Price analysis 8/15: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

0
667
Advertisement

The ETH/USDT pair could drop to the breakout level at $1,700. This is an important level to watch because if the bulls give support at $1,700, it will increase the probability of a break above $2,000. If that happens, the pair could rally to the downtrend line.

The rising 20-day EMA ($1,756) and the RSI in positive territory indicate that the bulls are in control. In order to invalidate this bullish view, the bears will have to sink and hold the price below the 20-day EMA. That could sink the pair to the 50-day SMA ($1,465).

USD/USDT
BNB’s upside move hit a snag at the overhead resistance at $338. The bears will now try to sink the price to the immediate support at the 20-day EMA ($306).

BNB/USDT daily chart. Source: TradingView
If the price bounces off this support, the buyers will make another attempt to push the BNB/USDT pair above the $338-$350 resistance zone. The rising 20-day EMA and the RSI in positive territory indicate that the path of least resistance is to the upside.

This positive view could be invalidated in the short term if the price turns down and breaks below the 20-day EMA. If that happens, short-term traders may rush out and that could push the pair towards the 50-day SMA ($266).

USD/XRP
The bulls attempted to push XRP above the overhead resistance at $0.39 on Aug 13-14, but the bears held their ground. This may have attracted short-term traders booking profit, which pushed the price below the 20-day EMA ($0.37).

XRP/USDT daily chart. Source: TradingView
If the bears sink the price below the 50-day SMA, the XRP/USDT pair could remain range bound between $0.30 and $0.39 longer. The flat 20-day EMA and the RSI near the midpoint also suggest a short-term consolidation.

Conversely, if the price bounces off the moving averages, it will indicate that the lower levels are attracting buyers. The bulls will once again try to break above the hurdle and push the pair to $0.48 and then $0.54.

ADA/USDT
The bulls pushed Cardano (ADA) above the overhead resistance at $0.55 on Aug. 13 but failed to maintain the momentum on Aug. 14. This suggests that the bears are active at higher levels.

ADA/USDT daily chart. Source: TradingView
The price turned down on August 15 and reached the breakout level of $0.55. The zone between $0.55 and the 20-day EMA ($0.53) is likely to attract strong buying by the bulls. If the price bounces out of this zone, the buyers will again try to resume the up move and push the ADA/USDT pair to $0.63 and then $0.70.

Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that the break above $0.55 may have been a bull trap. Afterwards, the pair could drop to the 50-day SMA ($0.49).

SOL/USDT
Solana (SOL) rallied to the overhead resistance at $48 on Aug 13, but the bulls were unable to break above this barrier. The bulls again attempted to break through the upper hurdle on Aug. 15, but the bears did not budge.

SOL/USDT daily chart. Source: TradingView
If the SOL/USDT pair breaks below the 20-day EMA ($42), the next stop could be the support line. This is an important level for the bulls to defend because a break and close below it could invalidate the bullish ascending triangle pattern. The pair could then drop to $32.

Conversely, if the price bounces off the 20-day EMA, the bulls will once again try to push and hold the pair above $48. If they manage to do that, the bullish setup will complete and the pair could rally to $60.

DOGO/USDT
Dogecoin (DOGE) bounced off the 20-day EMA ($0.07) on Aug. 12 and broke above the overhead resistance at $0.08 on Aug. 14. This completed the bullish ascending triangle pattern, but the bulls could not sustain the breakout.

DOGE/USDT daily chart. Source: TradingView
The bears sold at higher levels and reduced the price below the breakout level on Aug 15. A minor positive is that the lower levels are attracting buyers, as seen in the long tail of the day’s candlestick. If the price sustains above $0.08, the buyers will try to resume the up move and push the DOGE/USDT pair to $0.10.

Contrary to this assumption, if the price falls below the moving averages and the trend line of the triangle, it will invalidate the bullish setup. The pair could then sink to $0.06.

Related: Cryptocurrency-Focused Venture Firm Dragonfly Acquires Hedge Fund: Bloomberg

POINT/USDT
Polkadot (DOT) broke above the overhead resistance of $9.65 on Aug 13, but the bulls could not

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here