Ethereum

Bitcoin Cash

Maker

Bitcoin

Polkadot

<p>Despite recent struggles, Bitcoin (BTC) has reclaimed the $60,000 price level and is trading at $61,100, up over 4% during the past 24 hours. BTC and Ethereum (ETH) were trading flat early on Monday but quickly shrugged off the initial lethargy to record noticeable gains.&nbsp;</p> 
<p>Other cryptocurrencies, such as Toncoin (TON), also made considerable gains on Monday, buoyed by the news of a partnership between HashKey and GameFi project Catizen. DYDX has also recorded an uptick as traders remain optimistic about weekly gains in its volume.&nbsp;</p> 
<p>However, in a worrying development for BTC traders, the Japanese yen is again gaining strength. The yen’s gains earlier this month rocked markets, triggering carry unwind and significantly impacting risk assets, including cryptocurrencies.&nbsp;</p> 
<h2 id="bitcoin-btc-still-range-bound">Bitcoin (BTC) Still Range Bound&nbsp;</h2> 
<p>Bitcoin (BTC) has been range-bound for a considerable amount of time. However, long-term holders still believe in the asset’s potential, as shown by data from Glassnode, which shows that 74% of BTC has not moved in the past six months or more. However, investors are still unsure which way BTC will break out. According to Aurelie Barthere, principal research analyst at Nansen, the crypto bull market will continue if the Federal Reserve announces a rate cut and growth holds. However, if growth declines, there will be limited upside for risk assets such as cryptocurrencies.&nbsp;</p> 
<p>However, another popular analyst, Rekt Capital, offers a different point of view. According to the analyst, Bitcoin (BTC) is only a month away from a breakout if it follows its historical pattern of starting a parabolic phase roughly 160 days after the halving event. The analysts stated in a post on X,&nbsp;</p> 
<blockquote> 
 <p>“Bitcoin is ~125 days after the Halving Bitcoin tends to breakout into the Parabolic Phase of the cycle some ~160 days after the Halving If history repeats, Bitcoin could be just over a month away from breakout That’s late September.”</p> 
</blockquote> 
<p>According to Jamie Coutts, chief crypto analyst at Real Vision, the macroeconomic outlook also looks positive, and BTC could be set for a breakout thanks to the growing global M2 money supply.&nbsp;</p> 
<blockquote> 
 <p>“Over the past decade, Bitcoin has had a tendency to trough several months before the bottom in global M2. Then it rips, gets way ahead of the move in liquidity, and has a mid-cycle correction.”</p> 
</blockquote> 
<h2 id="japanese-yen-strengthening-again">Japanese Yen Strengthening Again&nbsp;</h2> 
<p>The Japanese yen is strengthening against the US dollar and has outperformed other major fiat currencies, mirroring a similar price action from early August. The early August price action was characterized by sharp losses in global stock markets and the crypto markets, with major cryptocurrencies registering significant declines. The yen strengthened by almost 2.5% against the US dollar and over 1% against the Australian dollar. The yen also shows considerable vitality against the British pound and the Euro.&nbsp;</p> 
<p>The yen’s price action is reminiscent of the currency’s performance in late July and early August, which led to the unwinding of carry trades financed by comparatively cheaper yen-denominated loans. This significantly impacted the crypto markets, with BTC dropping from around the $70,000 mark to below $50,000 before recovering.&nbsp;</p> 
<blockquote> 
 <p>“Yen strength is causing a negative feedback loop as stops get triggered and overstretched carry positions get unwound. This is rattling positioning in global risk assets.”</p> 
</blockquote> 
<p>According to the head of Goldman Sachs’ crypto trading desk, Andrei Kazantsev, BTC and ETH traders were caught in the yen unwind. This is why the yen’s current performance should warrant attention from crypto traders.&nbsp;</p> 
<blockquote> 
 <p>“A 20-big figure drop in USD/JPY we believe will have a meaningful impact on expectations for future direction and therefore potentially on behavior. Behavioral changes likely mean a greater willingness to buy yen at weaker levels, skewing the risk to a strengthening bias.”</p> 
</blockquote> 
<h2 id="bitcoin-btc-price-analysis">Bitcoin (BTC) Price Analysis&nbsp;</h2> 
<p><a href="https://cryptodaily.co.uk/2024/08/crypto-price-analysis-8-19-btc-eth-sol-dot-doge-xrp-sei">Bitcoin (BTC)</a> had been unable to push above the 20-day SMA and the $60,000 price level and had been trading below the moving averages since the beginning of August. After dipping below $50,000 on August 5, BTC made a strong recovery but could only push above the moving averages this week. The price dipped to a weekly low of $56,170 before recovering and closing above its support level of $57,000. Buyers entered the market at this level on Friday, allowing BTC to register an increase of 2.31% and move to $58,916. Buyers did attempt a move above $60,000 but were thwarted.</p> 
<p>Source: <a href="https://www.tradingview.com/x/hZQBypuy/">TradingView</a></p> 
<p>The weekend was mixed for BTC as it registered an increase of 1.20% on Saturday to rise to $59,623. However, with the 20-day SMA coming into play, sellers were able to retake control on Sunday after buyers failed to sustain momentum. As a result, BTC dropped nearly 2% to settle at $58,491. The current week began positively for BTC as it registered an increase of 1.73% on Monday and settled at $59,501, just below the 20-day SMA. With its support holding, the current session has seen BTC surge past the 20-day SMA and the $60,000 price level. Currently, it is trading around the $61,000 mark as buyers test the resistance around the $62,000 price level.</p> 
<p>So where does BTC go from here? BTC is currently testing the resistance at $62,000. If it can break above this level, its next target should be the 200-day SMA. A break above the 200-day SMA could open the doors for a potential move to $70,000. However, if sellers can regain control of the session and push BTC back below $60,000, it could drop to the $58,000 support level. This would indicate that sellers control the $60,000 level, and BTC could continue trading between $58,000 and $60,000.</p> 
<h2 id="ethereum-eth-price-analysis">Ethereum (ETH) Price Analysis</h2> 
<p>Ethereum (ETH) has continued its positive start to the week as buyers attempt a move past the stubborn resistance at $2,700. ETH spent most of the previous week in the red despite a positive start and rising above $2,700 last Monday. However, with sellers actively defending this price level, ETH fell back into the red the following day. By Thursday, ETH had slipped to $2,569 and hit an intra-day low of $2,511. With strong support at $2,500, buyers entered the market, pushing the price up by 0.95% on Friday.</p> 
<p>Source: <a href="https://www.tradingview.com/x/xmbeunxp/">TradingView</a></p> 
<p>Saturday saw ETH climb above $2,600 after an increase of 0.80% allowed ETH to settle at $2,614. Buyers attempted a move above $2,700 on Sunday, as seen in the price chart. However, with the 20-day SMA coming into play, sellers could retake control and push ETH back to $2,612. The current week began with ETH in the green after recovering from a day low of $2,566. Buyers could counter sellers and push ETH up by 1.01% to $2,639. The current session sees ETH up by 1.34% as buyers attempt to move past the 20-day SMA and the $2,700 price. However, sellers are actively defending these levels.</p> 
<p>ETH must close above $2,700 to break out of its current narrow trading range. A break above $2,700 could also set ETH up to move past $2,800. However, the $2,850 level is expected to attract sellers. If sellers regain control, ETH will drop back to $2,500.</p> 
<h2 id="solana-sol-price-analysis">Solana (SOL) Price Analysis</h2> 
<p>Solana (SOL) ’s steady recovery has continued as it looks to reclaim the $150 level that it lost on August 11. After spending the majority of the previous week in the red, SOL hit an intra-day low of $136.26. However, SOL has strong support at lower levels, and it recovered on Saturday as buyers entered the market, pushing SOL up by 2.04% to $141.98. Buyers made a strong push towards the $150 price level on Sunday, as seen in the price chart, reaching a day high of $147 before sellers pushed the price back down. Despite the selling pressure, SOL registered an increase of 0.37% and ended the weekend on a positive note.</p> 
<p>Source: <a href="https://www.tradingview.com/x/MGjl9GAs/">TradingView</a></p> 
<p>SOL continued its steady upward trajectory on Monday as well, rising by 1.35% to $144. The current session sees the price up by almost 2% as buyers test the resistance at $150. If buyers can sustain momentum and push above the moving averages, they can put SOL in an excellent position to reclaim its pre-August price levels of $170 and $180. Reaching these levels could also set it up for a push to $200. However, should sellers retake control, they will look to push SOL back below the 20-day SMA. Selling pressure could drive SOL down to $140, where it is expected to stabilize.</p> 
<h2 id="bitcoin-cash-bch-price-analysis">Bitcoin Cash (BCH) Price Analysis</h2> 
<p>Bitcoin Cash (BCH) has been trading in a narrow range since the second week of August, with neither buyers nor sellers able to take the initiative and influence the price. This can be seen in the price chart, with recent days dominated by short candlesticks indicating buyer and seller uncertainty. The cryptocurrency has been trading below the moving averages, indicating bearish pressure, and has been unable to push above $350, with the 20-day SMA acting as the immediate resistance level.</p> 
<p>BCH made a positive start to the weekend after registering a 1.23% increase on Friday despite facing considerable volatility. Buyers continued to push BCH higher on Saturday, but with demand drying up, BCH only registered an increase of 0.90%&nbsp; and settled at $341. Sellers returned on Sunday with the 20-day SMA bearing down. As a result, BCH dropped over 2% to $333. However, buyers could retake control on Monday and push BCH up to $338 after an increase of 1.46. The current session sees BCH up almost 2% as it attempts to push above the 20-day SMA.</p> 
<p>Source: <a href="https://www.tradingview.com/x/y5bcJ3Ki/">TradingView</a></p> 
<p>BCH is consolidating above $320 and also has strong support at the $300 level. However, buyers have been unable to push above the 20 and 50-day SMAs so far. The 20-day SMA is the immediate level of resistance. A break above this SMA could let BCH climb above the 20-day SMA and test the resistance at $360. However, BCH could drop back towards $320 if sentiment turns bearish. A break below this level could see BCH drop to $300.</p> 
<h2 id="maker-mkr-price-analysis">Maker (MKR) Price Analysis</h2> 
<p>Maker (MKR) is up almost 2% over the past 24 hours, but is struggling to push above the $2,000 price level. MKR registered a significant increase during the previous week, pushing the price to $2,138. However, an equally quick drop saw MKR drop to $1,961 by Thursday. Buyers attempted to retake control on Friday but could only push MKR up by 0.76% to $1,976. With sellers defending the $2,000 level, MKR turned bearish over the weekend, dropping by 1.16% on Saturday and 0.70% on Sunday to settle at $1,939.</p> 
<p>Source: <a href="https://www.tradingview.com/x/GT1c1P6W/">TradingView</a></p> 
<p>Sellers attempted to drive MKR below $1,900 on Monday, but buyers were able to retake control. However, MKR could only register an increase of 0.90% and settle at $1,964. The current session sees the price marginally up as buyers and sellers attempt to establish control. For any substantial price action, buyers or sellers must take the initiative, something neither seem to want to do. Buyers must push MKR above the 20-day SMA to sustain bullish momentum. However, sellers will look to keep MKR below $2,000 and drive the price down to $1,900 or the $1,800 support level.</p> 
<h2 id="polkadot-dot-price-analysis">Polkadot (DOT) Price Analysis</h2> 
<p>Polkadot (DOT) has been on a consistent upward trajectory since Friday, raising hopes among traders it can finally reclaim the stubborn $5 price level and begin a sustained move toward $6. DOT had been losing ground almost all of last week and hit an intra-day low of $4.22 on Thursday, with market watchers worried it could slip below $4 once again. However, DOT was able to stem the drop on Friday and register a marginal increase, rising to $4.29. Buyers maintained momentum on Saturday as DOT rose by almost 2% to $4.37.</p> 
<p>Source: <a href="https://www.tradingview.com/x/aPvMkvpm/">TradingView</a></p> 
<p>As bulls gathered momentum, buyers attempted to push DOT above $4.50 on Sunday, reaching an intra-day high of $4.53, as seen in the price chart. However, sellers quickly pushed DOT back down, indicating the strong selling pressure at higher levels. Despite sellers forcing DOT down, it still registered a marginal increase, indicating growing buyer momentum. Sure enough, buyers retained control on Monday as DOT rose over 2% to $4.48, just below the $4.50 resistance level. The current session has seen DOT break past the $4.50 level, with the price currently at $4.54. Sellers are actively trying to defend these levels, with the 20-day SMA attracting considerable selling pressure.</p> 
<p>If DOT can overcome these levels, it would indicate buyers have returned to the market. In such a scenario, DOT could move towards $5. However, sellers are expected to defend these levels and drive DOT back below $4.50.</p> 
<h2 id="dogwifhat-wif-price-analysis">Dogwifhat (WIF) Price Analysis</h2> 
<p>Dogwifhat (WIF) has made a strong start to the current week, as it aims to shed recent sluggishness in price and establish an upward trajectory. WIF has been quite bearish since August 8 and spent nearly all of last week in the red. By Friday, the price had dipped below $1.50 as WIF lost a crucial support level after a drop of almost 6% to settle at $1.39. However, lower-level demand allowed buyers to prop up the price on Saturday, as WIF registered an increase of 1.92% to settle at $1.42. However, it was back in the red on Sunday as WIF ended the weekend at $1.39, down by almost 2%.</p> 
<p>Source: <a href="https://www.tradingview.com/x/OZ6hnynE/">TradingView</a></p> 
<p>WIF reclaimed $1.40 on Monday as it started the week positively, rising by 3.24% to settle at $1.43. The current session has seen bullish momentum pick up, with WIF up over 10% and trading just below the $1.60 mark. The 20-day SMA is acting as a dynamic resistance level at this level. If WIF can push above this level, we could see a move to $2 materialize. However, it must first get past the 50-day SMA.</p> 
<p>Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p>

Crypto Price Analysis 8-20 BTC, ETH, SOL, BCH, MKR, DOT, WIF

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