Price analysis 8/30: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

Bitcoin led the cryptocurrency markets higher on Aug. 29 following

Toncoin price analysis

Toncoin (TON) soared above the neckline of the inverse head-and-shoulders pattern at $1.53 on Aug. 29. This signals a potential trend change.

Typically, after a breakout, the price turns down and retests the breakout level. If the price bounces off $1.53, it will suggest that the bulls have flipped the level into support. That could start an up move toward the pattern target of $1.91. If this resistance is scaled, the TON/USDT pair could reach $2.07.

If the bears want to prevent the rally, they will have to quickly sink the price back below $1.53. Such a move could trap the aggressive bulls, resulting in a long liquidation. The pair may then slump to $1.25.

Polkadot price analysis

Polkadot (DOT) broke and closed above the 20-day EMA ($4.64) on Aug. 29, but the long wick on the candlestick shows selling at higher levels.

The bears pulled the price back below the 20-day EMA on Aug. 30. This indicates that the bears have not given up and are viewing the recoveries as a selling opportunity. The flattening 20-day EMA and the RSI in the negative territory signal possible range-bound action in the near term.

If the price breaks below $4.50, the DOT/USDT pair may swing between the 20-day EMA and $4.22 for some time. On the other hand, a break and close above the 20-day EMA could propel the pair to the overhead resistance at $5.

Polygon price analysis

Polygon (MATIC) is facing stiff resistance in the zone between $0.60 and $0.65 as seen from the long wick on the Aug. 29 candlestick.

The price turned down on Aug. 30, suggesting that the MATIC/USDT pair could consolidate in a large range between $0.51 and $0.65 for a while. The price action inside the range is likely to remain random and volatile.

If bears want to seize control, they will have to drag the price below $0.51. That could resume the downtrend with the next support at $0.45. On the upside, a break and close above the 50-day SMA ($0.67) could signal that the bulls are in the driver’s seat.