In the $25,000 range, Bitcoin is looking for stability. In the meantime, the prices of HBAR, OP, INJ, and RUNE appeared to be headed higher.
As a result of Bitcoin's 11% weekly decline to BTC$26,042, trader mood has become pessimistic. Even though Bitcoin is finding support close to $25,000, many analysts anticipate another leg down to the critical $20,000 level.
The decline is not exclusive to the markets for cryptocurrencies. The American stock market had a dismal week as well. Both indices recorded a three-week losing skid as the Nasdaq Composite sank approximately 2.6% and the S&P 500 Index dropped roughly 2.1%. This shows that traders are in a short-term risk-off mentality.
The fact that numerous cryptocurrencies fell along with Bitcoin suggests a widespread sell-off. However, a few alternative currencies have stood out amid the sea of red, either by rebounding off intense support levels or continuing their upward trend.
Let's look at the price histories of the five best cryptocurrencies to see if they can buck the current downtrend over the next few days.
Price Predictions for Bitcoin
For the previous few days, the price of Bitcoin has been range-bound between $24,800 and $31,000. The price has dropped close to the range support after failing to hold above the resistance.
The relative strength index (RSI) has entered an oversold area due to the recent decline, suggesting a rebound may be imminent. The 20-day exponential moving average ($28,309) could be reached if the price increases from its current position. The rallies to this level are likely to be sold by the bears.
The critical support level at $24,800 may once again be reached by the BTC/USDT pair if the price declines from the 20-day EMA. If this support fails, the pair might begin to decline to $20,000 if so.
On the upside, the pair may prolong its stay inside the range for a few more days if it breaks and closes above the 20-day EMA. For a new up-move to begin, the bulls must drive and maintain the price above $31,000, which seems unlikely.
On the four-hour chart, the RSI is in oversold territory, and both moving averages are sloping downward, indicating that bears are in control. The pair may again test the support area between $25,166 and $24,800 if the price declines from the 20-day EMA.
On the other hand, a break and close above the 20-day EMA may indicate that the bears are losing ground. That might spark a rally to the $27,200 50% Fibonacci retracement level and subsequently to the $27,680 61.8% retracement level.
Price study of Hedera
On August 15, Hedera HBAR$0.06 moved downward from the overhead resistance at $0.078, suggesting that bears are at higher levels. However, the purchasers' purchase of the dip to the 50-day SMA ($0.054) gave the bulls a slight advantage.
The fact that both moving averages are trending upward and the RSI is positive suggests buyers are in control. The overhead barrier at $0.078 is where the bulls will attempt to push the HBAR/USDT pair again. If this barrier is overcome, the pair may increase to $0.093 and ultimately to $0.099.
Instead, it will indicate that bears continue to sell on rallies if the price declines and breaks below the 20-day EMA. The support at the uptrend line may then be tested again by the pair. If this level is broken, a slide to $0.045 and eventually $0.040 may follow.
Price Study of Optimism
Optimism (OP) broke below the moving averages but found support at the uptrend line. This suggests demand at lower levels.
The 20-day EMA ($1.51) acts as resistance despite the price having rallied off the uptrend line. The likelihood of a rally over the 20-day EMA will rise if the price does not go below the uptrend line. IF THAT OCCURS, the OP/USDT pair may increase the overhead barrier to $1.88.
In contrast to this presumption, it will indicate that bears have taken control if the price declines and breaks below the uptrend line. The pair's price might drop to $1.21 and then $1.09.
According to the four-hour chart, the bears are attempting to stop the recovery at the 50-day SMA. The uptrend line will be the next stop if the price falls below the 20-day EMA. Breaking through this support could signal the beginning of a more profound collapse.
In contrast to this presumption, the beginning of a relief rally to $1.61 will be signaled if the price moves upward from the current level and surpasses the 50-day SMA. If this threshold is crossed, the pair might rise as high as $1.71.
Price study of Injective
The recent price movement of Injective (INJ) has shaped a bullish ascending triangle pattern, suggesting that buyers may have a minor advantage.
On August 17, the bears forced the price below the triangle's uptrend line, but the candlestick's lengthy tail indicates strong buying at reduced prices. On August 18, the bulls successfully drove the price over the 20-day EMA ($7.73) and have maintained that level ever since. According to this indication, the 20-day EMA may be being turned into support by the bulls.
The 50-day SMA ($8.16) must be broken for the bulls to regain market control. Prices can rise to $10. If the price declines and breaks below the uptrend line, this optimistic outlook may become worthless shortly. After that, the INJ/USDT pair might fall to $5.40.
The bulls are ferociously guarding this level, as evidenced by the four-hour chart's sharp bounce off the uptrend line. The rebound will likely run into selling at the overhead resistance of $8.33.
Bulls are still buying on dips if the price declines from the current level or the above resistance but reverse course off the 20-day EMA. The likelihood of a break over $8.33 will be improved by this. The price of the pair might increase to $8.83 and then $9.50 if this resistance is broken.
Breaking and closing below the 50-day SMA will be the first indication of weakness. That can cause the pair to fall to the critical uptrend line level. The pair's price could fall to $6.50 if this level fails.
Price study of THORChain
Most alternative currencies are struggling, but THORChain RUNE$1.66 has risen recently.
The lengthy wick on the candlestick from August 19 shows that the upward movement is up against selling at the overhead resistance at $2. The RSI has entered a severely overbought zone due to the recent rapid advance, suggesting a consolidation or minor correction is possible.
It will improve the likelihood of a break above $2 if the bulls do not lose much ground from the current level. IF THAT OCCURS, the RUNE/USDT pair may begin its march toward $2.30 and later $2.60.
On the other hand, a deeper correction to the 20-day EMA ($1.33) will begin if the price falls below $1.41.
The four-hour chart's two moving averages are rising upward, and the RSI is in the overbought region, showing that bulls are in control. The pair may retest the crucial resistance at $2 if the price remains above $1.80.
On the other hand, a drop to the 20-day EMA is probable if the price falls below $1.80. Indicating that traders are still buying on dips and that the sentiment is still favorable is a significant bounce off of this level. That will raise the likelihood of a $2 rally.
The price will indicate that traders are selling on rallies if it breaks below the 20-day EMA. The pair may fall to $1.38, and the 50-day SMA is due to this.
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