Price analysis 8/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

When the markets are trending, traders must be active if they wish to make money. On the other hand, in a ranging market, it is much better to wait on the sidelines with persistence or traders might lose cash due to choppy random moves in either direction.Bitcoins (BTC) sideways cost action considering that the sharp fall on Aug. 17 programs that the bulls and the bears are uncertain about the next directional relocation. It is better to wait for the breakout to happen before waging large bets. Daily cryptocurrency market performance. Source: Coin360In the short-term, institutional traders also appear to be taking a cautious approach. A CoinShares report revealed an outflow of $55 million from digital asset investment items for the week of Sept. 13. What are the essential support and resistance levels that need to be crossed for a trending relocate to begin in Bitcoin and altcoins? Lets study the charts of the top-10 cryptocurrencies to discover out.Bitcoin cost analysisThe long tail on Bitcoins Aug. 22 candlestick is a positive sign as it reveals that the bulls are increasingly attempting to protect the assistance at $24,800. BTC/USDT everyday chart. Source: TradingViewHowever, the bulls will stay under pressure till they clear the overheard difficulty at $26,833 and then at the 20-day exponential moving average ($27,777). If both these resistances are overcome, it will suggest that the BTC/USDT set might extend its stay inside the $24,800 to $31,000 variety for a while longer.Although the downsloping 20-day EMA indicates advantage to bears, the oversold levels on the relative strength index (RSI) point to a possible healing in the near term.The bears will need to sink and sustain the cost listed below $24,800 to additional enhance their hold. That could unlock for a possible drop to $20,000. Ether cost analysisEther (ETH) once again dipped listed below the strong assistance at $1,626 but the long tail on the candlestick shows strong purchasing at lower levels.ETH/ USDT day-to-day chart. Source: TradingViewThe onus is on the bulls to drive the rate above the overhead resistance of $1,700. The ETH/USDT set might reach the 20-day EMA ($1,756)if they do that. This stays the crucial level to look out for in the near term.If the price turns down from this level, the bears will once again try to pull the pair listed below the $1,626 to $1,550 assistance zone. If they succeed, the index might begin a down relocation towards $1,368. Contrarily, a break above the 20-day EMA will enhance the prospects of the pair staying inside the $2,000 to $1,626 variety for a few more days.BNB price analysisBNB (BNB) bounced off the mental assistance at $200 on Aug. 17, showing that the bulls are trying to arrest the decrease at this level.BNB/ USDT day-to-day chart. Source: TradingViewThe recovery might reach the 20-day EMA ($227), which is again most likely to function as a formidable difficulty. The bears will make another attempt to sink the BNB/USDT pair listed below $200 if the rate turns down greatly from the 20-day EMA. The pair could slide to $183 if they manage to do that. Rather, if the cost increases above the 20-day EMA, it will recommend that the bears are losing their grip. The set may then rise to the resistance line, which is an essential level for the bears to defend.XRP cost analysisXRP (XRP) refused from the overhead resistance at $0.56 however a small favorable is that the bulls have not permitted the price to skid listed below $0.50. XRP/USDT day-to-day chart. Source: TradingViewThe XRP/USDT pair might consolidate between $0.50 and $0.56 for some time. The downsloping 20-day EMA ($0.58) and the RSI near the oversold area indicate advantage to bears.If the cost breaks listed below $0.50, the set might begin its descent toward the next major assistance at $0.41. That might indicate a range-bound action in between $0.41 and $0.50. Alternatively, if purchasers thrust the cost above the 20-day EMA, it will suggest that bulls are on a comeback. The pair might then increase to the 50-day SMA ($0.63). Cardano rate analysisThe long tail on Cardanos (ADA) Aug. 22 candlestick shows strong need at lower levels. The price is currently stuck inside the variety between $0.24 and $0.28. ADA/USDT everyday chart. Source: TradingViewIf the price plummets below $0.24, the ADA/USDT set might start the next leg of the downtrend. The set could first drop to $0.22 and thereafter to the mental assistance at $0.20. The downsloping 20-day EMA ($0.28) and the RSI in the negative territory suggest that bears have a small edge.This unfavorable view could invalidate in the near term if buyers move the rate above $0.28. The set might begin a relief rally to the 50-day SMA ($0.29) and afterwards to $0.32 if they do that. Solana cost analysisSolana (SOL) plunged listed below the instant assistance at $20 on Aug. 22 but the bulls purchased the dip, indicating demand at lower levels.SOL/ USDT day-to-day chart. Source: TradingViewBuyers will need to press the rate above the 20-day EMA ($22.64) if they wish to restore the situation. Above this level, the SOL/USDT set is likely to select up momentum and attempt a rally to $26. The 50-day SMA ($23.60) could function as a barrier but it is most likely to be crossed.Contrary to this assumption, if the price refuses from the existing level or the 20-day EMA, it will signify that the bears have not quit. That will increase the probability of a break below $19.35. The set may drop to $18 and ultimately to $16 if that occurs. Dogecoin cost analysisDogecoin (DOGE) rebounded off the assistance at $0.06 on Aug. 21 and 22, showing that the bulls are purchasing the dips to this level.DOGE/ USDT day-to-day chart. Source: TradingViewThe bulls are attempting to start a relief rally that could reach the 20-day EMA ($0.07). Sellers are likely to protect this level with vitality. If the cost declines from the overhead resistance, it will recommend that the DOGE/USDT set might remain stuck between the 20-day EMA and $0.06 for some time.Buyers will need to kick the cost above the moving averages to start a rally to the next significant resistance above $0.08. On the drawback, a break and close below $0.06 could signal the start of a down move to $0.05. Related: Heres what the current Bitcoin price correction revealsPolkadot price analysisThe bears attempted to pull Polkadot (DOT) below the important assistance at $4.22 however the bulls held their ground as seen from the long tail on the Aug. 22 candlestick.DOT/ USDT daily chart. Source: TradingViewThe 20-day EMA ($4.73) is declining and the RSI remains in the negative zone, suggesting that bears hold the edge. If purchasers wish to signal a resurgence, they will need to propel the cost above the overhead zone in between $4.56 and the 20-day EMA. Meanwhile, the bears are likely to have other plans. They will try to offer on small rallies and pull the cost below $4.22. The DOT/USDT set could start the next leg of the drop if they succeed. The next support is at $4. Polygon cost analysisPolygon (MATIC) snapped back from $0.53 on Aug. 22, indicating that the bulls are attempting to keep the price above the crucial support at $0.51. MATIC/USDT day-to-day chart. Source: TradingViewThe bulls have their task eliminated because they are most likely to deal with strong selling at $0.60. If the price denies from this resistance, it will suggest that bears are active at higher levels. That might keep the MATIC/USDT set stuck inside the $0.51 to $0.60 variety for a couple of days.A break and close listed below $0.50 will signify the resumption of the drop. The set might then tumble to $0.45 and later on to $0.42. On the contrary, a rally above $0.60 could set up a rally to $0.65 and after that to $0.69. Shiba Inu price analysisShiba Inu (SHIB) fell listed below the 50-day SMA ($0.0000084) on Aug. 20 however the bulls did not allow the price to retest the essential support at $0.0000072. SHIB/USDT daily chart. Source: TradingViewThe solid bounce on Aug. 22 shows strong buying at lower levels. The bulls will next attempt a rally above the moving averages. The SHIB/USDT set may choose up momentum and skyrocket towards $0.000011 if they can pull it off. Alternatively, if the cost rejects from the moving averages, it will recommend that the bears remain in control. The set might then collapse to the strong support at $0.0000072 and subsequently to $0.0000064. This post does not contain financial investment guidance or recommendations. Every financial investment and trading relocation involves risk, and readers need to conduct their own research when making a choice.

The set might then rise to the resistance line, which is a crucial level for the bears to defend.XRP rate analysisXRP (XRP) turned down from the overhead resistance at $0.56 however a minor favorable is that the bulls have not permitted the rate to skid listed below $0.50. If the cost turns down from the overhead resistance, it will suggest that the DOGE/USDT set might stay stuck in between the 20-day EMA and $0.06 for some time.Buyers will have to kick the rate above the moving averages to start a rally to the next significant resistance above $0.08. Related: Heres what the most current Bitcoin rate correction revealsPolkadot cost analysisThe bears attempted to tug Polkadot (DOT) listed below the important assistance at $4.22 but the bulls held their ground as seen from the long tail on the Aug. 22 candlestick.DOT/ USDT daily chart. Polygon price analysisPolygon (MATIC) snapped back from $0.53 on Aug. 22, suggesting that the bulls are trying to keep the cost above the crucial assistance at $0.51. Shiba Inu cost analysisShiba Inu (SHIB) fell below the 50-day SMA ($0.0000084) on Aug. 20 however the bulls did not allow the cost to retest the important support at $0.0000072.