Price analysis 8/28: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB – Cointelegraph

Bitcoin (BTC) continues to experience random and volatile price fluctuations within a range of $55,724 to $73,777. It is difficult to predict the direction of a breakout from this range, but long-term investors remain bullish. According to data from CryptoQuant, net outflows from exchanges on August 27 were approximately 45,000 Bitcoin, the third-highest outflow ever.

In addition to Bitcoin, investors seem to be eager to accumulate Ether (ETH), but price fluctuations have been muted. Popular analyst Satoshi Sniper highlighted in a post on X that Ether whales have added 200,000 ETH worth about $540 million in the past four days.

But Mike McGlone, senior commodity strategist at Bloomberg Intelligence, suggested the risk asset race “may be over” in his latest analysis on X. Bitcoin peaked at 15 times the S&P 500 (SPX) in the first quarter of 2020 and a high of 14 times in 2024, according to McGlone. He predicts it could fall 50% toward 7 times the S&P 500.

Will Bitcoin plummet to $55,724 or rise to $65,000? How will altcoins fare? Let's analyze the charts of the top 10 cryptocurrencies to find out the answers.

Bitcoin Price Analysis

Bitcoin’s failure to break out of $65,000 on Aug. 25 suggested demand dried up at higher levels, which triggered a pullback and a drop below the moving averages on Aug. 27.

The bulls are attempting to make a higher low at $58,000, but the relief rally is likely to face selling at the moving averages. If the price continues to fall or turns down from the 20-day exponential moving average ($60,9046), it will suggest that the bears remain in control. The BTC/USDT pair can then drop to $55,724.

The moving averages are a short-term resistance level to watch out for. If the buyers overcome this hurdle, the pair can retest the resistance at $65,000. A close above this level will signal that the bulls have gained the upper hand.

Ether Price Analysis

Ether has turned down from the breakdown level of $2,850 on August 24, indicating that the bears have turned this level into a resistance level.

The selling intensified after the ETH/USDT pair closed below the 20-day EMA ($2,670) on August 26. The bears will now attempt to sink the price to the solid support at $2,300. This level is a key one to watch out for as a breakdown below it could lead to a retest of the August 5 intraday low of $2,111.

If the price rises from the current levels or bounces off $2,300, it will signal demand at lower levels, so the pair may remain within the $2,300 to $2,850 range for a few days.

BNB Price Analysis

BNB (BNB) has been trading in a wide range of $460 to $635 for several months, indicating buying on dips and selling on rises.

Both the moving averages are flattening out and the RSI is slightly below the midpoint, which indicates that the range-bound action might continue for some time. If the price sustains below the moving averages, the bears might try to sink the BNB/USDT pair to the support zone of $495-$460.

Conversely, if buyers push the price above the moving averages, a rally to $600 and then $635 will increase. The next trend will begin if the price breaks above $635 or drops below $460.

Solana Price Analysis

Solana (SOL) turned down on August 27 and fell below its moving averages, suggesting that higher levels are attracting sellers.

The bulls will try to contain the fall at the support zone of $129 to $136. If the price bounces off the support zone, it is likely to face selling at the moving averages. If the price turns down and sinks below $129, the next stops are expected to be at $116. The buyers will defend this level vigorously.

If the bulls want to gain the upper hand, they need to push and sustain the price above $164, which can carry the SOL/USDT pair to $189.

XRP Price Analysis

XRP (XRP) has been trading between $0.64 and $0.54 over the past few days, indicating that bulls are buying at the lower levels.

The bulls will likely try to propel the price above the moving averages, which could carry the XRP/USDT pair to the overhead resistance at $0.64. This will be a tough hurdle to overcome, but if the bulls prevail, the pair can rise to $0.74.

Conversely, if the price turns down from the 20-day EMA ($0.58), the bears will again attempt to sink the price below $0.54. If successful, the decline can begin towards $0.46.

Dogecoin Price Analysis

Dogecoin (DOGE) turned around from the 50-day SMA ($0.11) on August 24 and fell below the 20-day EMA ($0.10) on August 26.

The DOGE/USDT pair is trying to find support in the $0.10 to $0.09 zone. Buyers need to push and sustain the price above the descending wedge to suggest that the downtrend is over. After that, the pair might attempt to rise to $0.14.

On the other hand, if the price sinks below the support zone, it will suggest that the bears have the upper hand and the pair can drop to the strong support at $0.08 and then to the support line.

Toncoin Price Analysis

Toncoin (TON) fell sharply from the 50-day SMA ($6.58) on August 24 and fell below the support of $5.26 on August 26.

Both the moving averages have started to decline and the RSI is in the negative territory, indicating that the bears have the upper hand. The TON/USDT pair can fall to the critical support at $4.72. If the support is broken, the pair will complete a bearish head-and-shoulders pattern, so the buyers will try to defend this level with all their might.

This negative view will be invalidated in the short term if the price continues to rise and surpasses the moving averages.

Related: Can Bitcoin achieve a monthly green close above $64.3K?

Cardano Price Analysis

Cardano (ADA) turned down on August 26, sinking below the 50-day SMA ($0.38), indicating demand dried up at higher levels.

The ADA/USDT pair continued to fall and fell below the 20-day EMA ($0.36) on August 27. There is minor support at the ascending trend line, below which the pair can drop to $0.31.

Conversely, if the price turns up from the current level or the ascending trend line, the bulls will again try to push the pair above the 50-day SMA. If that happens, it will increase the chances of a move up to the descending trend line. The buyers need to clear this hurdle to signal a potential trend change in the short term.

Avalanche Price Analysis

Avalanche (AVAX) turned down from the resistance line of the descending channel pattern on August 25, suggesting that the bears are aggressively defending the level.

The price has reached the 20-day EMA ($23.89), which is a key level that the bulls should defend. If the price bounces back strongly from the current levels, it will suggest buying at the lower levels. If that happens, the prospects of a rise above the channel will improve. The AVAX/USDT pair can then rally to $33 and above $37.

Alternatively, if the price sinks below the 20-day EMA, the pair can drop to $19.50, suggesting a further extension inside the channel.

Shiba Inu Price Analysis

The failure of the bulls to sustain Shiba Inu (SHIB) above the 50-day SMA ($0.000015) triggered selling by short-term traders.

The SHIB/USDT pair turned down from the 50-day SMA on August 25 and then fell below the 20-day EMA ($0.000014) on August 27. The buyers are trying to gain support at the uptrend line but if the bears prevail, the pair can drop to $0.000012. This level is expected to act as a strong support again.

Bulls will need to push and sustain the price above $0.000016 to signal the start of a sustainable recovery towards $0.000020.