Price Analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

The global stock market sell-off is weighing heavily on cryptocurrency markets, hinting at short-term bearishness. Despite the downturn, the long-term outlook for Bitcoin and other major cryptocurrencies remains optimistic.

Bitcoin Price Analysis

Bitcoin (BTC) has retraced to the middle of its $55,724 to $73,777 range after failing to sustain above $70,000. Historical data for August shows an average rise of just 2.24% since 2013, offering little confidence for a breakout. The sell-off in global equity markets is creating uncertainty for risk assets. Notably, Japan’s Nikkei index fell 6% on August 1, its worst drop since 1987. If this trend extends to cryptocurrencies, Bitcoin’s $60,000 support level could be at risk. However, analysts like Willy Woo believe a 3% portfolio allocation by financial institutions could push Bitcoin to $700,000. The near-term question is whether buyers can defend the $60,000 support or if the price will fall further, potentially dragging other altcoins down.

The BTC/USD pair is seeing increased selling pressure. Following a defense of the 50-day simple moving average (SMA) at $63,130 on August 1, bulls could not sustain the price above the 20-day exponential moving average (EMA) at $65,046. On August 2, selling intensified, threatening to push the price below the 50-day SMA. If this happens, the price may fall to $60,000 and then to $55,724, where buyers are expected to fiercely defend. A sharp rebound from this level could lead to sideways trading for some time. The next significant move is likely to occur either above $73,777 or below $55,724.

Ether Price Analysis

Ether (ETH) bulls attempted to halt the decline at $3,080 on August 1, but selling pressure persisted. On August 2, the price fell below $3,080, opening the door for a potential drop to the critical support level of $2,850. This level has held strong for several months, and bulls will aim to defend it again. A rebound from $2,850 that fails to break above the moving averages would indicate that bears are still in control, increasing the likelihood of a fall below $2,850. However, if the ETH/USD pair turns up and breaks above the moving averages, it could rally to the downtrend line.

BNB Price Analysis

BNB has been trading within a large range of $495 to $635, indicating a balance between supply and demand. A dip below $550 could lead to a fall to the crucial support at $495. Bulls are expected to defend the zone between $495 and $460 vigorously, as a break below could intensify selling. If the price turns up from $550, bulls will attempt to push the BNB/USD pair above the moving averages, potentially leading to a rally to $600 and then to the stiff overhead resistance at $635.

Solana Price Analysis

Solana (SOL) dropped below the 20-day EMA at $168 on August 1, indicating that the price remains within the $116 to $210 range. The price has now reached the 50-day SMA at $152, an important support level. If the price turns up from the 50-day SMA, bulls will try again to push the SOL/USD pair above the 20-day EMA. However, if the price continues lower and breaks below the 50-day SMA, bears will gain an advantage, possibly driving the pair down to the solid support at $116.

XRP Price Analysis

XRP briefly rose above the $0.64 resistance on July 31 but faced strong selling pressure. On August 1, the price slipped below the 20-day EMA at $0.58, prompting further selling that pushed the price below the $0.57 support on August 2. This suggests that the XRP/USD pair may trade within the larger range of $0.41 to $0.64 for a while. If the price rises from $0.54, bulls will attempt to push the pair above the 20-day EMA, which could lead to a move toward $0.64.

Dogecoin Price Analysis

Dogecoin (DOGE) fell below the moving averages on July 31 and continued its decline, breaking below the $0.12 support on August 1. The 20-day EMA at $0.12 is turning down, and the relative strength index (RSI) is in negative territory, indicating that bears have the upper hand. If the price stays below $0.12, the DOGE/USD pair could fall to $0.10. Bulls need to quickly push the price back above the moving averages to signal demand at lower levels, potentially leading to a rise to $0.14.

Toncoin Price Analysis

Toncoin (TON) turned down from the 20-day EMA at $6.87 on August 1, indicating negative sentiment. Bears will aim to push the price below the $6.36 support, potentially leading to a deeper correction to $6 and then to $5.50. Bulls need to quickly push the price above the 20-day EMA to prevent further downside and keep the pair within the $6.36 to $8.29 range.

Cardano Price Analysis

Cardano (ADA) fell below the $0.38 support on August 1, but bulls bought the dip. However, the recovery stalled at the moving averages on August 2, indicating that bears are still in control. The price has fallen below $0.38, clearing the path for a slide to $0.33. Any recovery attempt is likely to face strong selling at the moving averages. Bulls need to push the ADA/USD pair above the moving averages to signal a potential end to the downtrend.

Avalanche Price Analysis

Avalanche (AVAX) rose from the strong support at $24 on August 1, but bulls failed to sustain the momentum. Bears will try to keep the price below $24, potentially leading to a drop to the $21.80 support. This level may attract buyers, but if bears prevail, the next stop could be $18.90. If the price rises from $24 or $21.80, bulls will again try to push the pair above the moving averages, potentially leading to a move to $29.

Shiba Inu Price Analysis

Shiba Inu (SHIB) has been gradually declining, indicating persistent selling pressure. There is minor support at $0.000015, but if the price falls below this level, the SHIB/USD pair could drop to $0.000013. The downsloping moving averages and the RSI in negative territory increase the risk of a breakdown. This negative outlook will be invalidated if the price turns up and breaks above the moving averages, potentially leading to a rise to $0.000020.

This article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making decisions.