Bitcoin (BTC) is struggling to maintain above the psychological level of $60,000, indicating that the bears are active at higher levels. However, analysts do not seem to be worried. Capriole Investments founder Charles Edwards said in a post on X that Bitcoin looks “promising,” but its trend lags behind gold by three months; hence, it needs some time before resuming its up move.
Bitcoin is only in the second phase of its bull cycle, according to Bybit lead tech writer Nathan Thompson. If Bitcoin follows the trough-to-peak ratios of its previous cycles, it could extend its up move till the third quarter of 2025, according to a report by Bybit and BlockScholes, shared with Cointelegraph.
Apart from the Bitcoin rally, several traders are eagerly waiting for the altseason to begin. BitMEX co-founder Arthur Hayes said in a research note that Bitcoin would have to rise above $70,000 and Ether (ETH) above $4,000 for the altseason to begin.
Could Bitcoin rise above its overhead resistance, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin bulls tried to push the price above the moving averages on Aug. 14, but the bears held their ground.
The bears will try to strengthen their position and sink the BTC/USDT pair to the critical support at $55,724. This level is likely to attract solid buying by the bulls. If the price rebounds off $55,724, the bulls will again try to drive the pair above the moving averages. If they succeed, the pair could start a rally to $70,000. The bears are expected to fiercely defend the zone between $70,000 and $73,777.
On the downside, a break and close below $55,724 could signal the start of a deeper correction. The pair may then plunge toward $49,000.
Ether price analysis
Ether (ETH) has continued to rise higher but failed to retest the breakdown level of $2,850, indicating hesitation to buy at higher levels.
The ETH/USDT pair is likely to witness a tough battle near $2,850. If the price turns down sharply from $2,850, it will signal that the bears are trying to flip the level into resistance. The pair could slide to $2,500 and subsequently to $2,300.
On the contrary, if buyers drive the price above $2,850, it will suggest that the markets have rejected the lower levels. The pair may then attempt a rally to the 50-day simple moving average ($3,118), which is likely to attract sellers.
BNB price analysis
BNB (BNB) turned up from $499 on Aug. 12, indicating that the bulls are trying to form a higher low.
The bulls will gain strength if they propel the price above the 20-day exponential moving average ($528). The BNB/USDT pair may then reach the downtrend line, which is likely to act as a stiff resistance. If the price returns from the downtrend line, the bears will again try to sink the pair below $495. If they do that, the next stop is likely to be $460.
Contrarily, a break and close above the downtrend line will suggest that the selling pressure is reducing. The pair may climb to $605 and thereafter attempt a rally to $635.
Solana price analysis
Solana (SOL) has been stuck inside the large range of $116 to $210 for several months, indicating buying on dips and selling on rallies.
The bulls are trying to form a higher low at $141 but they are finding it difficult to push the price above the 20-day EMA ($153). If the price turns down from the 20-day EMA and breaks below $141, the selling could pick up, and the SOL/USDT pair may plummet to $130.
Instead, if the price turns up and breaks above the 20-day EMA, it will suggest that the bulls are trying to make a comeback. There is a minor resistance at $164, but the rally could reach $189 if this level is crossed.
XRP price analysis
The bulls are trying to maintain XRP (XRP) above the 20-day EMA ($0.57), indicating buying on dips.
The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price stays above the 20-day EMA, the XRP/USDT pair may retest the $0.64 resistance. A break and close above this resistance will open the doors for a rally to $0.74.
The 50-day SMA ($0.54) is the crucial support to watch out for on the downside. If it cracks, the pair could sink to $0.46.
Dogecoin price analysis
Dogecoin (DOGE) has been trading below the 20-day EMA ($0.11) for the past few days, but the bears have failed to sink the price below $0.09. This suggests demand at lower levels.
The bulls will try to strengthen their position by pushing the price above the 20-day EMA. If they do that, the DOGE/USDT pair is likely to rally to the downtrend line. This is an important level for the bears to defend because a break above it will suggest that the downtrend could be over.
Alternatively, if the price turns down from the current level or the downtrend line, it will signal that the pair may remain inside the falling wedge pattern for some more time.
Toncoin price analysis
Toncoin (TON) turned up from $6.05 on Aug. 12, indicating that the sentiment has turned positive and the bulls are buying on minor dips.
The momentum picked up after buyers pushed the price back above the 20-day EMA ($6.44) on Aug. 13. A close above the 50-day SMA ($6.94) will clear the path for a rally to $7.65 and then to $8.29. Sellers are expected to pose a strong challenge at $8.29.
If the TON/USDT pair turns down from the current level or the overhead resistance, it will signal that the range-bound action may continue for a few more days. A break below the $6 support will favor the bears.
Cardano price analysis
Cardano (ADA) is trying to pull back, but the failure of the bulls to push the price to the 20-day EMA ($0.36) shows a lack of demand at higher levels.
If the price turns down from the current level and breaks below $0.31, it will suggest that the bears have asserted their supremacy. The ADA/USDT pair could then slump toward the crucial support at $0.24.
Conversely, if buyers drive the price above the moving averages, it will suggest the start of a robust recovery to the downtrend line. Buyers will have to overcome this barrier to indicate the start of a new up move.
Avalanche price analysis
The bulls are struggling to push and maintain Avalanche (AVAX) above the breakdown level of $21.80, indicating selling on rallies.
If the price turns down from the current level or the 20-day EMA ($23.01) and breaks below $19.50, it will suggest that bears are in control. The AVAX/USDT pair could plunge to the support line of the descending channel.
On the other hand, if buyers shove the price above the 20-day EMA, it will signal the start of a stronger recovery. The pair could rise to the 50-day SMA ($25.82) and later attempt a move to the resistance line.
Shiba Inu price analysis
Shiba Inu (SHIB) turned down from the 20-day EMA ($0.000015) on Aug. 11, indicating that the bears are selling on rallies.
A positive sign in favor of the bulls is that they have not ceded much ground to the bears. This increases the likelihood of a rally above the 20-day EMA. The 50-day SMA ($0.000016) may act as a barrier, but it is likely to be crossed. The SHIB/USDT pair may then attempt a rally to the breakdown level of $0.000020.
Contrary to this assumption, if the price turns down and breaks below $0.000012, it will signal that the bears remain in command. The pair may then tumble to $0.000010.
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.
