Introduction to Cryptocurrency Market Trends
The cryptocurrency market has been experiencing significant fluctuations, with major coins like Bitcoin (BTC) and Ether (ETH) facing challenges in maintaining their upward momentum. As investors closely watch the market, it’s essential to analyze the current trends and predictions for the top cryptocurrencies. In this article, we’ll delve into the key points and predictions for BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, HYPE, and SUI, providing insights into their potential price movements.
Bitcoin Price Prediction
Bitcoin (BTC) has been struggling to maintain its grip, with the price dropping near $108,100 on Friday, its lowest level since July 8. According to veteran trader Peter Brandt, BTC needs to climb back above $117,570 to discount the past 7 weeks as a possible double top. Despite the near-term weakness, network economist Timothy Peterson sounds bullish on BTC’s prospects for the rest of the year, citing that BTC has risen 70% of the time in the last four months leading up to Christmas, recording an average gain of 44%.
Crypto market data daily view. Source: Coin360
Ether Price Prediction
Ether (ETH) has pulled back in the near term but remains above the crucial $4,094 support. Since Aug. 21, BTC exchange-traded funds have recorded about $350 million in inflows, while ETH ETFs have seen $1.87 billion in inflows, according to CoinGlass. Nansen research analyst Nicolai Sondergaard told Cointelegraph that investors are booking profits after BTC’s up move and are moving into other tokens to catch potential upside.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
XRP, BNB, SOL, DOGE, ADA, LINK, HYPE, and SUI Price Predictions
The price predictions for other major cryptocurrencies are as follows:
– XRP: The bears will try to strengthen their position by pulling the XRP price to the solid support at $2.73.
– BNB: Sellers will have to tug the price below the 20-day EMA ($844) to gain the upper hand.
– SOL: If the price breaks below the uptrend line, the SOL/USDT pair may remain range-bound between $155 and $210 for some time.
– DOGE: The price turned down sharply from the moving averages, indicating that the bears are selling on every minor rally.
– ADA: If the 50-day SMA breaks down, the short-term advantage will tilt in favor of the bears.
– LINK: The bears are trying to strengthen their position by pulling the price below the 20-day EMA.
– HYPE: If the price rebounds off the moving averages with force, the bulls will attempt to drive the HYPE/USDT pair above $51.19.
– SUI: The repeated retest of a support level tends to weaken it. If the $3.26 level cracks, SUI price could plunge toward $3.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
Conclusion
In conclusion, the cryptocurrency market is experiencing significant fluctuations, and investors should be cautious when making investment decisions. It’s essential to analyze the current trends and predictions for the top cryptocurrencies to make informed decisions. For more information and the latest updates, please visit the original source link: https://cointelegraph.com/news/price-predictions-8-29-btc-eth-xrp-bnb-sol-doge-ada-link-hype-sui?utm_source=rss_feed&utm_medium=rss_tag_bitcoin&utm_campaign=rss_partner_inbound
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
