Bitcoin

Dogecoin

Shiba Inu

Avalanche

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) has pulled back toward the middle of the $55,724 to $73,777 range after the bulls failed to maintain the price above the psychological resistance of $70,000. For the bulls waiting for a breakout of the range, August’s historical performance does not offer confidence. Coinglass data shows that August has recorded a meager <a href="https://cointelegraph.com/news/bitcoin-long-liquidations-hit-300m-as-btc-price-falls-to-62k" rel="noopener noreferrer nofollow">2.24% average rise since 2013</a>.
The <a href="https://cointelegraph.com/news/bitcoin-traders-warn-tough-q3-nikkei-black-monday-1987" rel="noopener noreferrer nofollow">weakness in the equity markets worldwide</a> is casting a shadow of uncertainty on risk assets. The Japanese stock market, Nikkei, fell 6% on Aug. 1, its worst fall since the “Black Monday” crash of 1987. Bitcoin’s $60,000 support may come under serious threat if the sell-off extends to the cryptocurrency markets.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/ff3c44c8-c16d-4ee3-ba9a-461e6ed84eee.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">Crypto market data daily view. Source: <a href="https://coin360.com/" target="_blank" rel="noopener noreferrer nofollow">Coin360</a>
 </figcaption>
</figure>
Irrespective of the near-term weakness, analysts remain positive on the long-term prospects of Bitcoin. Popular analyst Willy Woo said in a post on X that a 3% portfolio allocation by financial institutions <a href="https://cointelegraph.com/news/bitcoin-price-ultimate-700k-portfolio-allocation" rel="noopener noreferrer nofollow">could propel Bitcoin to $700,000</a>.
Could buyers defend Bitcoin’s $60,000 level or will the support crumble, dragging select altcoins lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
<h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
The bulls defended the 50-day simple moving average ($63,130) on Aug. 1 but could not propel and maintain the price above the 20-day exponential moving average ($65,046).
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/e393c46b-9e64-40f2-8043-9901b1d5266c.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">BTC/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The selling picked up on Aug. 2, and the bears are trying to sink the price below the 50-day SMA. If they succeed, it will signal the start of a fall to the psychological support at $60,000 and then to $55,724.
Buyers are expected to fiercely defend the $55,724 level. If the price sharply rebounds off it, the BTC/USDT pair may remain in a sideways price action for some more time. The next trending move is likely to begin on a break above $73,777 or drop below $55,724.
<h2 id="ether-price-analysis">Ether price analysis</h2>
The bulls tried to stall Ether’s (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) fall at $3,080 on Aug. 1, but the bears are not letting go of the selling pressure.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/85439705-6ade-4f40-8d57-fa28e0c055fa.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">ETH/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The bears have yanked the price below $3,080 on Aug. 2, opening the gates for a collapse to the critical support at $2,850. The bulls have successfully held the level for the past several months hence they will try to do it again.
If the price rebounds off $2,850 but turns down from the moving averages, it will signal that the bears are in control. That will increase the likelihood of a drop below $2,850.
This negative view will be invalidated in the near term if the ETH/USDT pair turns up and breaks above the moving averages. The pair may then attempt a rally to the downtrend line.
<h2 id="bnb-price-analysis">BNB price analysis</h2>
BNB (<a href="https://cointelegraph.com/binance-coin-price-index" rel="noopener noreferrer nofollow">BNB</a>) has been trading inside a large range between $495 and $635 for several days, indicating a balance between supply and demand.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/3b61a55d-e24a-4ba8-b243-78ed3c497073.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">BNB/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
If the price dips below $550, it will open the doors for a fall to the crucial support at $495. The bulls are expected to defend the zone between $495 and $460 with all their might because a break below it could intensify selling.
If the price turns up from $550, the bulls will try to push the BNB/USDT pair above the moving averages. If they do that, the pair could rally to $600 and later to the stiff overhead resistance at $635.
<h2 id="solana-price-analysis">Solana price analysis</h2>
Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) plunged and closed below the 20-day EMA ($168) on Aug. 1, indicating that the price remains stuck inside the $116 to $210 range.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/ccc52f26-1440-4e7f-b36c-422e671c765e.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">SOL/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The price has reached the 50-day SMA ($152), an important support to watch out for. If the price turns up from the 50-day SMA, the bulls will again try to propel the SOL/USDT pair above the 20-day EMA.
On the contrary, if the price continues lower and breaks below the 50-day SMA, it will suggest that the bears are at an advantage. The pair could then plunge to the solid support at $116.
<h2 id="xrp-price-analysis">XRP price analysis</h2>
XRP (<a href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow">XRP</a>) rose above the $0.64 resistance on July 31, but the long wick on the candlestick shows aggressive selling at higher levels.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/ea0b5ec4-8811-427e-90d2-66dcc380d405.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">XRP/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The price slipped below the 20-day EMA ($0.58) on Aug. 1, indicating that the bulls are rushing to the exit. The selling continued on Aug. 2, and the bears pulled the price below the $0.57 support. This suggests that the XRP/USDT pair is likely to swing inside the large range between $0.41 and $0.64 for a while.
Alternatively, if the price rises from $0.54, the bulls will attempt to push the pair above the 20-day EMA. If they can pull it off, the pair may start its journey toward $0.64.
<h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2>
Dogecoin (<a href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow">DOGE</a>) fell below the moving averages on July 31 and followed that with a break below the $0.12 support on Aug. 1.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/cbc4e506-a8dc-4dce-9e78-57cb605ef5c3.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">DOGE/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The 20-day EMA ($0.12) has started to turn down, and the RSI has slipped into the negative territory, suggesting that the bears have the upper hand. If the price maintains below $0.12, the DOGE/USDT pair could tumble to $0.10.
Time is running out for the bulls. If they want to make a comeback, they will have to quickly shove the price back above the moving averages. If they do that, it will signal demand at lower levels. The pair may then rise to $0.14.
<h2 id="toncoin-price-analysis">Toncoin price analysis</h2>
Toncoin (<a href="https://cointelegraph.com/toncoin-price-index" rel="noopener noreferrer nofollow">TON</a>) turned down from the 20-day EMA ($6.87) on Aug. 1, indicating that the sentiment remains negative and traders are selling on rallies.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/fb55b5c7-8dcb-4641-937b-a8f3e4742020.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">TON/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The bears will try to strengthen their position further by pulling the price below the $6.36 support. If they manage to do that, it will signal the start of a deeper correction. The TON/USDT pair may plummet to $6 and then to $5.50.
If buyers want to prevent the downside, they will have to swiftly push the price above the 20-day EMA. Such a move will open the doors for a rally to the 50-day SMA ($7.26) and keep the pair inside the $6.36 to $8.29 range for some time.
Related: <a href="https://cointelegraph.com/news/why-is-xrp-price-down-today" rel="noopener noreferrer nofollow">Why is XRP price down today?</a>
<h2 id="cardano-price-analysis">Cardano price analysis</h2>
Cardano (<a href="https://cointelegraph.com/ada-price-index" rel="noopener noreferrer nofollow">ADA</a>) fell below the $0.38 support on Aug. 1, but the bulls purchased the dip, as seen from the long tail on the candlestick.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/5f294b1b-6786-4eb0-b302-6aebef7c009b.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">ADA/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
However, the bears stalled the recovery at the moving averages on Aug. 2, indicating they are in no mood to give up their advantage. The bears have pulled the price below $0.38, clearing the path for a slide to $0.33.
Any recovery attempt is likely to face solid selling at the moving averages. Buyers will have to push and maintain the ADA/USDT pair above the moving averages to signal that the downtrend could be ending.
<h2 id="avalanche-price-analysis">Avalanche price analysis</h2>
Avalanche (<a href="https://cointelegraph.com/avalanche-price-index" rel="noopener noreferrer nofollow">AVAX</a>) rose from the strong support at $24 on Aug. 1, but the bulls failed to build upon the momentum.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/30417580-0833-4bb5-a8df-8ceac3d57bf1.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">AVAX/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The bears will try to maintain the price below $24, and if they succeed, the AVAX/USDT pair is likely to drop to the $21.80 support. This level is expected to attract buyers, but if the bears prevail, the next stop may be $18.90.
If the price rises from $24 or $21.80, the bulls will again try to kick the pair above the moving averages. If they do that, the pair may climb to $29, where the bears are likely to sell aggressively.
<h2 id="shiba-inu-price-analysis">Shiba Inu price analysis</h2>
Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index" rel="noopener noreferrer nofollow">SHIB</a>) has been gradually moving lower, indicating that the bears are maintaining their pressure.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/60535685-a0a1-43b3-aced-39c7556ded9c.png" alt="Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB">
 <figcaption style="text-align: center;">SHIB/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
There is a minor support at $0.000015, but if the price sustains below it, the SHIB/USDT pair could plummet to $0.000013. The downsloping moving averages and the RSI in the negative territory increase the risk of a breakdown.
This negative view will be invalidated in the near term if the price turns up and breaks above the moving averages. That will open the doors for a possible rise to $0.000020, where the bears are again likely to mount a strong defense.
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.

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

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