Price analysis 8/16: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin bulls are holding on to the $55,500 support, but an increase in futures open interest and a death cross on the BTC chart have traders worried that further downside is in store.

Bitcoin (BTC) has been stuck in a sideways price action phase for several months, but that has not stopped institutional investors from buying. According to K33 Research senior analyst Vetle Lunde, more than 262 new firms invested in the United States spot Bitcoin exchange-traded funds (ETFs) during the second quarter of 2024.

It is encouraging to note that the institutional investors have largely held on to their positions or increased them. Bitwise chief investment officer Matt Hougan said in a post on X that 44% of asset managers boosted their Bitcoin ETF positions while 22% held steady. Only 13% exited their positions, and the remaining 21% reduced positions. Hougan called this as “a pretty good result, on par with other ETFs.”

While the long-term remains bullish, analysts are turning bearish in the near term. Cryptocurrency analysis platform Coinglass cautioned in a post on X that Bitcoin’s rising open interest suggests there is “room to fall.” Additionally, analysts are closely watching the death cross as the 50-day simple moving average (SMA) has dipped below the 200-day SMA.

Will Bitcoin plummet below the $55,724 support, starting a fall to $50,000? Are altcoins at risk of breaking down? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin turned down from the 50-day SMA ($61,577) on Aug. 14 but bounced off the solid support at $55,724 on Aug. 15, suggesting buying on dips.

The bulls will again try to propel the price above the 50-day SMA. If they manage to do that, it will suggest that the selling pressure is reducing. The BTC/USDT pair may then attempt a rally to $65,659 and thereafter to $70,000.

Contrary to this assumption, if the price turns down from the moving averages, it will signal that the bears are active at higher levels. The pair may then consolidate between the 50-day SMA and $55,724 for some time. The pair may tumble to $49,000 if the $55,724 support gives way.

Ether price analysis

Ether (ETH) turned up from the support near $2,500 on Aug. 16, suggesting that the bulls are trying to form a higher low.

The bulls will try to start a recovery, but the ETH/USDT pair is expected to face strong selling in the 20-day EMA ($2,772) to $2,850 zone. If the price turns down from the overhead zone, it will suggest that the bears are trying to flip the $2,850 level into resistance. That will increase the risk of a break below $2,500.

Conversely, a break and close above $2,850 will suggest that the markets have rejected the lower levels. The pair may rise to the 50-day SMA ($3,085) and later to $3,400.

BNB price analysis

BNB (BNB) has been trading near the 20-day EMA ($526) for the past few days, indicating that the bulls are trying to push the price above it.

If they succeed, the BNB/USDT pair could reach the downtrend line. This is an important level to keep an eye on because a break and close above it will suggest the start of a robust recovery to $605.

On the contrary, if the price turns down from the current level or the downtrend line, it will suggest that the sentiment remains negative. The bears will then try to sink the pair to the critical support at $460.

Solana price analysis

Solana (SOL) dipped below the $141 support on Aug. 15, and the bears have continued the fall on Aug. 16.

The SOL/USDT pair could drop to $130, which is an important support to watch out for. If the price rebounds off $130, the bulls will again try to push the pair above the moving averages. The bullish momentum is likely to pick up above $164.

Instead, if the price breaks below $130, it will signal that the selling pressure is increasing. The pair may retest the critical support at $116. The bulls are expected to defend this level with all their might because a break below it may start a new downtrend.

XRP price analysis

XRP (XRP) has been trading near the 20-day EMA ($0.57) for the past few days, indicating a tough battle between the bulls and the bears.

A break and close above $0.58 will tilt the short-term advantage in favor of the buyers. The XRP/USDT pair could then rally to the overhead resistance of $0.64. The bears have previously defended the level aggressively and will try to do the same again.

This short-term optimistic view will be negated in the near term if the price turns down and breaks below the 50-day SMA ($0.54). That could increase the selling pressure, pulling the pair toward $0.46.

Dogecoin price analysis

The bears are trying to sustain Dogecoin (DOGE) below the $0.10 support, but the bulls have held their ground.

The bulls will again attempt to kick the price above the 20-day EMA ($0.11). If they manage to do that, the DOGE/USDT pair is likely to pick up momentum and reach the downtrend line.

On the downside, if the price remains below $0.10, it will indicate that the bears are trying to take control. There is a minor support at $0.09, but if this level fails to hold, the next stop is likely to be the support line.

Toncoin price analysis

Toncoin (TON) rose above the 50-day SMA ($6.89) on Aug. 14, but the bulls could not sustain the higher levels as seen from the long wick on the candlestick.

If the price breaks below the 20-day EMA ($6.45), it will suggest that the higher levels are attracting sellers. There is a strong support at $6, but if this level breaks down, the TON/USDT pair may tumble toward $5.25.

Alternatively, if the price rebounds off the 20-day EMA or $6.05, it will suggest that the sentiment has turned positive and traders are buying on dips. A close above the 50-day SMA will open the doors for a possible rally to $7.65.

Related: Is Bitcoin price going to crash again?

Cardano price analysis

The bulls are struggling to push Cardano (ADA) above the 20-day EMA ($0.35), indicating selling at higher levels.

A minor positive in favor of the bulls is that they have not allowed the price to slip below $0.31. The bulls will again try to drive the price above the 20-day EMA. If they can pull it off, the ADA/USDT pair may climb toward the downtrend line. The bulls will have to push and retain the price above the downtrend line to signal a potential trend change.

This positive view will be invalidated in the near term if the price continues lower and breaks below $0.31. That could start a slide to the vital support at $0.24.

Avalanche price analysis

Avalanche (AVAX) has been trading inside the descending channel pattern for the past few days, indicating a bearish trend.

However, the sellers are finding it difficult to sink the price below the $19.50 support. This suggests that the bulls are trying to form a higher low. A break and close above the 20-day EMA ($22.46) will be the first sign of strength. The AVAX/USDT pair may rise toward the resistance line.

Contrarily, if the price turns down and breaks below $19.50, it will signal that the bears have asserted their supremacy. The pair may then slump to the support line of the channel.

Shiba Inu price analysis

Shiba Inu (SHIB) remains below the moving averages, but the bears have failed to sink and maintain the price below $0.000012.

The bulls will try to make a comeback by pushing the price above the moving averages. If they succeed, the SHIB/USDT pair could reach the breakdown level of $0.000020. This level is likely to attract selling by the bears.

Another possibility is that the price turns down from the moving averages. If that happens, it will suggest that the bears remain in control. The first support on the downside is $0.000012. If this level cracks, the selling could pick up, and the pair may drop to $0.000010.