If the bulls maintain the price above $1,785, the ETH/USDT pair could gain momentum and push towards the psychological level of $2000. This level may attract selling by the bears, but if the bulls stop the next drop above $1700, the probability of a break above $2000 increases. If that happens, the pair may rise to the downtrend line.
This positive view may be invalidated in the short term if the price drops and breaks below the 20-day EMA ($1,606). The pair can then slide to the 50-day simple moving average ($1362).
BNB / USDT
BNB’s recovery reached its strong strong resistance zone between $338 and $350 as bears are expected to build a strong defense.
BNB/USDT daily chart. Source: TradingView
If the price drops below the current level, the BNB/USDT pair may drop to the 20-day moving average ($289). This is an important level to watch as a strong bounce from it would suggest that positive sentiment remains and that traders are looking at the dips as a buying opportunity.
The bulls will then make another attempt to clear the overhead area. If they succeed, the BNB/USDT pair could pick up more momentum and move higher towards $414. This positive opinion may be invalidated in the short term if the price falls and breaks below the 20 day moving average.
XRP / USDT
Ripple (XRP) price has been compressed between the 20-day moving average ($0.36) and the upper resistance at $0.39 in the past few days. Typically, these narrow bands lead to broadening of the range.
XRP/USDT daily chart. Source: TradingView
The 20-day moving average and the RSI in positive territory indicate the advantage of the buyers. If the bulls push the price and keep it above $0.39, it will signal the start of a new bullish move. The XRP/USDT pair could then rise to $0.48 and later to $0.54.
This positive outlook will be invalidated in the near term if the price falls and breaks below the 20 day moving average. After that, the pair may drop to the 50-day simple moving average ($0.35). This movement will suggest that the pair may spend some time inside the range.
ADA / USDT
Cardano (ADA) rebounded from the 20-day moving average ($0.50) on August 5 and reached the strong overall resistance at $0.55.
ADA/USDT daily chart. Source: TradingView
The 20-day moving average is sloping up and the RSI is in positive territory, indicating that the path of least resistance is to the upside. If the buyers push the price above $0.55, the ADA/USDT could start its march north towards $0.63 and then to $0.70. Bears can be a tough challenge at this level.
To negate this positive opinion, the bears will have to plunge and hold the price below the 50 day simple moving average. This could extend the pair’s stay within the $0.40-$0.55 range for a few more days.
SOL / USDT
Solana (SOL) rose above the 20-day moving average ($40) on August 5 and the bulls frustrated the bears’ attempts to plunge the price back below the level. Buying resumed on August 8 and the bulls will try to push the price to the upper resistance at $48.
SOL/USDT daily chart. Source: TradingView
The 20-day EMA is gradually rising and the RSI is in positive territory, indicating that the bulls have the upper hand. If the buyers push the price above $48, the ascending triangle pattern will complete. The pair could then start a rise to $60 and later to the target pattern at $71.
Alternatively, if the price drops from $48 like the previous two occasions, this will indicate that the bears are aggressively defending the level. This pair may remain stuck inside the triangle for a few more days. A bullish setup will be invalidated by a break below the support line.