Cryptocurrencies Reviews for September 2023
Bitcoin bulls are again having a go at the overhead resistance of $31,000. The bullish sentiment may get a boost from the United States inflation report, which showed signs of slowing inflation. Economists were expecting the year-on-year Consumer Price Index to rise 3.1%, but the June print came in at 3%. The month-on-month increase of 0.2% was also less than forecast. This suggests that the Federal Reserve’s rate hikes are having the desired effect. That may limit future rate hikes by the Fed. Supported by macroeconomic conditions, institutional investors seem to be turning positive on cryptocurrencies, especially Bitcoin. A CoinShares report published on July 10 showed inflows of $136 million into digital investment products in the past week. That brings the total inflows of three consecutive weeks to $470 million, indicating a positive outlook.
Bitcoin turned down from the overhead resistance at $31,000 on July 10, but a positive sign is that the bulls did not allow the price to dip below the 20-day exponential moving average (EMA) of $30,012. The upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If buyers drive and sustain the price above $31,000, the BTC/USDT pair is likely to start the next leg of the uptrend. The pair could ascend to $32,400, where the bears are expected to again mount a strong defense. If bulls do not allow the price to fall below the 20-day EMA, the pair is likely to soar toward $40,000. Time is running out for the bears. If they want to make a comeback, they will have to quickly pull the price below $29,500. That could start a decline to the 50-day simple moving average (SMA) of $28,312.
Ether once again bounced off the 50-day SMA ($1,843) on July 10, indicating that the bulls are fiercely guarding this level. The price turned up and closed above the 20-day EMA ($1,874), indicating that the bulls are trying to make a comeback. If buyers drive the price above $1,906, the ETH/USDT pair could attempt a rally to the overhead resistance at $2,000. This level is likely to witness strong selling by the bears. The crucial support to watch on the downside is the 50-day SMA. If this level gives way, it could pave the way for a deeper correction to $1,700.
The bulls tried to thrust XRP above the 20-day EMA ($0.48) on July 10, but the bears held their ground. The bulls will have to cross the roadblock at the 20-day EMA and then at the 50-day SMA ($0.49) to gain the upper hand. If they do that, the XRP/USDT pair could pick up momentum and surge to $0.53 and eventually to $0.56. On the contrary, if the price turns down sharply from the current level, it could retest the strong support at $0.45. This level has held on two previous occasions; hence, the bulls are expected to defend it aggressively. If the buyers fail in their endeavor, the pair may collapse to $0.41.
The price action of the past few days has formed a symmetrical triangle in BNB. This suggests indecision between the bulls and the bears. The symmetrical triangle usually behaves as a continuation pattern, but in some cases, it turns into a reversal setup. If buyers kick and maintain the price above the triangle, it will suggest a possible trend reversal. The BNB/USDT pair could rise to $265 and thereafter sprint to the pattern target of $293. Contrarily, if the price turns down and slips below the 20-day EMA ($242), it will suggest that the pair may spend some more time inside the triangle. The bears will have to yank the price below the support line to seize control.
Cardano rose above the 20-day EMA ($0.29) on July 11, indicating that the bulls are buying at lower levels. The flat 20-day EMA and the RSI near the midpoint indicate a balance between supply and demand. This advantage will tilt in favor of the buyers if they shove the price above the 50-day SMA ($0.31). The ADA/USDT pair could then start a rally to $0.38. Alternatively, if the price turns down from the overhead resistance, it will suggest that the bears have not given up yet. The pair could then oscillate between the 50-day SMA and the uptrend line for some time. A slide below the uptrend line will give the edge to the bears in the near term.
Dogecoin is struggling to rise above the 20-day EMA ($0.07), but a positive sign is that the bulls have not ceded ground to the bears. The flattening 20-day EMA and the RSI just below the midpoint suggest range-bound action between $0.06 and $0.07 for some time. If bulls propel the price above the moving averages, the bulls will try to overcome the obstacle at $0.07. If they can pull it off, the DOGE/USDT pair may climb to $0.08. The bears will gain the upper hand if they sink and sustain the price below the crucial support at $0.06. The pair may then tumble to $0.05.
Solana is facing resistance at $22.30, but a positive sign is that the bulls have not given up much ground. This suggests that the buyers expect the rally to continue. The upsloping 20-day EMA ($19.73) and the RSI in the overbought territory indicate that the bulls are in command. A break and close above $22.50 could start the next leg of the up move. The SOL/USDT pair could then attempt a rally to $27.12. There is a minor resistance at $24, but it is likely to be crossed. The first support on the downside is at the 20-day EMA and then at the 50-day SMA ($18.55). Buyers are expected to defend this zone with vigor.
Bitcoin has been correcting inside the descending channel pattern for the past several weeks. The 20-day EMA ($26,389) is flattening out and the RSI has climbed to the midpoint, indicating that the selling pressure could be reducing. Buyers will try to push the price to the resistance line of the channel. This is an important level for the bears to defend because a break and close above it could start a new up move. Alternatively, if the price turns down sharply from the current level, it will suggest that bears continue to sell on rallies. The BTC/USDT pair could then retest the strong support zone between $25,250 and $24,800.
Ether’s attempt to start a recovery is facing selling at the 20-day EMA ($1,766), but a minor positive is that the bulls have not allowed the price to slip back below $1,700. If the price turns up from $1,700, the ETH/USDT pair will again attempt to rally above the 20-day EMA. If that happens, it will suggest that the short-term corrective phase may be over. The pair may first rise to $1,928 and subsequently to $2,000. Contrarily, if the price turns down from the current level and breaks below $1,700, it will indicate that bears remain in command. There is minor support at $1,600, but if this level gets taken out, the pair may plunge to $1,352.
BNB’s relief rally is facing selling at the 38.2% Fibonacci retracement level of $252.50, but a positive sign is that the bulls have not given up much ground. The bulls will again try to thrust the price above the overhead resistance zone between $252.50 and the 20-day EMA ($259). If they can pull it off, the BNB/USDT pair may climb to the 61.8% retracement level of $272.50. The bears are expected to fiercely protect this level. Contrary to this assumption, if the price turns down from the current level or the overhead resistance, it will suggest that the bears are not ready to give up their hold. The pair could then once again drop to the critical support at $220.
The bears repeatedly pulled XRP below the 50-day SMA ($0.47) between June 14 and 17, but they could not sustain the lower levels. This suggests buying on dips. The bulls are trying to push the price above the 20-day EMA ($0.49). If they achieve that, it will indicate that the XRP/USDT pair may swing between the 50-day SMA and $0.56 for some more time. The flattening 20-day EMA and the RSI near 50 also point to a possible consolidation in the short term. If bears want to remain on top, they will have to quickly tug the price below $0.45. That could accelerate selling and sink the pair to $0.41.
The bulls are struggling to start a relief rally in Cardano even though the RSI is at deeply oversold levels. The bears are trying to sink the price to the vital support at $0.24. This is important support to keep an eye on because if it cracks, the ADA/USDT pair may skid to $0.22 and then extend the decline to $0.20. Buyers are likely to have other plans. They will try to guard the zone between $0.24 and $0.22 with vigor. If the price turns up from this zone, it will suggest that the pair may consolidate between $0.24 and $0.30 for a while. The first sign of strength will be a break and close above the 20-day EMA ($0.30).
Bitcoin and altcoins witnessed a sharp sell-off on the news that the United States Securities and Exchange Commission (SEC) filed a suit against Binance in U.S. district court for unregistered securities operations. BTC and most major altcoins, as traders could prefer to remain on the sidelines for a few days until some clarity emerges. Another upcoming event that could keep the investors at bay is the Federal Reserve’s meeting on June 14. Although the short-term picture is uncertain, Glassnode data shows that the largest cohort of Bitcoin whales, owning at least 10,000 Bitcoin, has been on an accumulation spree for the past few days. On the other hand, all the other major cohorts have been in a distribution phase. What are the important support levels that could start a recovery in Bitcoin and the major altcoins? Let’s study the charts to find out.
Ether broke above the falling wedge pattern on May 28 and successfully held the retest on June 1, but the bulls failed to start a new up move. This gave an opportunity to the bears to make a comeback. Sellers tugged the price below the moving averages on June 5, which accelerated the selling. The ETH/USDT pair tumbled below the resistance line of the wedge pattern. If this level fails to hold, the next stop could be $1,740 and then the support line. This negative view will invalidate in the near term if the price turns up and breaks above $1,928. The pair could then surge to $2,000 and eventually to $2,200, where the bears may again mount a strong defense.
BNB’s narrow range trading resolved to the downside on June 5. The sharp selling pulled the price below $300 and the next support at $280. The BNB/USDT pair could drop to $265, which is an important level to keep an eye on. If the price turns up from $265 and rises above $280, it will indicate strong buying at lower levels. The pair may then rise to the 20-day EMA ($306), where the bulls are likely to encounter aggressive selling by the bears. On the downside, a break and close below the $265 support could start a new downtrend. The pair may plunge to $240 and then to $220.
XRP has been oscillating inside a large range between $0.56 and $0.30 for the past several months. Generally, in such a well-defined range, traders buy at the support and sell close to the overhead resistance. The XRP/USDT pair turned down from the overhead resistance on June 4, indicating profit-booking by the bulls and short positions by the aggressive bears. If the price turns up from the 20-day EMA ($0.49), it will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then make one more attempt to clear the overhead hurdle. Alternatively, if the price dips below the moving averages, it will suggest that the pair may remain stuck inside the range for a while longer.
The long wick on Cardano’s June 4 candlestick shows that the bears successfully halted the relief rally at the 50-day SMA ($0.38). The ADA/USDT pair turned down sharply on June 5 and plummeted below the uptrend line of the ascending channel pattern. This move invalidated the bullish setup, and the pair may next descend toward the critical support at $0.30. If bulls want to prevent the downward move, they will have to quickly push the price back into the channel. Such a move will suggest that the pair has rejected the lower levels. The upside momentum could pick up on a break above $0.39.
Bitcoin reached the 20-day exponential moving average (EMA) of $27,278 on May 23, but the bulls could not pierce this resistance. The failure to do that attracted aggressive selling by the bears on May 24. The bears are trying to sustain the price below the immediate support at $26,631. If they are successful, the BTC/USDT pair could plummet to the vital support at $25,250. This level may again witness a tough battle between the bulls and the bears. If the bears come out on top, the selling could intensify, and the pair may collapse to the psychologically important level of $20,000. The 20-day EMA remains the key resistance for the bulls to conquer if they want to start a sustained recovery. A short-term trend change is likely to be signaled after the bulls kick the price above the resistance line.
Ether surged above the 20-day EMA ($1,830) on May 23, but the bulls could not continue the up move on May 24. The bears pulled the price back below the 20-day EMA on May 24. This suggests that the ETH/USDT pair may continue to trade inside the falling wedge pattern for a few more days. A break below the wedge will indicate the start of a deeper correction. The first support on the downside is $1,600, but if this level fails to hold, the pair may slump to $1,352. Conversely, if the price turns up and breaks above the wedge, it will signal the start of a new up move. The pair could first rise to $2,000 and thereafter to $2,200.
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Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 96% | 2 | $26 900.03 | -0.72% | 1.38% | $524 536 249 875 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 94% | 3 | $1 667.19 | 0.60% | 4.76% | $200 456 859 321 |  |
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| 3 |  USDT |
Tether predictions | 91.2% | 1 | $0.999922 | -0.02% | -0.01% | $83 270 117 769 |  |
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| 4 |  BNB |
Binance Coin predictions | 94.8% | 2 | $215.62 | 0.18% | 2.51% | $33 172 815 466 |  |
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| 5 |  XRP |
XRP predictions | 92.8% | 8 | $0.534805 | 5.33% | 4.41% | $28 511 729 803 |  |
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| 6 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000077 | -0.02% | 0% | $25 132 883 987 |  |
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| 7 |  STETH |
Lido stETH predictions | 91.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 8 |  WTRX |
Wrapped TRON predictions | 86% | 26 | $0.088990 | 3.76% | 6.26% | $9 048 152 654 |  |
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| 9 |  DOGE |
Dogecoin predictions | 90.4% | 6 | $0.062031 | 1.02% | 1.05% | $8 759 443 620 |  |
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| 10 |  ADA |
Cardano predictions | 90% | 7 | $0.249169 | -0.11% | 2.20% | $8 752 932 991 |  |
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| 11 |  SOL |
Solana predictions | 86.8% | 18 | $20.26 | 2.83% | 4.73% | $8 363 109 994 |  |
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| 12 |  TRX |
TRON predictions | 85.6% | 22 | $0.089512 | 3.56% | 7.38% | $7 973 262 569 |  |
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| 13 |  TON |
Toncoin predictions | 62.8% | 84 | $2.21 | -1.95% | -4.23% | $7 568 826 083 |  |
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| 14 |  DAI |
Dai predictions | 94% | 1 | $0.999857 | -0.04% | 0.06% | $5 347 122 665 |  |
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| 15 |  DOT |
Polkadot predictions | 93.2% | 7 | $4.08 | 0.11% | 1.80% | $5 015 443 173 |  |
