The cryptocurrency market has been experiencing a significant amount of volatility in recent times, with Bitcoin (BTC) and other altcoins making notable movements. Despite facing rejection near its all-time high of $123,218, Bitcoin has found support on lower levels, indicating that bears may not have an easy time taking control. In this article, we will analyze the current market trends and provide forecasts for the top 5 cryptocurrencies, including Bitcoin, Ether (ETH), Binance Coin (BNB), Chainlink (LINK), and Uniswap (UNI).
Bitcoin Price Forecast
Bitcoin’s strong rejection near its all-time high signals that it is unlikely that bears will result in without a struggle. The failure to achieve a new all-time high led to a withdrawal in several old coins, but some have come back strongly. According to the Wyckoff method, Bitcoin may have entered a distribution phase, and confirmation of the same could decrease the price to $95,000. The flatter 20-day-free sliding average ($116,779) indicates a balance between supply and demand, but the relative strength index (RSI) in the positive area indicates that the dynamics favor the bulls.
The BTC/USDT pair could increase to $135,000 if the bulls can push the price above $123,218. Conversely, a decline under the 20-day SMA signals the winning books by short-term dealers, which could sink the couple to the 50-day SMA ($114,366). The sellers have to pull the price under $110,530 to take control.
Ether Price Forecast
Ether started the next stage of the upward trend on Tuesday, after buyers had pushed the price above $4,366. The uploping of moving average values and the RSI in the overbought zone suggest that the path of the slightest resistance is upside down. Buyers will try to strengthen their position by transferring the ETH/USDT pair above $4,868.
The level of $4,094 is the crucial support that buyers should pay attention to according to the disadvantage. A break and closure below $4,094 indicates profit books at higher levels, and Ether’s price could then plunge into the 20-day SMA ($3,833).
BNB Price Forecast
BNB has been in a narrow area between $792 and $827 in the last three days, which indicates indecisiveness between the bulls and the bears. If the price breaks above $827, the BNB/USDT pair could increase to $861. However, if the buyers prevail through a bulldoze, the BNB price could increase to $900.
The bears have to pull the price under the 20-day SMA ($787) to indicate the beginning of a deeper correction to $761 and later on the solid support of $732. The buyers expect them to defend the level of $732 with all their might, since a break can signal a potential change of trend.
Chainlink Price Forecast
Chainlink increased in dynamics after it was broken above the overhead resistance of $18, which indicates the aggressive purchase of the bulls. The bears tried to stop the elevator at $22.70, but the bulls exceeded the resistance on Tuesday. The LINK/USDT pair could increase to $27, whereby the bears are supposed to assemble a strong defense.
This optimistic view is negated at short notice if the price is heavily laid down and falls below $20.83. This could sink the Chainlink price to $20 and the solid support of $18.
Uniswap Price Forecast
Uniswap bounced off the 50-day SMA ($9.05) on August 3, which indicates a solid purchase at a lower level. The ascent is exposed to $12, but a positive sign is that the bulls have not transferred much to the bears. If buyers drive the price above $12, the UNI/USDT pair could increase to $15.
The first support on the disadvantage is the 20-day SMA ($10.19). If this level tore, the Uniswap price could drop to the 50-day SMA. A short-term trend change is signaled when the bears pull the couple under the 50-day SMA.
This article does not contain investment advice or recommendations. Every investment and trade movement is the risk, and readers should carry out their own research results if they make a decision. For more information on the cryptocurrency market, visit https://cointelegraph.com/news/bitcoin-holds-dollar118k-while-eth-bnb-link-uni-aim-to-extend-the-altcoin-rally?utm_source=rss_feed&utm_medium=rss_tag_altcoin&utm_campaign=rss_partner_inbound
