Price Predictions 8/4: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, XLM

Bitcoin is attempting a recovery from $112,000, but bears may challenge gains near $117,000 and $120,000.

Key Points

• Bitcoin is trying to hold support near $112,000, but higher levels may attract selling pressure.
• Several altcoins show signs of a deep pullback, suggesting a slow pace for the next upward move.
Bitcoin bulls are striving to keep the price above $115,000 but face stiff resistance from bears. Arthur Hayes, CIO of Maelstrom Fund, commented that a sluggish credit market and slowed job creation could push Bitcoin down to $100,000 and Ether to $3,000. US spot Bitcoin ETFs and Ethereum ETFs have shown cautious trader sentiment, with Bitcoin ETFs recording net outflows of $812.25 million and Ethereum ETFs seeing $152.26 million in outflows, ending a 20-day inflow streak. Despite near-term uncertainty, public companies continue to accumulate BTC and ETH. Japanese investment firm Metaplanet acquired 463 BTC at an average price of about $115,895, increasing its holdings to 17,595 BTC. Similarly, SharpLink purchased 30,755 ETH at an average price of $3,530, raising its total holdings to 480,031 ETH. Could Bitcoin break above overhead resistance and trigger a recovery in altcoins? Below is the technical analysis of the top 10 cryptocurrencies and key indices.

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S&P 500 Index (SPX) Price Prediction

The S&P 500 Index reached a new all-time high recently but saw profit booking at elevated levels. Selling pressure pulled the price below the 20-day simple moving average (SMA) at 6,306. Bulls are attempting to push back above this level; success could retest the all-time high of 6,427. If the index fails to hold above the 20-day SMA, it may drop to the 50-day SMA at 6,139, which could attract buyers.

US Dollar Index (DXY) Price Prediction

The US Dollar Index broke above its 50-day SMA (98.29) on July 28 but faced resistance near 100.54 and pulled back. Bulls are trying to arrest the decline near moving averages, signaling reduced selling pressure. A break above 100.54 could lead to a move toward 102, indicating a short-term bottom. Conversely, a drop below the moving averages could push the index down to 97.10.

Bitcoin (BTC) Price Prediction

BTC fell below the neckline of an inverse head-and-shoulders pattern but found support at the 50-day SMA ($112,262). The 20-day SMA ($117,237) is turning down, and the RSI is just below midpoint, indicating bears are attempting a comeback. Relief rallies may face selling between the neckline and 20-day SMA. A drop below critical support at $110,530 could lead to declines toward $105,000 and $100,000. Buyers must push and sustain above the 20-day SMA to regain control and possibly retest resistance between $120,000 and $123,218.

Ether (ETH) Price Prediction

ETH is supported between the 50% Fibonacci retracement level at $3,422 and the 61.8% level at $3,300. Relief rallies may face resistance at the 20-day SMA ($3,652). If bulls prevail, ETH could rise to $3,941 and then $4,094, where sellers are expected to defend strongly. A break below $3,354 signals weakening bulls and could lead to a drop to the 50-day SMA ($3,013).

XRP Price Prediction

XRP dipped below $2.95 but rebounded off the 50-day SMA ($2.66), indicating buying interest at lower levels. The pair could rise to the 20-day SMA ($3.19), where bears may resist. Failure to break above could keep XRP range-bound between moving averages. A close above the 20-day SMA may lead to rallies toward $3.33 and $3.66. Conversely, a drop below the 50-day SMA could trigger a deeper correction to $2.40.

Binance Coin (BNB) Price Prediction

BNB plunged below the 20-day SMA ($769) and found support at $732. The pair rebounded but faces strong selling at the 20-day SMA. A sharp rejection here could see BNB fall below $732 toward the 50-day SMA ($702). A break above the 20-day SMA would suggest strong buying and potential rallies to $794 and $815.

Solana (SOL) Price Prediction

SOL was pushed below the 50-day SMA ($161) but could not sustain lower levels. The flat moving averages and negative RSI indicate indecision. SOL may trade between moving averages for some time. A close above the 20-day SMA ($179) favors bulls aiming for $195. A drop below $155 would give bears the edge, possibly pushing SOL to $144 and $137.

Dogecoin (DOGE) Price Prediction

DOGE has been range-bound between $0.14 and $0.29 for months. Flat moving averages and negative RSI suggest this sideways trend may continue. A close below the 50-day SMA ($0.19) could push DOGE to critical support at $0.14. Strength would be signaled by a close above the 20-day SMA, potentially leading to rallies toward $0.26 and $0.29, where sellers are expected to defend.

Cardano (ADA) Price Prediction

ADA bounced from the 50-day SMA ($0.68), showing demand at lower levels. Flat moving averages and RSI at midpoint indicate a balance between supply and demand. The pair may remain stuck between moving averages unless sellers push below the 50-day SMA, risking a drop to $0.50. Buyers need to maintain above the 20-day SMA to gain control.

Stellar (XLM) Price Prediction

XLM is attempting a bounce off the 61.8% Fibonacci retracement level at $0.34. Relief rallies may face resistance at the 20-day SMA ($0.43). A sharp rejection from the 20-day SMA suggests negative sentiment and selling on rallies, potentially pulling XLM to the 50-day SMA ($0.33). A break below this could lead to a plunge to $0.29. Buyers must push above the 20-day SMA to signal a comeback, with targets at $0.46 and $0.49.

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Frequently Asked Questions (FAQ)

Bitcoin and Ethereum Market Dynamics

Q: What is causing the recent outflows from Bitcoin and Ethereum ETFs? A: The outflows suggest cautious trader sentiment, possibly due to broader market uncertainty or profit-taking after previous gains. Q: How are public companies like Metaplanet and SharpLink positioning themselves in the current market? A: These companies are actively accumulating Bitcoin and Ether, indicating a long-term belief in the assets despite short-term market fluctuations.

Market Predictions and Analysis

Q: What factors might push Bitcoin down to $100,000, as suggested by Arthur Hayes? A: Arthur Hayes points to a sluggish credit market and slowed job creation as potential bearish indicators for Bitcoin and Ethereum. Q: What are the key support and resistance levels for Bitcoin (BTC) in the near term? A: Key support for BTC is around $110,530, with potential further declines towards $105,000 and $100,000. Resistance is expected between $117,000 and $120,000, and potentially between $120,000 and $123,218. Q: What are the critical price levels for Ether (ETH) that traders should watch? A: ETH is finding support between $3,422 and $3,300. Resistance is anticipated at the 20-day SMA ($3,652), with stronger resistance expected at $3,941 and $4,094. A break below $3,354 could signal a drop to the 50-day SMA at $3,013.

Altcoin Performance

Q: What is the general outlook for altcoins based on the current market conditions? A: Several altcoins are showing signs of a deep pullback, which may indicate a slower pace for any subsequent upward movement.

Crypto Market AI's Take

The current market sentiment, as indicated by the net outflows from US spot Bitcoin and Ethereum ETFs, suggests a period of caution among traders. This, coupled with expert opinions highlighting potential macroeconomic headwinds like a sluggish credit market, points to a complex trading environment. For investors looking to navigate these conditions, understanding the intricate interplay of market sentiment, macroeconomic factors, and technical analysis is crucial. Our AI-powered tools and market intelligence can help provide deeper insights into these dynamics, assisting traders in making more informed decisions.

More to Read:

• How to Evaluate Cryptocurrency
• What Drives the Prices of Cryptocurrency
• AI Crypto Trading Tools Reshape Market Strategies

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This article does not contain investment advice or recommendations. All trading involves risk. Readers should conduct their own research before making decisions.

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Source: Cointelegraph