Coinbry

  • Market Cap: $2,058,418,607,113.67
  • 24h Vol: $99,660,843,350.23
  • BTC Dominance: 49.16%
Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), and TON Price Analysis on 8/25

Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), and TON Price Analysis on 8/25

Bitcoin and altcoins faced further losses after comments from the Federal Reserve suggested that interest rate hikes could continue into 2024. Federal Reserve Chair Jerome Powell cautioned that inflation remains high and the central bank is open to raising rates further if necessary. This strengthened the narrative that interest rates will remain higher for longer. However, US equities markets recovered from their intraday lows, leaving traders uncertain about future market movements.

– Bitcoin’s price action is expected to follow its previous halving cycles, with a potential rise to $35,000 by April 2024 and a rally to $148,000 thereafter.

– Bitcoin turned down from overhead resistance at $26,833, indicating continued selling pressure from bears. The price remains stuck in a range between $26,833 and $24,800.

– Ether broke above the overhead resistance of $1,700 but failed to sustain higher levels, suggesting strong selling pressure from bears. The price remains under the control of bears, with a potential downward move towards $1,368.

– BNB’s recovery hit a roadblock at the breakdown level of $220, indicating bearish sentiment. Bears may try to push the price towards the psychological support at $200.

– XRP’s bounce off the $0.50 support was unable to reach the overhead resistance at $0.56, indicating weak demand at higher levels. Bears may try to pull the price below $0.50, potentially leading to a downward slide towards $0.41.

– Cardano successfully defended the $0.24 support but struggles to overcome the obstacle at $0.28, suggesting selling pressure from bears. Bears may try to sink the price towards the support of the range at $0.24.

– Solana turned down from the breakdown level of $22.30, indicating bearish sentiment. Bears may try to pull the price below immediate support at $19.35, potentially leading to a slump towards $18 and $16.

– Dogecoin’s long wick on August 23 shows continued selling pressure from bears. If the price skids below the critical support at $0.06, it suggests bearish control, potentially leading to a retest of the long-term support near $0.05.

– Polkadot has been trading inside a tight range between $4.22 and $4.56, with bulls defending the support at $4.22. Bulls may attempt a break above the resistance at $4.56, potentially leading to a rise towards the 20-day EMA at $4.68.

– Polygon has been gradually drifting lower towards the vital support at $0.51, indicating bearish pressure. If the support at $0.51 breaks, selling could intensify towards $0.45.

– Toncoin has been forming an inverse head-and-shoulders pattern, which will complete on a break above $1.53. Bulls are showing signs of a comeback, with a potential target of $1.91.

In summary, Bitcoin and altcoins faced losses after comments from the Federal Reserve, with interest rate hikes expected to continue. Bitcoin remains stuck in a range, while altcoins face selling pressure from bears. Bulls will need to defend key support levels to prevent further declines.

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