Bitcoin is still trapped in the wide range of $55,720–$73,777. Price analysis typically oscillates between the range’s resistance and support levels. After the bears were unable to keep the price of bitcoin below the $55,724 support, the cryptocurrency is making an attempt to go back into the range’s resistance.
Will bears push the price of Bitcoin down and ensnare the ardent bulls, or can it continue to trade above $60,000?
The ascent of Bitcoin above $63,000 has attracted purchases of several altcoins, indicating a shift in sentiment toward bullishness.
The overhead barrier at $63,000 was broken by Bitcoin BTC $64,024, suggesting that bulls are now prepared to drive prices higher. During his keynote speech in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell confirmed that interest rates will begin to decline, which gave risk assets a lift. Powell did not, however, commit to the exact date or rate of the rate decreases.
According to a Kraken technical market update, Bitcoin has to break through and stay above $62,000 in order to prevent a retest of $49,000.
The newsletter further stated, “The price action suggests a corrective pattern rather than a strong bullish reversal.”
Bitcoin price analysis
On August 21, sellers avoided taking the price below the 20-day exponential moving average ($60,195), but they were able to defend the 50-day simple moving average ($61,440).
The goal of the bulls is to keep the price above the 50-day SMA. Should they succeed, the BTC/USDT pair may rise to $65,660 and then reach the psychological resistance level of $70,000. Between $70,000 and $73,777, buyers might encounter considerable obstacles.
If the price breaks below $60,000 and declines substantially from the 50-day SMA, the upward story will become less important. This might hasten sales and create a pathway for a decline to crucial support at $55,724.
Ether price analysis
For the previous two days, Ether ETH $2,748 has been trapped between the horizontal support at $2,500 and the 20-day EMA ($2,700).
The chance of a break over the 20-day EMA rises if the price doesn’t drop below $2,500. The ETH/USDT pair is predicted to rise to $2,850 in that case, which is a crucial figure to keep an eye on.
In the short term, a range formation will be indicated if the price declines from $2,850 and breaks below the 20-day EMA. It will take a price push over the 50-day SMA ($2,984) for buyers to signal the beginning of a long-term uptrend.
BNB price analysis
On August 21, BNB BNB $572 experienced a significant upswing off the downtrend line, suggesting that the bulls are attempting to turn the level into support.
The 20-day EMA ($546) is upsloping, and the positive area of the RSI suggests that the bulls are in control. At $606, there is a small resistance level, but it will probably be broken. After that, the BNB/USDT pair might try to rise to $635.
In contrast, a decline in price and a break below the moving averages will suggest that the pair might stay trapped in the $460–$635 region for a few more days.
Solana price analysis
For the past few days, the bears have managed to keep Solana SOL $160 below the 20-day EMA ($147), but they haven’t been able to drive the price below $136.
Once more, the bulls aim to push the price above the 20-day moving average. The SOL/USDT pair may advance to the 50-day SMA ($154) and then $164 if they are successful. The level is likely to be vigorously defended by the bears, but if the bulls win out, the pair might rise to $189.
$136 is the critical mark to keep an eye on on the downside. A break in this support will indicate that the bears are applying more pressure. After that, the pair might drop to $130 and finally $116.
XRP price analysis
Although XRP $0.60 is having difficulty staying above $0.60, it is encouraging that the bulls have not given up ground to the bears.
Buyer advantage is indicated by the upsloping moving averages and the positive territory of the RSI. The XRP/USDT pair is probably going to test the $0.64 mark, which might be quite difficult. A breakout is more likely if the price declines from $0.64 but does not drop below the 20-day EMA.
Bears will need to move quickly to pull the price below the 50-day SMA ($0.55) in order to stop the upswing. Should they take that action, it will indicate that the pair might stay trapped in the $0.41 to $0.64 area for some time.
Dogecoin price analysis
The bulls are attempting to extend the rally to the 50-day SMA ($0.11), while Dogecoin DOGE $0.11 has surged beyond the 20-day EMA ($0.10).
The 50-day SMA will be the target of the bears’ attempt to stop the relief rally, but it will probably be crossed. The downtrend line will present the bulls with their true test. The price may stay inside the falling wedge pattern for a few more days if it breaks below the 20-day moving average and reverses from the downtrend line.
On the other hand, a fresh up move will begin if buyers push the price above the downtrend line. The price of the pair can rise to $0.14 and then $0.18.
Toncoin price analysis
Toncoin’s TON $5.78 price movement over the last few days has created a symmetrical triangle pattern, showing a balance of demand and supply.
The flattish 20-day EMA ($6.54) and RSI near the midway provide no evident benefit to either bulls or bears. A break and closing below the support line will indicate that the bears have outperformed the bulls. That might spark a drop below $6 and eventually to $5.50.
On the other side, if the price rises over the resistance line, the bulls will have taken control. The TON/USDT pair may rally to $7.65, and then to the pattern target of $8.11.
Cardano price analysis
Cardano’s (ADA) relief rally was attempted to be stopped by the bears at the 50-day SMA ($0.38), but on August 23, the bulls crossed above the level.
It will be possible for the price to ascend to the downtrend line if the close is above the 50-day SMA. It is crucial to monitor this level since a break above it could indicate that the downturn is about to finish. After that, the ADA/USDT pair might begin to rise toward $0.52.
On the other hand, it will indicate that the bears would keep selling on rallies if the price breaks below the current level or the downtrend line. That might push the price down to the 20-day moving average ($0.35), a crucial milestone that the bulls need to hold.
Avalanche price analysis
Avalanche AVAX $26.91 resumed its recovery and above the 50-day SMA ($24.88) on August 22, signaling increased demand.
The AVAX/USDT pair is likely to test the resistance line, where the bears will stage a firm defense. If the price falls significantly from the resistance line and breaks below the moving averages, it indicates that the pair may remain in the downward channel for some time.
If purchasers want to force a trend change, they must push and hold the price over $29. This might trap the aggressive bears and push the price to $33.
Shiba Inu price analysis
The 20-day EMA ($0.000014) was broken and closed above by Shiba Inu SHIB $0.000015 on August 21, suggesting that the bears are starting to loosen their hold.
The RSI is close to the midpoint and the 20-day EMA has flattened out, suggesting that supply and demand are in balance. To indicate strength, buyers will need to push and hold the price above the 50-day SMA ($0.000015). After that, the SHIB/USDT pair can rise to the $0.000020 breakdown level.
More than likely, the bears have different ideas. They’ll make an effort to keep the price below the 20-day EMA and defend the 50-day SMA. The pair might retest the $0.000012 support if they take such action.
Bitcoin 
Ethereum 
Tether 
XRP 
Solana 
BNB 
Dogecoin 
USDC 
Cardano 
Lido Staked Ether 
TRON 
Avalanche 
Shiba Inu 
Toncoin 
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