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HomeAltcoinsPrice prediction of top cryptocurrency this week: Read further to know more

Price prediction of top cryptocurrency this week: Read further to know more

The Bitcoin price (BTC) has been striving to reverse course while the S&P 500 continues to shed daily gains. Even if the American financial markets have been dropping steadily since August 26, Bitcoin has held onto the $20,000 level.

However, it indicates that investor interest in Bitcoin is waning. As a result, according to a recent study, assets under management (AUM) for Bitcoin investment products decreased in August, falling 7.16% to $17.4 billion.

As a counterpoint, during the same period of time, the AUM for Ethereum products surged by 2.36% to $6.81 billion, indicating that investors are placing themselves in Ethereum products in advance of the Merge.

BTC/USDT

On August 30, Bitcoin moved from the regression line, although a little upside is that the bulls bought the dip near $19,500. On August 31, the bulls are aiming to raise the price back above the downtrend line.

If they are successful, the 20-day autoregressive moving average (EMA) ($21,325), a crucial mark to watch, could be reached by the BTC/USDT pair on a rise. The bears will try to drag the pair to the range of $18,910 to $18,626 if the price declines from this level. If this area is violated and closed below, a retest of the crucial support level at $17,622 may be possible.

Conversely if the 20-day EMA, the pair could rise to the 50-day simple moving average (SMA) ($22,333). If bulls clear this hurdle, the pair could pick up momentum and rally toward the overhead resistance at $25,211. The bulls have to overcome this barrier to indicate that the bottom may be in place.

ETH/USDT

From $1,422 on August 29, Ether (ETH) moved upward and regained a spot. This indicates that the August 26 collapse might have been a bear trap.

The price is being driven above the moving averages by the bulls. ETH/USDT could reach the upper resistance at $1,700 if they are successful. This is a key mark to observe since a breakthrough and close above it could pave the way for a potential rally to $2,000 in the future.

If the price breaks below $1,422 and reverses from the overhead barrier, this optimistic outlook will be proven false. A move like that might indicate that the recovery is over. Then, the price might drop to $1,280.

XRP/USDT

The $0.32 level has been held by buyers for the last three days, but they have not been able to generate a significant rebound. This implies that there isn’t much of a market for Ripple (XRP) at higher prices.

Bears have a tiny advantage, as seen by the 20-day exponential moving average’s downward slope ($0.34) and the relative strength index (RSI) position in the negative region. The XRP/USDT pair might fall to the crucial support at $0.30 if the price declines from the present level or the 20-day EMA and breaks below $0.32.

In order to prevent the decline from starting up again, the bulls are required to defend this level with all their power. The pair might increase to $0.39 if bulls push the price just above trend lines.

ADA/USDT

Cardano (ADA) on August 29 bounced off $0.42 and reached $0.47, where the bears are setting up a strong block. It will imply that bears continue to sell on tiny rallies if the price moves lower from the current level. The price will then be attempted to fall to the crucial support level of $0.40 by the bears. This level must be watched carefully because a break and closure below it could mark the beginning of the following downtrend leg.

On the other side, if buyers drive the price above the moving averages, which stands at $0.47, it will signal a significant increase in demand for cheaper prices. After that, the ADA/USDT pair can advance toward the downtrend line.

SOL/USDT

Solana (SOL) recovered from $30 and crossed the $32 barrier on August 29 before the bears once more dragged the price down below the level on August 30. This implies that bears are short selling every slight increase.

The 20-day top high of $35 is a key milestone to watch out for in the near term and is being pushed higher by the bulls once more. The SOL/USDT pair may surge to the 50-day $39 if bulls move the price over this level.

The 20-day top high of $35 is a key milestone to watch out for in the near term and is being pushed higher by the bulls once more. The SOL/USDT pair may surge to the 50-day $39 if bulls move the price over this level.

DOGE/USDT

In recent days, the bulls have effectively defended the $0.06 support level, but they were unable to secure a significant comeback off of it. This indicates that Dogecoin’s (DOGE) at higher levels may not have much demand.

A breakdown is more likely when there is a tight holding near to a strong support. If that occurs, the DOGE/USDT pair may begin to fall down toward the low point of June 18 near $0.05. The bulls need to defend this level because a breach and close below it might restart the downtrend.

The latest leg of the corrective phase may be over, on the other hand, if the price moves higher from its current level and breaks above the moving averages. Then, the pair might try to climb to $0.09.

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