Cardano

Solana

Bitcoin

Toncoin

<div class="sg-post-des">
  Bitcoin remains stuck in a range, but certain altcoins are showing signs of breaking down in the near term. 
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<div class="cointelegraph"> 
 <p>The bulls tried to shake Bitcoin&nbsp;from its slumber on Sept. 7, but the rally was short-lived. This suggests a lack of clarity between the bulls and the bears about Bitcoin’s (BTC)&nbsp;next directional move. Analyst CryptoCon said on X (formerly Twitter) that Bitcoin could remain in a “mid cycle lull” until the start of the next bull run in November 2024.</p> 
 <p>Along similar lines, ARK Invest said in a report that cryptocurrencies could continue to face headwinds in the remainder of 2023 due to several macroeconomic issues, such as interest rates, gross domestic product estimates, unemployment and inflation.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/9371cdc0514a15fddf7465e3d35eed53.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>Daily cryptocurrency market performance. Source: </em><em>Coin360</em> 
  </figcaption> 
 </figure> 
 <p>Sept.In comparison, the bulls will be closely following the decision of the United States Securities and Exchange Commission on the various Bitcoin spot exchange-traded fund (ETF) applications. In addition to that, the race for a spot Ether (ETH) ETF also began officially on Sep. 6 with filings from VanEck and ARK Invest. Bloomberg ETF analyst James Seyffart expects more Ether ETF filings to happen in the next few days.</p> 
 <p>Could Bitcoin’s range-bound action increase the selling pressure on altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.</p> 
 <h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p>Bitcoin reached the 20-day exponential moving average (EMA) of $26,419 on Sept. 7, but the bulls could not overcome this obstacle. This suggests that the bears are fiercely guarding the 20-day EMA.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/841f9529b6ec6c5fdd1af328c6879333.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>BTC/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>However, the failure of the bears to challenge the crucial support at $24,800 suggests that selling dries up at lower levels. The relative strength index (RSI) is trying to form a positive divergence, indicating that the bearish momentum is weakening.</p> 
 <p>The first sign of strength will be a break and close above the 20-day EMA. That clears the path for a sustained recovery toward $28,143. </p> 
 <p>On the contrary, if the $24,800 support crumbles, the BTC/USDT pair could start a downtrend. There is minor support at $24,000, but it may not arrest the decline. The pair could eventually reach pivotal support at $20,000.</p> 
 <h2 id="ether-price-analysis">Ether price analysis</h2> 
 <p>Ether&nbsp;continues to trade inside a narrow range between the 20-day EMA ($1,668) and the formidable support at $1,626.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/702da7419cd84132e7656f1b0d572713.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>ETH/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>The failure of the bulls to clear the overhead hurdle at the 20-day EMA increases the risk of a breakdown. Below $1,626, the ETH/USDT pair could retest the Aug. 17 intraday low of $1,550. Buyers may purchase the dip to this level with vigor because if the support cracks, the pair could plunge to $1,368.</p> 
 <p>Time is running out for the bulls. If they want to prevent the collapse, they will have to first drive the price above the 20-day EMA and thereafter attempt a rally to the 50-day simple moving average (SMA) of $1,762. That could increase the likelihood of the pair being range-bound between $2,000 and $1,626 for a few more days.</p> 
 <h2 id="bnb-price-analysis">BNB price analysis</h2> 
 <p>The bulls tried to push BNB (BNB) above the breakdown level of $220 on Sept. 6, but the bears did not relent. This indicates that the sellers are trying to flip the $220 level into resistance.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/ced2dad2a6aa55c42888c753affcda89.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>BNB/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>There is minor support at $211, but if bears pull the price below it, the BNB/USDT pair could reach the psychological level of $200. This level is likely to attract solid buying by the bulls. If the price rebounds off this support, it will indicate that the pair may consolidate between $200 and $220 for a while.</p> 
 <p>Contrary to this assumption, if the price turns up from the current level and rises above $220, it will suggest accumulation at lower levels. That could launch a recovery toward the downtrend line.</p> 
 <h2 id="xrp-price-analysis">XRP price analysis</h2> 
 <p>The bulls purchased XRP’s (XRP) dip below $0.50 on Sept. 6, but the failure to start a strong rebound indicates a lack of demand at higher levels.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/bd95cee2b90ea543e454e8ddcd9761fa.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>XRP/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>The bears will try to strengthen their position further by yanking the price below $0.50. If they can pull it off, the XRP/USDT pair could nosedive to the next major support at $0.41. This fall is likely to be swift, as there is no major support between $0.50 and $0.41.</p> 
 <p>On the contrary, if the price once again turns up from the current level, it will suggest that the bulls are trying to flip $0.50 into support. A break above the 20-day EMA will indicate that the pair is likely to oscillate between $0.50 and $0.56 for a while longer.</p> 
 <h2 id="cardano-price-analysis">Cardano price analysis</h2> 
 <p>Cardano (ADA) formed a Doji candlestick pattern on Sept. 6 and again on Sept. 7, which shows indecision between the bulls and the bears. </p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/f99704895c76855fea85c7ea41218f3a.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>ADA/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>The downsloping 20-day EMA ($0.26) and the RSI in the negative territory enhance the prospects of a downside breakdown. If the price skids below $0.25, the ADA/USDT pair could drop to the critical support at $0.24.</p> 
 <p>On the upside, the bears have repeatedly halted the advance near the 20-day EMA; hence, this becomes an important level to watch out for. If bulls force the price above the 20-day EMA, the pair could reach the overhead resistance at $0.28.</p> 
 <h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2> 
 <p>The bulls tried to shove Dogecoin (DOGE) above the 20-day EMA ($0.06) on Sept. 6, but the bears held their ground.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/91c7df55f5b3adc68604a4864d614744.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>DOGE/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>The price remains stuck between the 20-day EMA and the horizontal support at $0.06. When the price trades inside a range, it is difficult to predict the direction of the breakout, but the downsloping 20-day EMA and the RSI near 40 signal an edge to the bears. Below $0.06, the DOGE/USDT pair could descend to $0.055.</p> 
 <p>This negative view will be invalidated in the near term if bulls kick and sustain the price above the 20-day EMA. Such a move will suggest the start of a stronger recovery to $0.07 and eventually to $0.08.</p> 
 <h2 id="solana-price-analysis">Solana price analysis</h2> 
 <p>Solana (SOL) has been gradually correcting inside the large range between $14 and $27.12. The bears have been selling the relief rallies to the 20-day EMA ($20.53), indicating that the sentiment remains negative.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/0bb31c327101698357b7dfaef91e2614.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>SOL/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>The repeated failure of the bulls to thrust the price above the 20-day EMA suggests that the path of least resistance is to the downside. If bears tug the price below the immediate support at $19, the SOL/USDT pair could slump to $18 and subsequently to $16. </p> 
 <p>The bulls are likely to have other plans. They will try to push the price above the 20-day EMA. If they succeed, the pair may reach the overhead resistance at $22.30. This is an important level for the bears to defend because a break above it could clear the path for a potential rally to $26.</p> 
 <p><strong><em>Related: </em></strong><strong><em>Why is Bitcoin price down today?</em></strong></p> 
 <h2 id="toncoin-price-analysis">Toncoin price analysis</h2> 
 <p>Toncoin (TON) attempted a rebound on Sept. 6, but the long wick on the Sept. 7 candlestick shows that bears continue to sell on rallies.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/d599feb42eafe89e462725eae597623a.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>TON/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>The 20-day EMA ($1.68) remains the key level to keep an eye on in the short term. If the price rebounds off the 20-day EMA, the bulls will again attempt to drive the TON/USDT pair above the overhead resistance at $2.07.</p> 
 <p>Contrarily, if the price slips below the 20-day EMA, it will suggest that the traders are aggressively booking profits. The first stop on the downside is at the breakout level of $1.53 and then the 50-day SMA ($1.44).</p> 
 <h2 id="polkadot-price-analysis">Polkadot price analysis</h2> 
 <p>The bears pulled Polkadot (DOT) below the strong support at $4.22 on Sept. 6, but they could not sustain the lower levels as seen from the long tail on the candlestick. This shows buying at lower levels.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/67520f5150342d04aba4489582962acf.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>DOT/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>However, the bulls could not maintain the momentum and push the price to the 20-day EMA ($4.41). This shows that every minor rally is being sold into. The bears have pulled the price back to the important support at $4.22. If this support crumbles, the DOT/USDT pair could fall to the psychological support at $4.</p> 
 <p>If bulls want to make a comeback, they will have to propel the price above the 20-day EMA. If they do that, the pair is likely to climb to the downtrend line. This is the key level to keep an eye on because a break above it could signal that the downtrend is ending.</p> 
 <h2 id="polygon-price-analysis">Polygon price analysis</h2> 
 <p>Buyers tried to propel Polygon (MATIC) above the 20-day EMA ($0.56) for the past three days, but the bears held their ground. This suggests that traders are selling on minor rallies.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/09/35dd4b49eea3df16ac85a45249ea58c1.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>MATIC/USDT daily chart. Source: </em><em>TradingView</em> 
  </figcaption> 
 </figure> 
 <p>The bears will try to pull the price below the immediate support at $0.53. If they manage to do that, the MATIC/USDT pair could plummet to the vital support at $0.50. The bulls are expected to protect this level with vigor because a break below it may open the gates for a further fall to $0.45.</p> 
 <p>The bulls will have to push and sustain the price above the 20-day EMA to suggest that the bearish pressure is reducing. That could start a recovery to $0.64, where the bears may again mount a strong defense.</p> 
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 <p class="post-content__disclaimer">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. </p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/price-analysis-9-8-btc-eth-bnb-xrp-ada-doge-sol-ton-dot-matic-tbt62101.html">https://thebittimes.com/price-analysis-9-8-btc-eth-bnb-xrp-ada-doge-sol-ton-dot-matic-tbt62101.html</a></p>

Price analysis 9/8: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

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