Price analysis 8/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, LTC

A tight range typically solves with a variety breakout, and that is what happened in Bitcoin on Aug. 17. Bitcoin (BTC) fell dramatically, resulting in $1 billion in liquidations for derivatives traders, the biggest quantity because the FTX collapse in 2022. It is tough to identify any particular reason for the sell-off, but analysts believe that the confusion occurring from the alleged write-down of SpaceXs $373 million i Bitcoin holdings might have been one of the prospective triggers. Daily cryptocurrency market performance. Source: Coin360Whatever the factor, the decline has begun. The next significant concern uncomfortable financiers is how low could Bitcoin fall. Numerous experts have turned bearish and anticipate Bitcoin to continue its drop in the near term.Will Bitcoin continue to drop, dragging the remainder of the cryptocurrency market with it? What are the crucial assistance levels to watch on? Lets study the charts of the leading 10 cryptocurrencies to discover out.Bitcoin cost analysisBitcoins narrow range dealt with to the disadvantage on Aug. 17, activating a long liquidation, which pulled the price to $25,166. BTC/USDT everyday chart. Source: TradingViewThe bulls are anticipated to defend the $24,800 level with vigor. The oversold level on the relative strength index (RSI) recommends that the BTC/USDT pair might witness a pullback or a combination in the near term.If the price rebounds off $24,800 with strength, it could reach the 20-day exponential moving average (EMA) of $28,786. This is a crucial level to watch on. It will recommend that bears are offering on rallies if the cost turns down from the 20-day EMA. That might increase the likelihood of a break listed below $24,800. The pair may nosedive to $20,000 if that takes place. The very first sign of strength will be a break and close above the 20-day EMA. That will point to a possible combination in the near term.Ether cost analysisEther (ETH) denied and broke below the instant support at $1,816 on Aug. 16, suggesting that the bears are in control.ETH/ USDT daily chart. Source: TradingViewThe selling momentum detected Aug. 17, and the ETH/USDT pair plunged below the crucial assistance at $1,626. Buyers purchased the dip however are having a hard time to construct upon the rebound. This shows a lack of demand at greater levels.The sharp fall has sent out the RSI into the oversold territory, indicating that the selling might have been exaggerated in the near term. The set may witness a combination or a short-term healing in the next few days. That might keep the set stuck inside the big range between $1,626 and $2,000. This view will be invalidated if the rate turns down and plunges below the support at $1,550. That might open the doors for a possible decrease to $1,368.39. BNB rate analysisBNB (BNB) broke and closed below the symmetrical triangle pattern on Aug. 16, suggesting that the bears subdued the bulls.BNB/ USDT daily chart. Source: TradingViewThe offering picked up on Aug. 17, and the BNB/USDT pair plunged listed below the definitive support at $220. If the bulls stop working to push the price back above $220, the bears will try to sink the pair to the pattern target of $196 and then to $183. Instead, if buyers drive the cost back above $220, a healing to the 20-day EMA ($236) is possible. A break above this level will recommend that the breakdown listed below $220 might have been a bear trap. That could keep the set stuck inside the $220 to $265 variety for a while longer.XRP rate analysisXRP (XRP) tumbled below the breakout level of $0.56 on Aug. 17, indicating continued selling pressure from the bears.XRP/ USDT daily chart. Source: TradingViewThe fall in the XRP/USDT set completed a 100% retracement of the whole rally that occurred on July 13. A minor favorable is that the bulls acquired the dip near the strong support zone of $0.45 to $0.41. The healing is likely to strike an obstruction at $0.56 and again at the 20-day EMA ($0.61). If the rate refuses from this overhead zone, it will signify that bears are selling on rallies. That might put the $0.41 support at risk of breaking down.Cardano cost analysisCardano (ADA) dropped listed below the descending channel pattern on Aug. 17, showing that the selling has accelerated.ADA/ USDT day-to-day chart. Source: TradingViewThe bulls effectively secured the crucial support at $0.24, indicating strong purchasing at lower levels. Purchasers will try to push the cost back into the channel. If they manage to do that, the ADA/USDT pair will try to rally to the resistance line of the channel.The increase may not be simple due to the fact that the bulls are likely to deal with costing the 20-day EMA ($0.28). If the price refuses from this level, the set might once again retest the strong assistance at $0.24. A break listed below this level will signify the resumption of the downtrend.Solana cost analysisSolana (SOL) broke below the moving averages on Aug. 16 and the horizontal assistance at $22.30 on Aug. 17. This recommends that the price may oscillate inside the large range in between $14 and $27.12 for some time.SOL/ USDT daily chart. Source: TradingViewThe bulls are trying to begin a recovery, which is most likely to deal with resistance at the moving averages. If the cost turns down from the 20-day EMA ($23.53), the possibility of a fall to $18 and ultimately to $14 increases.On the contrary, if buyers drive the cost above the moving averages, it will recommend that the break listed below $22.30 may have been a bear trap. That could propel the SOL/USDT pair toward the $26 to $27.12 overhead zone.Dogecoin cost analysisDogecoin (DOGE) slipped below the support line of the rising channel pattern on Aug. 15. That may have hit stops on the long positions and brought in selling by the bears.DOGE/ USDT daily chart. Source: TradingViewThe DOGE/USDT set closed listed below the breakout level of $0.07 on Aug. 16, signifying that the bears are in the chauffeurs seat. The selling advanced Aug. 17, and the bears tugged the rate below the important support at $0.06. A minor conserving grace for the bulls was the strong purchasing at lower levels. The rate rose back above $0.06, and the bulls will try to press the rate towards the overhead resistance of $0.07. Sellers are likely to have other strategies. They will attempt to sustain the rate and sink below $0.06. The pair might plunge towards $0.05 if they do that. Related: SpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon MuskPolkadot price analysisThe tight variety trading in Polkadot (DOT) expanded to the disadvantage on Aug. 15. That started a decrease, which nearly reached the vital support at $4.22 on Aug. 17. DOT/USDT everyday chart. Source: TradingViewThe bulls will try to increasingly safeguard the $4.22 assistance, but the recovery is most likely to face strong selling at the 20-day EMA ($4.91). If the price refuses from this level, the bears are anticipated to assault the $4.22 assistance once again. If this level cracks, the DOT/USDT set might start the next leg of the downtrend.Alternatively, if the rate refuses from the 20-day EMA but rebounds off $4.22, it will recommend that the set might consolidate for a few days. The bulls will acquire momentum after the rate rises above the moving averages.Polygon cost analysisPolygons (MATIC) break below the $0.65 assistance brought in aggressive selling, which tugged the rate below the next strong support at $0.60 on Aug. 17. MATIC/USDT everyday chart. Source: TradingViewThe bulls purchased the dip near $0.50, showing strong demand at lower levels. Nevertheless, purchasers may face offering at $0.60 and again at the 20-day EMA ($0.66). If the price declines from the overhead resistance, the MATIC/USDT pair may retest the crucial assistance at $0.50. The pair might slip to $0.45 and then to $0.42 if this support provides method. On the advantage, the bulls will have to kick the rate above the moving averages to indicate that the sag could be ending.Litecoin rate analysisLitecoin (LTC) went into a tailspin after breaking below the support at $81 on Aug. 15. The cost collapsed to $56 on Aug. 17. LTC/USDT everyday chart. Source: TradingViewThe sharp descent of the previous few days has actually sent the RSI into oversold territory. This suggests that a minor recovery or combination is most likely in the near term. The relief rally might deal with selling in the zone in between the 50% Fibonacci retracement level of $70 and the 61.8% retracement level of $74. The LTC/USDT pair might form a variety for a few days if the cost turns down from the overhead resistance. A break and close below the critical level of $56 might extend the decrease to $50. This short article does not include investment recommendations or suggestions. Every financial investment and trading move includes threat, and readers must conduct their own research study when deciding.

Lets study the charts of the leading 10 cryptocurrencies to discover out.Bitcoin rate analysisBitcoins narrow range solved to the downside on Aug. 17, activating a long liquidation, which pulled the rate to $25,166. If the rate turns down from the 20-day EMA ($23.53), the possibility of a fall to $18 and eventually to $14 increases.On the contrary, if buyers drive the rate above the moving averages, it will suggest that the break below $22.30 may have been a bear trap. The cost rose back above $0.06, and the bulls will try to press the cost toward the overhead resistance of $0.07. The bulls will gain momentum after the price increases above the moving averages.Polygon rate analysisPolygons (MATIC) break below the $0.65 support drew in aggressive selling, which yanked the cost listed below the next strong assistance at $0.60 on Aug. 17. On the benefit, the bulls will have to kick the price above the moving averages to indicate that the downtrend could be ending.Litecoin cost analysisLitecoin (LTC) went into a tailspin after breaking listed below the assistance at $81 on Aug. 15.