Bitcoin led the cryptocurrency markets higher on Aug. 29 following Grayscale’s victory in the lawsuit against the United States Securities and Exchange Commission (SEC). The victory may prove to be bullish for Grayscale as Glassnode analysts speculate that the Grayscale Bitcoin Trust (GBTC) could return to a premium next year.
However, analysts cautioned that the victory did not guarantee the approval of a spot Bitcoin exchange-traded fund (ETF). This was highlighted by the fact that GBTC has been trading at a discount to the spot Bitcoin price for the past two and a half years.
In the short term, the crypto markets were unable to sustain the higher levels despite the recovery of the S&P 500 Index and the downturn of the U.S. Dollar Index. This indicates that traders have maintained their focus on crypto-specific news.
To assess the current market conditions, let’s study the charts of the top 10 cryptocurrencies.
Bitcoin’s price analysis shows that the range has resolved to the upside with a sharp breakout on Aug. 29. This suggests that the price is likely to oscillate inside the large range between $24,800 and $31,000 for a few days. The 20-day exponential moving average (EMA) is flattening out, indicating reducing selling pressure. Buyers will try to defend the breakout level of $26,833, signaling a potential rally to $31,000.
Ether’s price analysis indicates that the momentum picked up on Aug. 29, and the bulls propelled the price above the 20-day EMA. However, the price turned back below the 20-day EMA on Aug. 30, suggesting that bears have not yet given up. If the price turns up and climbs back above the 20-day EMA, the pair may reach the overhead resistance at $1,816.
BNB’s price analysis shows that the relief rally is facing resistance at the 50-day SMA, indicating that downward selling pressure is reducing. If the price turns up from the current level, the pair could rally to the resistance line. On the downside, if the price slides below $220, it will indicate that bears remain in control.
XRP’s price analysis indicates that the downsloping 20-day EMA and the negative RSI indicate that bears have the upper hand. Sellers will try to sink the price below the strong support at $0.50, which may send the pair to $0.41. On the other hand, buyers will have to sustain the price above $0.56 for a sustained recovery.
Cardano’s price analysis shows that the price remains stuck inside the range between $0.24 and $0.28, with the next support at the uptrend line. If the price rebounds off this level, it will enhance the prospects of a rally above $0.28.
Dogecoin’s price analysis suggests that the bulls are struggling to sustain the price above the 20-day EMA. The pair may consolidate between the 20-day EMA and the support at $0.06.
Solana’s price analysis shows that the bears are trying to make a comeback as the recovery hit a roadblock at the 20-day EMA. If the bears pull the price to $19.35, the pair could start a downward move to $18 and then to $16. On the other hand, the bulls will try to build upon the recovery by pushing the price above the overhead resistance at $22.30.
Toncoin’s price analysis suggests a potential trend change as it soared above the neckline of the inverse head-and-shoulders pattern. If the price bounces off $1.53, it will suggest a move toward the pattern target of $1.91. However, the bears will have to sink the price back below $1.53 to prevent the rally.
Polkadot’s price analysis indicates possible range-bound action in the near term as the price remains below the 20-day EMA. If the price breaks below $4.50, the pair may swing between the 20-day EMA and $4.22. On the other hand, a break and close above the 20-day EMA could propel the pair to the overhead resistance at $5.
Polygon’s price analysis suggests a consolidation in a large range between $0.51 and $0.65. If bears can drag the price below $0.51, it could resume the downtrend.
Overall, the cryptocurrency markets are experiencing mixed price action across the top 10 cryptocurrencies. While Bitcoin led the markets higher following Grayscale’s victory, analysts caution that the approval of a spot Bitcoin ETF is not guaranteed. Traders continue to focus on crypto-specific news to determine market direction.
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