Bitcoin (BTC), which broke through the $50,500 resistance, and Ether (ETH), which has broken above the $4,000 mark. This indicates that cryptocurrencies are gaining popularity and legacy finance companies are taking steps to tap into it.
According to Linkedin job postings, Franklin Templeton is one of the largest independent asset managers in the world. He has recently posted new job applications for senior to medium-level positions in crypto research and trading.
SBI Holdings, a Japanese financial conglomerate, is set to launch one of the first crypto funds in Japan by November. SBI’s director and senior managing officer Tomoya Asakura said that a second fund would be launched if the first one is successful.
Everyday cryptocurrency market performance. Source: Coin360
Although crypto traders cheer the rise in altcoins, JPMorgan analysts warn that non-fungible tokens (NFT), and the altcoin rally are becoming too hot.
Analysts stated that altcoins’ share in crypto market trading jumped from 22% to 33% at the beginning August to a level comparable to historical standards. The analysts believe that the rise in altcoins trading is due to “froth” and “retail investor mania”, rather than a structural uptrend.
Can Bitcoin hold above $50,500 to re-establish its uptrend? Or will altcoins continue to be the focus? Let’s look at the charts for the top 10 cryptocurrencies to see what happens.
Although the bears were able to defend the $50,500 resistance line on Sep. 2, they were unable to pull the price below the downtrend. This could have attracted buyers from the bulls, who have pushed Bitcoin to $50,000.
The BTC/USDT pair could rise to $60,000. If buyers can maintain the price above $50,000. Although this level could act as resistance, bulls may be able to push the price higher than it and the pair could challenge its all-time high of $64,854.
Bulls can drive the relative strength indicator (RSI) higher than the downtrend line to invalidate the negative divergence. This, along with the upwardly moving 20-day exponential moving Average ($47,584), indicate that the path to the upside is the most difficult.
If the price falls below the 200-day simple move average ($46,083), this bullish view will be invalidated. This could bring the price down to $42,451.67.
After breaking above $3,377.89, Ether gained momentum and reached the $4,000 mark today. The biggest altcoin, Ether, could surpass the $4,372.72 psychological record if bulls can keep the price above that psychological level.
Bulls have control of the market, as evidenced by the RSI in excess and the upsloping 20 day EMA ($3,344). The ETH/USDT currency pair could begin its climb towards $5,000 if buyers push the price higher than $4,372.72.
Bears may have other plans, so this might not be an easy task. They will likely mount stiff resistance in the $4,000-$4,372.72 area. The pair could drop to the 20 day EMA if the price drops below this level.
Bullish sentiment will continue to be reinforced by a strong rebound from this support. The buyers will attempt to resume the upward movement. A break below the 20-day EMA is a sign that bulls are losing their grip.
Cardano (ADA), broke above $3 on Sep. 2, but the bulls couldn’t sustain higher levels, as evident from the candlestick’s long wick. The price fell below $2.97 today but the bulls bought it and are trying again to push the price higher than $3.
The resumption or continuation of the uptrend will be confirmed by a breakout and close above $3.10. The ADA/USDT currency pair could rally to $3.50. Although the bulls have the 20-day EMA at $2.58, the divergence on RSI is negative and suggests that bullish momentum could be weakening.
The overhead resistance is where the bulls must drive the price higher than the overhead resistance. If this happens, the pair could drop to the 20 day EMA. This is an important level that bulls must defend. It will indicate that sentiment is positive if it recovers strongly.
A break below the 20 day EMA could cause the price to reach the $2.47 breakout level. Breaking below this support could trigger a deeper correction.
Binance Coin (BNB), has traded between the 20-day EMA ($456), and the overhead resistance of $518.90. Although the Sep. 2 candlestick has a long wick, it suggests that bears have been selling above $500. However, the positive sign is the fact that bulls aren’t giving up any ground.
Buyers will once again push for a price increase above $518.90. If they succeed, the BNB/USDT pairing could gain momentum and rally to $600. Although this psychological barrier may be a resistance, bulls may overcome it and extend their rally to $680.
The pair could slide to $433 if it falls below the overhead resistance or the 20-day EMA. If the price falls below this level, it will be a sign that bulls are outnumbered by bears. The pair could then fall to the 200-day SMA ($375).
On Sep. 2, the bulls pushed XRP higher than the downtrend line, invalidating the bearish descending triangle pattern. Today, the bears attempted to maintain the price below its downtrend line but failed.
The XRP/USDT currency pair could rally to $1.35 if bulls keep the price above its downtrend line. This level could act as resistance. If the price falls from it, the pair might trade between $1.05-$1.35 for a few more days.
The 20-day EMA ($1.15) is up, and the RSI has risen to 64. This indicates that bulls are in control. If the price closes above $1.35, it could signal a rally to $1.66. To signal a comeback, the bears must pull the price below $1.05
Although the bears tried to stop Solana’s (SOL), uptrend at $130, the bulls refused to give in. The psychological support of $100 was not broken by the buyers.
On Sep. 2, buying recommenced and the bulls extended the SOL/USDT pairing to an all-time high. Vertical rallies are not sustainable and often lead to sharp declines. A pair with an RSI higher than 88 indicates that it is too extended in the short-term.
The 38.2% Fibonacci Retracement Level at $115.75 is the first support level if the price drops below $150.
Strong rebound from this level will indicate strength and increase the likelihood of a break above 150. $166.97 is the next target. A break below $115.75 could bring the price down to $106.29’s 50% retracement level.
Dogecoin (DOGE), broke above the 20 day EMA ($0.28) Sept. 1, and bulls pushed it above the downtrend line for the falling wedge pattern Sept. 2. The candlestick’s long wick showed that bears were still selling at higher levels.
The DOGE/USDT price pair has rebounded from the 20-day EMA. Bulls have pushed it above the wedge. The pair could rally to $0.35 if buyers can maintain the price above $0.31. This level will likely act as a strong resistance.
The pair could drop back to the 20-day EMA if the price drops from $0.35. It will indicate that sentiment is positive if it shows a strong rebound. If the price breaks above $0.35, it could signal a move up to $0.45.
The pair could drop to the support line if the price drops below the 20-day EMA.
For the past three days Polkadot has maintained above the breakout level of $28.60, which indicates a new uptrend. Buyers will benefit from rising moving averages and an RSI that is in the overbought territory.
If bulls push the price higher than $33.84, then the DOT/USDT pairing could begin its northward journey towards $41.40, and then the pattern target of $46.83.
If the price falls from its current level, it may retest $28.60 as the breakout level. This level could be used by bulls to launch the next leg in the up-move if it is turned into support.
Breaking and closing below the 20-day EMA ($27.12), will be the first indication that this breakout was a bull trap.
Related: Timing and how to prepare for the end bull run
Uniswap’s (UNI), up-move decreased from $31.41 Sept. 2, suggesting that bears are not giving up yet. The price action over the last few days has created a negative divergence in the RSI. This indicates that bullish momentum might be slowing.
The bulls will attempt to push the UNI/USDT price above $31.41 if the price bounces off the 20-day EMA ($27.91). The pair could begin its climb to $37.52 then to $42.25.
If bears lower the price below moving averages, the pair could drop to $25, and then remain range bound for a few days. Bears will be back in the game if they break below the $25-$23.45 support zone.
Chainlink (LINK), has been trading in a range between $24 to $30 over the past few days. Although the bulls managed to push the price higher than the overhead resistance on Sept. 2, they were unable to sustain it.
Today’s dip was again purchased by the bulls, who have propelled it above the overhead resistance. The LINK/USDT price pair could rally to $36 if buyers can maintain the price above $30. If that level is not crossed, the up-move might reach $43.50 which is the intraday high of May 19.
The 20-day EMA (26.99 USD) has begun to rise and the RSI is positive, indicating that buyers are in control. Contrary to the assumption, if price falls below $30 it will indicate that the range-bound action could continue for a few days.
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I am a technology and gaming writer by profession. I love NFT’s and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.