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Cryptocurrencies: 10060 / Markets: 89402
Market Cap: $ 3 048 155 680 650 / 24h Vol: $ 190 626 096 813 / BTC Dominance: 59.159146145122%

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Price analysis 8/2: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

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Bitcoin is witnessing a strong battle between the bulls and the bears, with the sellers currently holding a slight edge.

Ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+ on Aug. 1, and this move dented the risk-on sentiment. The U.S. equities markets witnessed profit-booking on Aug. 2, and the cryptocurrency market’s recovery stalled in its tracks.

However, after the knee-jerk reaction, the markets may settle down. The cryptocurrency markets are likely to keep their focus on the news and events surrounding the Bitcoin (BTC) spot exchange-traded fund (ETF) applications. Bloomberg ETF analysts Eric Balchunas and James Seyffart said in a statement that the possibility of an ETF application getting greenlighted has surged from 1% a couple of months ago to 65%.

Daily cryptocurrency market performance. Source: Coin360

The recent developments in the crypto sector have rejuvenated the Bitcoin bulls. Software development firm MicroStrategy, founded by Michael Saylor, is planning to raise up to $750 million via a stock sale, with the aim to use the funds for working capital and to buy more Bitcoin. The firm already holds 152,800 Bitcoin worth about $4.5 billion at current prices.

Will buyers defend the immediate support levels in Bitcoin and altcoins, or could the bears overpower the bulls? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s volatility picked up on Aug. 1. The bears pulled the price below the immediate support at $28,861, but the long tail on the candlestick shows aggressive buying at lower levels.

BTC/USDT daily chart. Source: TradingView

The bulls propelled the price above the 20-day exponential moving average (EMA) of $29,596, but they are struggling to clear the hurdle at $30,000. This shows that the bears are not willing to give up and are selling on rallies.

The 20-day EMA is flattening out and the relative strength index (RSI) is just below the midpoint, indicating a range formation in the near term. The boundaries of the range could be $30,050 on the upside and $28,585 on the downside.

If buyers drive the price above this narrow range, the BTC/USDT pair could rise to the overhead resistance zone between $31,000 and $32,400. On the downside, a crack below $28,585 may start a downward move to $27,500 and then to $26,000.

Ether price analysis

The tight-range trading in Ether (ETH) resolved to the downside on Aug. 1, but the bears could not sustain the lower levels, as seen from the long tail on the day’s candlestick.

ETH/USDT daily chart. Source: TradingView

A positive sign in favor of the bears is that they did not allow the price to rise above the 20-day EMA ($1,873). The bears are trying to strengthen their position by sustaining the price below the 50-day simple moving average (SMA) of $1,864.

If they manage to do that, the ETH/USDT pair could drop to $1,813. A break and close below this level could sink the pair to $1,700 and then $1,626.

If bulls want to prevent the short-term decline, they will have to overcome the hurdle at the 20-day EMA. That could start an up move to the psychological resistance at $2,000.

BNB price analysis

BNB’s (BNB) volatility picked up on Aug. 1, but the bulls could not push the price above the resistance line of the triangle.

BNB/USDT daily chart. Source: TradingView

The flat moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price rebounds off the moving averages, it will increase the likelihood of a break above the triangle. If that happens, the BNB/USDT pair could rally to $265.

On the contrary, if the price skids below the moving averages, the pair could drop to the support line of the triangle. If this support crumbles, the pair may retest the vital support at $220.

XRP price analysis

XRP (XRP) rebounded off the support at $0.67 on Aug. 1, but the bulls could not sustain the higher levels. This suggests that the bears are selling on every minor relief rally.

XRP/USDT daily chart. Source: TradingView

The bears are trying to again pull the price to the support at $0.67. The repeated retest of a support level within a short interval tends to weaken it. If the $0.67 level gives way, the XRP/USDT pair could plummet to the breakout level of $0.56.

Alternatively, if the price once again rebounds off $0.67 with strength, it will indicate that the bulls are fiercely defending the level. That could push the price to the immediate resistance at $0.75. A break above this level could open the doors for a possible rally to $0.85.

Dogecoin price analysis

Dogecoin (DOGE) snapped back from the 20-day EMA ($0.07) on Aug. 1, indicating that lower levels are attracting buyers.

DOGE/USDT daily chart. Source: TradingView

However, the bulls could not propel the price above the overhead resistance near $0.08. The bears used this opportunity and have again pulled the price to the 20-day EMA. If this support cracks, it will suggest that the bulls are losing their grip. The DOGE/USDT pair could then slump to the breakout level of $0.07.

Instead, if the price once again rebounds off the 20-day EMA, it will signal that the sentiment remains positive and the bulls are buying the dips. That could enhance the prospects of a break above the overhead resistance. The pair may then rise to $0.10.

Cardano price analysis

The bears pulled Cardano (ADA) below the immediate support at $0.30 on Aug. 1, but the bulls bought the dip to the 50-day SMA ($0.29).

ADA/USDT daily chart. Source: TradingView

Buyers will need to thrust the price above the $0.33 to $0.34 resistance zone to indicate a comeback. The ADA/USDT pair could then rally to $0.38, where the bears may again mount a strong defense.

Contrary to this assumption, if the price continues lower and breaks below the 50-day SMA, it will suggest that the bears have seized control. The pair could then slide to $0.26 and eventually to $0.24.

Solana price analysis

Solana (SOL) snapped back from the strong support at $22.30 on Aug. 1, but the bulls could not push and sustain the price above the 20-day EMA ($24.02).

SOL/USDT daily chart. Source: TradingView

This is a negative sign and shows that the bears are selling on every minor rise. Sellers will again try to sink the price below the support zone between $22.30 and the 50-day SMA ($21.05). If they can pull it off, the SOL/USDT pair could start a deeper correction toward $18 and then $16.

On the other hand, if the price once again bounces off $22.30, it will indicate that the bulls are guarding this level with vigor. The pair may first recover to $25.68 and thereafter retest the crucial resistance at $27.12.

Related: Why is Bitcoin price stuck?

Polygon price analysis

Polygon (MATIC) has been gradually pulling down lower. The bears tugged the price below the 50-day SMA ($0.69) on July 31, but the bulls pushed the price back above the level on Aug. 1.

MATIC/USDT daily chart. Source: TradingView

The gradually downsloping 20-day EMA ($0.72) and the RSI below 44 indicate that bears have a slight advantage. If the price turns down and breaks below $0.65, the selling could pick up and the MATIC/USDT pair may decline to $0.60.

This negative view will invalidate in the near term if the price turns up from the current level and breaks above the 20-day EMA. That could open the gates for a possible rally to $0.80. This level may prove to be a stiff barrier, but if bulls overcome it, the pair could reach $0.90.

Litecoin price analysis

Litecoin (LTC) bounced off the strong support at $87 on Aug. 1. This shows that the price remains stuck inside the range between $87 and $97.

LTC/USDT daily chart. Source: TradingView

The 20-day EMA ($92) remains flat and the RSI is just below the midpoint, indicating a balance between supply and demand. This equilibrium will shift in favor of the bears if they sink the price below $87. The LTC/USDT pair could then drop to $81 and later to $75.

Contrary to this assumption, if the price turns up from $87, it will suggest that the pair may extend its stay inside the range for a few more days. The bulls will have to drive the price above $97 to start an up move to $106.

Polkadot price analysis

The bears tried to resolve the uncertainty in Polkadot (DOT) in their favor on Aug. 1, but the bulls thwarted their attempt.

DOT/USDT daily chart. Source: TradingView

A minor positive in favor of the bears is that they did not allow the bulls to kick the price above the 20-day EMA ($5.21). This suggests that higher levels continue to attract selling by the bears.

The important support to watch on the downside is the 50-day SMA. If the price sustains below this level, the selling could intensify and the DOT/USDT pair may slump to $4.74 and then to $4.65.

Contrarily, a rise above the 20-day EMA may enhance the prospects of a rally to the overhead resistance at $5.64.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Source

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    HOW TO RECOVER MONEY LOST IN BITCOIN/USDT TRADING OR TO CRYPTO INVESTMENT !! Hi all, friends and families. I am writing From Alberton Canada. Last year I tried to invest in cryptocurrency trading in 2023, but lost a significant amount of money to scammers. I was cheated of my money, but thank God, I was referred to Hack Recovery Wizard they are among the best bitcoin recovery specialists on the planet. they helped me get every penny I lost to the scammers back to me with their forensic techniques. and I would like to take this opportunity to advise everyone to avoid making cryptocurrency investments online. If you ​​​​​​have already lost money on forex, cryptocurrency or Ponzi schemes, please contact [email protected] or WhatsApp: +1 (757) 237–1724 at once they can help you get back the crypto you lost to scammers. BEST WISHES. Celina Garcia.

  • 06.09.24 01:44 Celinagarcia

    HOW TO RECOVER MONEY LOST IN BITCOIN/USDT TRADING OR TO CRYPTO INVESTMENT !! Hi all, friends and families. I am writing From Alberton Canada. Last year I tried to invest in cryptocurrency trading in 2023, but lost a significant amount of money to scammers. I was cheated of my money, but thank God, I was referred to Hack Recovery Wizard they are among the best bitcoin recovery specialists on the planet. they helped me get every penny I lost to the scammers back to me with their forensic techniques. and I would like to take this opportunity to advise everyone to avoid making cryptocurrency investments online. If you ​​​​​​have already lost money on forex, cryptocurrency or Ponzi schemes, please contact [email protected] or WhatsApp: +1 (757) 237–1724 at once they can help you get back the crypto you lost to scammers. BEST WISHES. Celina Garcia.

  • 16.09.24 00:10 marcusaustin

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  • 16.09.24 00:11 marcusaustin

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  • 23.09.24 18:56 matthewshimself

    At first, I was admittedly skeptical about Worldcoin (ref: https://worldcoin.org/blog/worldcoin/this-is-worldcoin-video-explainer-series), particularly around the use of biometric data and the WLD token as a reward mechanism for it. However, after following the project closer, I’ve come to appreciate the broader vision and see the value in the underlying tech behind it. The concept of Proof of Personhood (ref: https://worldcoin.org/blog/worldcoin/proof-of-personhood-what-it-is-why-its-needed) has definitely caught my attention, and does seem like a crucial step towards tackling growing issues like bots, deepfakes, and identity fraud. Sam Altman’s vision is nothing short of ambitious, but I do think he & Alex Blania have the chops to realize it as mainstay in the global economy.

  • 01.10.24 14:54 Sinewclaudia

    I lost about $876k few months ago trading on a fake binary option investment websites. I didn't knew they were fake until I tried to withdraw. Immediately, I realized these guys were fake. I contacted Sinew Claudia world recovery, my friend who has such experience before and was able to recover them, recommended me to contact them. I'm a living testimony of a successful recovery now. You can contact the legitimate recovery company below for help and assistance. [email protected] [email protected] WhatsApp: 6262645164

  • 02.10.24 22:27 Emily Hunter

    Can those who have fallen victim to fraud get their money back? Yes, you might be able to get back what was taken from you if you fell prey to a fraud from an unregulated investing platform or any other scam, but only if you report it to the relevant authorities. With the right plan and supporting documentation, you can get back what you've lost. Most likely, the individuals in control of these unregulated platforms would attempt to convince you that what happened to your money was a sad accident when, in fact, it was a highly skilled heist. You should be aware that there are resources out there to help you if you or someone you know has experienced one of these circumstances. Do a search using (deftrecoup (.) c o m). Do not let the perpetrators of this hoaxes get away with ruining you mentally and financially.

  • 18.10.24 09:34 freidatollerud

    The growth of WIN44 in Brazil is very interesting! If you're looking for more options for online betting and casino games, I recommend checking out Casinos in Brazil. It's a reliable platform that offers a wide variety of games and provides a safe and enjoyable experience for users. It's worth checking out! https://win44.vip

  • 31.10.24 00:13 ytre89

    Can those who have fallen victim to fraud get their money back? Yes, you might be able to get back what was taken from you if you fell prey to a fraud from an unregulated investing platform or any other scam, but only if you report it to the relevant authorities. With the right plan and supporting documentation, you can get back what you've lost. Most likely, the individuals in control of these unregulated platforms would attempt to convince you that what happened to your money was a sad accident when, in fact, it was a highly skilled heist. You should be aware that there are resources out there to help you if you or someone you know has experienced one of these circumstances. Do a search using (deftrecoup (.) c o m). Do not let the perpetrators of this hoaxes get away with ruining you mentally and financially.

  • 02.11.24 14:44 diannamendoza732

    In the world of Bitcoin recovery, Pro Wizard Gilbert truly represents the gold standard. My experience with Gilbert revealed just how exceptional his methods are and why he stands out as the premier authority in this critical field. When I first encountered the complexities of Bitcoin recovery, I was daunted by the technical challenges and potential risks. Gilbert’s approach immediately distinguished itself through its precision and effectiveness. His methods are meticulously designed, combining cutting-edge techniques with an in-depth understanding of the Bitcoin ecosystem. He tackled the recovery process with a level of expertise and thoroughness that was both impressive and reassuring. What sets Gilbert’s methods apart is not just their technical sophistication but also their strategic depth. He conducts a comprehensive analysis of each case, tailoring his approach to address the unique aspects of the situation. This personalized strategy ensures that every recovery effort is optimized for success. Gilbert’s transparent communication throughout the process was invaluable, providing clarity and confidence during each stage of the recovery. The results I achieved with Pro Wizard Gilbert’s methods were remarkable. His gold standard approach not only recovered my Bitcoin but did so with an efficiency and reliability that exceeded my expectations. His deep knowledge, innovative techniques, and unwavering commitment make him the definitive expert in Bitcoin recovery. For anyone seeking a benchmark in Bitcoin recovery solutions, Pro Wizard Gilbert’s methods are the epitome of excellence. His ability to blend technical prowess with strategic insight truly sets him apart in the industry. Call: for help. You may get in touch with them at ; Email: (prowizardgilbertrecovery(@)engineer.com) Telegram ; https://t.me/Pro_Wizard_Gilbert_Recovery Homepage ; https://prowizardgilbertrecovery.info

  • 12.11.24 00:50 TERESA

    Brigadia Tech Remikeable recovery has exhibited unparalleled strength in the realm of recovery. They stand out as the premier team to collaborate with if you encounter withdrawal difficulties from the platform where you’ve invested. Recently, I engaged with them to recover over a million dollars trapped in an investment platform I’d been involved with for months. I furnished their team with every detail of the investment, including accounts, names, and wallet addresses to which I sent the funds. This decision proved to be the best I’ve made, especially after realizing the company had scammed me. Brigadia Tech Remikeable recovery ensures exemplary service delivery and ensures the perpetrators face justice. They employ advanced techniques to ensure you regain access to your funds. Understandably, many individuals who have fallen victim to investment scams may still regret engaging in online services again due to the trauma of being scammed. However, I implore you to take action. Seek assistance from Brigadia Tech Remikeable Recovery Experts today and witness their remarkable capabilities. I am grateful that I resisted their enticements, and despite the time it took me to discover brigadia tech recovery, they ultimately fulfilled my primary objective. Without Brigadia Tech Recovery's intervention, I would have remained despondent and perplexed indefinitely. Also if you are looking for the best and safest investment company you can contact them, for wallet recovery, difficult withdrawal, etc. I am so happy to keep getting my daily BTC, all I do is keep 0.1 BTC in my mining wallet with the help of Brigadia Tech. They connected me to his mining stream and I earn 0.4 btc per day with this, my daily profit. I can get myself a new house and car. I can’t believe I have thousands of dollars in my bank account. Now you can get in. ([email protected]) Telegram +1 (323)-9 1 0 -1 6 0 5

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