Bitcoin remains trapped in a monotonous range, its price stagnant and unyielding. But amidst this dreary landscape, certain altcoins are showing signs of cracking under the pressure. The bulls attempted to rouse Bitcoin from its slumber, but their efforts were feeble and short-lived. It seems that both the bulls and the bears are lost in a haze of uncertainty, unable to discern the next move for Bitcoin. Analysts predict that Bitcoin may remain in a state of dormancy until the next bull run in November 2024.
Adding to the gloom, a report by ARK Invest suggests that cryptocurrencies may continue to face obstacles for the remainder of 2023 due to macroeconomic factors such as interest rates, GDP estimates, unemployment, and inflation.
In the midst of this stagnation, the decision of the United States Securities and Exchange Commission on Bitcoin spot exchange-traded fund (ETF) applications looms large for the bullish camp. Additionally, the race for a spot Ether (ETH) ETF has officially begun with filings from VanEck and ARK Invest. More Ether ETF filings are expected in the coming days, according to Bloomberg ETF analyst James Seyffart.
But what does this range-bound action mean for altcoins? Let’s delve into the charts of the top 10 cryptocurrencies to find out.
– Bitcoin: The bulls failed to overcome the 20-day EMA, indicating strong resistance from the bears. However, the lack of selling pressure at lower levels suggests a weakening bearish momentum. A break above the 20-day EMA could pave the way for a recovery towards $28,143, while a breakdown below $24,800 could lead to a downtrend towards $20,000.
– Ether: Ether continues to trade within a narrow range, with the bulls unable to clear the 20-day EMA hurdle. A breakdown below $1,626 could result in a retest of the Aug. 17 low at $1,550, while a break above the 20-day EMA could keep the pair range-bound between $2,000 and $1,626.
– BNB: The bulls attempted to push BNB above the $220 level but were met with resistance from the bears. A breakdown below $211 could lead to a drop towards $200, while a rebound from this support level could signal consolidation between $200 and $220.
– XRP: The failure to start a strong rebound after dipping below $0.50 indicates a lack of demand at higher levels. A break below $0.50 could result in a swift decline towards $0.41, while a break above the 20-day EMA could indicate an attempt to flip $0.50 into support.
– Cardano: Indecision between the bulls and bears is evident in the formation of Doji candlestick patterns. A downside breakdown below $0.25 could lead to a drop towards the critical support at $0.24, while a break above the 20-day EMA could pave the way for a rally towards $0.28.
– Dogecoin: The price remains stuck between the 20-day EMA and the horizontal support at $0.06. The downsloping 20-day EMA and the RSI near 40 suggest an advantage for the bears. A break below $0.06 could result in a descent towards $0.055, while a sustained move above the 20-day EMA could signal a stronger recovery towards $0.07 and eventually $0.08.
– Solana: The sentiment remains negative for Solana, with the bears selling relief rallies to the 20-day EMA. A break below immediate support at $19 could lead to a slump towards $18 and subsequently $16, while a break above the 20-day EMA could pave the way for a potential rally towards $22.30 and $26.
– Toncoin: The 20-day EMA remains a key level to watch in the short term. A rebound from this level could lead to another attempt to break above the overhead resistance at $2.07, while a slip below the 20-day EMA could indicate aggressive profit booking and a potential drop towards $1.53 and the 50-day SMA at $1.44.
– Polkadot: The bears pulled Polkadot below strong support at $4.22 but failed to sustain lower levels. A breakdown below $4 could result in a fall towards psychological support at $4, while a move above the 20-day EMA could signal a climb towards the downtrend line, indicating a potential end to the downtrend.
– Polygon: The bears have been holding their ground, preventing Polygon from breaking above the 20-day EMA. A break below immediate support at $0.53 could lead to a plummet towards vital support at $0.50, while a sustained move above the 20-day