Crypto Price Analysis: Top 10 Cryptos Performances on 8/2

In a volatile period for the cryptocurrency market, Bitcoin (BTC) and other top cryptocurrencies are facing significant price fluctuations. Amidst the broader uncertainty in equity markets, doubts loom large over Bitcoin’s ability to maintain its support levels. This post analyzes the current state and near-term projections for Bitcoin and nine other popular cryptocurrencies using the latest data and expert insights.

Bitcoin Price Analysis

Bitcoin (BTC) has retraced to the middle of its $55,724 to $73,777 range after bulls couldn’t keep the price above the $70,000 mark. The psychological resistance proved too strong, leading to increased selling pressure. The situation worsened on August 2 when the bears tried to push the price below the 50-day SMA ($63,130).

Key Statistics:

• Current Price: Hovering near the 50-day SMA, around $63,130.
• Support Levels: $60,000 and $55,724.
• Resistance Levels: $65,046 (20-day EMA) and $73,777.

Should the bears succeed in pulling the price below $63,130, a further drop to $60,000 and even $55,724 could be imminent. However, buyers are likely to defend the $55,724 level robustly. A rebound from this level might keep BTC in a sideways trend for some time.

Ether Price Analysis

Ethereum (ETH) has been struggling to maintain its levels as well. The bulls attempted to stall the fall at $3,080 on August 1 but the selling pressure was relentless. As of August 2, the price slipped below $3,080.

Key Statistics:

• Critical Support: $2,850 – a level held successfully for several months.
• Resistance Levels: $3,080 and the moving averages.

The implications of ETH breaking below $3,080 could lead to a nosedive toward the crucial support at $2,850. A rebound here would need substantial momentum to propel the price above the moving averages and challenge the downtrend line. Experts remain cautious in the short term, emphasizing the significance of the $2,850 mark.

BNB Price Analysis

BNB (Binance Coin) is also caught within a large range between $495 and $635, indicating a strong equilibrium between supply and demand. The price, if it dips below $550, is likely to fall further to the crucial support at $495.

Important Figures:

• Support Levels: $495 – $460.
• Resistance: Moving averages at $600 and overhead resistance at $635.

A dip below $495 could lead to intensified selling, whereas a rebound might face significant selling pressure at the moving averages, indicating fluctuating market sentiments.

Solana Price Analysis

Solana (SOL) witnessed a plunge below the 20-day EMA ($168) on August 1, highlighting persistent bearish trends. The price is currently testing the 50-day SMA ($152), a significant support level.

Critical Support and Resistance Levels:

• Support: $116.
• Resistance: 20-day EMA at $168.

If the price falls further below the 50-day SMA, it may reach $116, suggesting increased bearish control. Conversely, a recovery may result in another attempt to surpass the 20-day EMA.

XRP Price Analysis

Ripple’s XRP briefly rose above $0.64 on July 31, but the gains were short-lived. The subsequent days saw aggressive selling, leading the price below the $0.57 support level.

Critical Values:

• Support Levels: $0.54 and $0.41.
• Resistance: $0.64.

As XRP/USDT shows tendencies to swing within the $0.41 to $0.64 range, the next significant move will depend on whether the price sustains below $0.54 or attempts a recovery.

Dogecoin Price Analysis

Dogecoin (DOGE) fell below its moving averages on July 31 and breached the $0.12 support on August 1. As of now, the 20-day EMA has started turning down, suggesting bearish dominance.

Support and Resistance Levels:

• Support: $0.12 and $0.10.
• Resistance: Moving averages.

For DOGE to recover, bulls need to aggressively push the price back above the moving averages; otherwise, the price could fall to $0.10.

Toncoin Price Analysis

Toncoin (TON) continues to exhibit bearish sentiment as traders sell on rallies. The price has been testing its support at $6.36, and a breach here could lead to a deeper correction.

Important Levels:

• Support: $6.36, $6, and potentially $5.50.
• Resistance: 20-day EMA ($6.87) and 50-day SMA ($7.26).

To avoid further downside, the price needs to quickly climb back above the 20-day EMA.

Cardano Price Analysis

Cardano (ADA) has seen a drop below the $0.38 support, despite attempts by bulls to recover. Bears are holding strong at the moving averages.

Critical Figures:

• Support: $0.38 and further at $0.33.
• Resistance: Moving averages.

The ADA/USDT pair could slide to $0.33 unless a sustained recovery above the moving averages occurs.

Avalanche Price Analysis

Avalanche (AVAX) rose from a strong support at $24 on August 1, but failed to build its momentum. Bears are attempting to maintain the price below $24 for a move down to the next support at $21.80.

Support and Resistance Levels:

• Support: $24 and $21.80, potentially $18.90.
• Resistance: Moving averages and $29.

A successful rebound could offer another chance to break the moving averages.

Shiba Inu Price Analysis

Shiba Inu (SHIB) has been on a gradual decline, with price currently facing minor support at $0.000015. If the price sustains below this level, a drop to $0.000013 could be on the horizon.

Key Levels:

• Support: $0.000015 and $0.000013.
• Resistance: Moving averages and $0.000020.

A potential upside lies if SHIB manages to climb above the moving averages, setting sights on $0.000020.

Despite the gloomy short-term outlook, some experts remain optimistic about the long-term prospects of Bitcoin and several altcoins. For instance, financial analyst Willy Woo suggested in a recent X post that a 3% portfolio allocation by financial institutions could push Bitcoin to $700,000. Investors should keep an eye on the broader market trends and fundamental developments.

For further insights, readers may refer to [Coinglass’s historical data](https://coinglass.com/) and [Cointelegraph Market Insights](https://cointelegraph.com/). As always, remember to conduct your research before making any investment decisions.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when making a decision.