13 October, 2022 | 03:00 PM

8/24 price analysis:ADA, SOL, DOGE, DOT, SHIB, MATIC, BTC, ETH, BNB, XRP,

8/24 price analysis:ADA, SOL, DOGE, DOT, SHIB, MATIC, BTC, ETH, BNB, XRP,

As traders avoid placing large bets ahead of the United States Federal Reserve's Jackson Hole Economic Symposium, which begins on Aug. 25, Bitcoin (BTC tickers are down $19,084) and several major cryptocurrencies have been trading sideways.As investors learn more about the Fed's stance in the coming days, volatility is likely to rise.
On August 23, a group led by Jan Hatzius, chief economist at Goldman Sachs, stated that Fed Chair Jerome Powell might appear dovish when he speaks on August 26, reiterating that the central bank may move at a slower pace in subsequent meetings.Analysts anticipate that the Federal Reserve will raise interest rates by 50 basis points at its meeting in September, which would be less than the 75 bps increase in June and July.

On-chain data suggests that Bitcoin may be undervalued, indicating that it could provide strong returns if history repeats itself, despite the fact that the short-term price action remains uncertain.The Bitcoin Market Capitalization versus Realized Capitalization indicator reading is at its lowest level since 2015, according to resident analyst JJ of Jarvis Labs.When the indicator reached extremely low levels in 2022, Bitcoin reached its lowest point in 2015 and 2019.
Which negative and positive critical levels should be monitored?How about we concentrate on the diagrams of the best 10 digital currencies to find out.

Since August 19, BTC/USDT Bitcoin has been trading near the ascending channel's support line.The bulls have been successful in defending the support, but they have not been able to successfully rebound from it.This suggests that there is less demand at higher levels.

The relative strength index (RSI) is near 41, indicating that bears have a slight advantage, and the 20-day exponential moving average (EMA) has begun to decline ($22,523).In the event that the cost breaks beneath the help line of the channel, the selling could heighten and the BTC/USDT pair could drop to $18,900.
The bulls will need to raise and maintain the price above the moving averages in order to disprove this negative viewpoint.The pair may eventually reach the resistance line of the channel, which is close to $26,000, if they do that.
ETH/USDT As can be seen from the long tail on the August 22 and 23 candlestick, the bulls are vigorously defending the 50-day simple moving average (SMA) ($1,571).Ether (ETH tickers down $1,285) will now attempt to surpass the $1,712 20-day exponential moving average.

The ETH/USDT pair might gain momentum if that occurs, and it might move closer to the severe overhead resistance near $2,000 in that case.It is anticipated that the bears will vigorously defend this level.

Contrary to this assumption, bears may be attempting to turn the 20-day EMA into resistance if the price declines from overhead resistance.After that, the pair might remain wedged in between the moving averages for a few more days.
Selling may gain momentum if the price falls below the 50-day SMA and the $1,500 support, and the pair may fall toward the $1,280 strong support.

Volatility usually rises after a tight squeeze, but it's hard to know with certainty which way the breakout will go.As a result, it is preferable to wait for the breakout before taking on new positions.