.29% decline that took its price down to $60,992. The selling pressure intensified on Sunday, causing a 4.41% drop and pushing Bitcoin below the significant $60,000 mark, reaching a low of $58,301. Currently, Bitcoin is experiencing an almost 12% decrease in value, trading at around $51,737. It has recovered slightly, climbing back above $50,000 after hitting a bottom of $49,360.

Examining the graph, it’s evident that investors are trying to drive Bitcoin (BTC) back over $55,000. The long tail suggests increased buying at lower prices, potentially slowing the price decline. If the $50,000 mark functions as a support level, BTC might experience some recovery with more buyers joining in at this point. Additionally, the Relative Strength Index (RSI) moving into the oversold area hints that the price may soon stabilize for a while.

Ethereum (ETH) Price Analysis

2024 forecast for Ethereum (ETH) turned bearish due to a wave of panic sweeping through both traditional and crypto markets. Over the past 24 hours, ETH has plunged by a significant 21%, and if we look at the weekly picture, it’s down nearly 32%. The digital currency dropped critical support levels as pessimism escalated during the weekend, fueled by several factors such as a gloomy economic projection and an escalating crisis in the Middle East. Much like other cryptocurrencies, ETH predominantly remained in the red throughout the previous week, but the weekend sell-off was exceptional. The bearish sentiment started growing stronger on Friday when ETH dropped almost 7%, shedding the $3,000 support level and stabilizing at $2,987.

Over the weekend, Ethereum (ETH) experienced a steady decline, dropping by 2.79% on Saturday to reach $2,904. A significant level of support was established between $2,800 and $2,850, but this was breached on Sunday following a 7.41% drop that sent ETH plummeting to $2,688. In the current session, ETH has dropped by a further 13.50%, currently trading at $2,319. Sellers were able to push ETH down to a low of $2,128, causing concern that the price might dip below $2,000. However, as the price chart shows, demand increased at lower levels, suggesting support, and ETH has since recovered. Additionally, the Relative Strength Index (RSI) has dipped into the oversold zone, potentially signaling a recovery in prices.

If purchasers assist Ethereum (ETH) in its recovery, it’s likely to initially surpass $2,500 and then strive to regain the $2,850 price range as a stronghold. The recent crypto market dip will be more noticeable among a wider investor base due to the introduction of spot Exchange Traded Funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH), which have experienced substantial outflows.

Solana (SOL) Price Analysis

Over the past day, Solana (SOL) has seen a significant drop of nearly 14%, mirroring a broader downturn in the cryptocurrency markets. Last week, these markets were generally bearish, and despite SOL starting the week strongly with an attempt to reach $200, it plummeted to $182 on Monday. By Friday, SOL had fallen below its 20-day moving average and settled at $152, just above its 50-day moving average. The bearish sentiment and volatility escalated over the weekend, causing SOL to dip below $150 on Saturday, falling beneath both the 50-day and 200-day moving averages to settle at $142.

SOL slipped below $140 on Sunday, falling to a low of $131 before recovering and settling at $138. The current session has intensified bearish sentiment, with SOL down over 11%. Sellers had pushed SOL below the crucial $120 level, with the price hitting a low of $109 and raising the possibility of a tumble below $100. However, with strong demand at lower levels, SOL could push back above $120 and is currently trading at $123. With the RSI sitting just above the oversold zone, we could see a recovery in the short term.

As a researcher, I had previously hypothesized that if Solana’s (SOL) price dipped below $120, it might fall into the $105-$117 support range. Contrarily, Ethereum (ETH) has unexpectedly surged above $120, which is a significant development. If this trend continues, Solana could aim for $140 and potentially break through $150 as well.

Ripple (XRP) Price Analysis

Over the past week, Ripple (XRP) has plummeted approximately 23%, and the downtrend continued during the weekend. In the last day alone, the value of this asset decreased nearly 15%. Yet, despite this substantial decline, analysts still express optimism for a potential rebound in XRP’s future. Similar to other cryptocurrencies, XRP has suffered significant losses over the weekend, and the current trading session has added to the damage, with XRP experiencing a drop of more than 10%.

Starting on Wednesday, XRP has been moving downwards, becoming bearish after reaching a peak of $0.659. By Friday, it had fallen below the 20-day Simple Moving Average (SMA) and settled at $0.560. On Saturday, there was only a minor decrease of 0.87%, as XRP held above $0.55. However, pressure to sell increased on Sunday, causing XRP to drop by almost 6% to $0.523. Currently, the price is down by nearly 11%, having slipped below $0.50 and sitting at $0.467 after touching a low of $0.436. The trend of XRP resembles that of other cryptocurrencies. Yet, analysts remain optimistic that it could soon recover and move back into positive territory. They believe the crucial target zone lies between $0.39 and $0.48. If XRP manages to surpass this level, its price may once again head upwards.

At present, XRP is valued at about $0.466. With the price steadily climbing from its daily low, potential buyers aim to drive the price beyond $0.50. If it manages to close above this threshold, XRP could potentially surge towards $0.55 and even higher prices.

Toncoin (TON) Price Analysis

Since mid-July, Toncoin (TON) has struggled to surpass its 20-day Simple Moving Average (SMA), instead getting trapped in a limited trading band. The SMA’s role as both a dynamic resistance and strong support level at $6.50 has been instrumental in this situation. On Friday, TON dipped below the $6.50 mark, suggesting that investor sentiment may have turned bearish, leading to a 9% decrease as it fell to $6.18. The downtrend continued on Saturday with selling pressure intensifying, causing the price to drop an additional 3.40%, reaching a new low of $5.97 and falling below the $6 mark.

On Sunday, TON experienced a slight rise, surpassing $6. Yet, due to the marketwide selloffs in cryptocurrency, TON dipped during the ongoing trading session, dropping more than 12%. Earlier in the day, the price dropped below the 200-day Simple Moving Average (SMA), reaching a low of $4.93. However, TON bounced back and is now being traded at $5.28, once again above the 200-day SMA. With the Relative Strength Index (RSI) indicating oversold conditions, there’s potential for TON to rebound in the near future.

Polkadot (DOT) Price Analysis

Over the past few weeks, Polkadot (DOT) continued its downward trend, reaching prices not seen since November 2023. In the last 24 hours alone, DOT plummeted a startling 21%, and over the past week, it has dropped nearly 33%. This intense selling activity pushed the price below $4, causing more distress for the already struggling token. Since July 22, when DOT dipped below $6, it has been in a bearish trend. By mid-week, DOT fell below $5.50 and reached $5.12 by Friday. However, on Saturday, despite the overall decline, DOT managed to stay above $5, but still dropped by 1.37% to close at $5.05.

On Sunday, DOT dropped beneath a significant threshold, triggered by a broader selloff in the cryptocurrency market. This caused DOT’s price to decline by more than 7% to $4.68. As of now, the ongoing session has seen DOT plummet by an astounding 16.45%, dropping below $4 and trading at $3.90. So, what lies ahead for DOT? The current session saw DOT reach a low of $3.60, but it has since partially recovered to its present level.

The recent struggles faced by DOT have sparked discussions regarding its inflation rate, as some believe the network’s expansion may be responsible for the asset’s decrease in value. Currently, the Relative Strength Index (RSI) of DOT is deep within the oversold region, but it has consistently stayed below average since April, suggesting a long-term bearish outlook. Some members of the community are urging a reduction in inflation to halt DOT’s downfall, while others argue that sustained growth is vital for DOT’s future success. Until a resolution is reached, the price of DOT will likely remain significantly depressed.

Celestia (TIA) Price Analysis

In simpler terms, the price of Celestia’s token has dipped beneath $5 due to the overall negative trend in the market. Last week, it only saw a green day on Thursday when it experienced a significant surge after finding support at its current level and reached $5.58. However, it went back into a downtrend on Friday, dropping to $5.32. Over the weekend, the token continued to decline, with bears pushing the price below $5 yet again. On Friday, it dropped to $4.99, and by the end of Sunday, it had fallen an additional 5.49%, reaching $4.72.

In this session, TIA has dipped by approximately 6% and is now being traded at $4.41. Earlier in the day, it reached a low of $3.94, but has since rebounded above $4, suggesting strong demand around that price. This could potentially prevent any further decrease in price. In the near future, TIA needs to regain the $5 mark for potential growth towards $5.50. However, it faces resistance at $5.85 and $6 due to its 20-day and 50-day moving averages.

PEPE Price Analysis

PEPE’s value has sunk below $0.000010 due to a market selloff, causing other meme coins to fall as well. Over the past 24 hours, PEPE has plunged by about 27%, and over the last week, it has dropped nearly 50%. Losing the significant $0.000010 level has triggered a downward spiral for this meme token. On Friday, PEPE decreased by 12.10%, reaching $0.0000093. The price continued to decline over the weekend, dropping by 6.56% on Saturday and 6.10% on Sunday, leaving it at $0.0000081.

During today’s trading session, PEPE dipped below its 200-day Simple Moving Average (SMA), leading some investors to anticipate a potential recovery around approximately $0.0000065. However, due to the widespread bearishness in the market, PEPE further declined and is now trading at about $0.0000061, representing a drop of more than 24%. If this downward trend persists, PEPE might continue losing value and could potentially reach $0.0000050. At that point, the price may find some support and potentially level off.

2024-08-05 14:29