Price analysis 8/30: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC
2 min read
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.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
