Crypto Price Analysis 9-17 BTC, ETH, SOL, DOGE, DOT, SEI, TAO
Bitcoin (BTC) sank marginally lower, failing to stay above the psychologically crucial $60,000 level. BTC has struggled with adverse market conditions and a challenging environment, failing to regain momentum and trading largely between $53,000 and $60,000 for several weeks. BTCs failure to hold on to $60,000 indicates demand is drying up at higher levels, with investor hesitation peaking.
Some analysts believe BTCs price action will be challenging to call following the Feds rate cut decision. Analysts state that BTC could rally to $65,000 following the rate cut, but market uncertainty and the impact of the US elections could keep prices lower for far longer, with prices falling as low as $53,000.
Rate Cut Decision Leads To Uncertainty In Markets
The nervousness in the Bitcoin (BTC) and larger crypto markets is primarily driven by the extent of the Federal Reserves rate cut, set for September 18, and the markets potential reaction to it. Analysts believe the rate cuts will be bullish for the crypto markets, with QCP Capital telling users to prepare for complementary scenarios for risk assets and cryptocurrencies.
Despite some short-term uncertainty and potential drawdowns, we still favor locking in yields ahead of the rates cut and positioning for bullish scenarios.
However, not all are positive, with some believing an aggressive rate cut could signal deeper concerns about the state of the economy. Jacob King, the CEO of the crypto newsletter WhaleWire, stated,
Historically, sharp cuts have preceded recessions. Why? It shows the government is scared and scrambling to reverse an overreach.
Markets Closely Divided
Insights from crypto analyst Doctor Profit suggest the market is equally split between a 0.25% or 0.50% rate cut. The analysts favor that the Fed will opt for a larger rate cut, citing the need for decisive action given the current economic climate. According to Doctor Profit, failure to implement a larger rate cut will cause BTC to slip below $50,000, potentially hitting a low of $48,900. The analyst also warned of market manipulation and scam wicks which could mislead investors. Geopolitical tensions could also add another layer of complexity, increasing market volatility and uncertainty.
Trumps Impact On Crypto
Donald Trumps odds on Polymarket are influencing the crypto market. Trump has spoken in favor of crypto and has wooed top crypto community members by dedicating a part of the GOP platform to blockchain and cryptocurrencies. Trumps campaign is also accepting crypto donations, and the former president has also launched a new crypto platform, Liberty World Capital, along with his sons. The platform has garnered significant attention from the crypto community and has over 150,000 members on its Telegram page. Bernstein predicted that a Trump win could propel BTC to $80,000 or higher, while a Harris victory could see BTC decline to $20,000.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is trading around the $58,500 mark after it failed to stay above the psychologically important $60,000 level. BTC has struggled to sustain bullish momentum and push above $60,000. This becomes crucial given that BTC must push above $60,000 and the 200-day SMA to begin a new rally. BTC had dipped to a day low of $52,622 on September 6 but recovered during the previous week and was back above $55,000 by Monday (September 9). BTC pushed above $58,000 on Thursday after facing significant selling pressure on Wednesday when it dropped to a low of $55,599 before recovering and settling at $57,356. Thursdays recovery saw BTC settle at $58,176, just below the 20-day SMA.
Source: TradingView
Buying activity picked up on Friday as BTC registered an increase of almost 4% to push above the 20 and 50-day SMAs and settle at $60,479. However, with sellers active at upper levels, BTC lost steam over the weekend, as BTC slipped below $60,000 on Saturday and settled at $59,949 after a drop of 0.88%. It fell below the 50-day SMA on Sunday, ending the weekend on a bearish note after a drop of 1.31% and settling at $59,165. The current week began with BTC firmly in the red, dropping to $58,164 after a decline of 1.69%. Sellers attempted to push the price below $58,000 but could not do so, as buying activity picked up at the $58,000 support level.
The current session sees BTC up by 0.71% as buyers look to push the price back toward $60,000. The Federal Reserves decision on rate cuts could dictate BTCs next price movement. Analysts believe it could be a positive catalyst for BTC and the crypto market. If the rate cut sparks a rally, BTC could climb back above $60,000 and go as high as $65,000. However, if sellers retake control and the rate cut does not substantially impact, BTC could slip below its $58,000 support level and slip as low as $55,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to stay above $2,300, with the price tumbling over 4% on Sunday, as bears continue to exert influence. As a result of the selling pressure, ETH has remained in a downward trend, with the price unable to garner enough momentum for a reversal. If ETH can stay above the $2,300 level, it is likely to enter a consolidation phase, staying within $2,300 and $2,400 in the near term. As we can see in the price chart, ETH was fairly positive last week, rebounding after it dipped to a low of $2,150 on September 6. ETHs gradual recovery saw it push back above $2,300 on Monday. However, it was unable to register a significant push upwards and fell back into the red on Wednesday, dipping to a day low of $2,280 before recovering and settling above $2,300.
Source: TradingView
ETH recovered on Thursday, registering a marginal increase before a 3.34% increase on Friday saw ETH climb above $2,400 and settle at $2,442. However, ETH faced significant selling pressure at this level, and with the downward-sloping 20-day SMA also acting as a dynamic resistance level, ETH fell back into the red over the weekend, dropping by 0.91% on Saturday. Selling pressure intensified on Sunday as ETH registered a drop of over 4% to slip below $2,400, dropping to $2,318. Sellers pushed ETH below $2,300 on Monday, as the current week began with bearish sentiment persisting.
ETH is currently up by 0.68%, with buyers pushing it back above the $2,300 level. However, they have failed to build momentum to reverse ETHs current downward trend. For a reversal to take place, ETH must push above $2,400. Consolidation above this level could allow ETH to push above $2,500. However, sellers will try to overwhelm the support at $2,300. Should this level be breached, ETH could drop towards $2,100 or lower.
Solana (SOL) Price Analysis
Solana (SOL) failed to push above the $140 price level but has stayed above $130 as buyers look to consolidate and resume the cryptocurrencys upward push. SOL had been bullish the previous week, climbing to $136 by Thursday and settling just below the 20-day SMA. Sellers attempted to drag SOL below $130 on Friday as it fell to a day low of $131. However, demand picked up at lower levels, allowing SOL to recover quickly. Buyers seized the initiative and pushed SOL above the 20-day SMA to $139.
Source: TradingView
However, selling pressure intensified as demand dried up, allowing sellers to overwhelm buyers. As a result, SOL fell into the red over the weekend, dropping by 1.41% on Saturday to settle at $137. The bears continued to dominate on Sunday, and SOL slipped below the 20-day SMA after a drop of 4.20% and settled at $131. Monday saw considerable volatility as sellers attempted to drive the price below $130 and buyers attempted a push above the 20-day SMA. Ultimately, neither was successful, as SOL remained at $131. The current session sees SOL up by almost 1% after having thwarted another attempt to drive it below $130. If buyers push SOL above the 20-day SMA, we could see the price test $140 again. However, should the $130 support break, SOL could dip to $120 or lower.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is having a tough time staying above $0.100 and the 20-day SMA as sellers attempt to drag the price lower. DOGE turned bearish over the weekend after failing to push above $0.110 on Friday. Buyers lost steam after a 3.59% increase on Friday that allowed DOGE to push above the 50-day SMA and settle at $0.106. DOGE reached a day high of $0.108 but failed to push higher as sellers drove the price back down.
Source: TradingView
As a result of the growing selling pressure, DOGE fell back into the red over the weekend, dropping by 0.94% on Saturday and 2.55% on Sunday to slip below the 50-day SMA and settle at $0.103. The current week began with DOGE remaining in the red, dropping a further 3.30% to slip below the 20-day SMA and $0.100 to $0.099. The current session sees DOGE up by 1%, pushing back above the 20-day SMA and reclaiming the $0.100 level. If DOGE loses this level and slips back below the 20-day SMA, it would indicate buyers are losing momentum, and sellers are gaining the upper hand. For their part, if buyers can build momentum, they will look to push above the 50-day SMA and push back towards $0.110.
Polkadot (DOT) Price Analysis
Polkadot (DOT) saw a significant drop on Monday as it fell into the red on Sunday after failing to push above the 50-day SMA. DOT had registered a fairly strong recovery after dipping to a low of $3.82. By Monday (September 9), it had moved to $4.29, settling just below the 20-day SMA. As a result, DOT fell marginally on Tuesday and by 1.41% on Wednesday to settle at $4.19. However, demand picked up on Thursday as DOT registered an increase of almost 3% to push above the 20-day SMA and settle at $4.30. Buyers retained control on Friday, and DOT registered an increase of 3.02% to move to $4.43.
Source: TradingView
DOT could only manage a marginal increase on Saturday as selling pressure grew, thanks to the resistance at $4.50 and the downward-sloping 50-day SMA coming into play. DOT fell back into the red on Sunday after a failed attempt to push above the 50-day SMA, dropping by 0.90% to $4.40. Selling pressure intensified on Monday as DOT fell by 4.55%, settling at $4.20. The current session sees DOT down by almost 1% and trading below the 20-day SMA at $4.17. DOT has strong support at $4, and if sellers continue to control the session, it could drop to this level and attract buyers. However, should buyers regain control, they will look to push DOT back above the 20-day SMA and resume the push towards $4.50.
SEI Price Analysis
SEI plummeted on Monday after failing to consolidate above $0.30, registering a substantial price drop at the beginning of the week. SEI pushed above the 20 and 50-day SMAs on Thursday after an impressive rally of almost 7% to settle at $0.30. However, it faced significant volatility following the move as sellers attempted to drive the price lower while buyers attempted to push even higher. As a result, SEI registered only a marginal increase on Friday after a highly volatile session. Sellers took control on Saturday as SEI dropped over 2% to $0.29. Sunday saw yet another volatile session as SEI attempted to reclaim $0.30, reaching a day high of $0.31. However, sellers were able to push the price back down, as SEI eventually settled at $0.30 after a marginal increase.
Source: TradingView
The current week began on a bearish note for SEI, as it plummeted almost 10% to $0.27, as sellers took control of the session. However, the current session sees SEI up by almost 1%, trading at $0.27.
Bittensor (TAO) Price Analysis
Bittensor (TAO) was incredibly bullish last week, surging almost 13% on Monday and pushing above the 20 and 50-day SMAs and key resistance levels. By Friday, it had surged past $300 and settled at $320, registering an increase of 9.23%. TAO began the weekend with an increase of just over 2% despite facing strong selling pressure. However, sentiment flipped on Sunday as sellers took control. As a result, TAO dropped almost 8% to settle at $302, ending the weekend on a bearish note.
Source: TradingView
TAO continued to drop on Monday after sellers thwarted a recovery by buyers. As a result, TAO dropped by 4.62%, slipping back below $300 and settling at $288. The current session sees TAO up by over 4% and trading above $300 as buyers look to push back toward $350.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read more: https://cryptodaily.co.uk/2024/09/crypto-price-analysis-9-17-btc-eth-sol-doge-dot-sei-tao
Text source: Crypto Daily™
