Bitcoin is currently consolidating under the $120,000 resistance mark, indicating bullish control as traders prepare for increased market volatility.
Key Highlights:
Bitcoin remains in a tight range, suggesting a potential breakout soon.
Upcoming FOMC minutes and Federal Reserve rate decisions could influence crypto price movements.
Bitcoin (BTC) trades close to the $120,000 resistance, showing sustained buying interest. Despite this strength, seasonal factors may limit upward momentum, as historically, BTC’s average return in August is usually moderate. Notably, the company Strategy has recently expanded its Bitcoin holdings by purchasing 21,021 BTC at an average price of $117,256, increasing its total to 628,791 BTC.
Meanwhile, Ethereum (ETH) and Binance Coin (BNB) are showing gains. Data from Glassnode indicates that ETH’s perpetual futures trading volume has surpassed BTC’s, signaling a shift in speculative focus towards altcoins.
This article provides a detailed analysis and price outlook for the leading cryptocurrencies including BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, and SUI. Below is the forecast for key tokens:
Bitcoin Price Forecast
Bitcoin remains range-bound between $115,000 and $120,000. A breakout above $120,000 could drive BTC to new all-time highs, surpassing $123,218 and targeting $135,000. Conversely, a drop below $115,000 might push the price down to $110,530, with $100,000 as a critical support barrier.
Ethereum Price Forecast
Ethereum is holding above the breakout point at $3,745. Should ETH rebound from this level, it could test resistance at $4,094 and potentially surge to $4,868. A breakdown below $3,745 could draw the price to the 20-day moving average at $3,516, an expected support zone.
XRP Price Forecast
XRP faces resistance near the 20-day moving average of $3.16. A decline below key supports at $3.05 and $2.95 may trigger a correction towards $2.65. On the upside, overcoming the moving average resistance might propel XRP to $3.33 and then $3.66.
Binance Coin (BNB) Price Forecast
BNB has retraced to $794, a crucial support. A strong bounce could see BNB retesting its all-time high near $861, with potential to advance towards $900. Failure to hold $794 may lead to a dip towards the 20-day SMA at $751.
Solana (SOL) Price Forecast
Solana has pulled back to the 20-day SMA around $178, a likely support level. A rebound could push SOL towards resistance at $209 and possibly rally to $240. A break below the 20-day SMA might extend the range trading between $110 and $209.
Dogecoin (DOGE) Price Forecast
DOGE fell from $0.25 and breached the 20-day SMA of $0.22, indicating selling pressure on rallies. Support at $0.21 is crucial; a bounce and break above the moving average might push DOGE to $0.26 and higher. A breakdown below $0.21 could extend consolidation between $0.14 and $0.29.
Cardano (ADA) Price Forecast
ADA slipped below its 20-day SMA at $0.79, signaling bearish momentum. Support lies at $0.76; a fall below this could lead to drops toward $0.73 and $0.67. Strength will be confirmed if ADA breaks back above the 20-day SMA and heads towards resistance at $0.86.
Hyperliquid (HYPE) Price Forecast
HYPE is trading between the support trendline of an ascending channel and its 20-day SMA at $45.13. Failure to hold above the SMA increases the risk of correction to $36 or even $32. A reversal above the SMA could fuel a rally to resistance between $48 and $49.87.
Stellar (XLM) Price Forecast
XLM dropped below the 20-day SMA at $0.44, with bears defending this level on a retest. A key support is $0.40; falling below may send prices to $0.37 and $0.34 (Fibonacci levels). Buyers aim to push XLM above $0.46, potentially testing $0.52 and moving higher to $0.64.
Sui (SUI) Price Forecast
SUI briefly broke through resistance at $4.30 but reversed sharply, indicating a bull trap. Bears are maintaining the price below the 20-day SMA at $3.85. If the support zone between $3.51 and the 50-day SMA at $3.27 holds, SUI could trade in a range before potentially breaking above $4.30 and trending upwards toward $5.
This analysis is for informational purposes only and does not constitute investment advice. Trading and investing in cryptocurrencies carry risk; always perform your own research.
