Technical Analysis for August 9: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI

Bitcoin made a strong rebound on Thursday, but the momentum quickly stalled as the bulls struggled to maintain high price levels. This development indicates that the bears are taking advantage of every bounce to offload their holdings. Nevertheless, a silver lining for the bulls is that they are still persistently defending the $116,000 USD mark.

According to data from Glassnode, the average cost basis of the "buy the dip" group of investors in the past week to month is around 116,900 USD. This is a key milestone: if BTC holds above this level, it will be a signal that demand has regained control.

On the contrary, if the price continues to be pressed below 116,900 USD, the report warns of the possibility that Bitcoin will slide deeper, potentially retreating to the 110,000 USD range.

Not only Bitcoin, analysts are also watching every move of altcoins. Michaël van de Poppe – co-founder of MN Trading Capital – believes that the recent breakout of Ether (ETH) to 4,011 USD is "the beginning of a stronger risk appetite." He predicts that in the next 2–4 months, altcoins could explode with an increase range of 200% to 500%.

Will Bitcoin break through the resistance level of 120,000 USD to open a new bullish wave, or will it be pulled back to 112,000 USD? And will altcoins continue to flourish or lose momentum? Let's dive deep into the analysis of the charts of the top 10 cryptocurrencies to find the answers.

Technical Analysis of BTC

BTC has surpassed the resistance level near 115,720 USD on Thursday, but is currently facing selling pressure at the downtrend line.

Daily BTC/USDT chart | Source: TradingViewIf the price reverses from the downtrend line but bounces back from the (neckline), it indicates that buying pressure is emerging as the price makes a slight correction. This scenario will increase the chances of breaking above the downtrend line. If successful, the BTC/USDT pair may advance towards the resistance zone of 120,000 – 123,218 USD. Closing the candle above 123,218 USD will pave the way for a rally to 135,000 USD.

The first signs of weakness will appear if the price breaks below the 50-day SMA line at (113.111 USD). Selling pressure may increase significantly if the support at 110.530 USD is breached.

Technical Analysis of ETH

The bulls have pushed ETH past the 3,745 USD level on Thursday, signaling that the correction phase may have ended.

ETH/USDT daily chart | Source: TradingViewThe rally has broken through the resistance at 3.941 USD on Friday, but is expected to face strong selling pressure as it approaches 4.094 USD. If the price drops sharply from this area and breaks below the 20-day SMA, it indicates a potential for short-term accumulation. At that point, the ETH/USDT pair may move sideways in the range of 4,000 – 3,400 USD for a while.

On the contrary, if it breaks out and closes above 4,094 USD, the upward trend will resume, opening up opportunities towards 4,868 USD.

Technical Analysis of XRP

XRP (3.28 USD) has bounced from the support zone of 2.95 USD on Wednesday and surged above the 20-day SMA of (3.15 USD) on Thursday.

XRP/USDT daily chart | Source: TradingViewThe bulls will attempt to push the price to resistance at 3.66 USD, where the bears are expected to respond fiercely. If the price retraces from 3.66 USD, the XRP/USDT pair is likely to find support at the 20-day SMA. A bounce from here will increase the chances of breaking through the resistance level of 3.66 USD.

Conversely, if the price falls below the 20-day SMA line, it indicates that higher levels are still attracting selling pressure. At that point, the price could plummet to 2.95 USD. Bears need to pull XRP below the 50-day SMA line to take control.

Technical Analysis of BNB

BNB has broken above the 20-day SMA (779 USD) on Thursday, indicating that selling pressure is easing.

BNB/USDT daily chart | Source: TradingViewThe bears are likely not to give up yet and may create pressure at 794 USD and 815 USD. However, if the bulls break through these barriers, the BNB/USDT pair may revisit the historical peak at 861 USD.

The first weakening signal will be when the price breaks and closes a candle below 761 USD, paving the way for a decline to 732 USD. If the price falls below the 50-day SMA of (712 USD), it will confirm the formation of a short-term peak.

Technical Analysis of SOL

The bears tried to pull Solana (SOL) below the 50-day SMA (163 USD) on Wednesday, but the bulls held their ground.

The daily chart for SOL/USDT | Source: TradingViewThe SOL/USDT pair has risen to the 20-day SMA (178 USD), which could be a short-term resistance level. If it breaks through the 20-day SMA, the price could move towards 195 USD. Although 185 USD is a resistance level, the chances of it being overcome are quite high.

The area between the 50-day SMA and the 155 USD mark is an important support level. If the bears push the price below this range, Solana could drop to 144 USD, or even 137 USD.

Technical Analysis of DOGE

Dogecoin (,2312 USD) has bounced from the 50-day SMA ( at 010,19 USD) on Wednesday and has now reached the 20-day SMA ( at 010,22 USD).

Daily DOGE/USDT chart | Source: TradingViewThe moving averages are flat and the RSI indicator is just above neutral, indicating that neither side has a clear advantage.

If the price breaks above the 20-day SMA, the DOGE/USDT pair could rise to the resistance zone of 0.25 – 0.26 USD. Conversely, if the price drops sharply from the 20-day SMA, it indicates that the bears are defending this level, causing Dogecoin to potentially continue to fluctuate within the range between the two moving averages for some time.

Technical Analysis of ADA

Cardano (ADA) has reached the simple moving average (SMA) of 20 days at 0.78 USD, indicating strong buying pressure at the 50-day moving average (SMA) of 0.69 USD.

ADA/USDT Daily Chart | Source: TradingViewIf the bulls maintain the price above the 20-day SMA, the ADA/USDT pair could continue to rise to 0.86 USD and then head towards 0.94 USD. The bears will try to halt the upward momentum at 0.94 USD, but if the bulls manage to break through, the price of Cardano could soar to 1.17 USD.

Conversely, if the price of ADA turns down and stays below the 20-day SMA, it indicates that the demand at the high price level is not strong enough. In that case, the currency pair may continue to fluctuate within the range between the moving averages for some time.

HYPE Technical Analysis

Hyperliquid (HYPE) has recovered to near the moving averages, where bears are expected to create a solid defense.

HYPE/USDT daily chart | Source: TradingViewIf the price reverses and decreases from this zone, it indicates that the bears continue to sell as the price recovers. At that point, they will try to pull the HYPE/USDT pair below the support level of 36 USD. If successful, the price could plummet to 32 USD.

Conversely, if the price rises above the moving averages, it signals that the bears are gradually losing control. At that point, the price of HYPE may bounce back to the previously broken support line — an important level to monitor. Regaining this support line will be a signal that the correction phase may have ended.

Technical Analysis of XLM

Stellar (XLM) has risen above the 20-day SMA (0.42 USD) on Thursday, signaling that the correction may have ended.

XLM/USDT Daily Chart | Source: TradingViewIf the price of XLM maintains above 0.46 USD, the XLM/USDT pair may break out to the resistance zone of 0.52 USD. The bears are likely to exert strong pressure at this level, but if the bulls take control, the upward momentum could extend to 0.61 USD.

On the contrary, the 20-day SMA line is the first support level to pay attention to. A strong bounce from here will indicate that market sentiment has turned positive and traders are taking advantage of the dip to buy in. The bears will regain the advantage if the price breaks and closes below the 5-day SMA line (0.35 USD).

Technical Analysis of SUI

Sui (SUI) has surged strongly from the 50-day SMA (3.36 USD) on Wednesday and reached the 20-day SMA (3.75 USD) on Thursday.

SUI/USDT Daily Chart | Source: TradingViewIf the bulls can maintain the price above the 20-day SMA, the SUI/USDT pair could accelerate towards 4 USD and then 4.30 USD. The bears are expected to defend strongly in the 4.30 – 4.44 USD range, as if this level is breached, the price of SUI could climb to 5 USD.

Conversely, if the price sharply declines from the current range, it indicates that the bears are trying to keep the currency pair fluctuating within a range between the moving averages for a few more days. The bears will regain control if the price breaks below the 50-day SMA.

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