Crypto Price Analysis 8-9 BTC, ETH, SOL, XRP, DOGE, AVAX, SEI

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Bitcoin (BTC) has surged past the $60,000 mark as markets recovered. The broad-based crypto rally saw other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and XRP, gain around 8% to 10%. One observer noted that prices rarely make such a recovery after major capitulation events, such as the one that occurred on Monday.

After a rough week, the crypto markets were buoyed by news that the US economy looks much healthier than previously thought and that a judge approved the settlement between FTX and the Commodity Futures Trading Commission (CFTC). 

Markets Choppy But Recover 

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) made noticeable gains on Thursday, while several smaller altcoins and meme coins also registered a significant jump. BTC’s momentum has taken the asset above $60,000, as it trades just under the $61,000 price level. Meanwhile, ETH has climbed over $2,500 and is currently trading at $2,673. SOL registered another jump of almost 3% and is now trading at $157, with the $160 price level in sight. 

Stock and crypto markets tanked at the start of the week after reports sparked fears that the US could be sliding into a recession, leading to a major selloff on Wall Street. To make matters worse, the Japanese Yen saw a surge in value against the USD, causing investors to sell any asset they deemed risky, including crypto. However, fears regarding the US economy were calmed to a certain extent after data showed that filings for unemployment benefits had registered a significant decrease compared to the previous week. Following the report, the Nasdaq and the S&P500 made gains of 2% and 3%, respectively. 

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Additionally, the news of FTX’s settlement with the CFTC buoyed investors. FTX now has to pay $12.7 billion to settle the lawsuit. 

“On the macro side, the soft initial jobless claims number temporarily reduced hard-landing concerns, lifting risk assets more broadly. On the crypto side, the perception that we are one step closer to FTX creditors receiving their $12.7 billion is positive, as part of it could re-enter the market.”

However, some analysts, such as Caleb Franzen, the founder of Cubic Analytics, stated that BTC’s 200-day moving average could act as resistance and stall the rally. 

“I’m hopeful that we can break above this level, but I’m not ignorant to the fact that it can just as easily act as resistance. Bullish if we break and close above it.”

K33 Research analyst David Zimmerman stated that it’s rare for cryptocurrencies to rebound in a straight line after events such as Monday’s market crash. 

“V-shaped recoveries are not the norm; there is no need to rush into new positions. The prices within these wicks are usually revisited, and looking to get positioned into coins showing relative strength during this time is the focus.”

More Gains 

Other cryptocurrencies that made substantial gains include Dogecoin (DOGE) and Toncoin (TON). However, Ripple (XRP) can be considered the biggest winner of the week after the judge ruled that the company must pay the Securities and Exchange Commission (SEC) $125 million in a long-running lawsuit. The ruling is seen as a major win for Ripple because the SEC demanded $2 billion for a settlement. As a result of the ruling, XRP registered a significant jump and is trading above $0.60. 

Meanwhile, BTC’s gains mean the cryptocurrency has completely reversed its weekly candle to positive. If BTC ends the week at current prices, it could form a hammer candlestick, a bullish signal that generally appears at the bottom of a price downtrend, hinting at a major reversal. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) soared to a day high of $62,798 as markets made a strong recovery from recent lows. After a bearish week, BTC’s price jump saw the world’s largest cryptocurrency surge past $60,000 and trade at the $60,850 mark. BTC, along with other digital assets, witnessed its biggest selloff since the FTX collapse, leading to a drop of 15% for the asset. According to JPMorgan, retail investors largely drove the selloff, while momentum traders also exited their long positions. 

Looking at BTC’s price chart, we can see the recovery surge on Thursday but also see it stalling around the 200-day SMA. However, the asset does seem to have regained the losses made over the weekend and Monday’s selloff. BTC slipped below $50,000 during Monday’s rout before recovering and settling at $54,274. On Tuesday, the price continued to climb, going above $55,000 and settling at $56,172. However, sellers were still active at this level as markets faced volatility, driving the price down to $55,144 on Wednesday, a drop of 1.83%. As better-than-expected market numbers emerged, the markets rebounded on Thursday, with BTC leading the recovery.

Source: TradingView

BTC surged by 12% on Thursday, allowing it to push above resistance levels and the $60,000 mark to hit a high of $62,798. However, buyers lost steam and BTC witnessed a slight drop to settle at $61,763, just below the 200-day SMA. With the 50 and 200-day SMAs acting as dynamic levels of resistance, analysts had predicted that the recovery might stall at this level. Sure enough, BTC is witnessing a drop during the ongoing session, down by 1.25%, trading around the $60,900 mark.

It will be interesting to see how this plays out. If buyers can absorb the selling pressure and keep BTC above $60,000, they could step in and attempt a move above the SMAs toward $65,000. However, if they cannot do so, BTC could drop to $55,000 or $50,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) fell to its lowest levels of 2024 during Monday’s market rout, losing crucial support levels. ETH dropped to a low of $2,131 on Monday as selling pressure intensified. However, buyers entered the market at this level, allowing ETH to end the day at $2,421. Buyers attempted a recovery on Tuesday, but with sellers active above $2,500, ETH could register only a 1.77% increase and settle at $2,464 after reaching a day high of $2,556. Buyers attempted another move above $2,500 on Wednesday but failed to do so. Instead, ETH fell back in the red, dropping by almost 5% to $2,343.

Source: TradingView

However, as markets recovered on Thursday, ETH surged by almost 15%, moving past the $2,500 level and settling at $2,684. The current session sees ETH up marginally as buyers target the next level of resistance, sitting at $2,800. While ETH may have jumped by almost 15% on Thursday, it remains down by 14% in the weekly charts. Ethereum ETFs were also mixed, recording $98 million in inflows on August 6 but then registering net outflows of $24 million on August 7. So, where does ETH go from here?

If buyers can sustain momentum, ETH could test the resistance at $2,800. A move above this level could set ETH up for a push towards $3,000. However, sellers will actively defend this level, and if the price turns bearish, a drop below $2,500 can be expected. Despite ETH’s recent struggles, Michaël van de Poppe highlighted two key developments that could have a major impact on the price of ETH, noting that ETH had become deflationary and on-chain activity was picking up.

Solana (SOL) Price Analysis

Solana’s (SOL) comeback after Monday’s crash has been nothing short of spectacular as it quickly surged back to pre-weekend levels. However, the recovery has stalled during the current session, as the price experiences a slight dip. SOL was already trading in the red prior to the weekend after hitting a high of $194 on July 29. However, selling pressure intensified on Monday as SOL dipped to a low of $109 before recovering and ending the day at $129. SOL quickly recovered from these levels, registering an 11.33% increase on Tuesday to settle at $144.58.

Source: TradingView

SOL saw significant volatility on Wednesday as bulls attempted to push above $160. However, buyers could not sustain momentum with sellers active at these levels as the price fell back to $144. In the end, SOL was able to register only a marginal increase. SOL pushed above $160 on Thursday as markets made a strong recovery, allowing it to move above the 50 and 200-day SMAs as well. SOL ended the day at $163, registering an increase of almost 13%. However, SOL’s recovery seems to have stalled during the current session, with the price down by just over 3% and trading below $160. 

For SOL to continue its upward trajectory, buyers must reclaim the $160 level. However, should they fail to do so, the price could face a pullback towards $150. The MACD has shown a consistent decline in the red histogram, suggesting a positive outlook for SOL. 

Ripple (XRP) Price Analysis 

Ripple (XRP) witnessed a huge bump as the Ripple vs SEC case reached its final stages, with no signs that XRP would be classified as a security. A judge ordered Ripple to pay the SEC a $125 million civil penalty and stated the firm was “permanently restrained and enjoined” from violating United States Securities Laws, with executives calling the ruling a victory for crypto. Ripple Labs CEO Brad Garlinghouse stated, 

“This is a victory for Ripple, the industry, and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.”

As a result of the developments, XRP quickly recovered from its low of $0.432 on Monday. The price rose to $0.507 on Tuesday after an increase of 3.55%. As news of the ruling filtered out, XRP surged by over 18% on Wednesday, breaking above key resistance levels and the 20, 50, and 200-day SMAs to reach $0.599. XRP had managed to hit a day high of $0.643 before settling at $0.599. XRP continued to push higher on Thursday, increasing to $0.617. However, the price has dropped during the current session and is currently at $0.602.

Source: TradingView

Looking at the MACD, the red histogram consistently declines, indicating a building bullish sentiment. However, XRP’s price surge caught futures traders off-guard, with 40% more short positions liquidated than long ones.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) is showing signs of a recovery after trading in the red since July 22. DOGE’s recovery began on Tuesday after it lost $0.100 on Monday following a 9.13% drop. DOGE registered an increase of just over 2% on Tuesday as it moved to $0.096. However, it faced considerable selling pressure around the $0.100 level, as it fell back in the red on Wednesday, dropping by 0.73% to $0.095.

Source: TradingView

With buyers eying the $0.100 price level, network activity picked up as DOGE surged by 12.11% on Thursday, breaking past $0.100 and settling at $0.107. The current session sees DOGE trading at $0.105 after a decline of 1.77%. But how far can DOGE’s current upswing take the price? While selling pressure may have waned, DOGE must register an uptick in buying activity to sustain momentum. If that doesn’t happen, DOGE could enter a period of sideways consolidation.

Avalanche (AVAX) Price Analysis

Avalanche (AVAX) had surged to a high of $33 on July 21. However, AVAX has been on a downward trajectory since investors turned cautious after the price correction. With the market seeing a considerable drop on Monday, AVAX plummeted to a low of  $17.44. At these levels, demand picked up, allowing AVAX to recover and end Monday at $19.56. Buying activity picked up on Tuesday, allowing AVAX to rise by 6.85% to $20.90 before dropping to $19.83 on Wednesday.

Source: TradingView

With the rest of the crypto markets recovering, AVAX posted an increase of almost 15% on Thursday as the price rose to $22.74. The current session sees AVAX down by almost 4% and trading at $21.84.

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SEI Price Analysis

SEI has witnessed a significant change in investor sentiment after months of trading in a downward trend. Bearish sentiment had intensified last week, and the price fell to a low of $0.20 on Monday before settling at $0.22. SEI recovered on Tuesday, rising to $0.243, but could not push above $0.25, dropping back in the red on Wednesday and settling at $0.235 after a drop of 3.57%. SEI made an incredible recovery on Thursday as the price skyrocketed by over 24% to move to $0.29, as buyers eyed the $0.30 level. However, the current session sees SEI marginally down, with sellers actively defending $0.30

Source: TradingView

To maintain SEI’s current recovery, buyers must push above $0.30. A push and close above this level could allow SEI to test the $0.35 level to see if it can overcome the 20- and 50-day SMAs. As mentioned earlier, investor sentiment around SEI had turned bullish, with its funding rate turning positive, indicating that investors are optimistic about the potential for a price increase. Additionally, the RSI, while still in the bearish zone, has registered an uptick, suggesting a gradual recovery for SEI.

Btc

Bitcoin

$62.547
price

0.84959%
price change

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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.