Technical Analysis on August 5: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, XLM

The Bitcoin bulls (BTC) are trying to hold the price above the $115,000 threshold, but are continuously facing strong resistance from the bears. In a comment on the X platform, Arthur Hayes – the investment director of the Maelstrom Fund – warned that the weakening momentum of the credit market, along with the slowing job creation rate, could cause the price of BTC to plummet to $100,000, while Ether (ETH) is at risk of falling to the $3,000 mark.

The cautious mentality of investors is also clearly reflected in the flow of funds in Bitcoin and Ethereum ETFs in the U.S. Data from SoSoValue shows that just on Friday, Bitcoin ETFs recorded a net withdrawal of up to $812.25 million, while Ethereum ETFs had a net withdrawal of $152.26 million – ending a 20-day streak of inflows.

However, short-term fluctuations seem not to deter listed companies as they continue to increase their holdings of BTC and ETH. Recently, the Japanese investment company Metaplanet announced that it had purchased an additional 463 BTC at an average price of approximately $115,895, bringing the total amount of Bitcoin held to 17,595.

Similarly, SharpLink also aggressively bought 30,755 ETH at an average price of $3,530, bringing their total held ETH to 480,031.

The question now is: Can Bitcoin break through the important resistance zone above? And if that happens, will it become a catalyst for the recovery of altcoins? Let's analyze the charts of the top 10 cryptocurrencies to find the answer.

SPX Technical Analysis

The S&P 500 (SPX) index reached a new all-time high on Thursday but then faced profit-taking at high price levels.

Daily SPX Chart | Source: TradingViewSelling pressure continued on Friday, pulling the price below the 20-day simple moving average (SMA) at 6,306. Bulls are trying to regain control by pushing the price back above the 20-day SMA on Monday. If successful, the index may test the historical peak of 6,427.

On the contrary, if the price turns down from the SMA 20 line, it indicates that the recovery phases are being sold off. At that point, the index may fall to the SMA 50 day (6.139), where strong buying pressure is expected to appear.

Technical Analysis of DXY

The USD index (DXY) has risen above the 50-day SMA (98,29) on July 28 but turned back to fall from the upper resistance zone of 100.54 on Friday.

Daily DXY Chart | Source: TradingViewThe bulls are trying to halt the fall near the moving averages, indicating that selling pressure is easing. If the price reverses and rises from the current level and surpasses 100.54, the recovery process may continue towards the 102 area. A breakout and close above 102 will signal that a short-term bottom has been formed.

To regain an advantage, the bears need to pull the price below the moving averages. If that happens, the index could fall to 97.10.

Technical Analysis of BTC

BTC has fallen below the ( neckline) of the inverted head and shoulders pattern on Friday but received support from the 50-day SMA at $112,262.

BTC/USDT daily chart | Source: TradingViewThe 20-day SMA ($117,237) has started to point downwards, while the relative strength index (RSI) is below neutral, indicating that the bears are looking to make a comeback. The current recovery is expected to face selling pressure in the zone between the neckline and the 20-day SMA.

If the price cannot break through this resistance zone and turns down, the risk of BTC falling below the important support level of $110,530 will increase. At that point, the BTC/USDT pair could plummet to $105,000 and then to $100,000.

On the contrary, to regain control, buyers need to push the price above and maintain it above the 20-day SMA line. If successful, the pair could test the resistance zone from $120,000 to $123,218.

Technical Analysis of ETH

ETH is finding support in the area between the 50% Fibonacci retracement level at $3,422 and the 61.8% Fib level at $3,300.

ETH/USDT Daily Chart | Source: TradingViewThe current recovery is likely to encounter selling pressure at the SMA 20-day line ($3.652), but if the bulls prevail, the ETH/USDT pair could rise to $3.941 and then to $4.094. At the $4.094 level, the bears are expected to defend strongly.

On the contrary, if the price reverses and falls from the 20-day SMA and breaks below the $3.354 level, it indicates that the bulls are losing their edge. At that point, the risk of falling to the 50-day SMA ($3.013) will increase significantly.

Technical Analysis of XRP

XRP fell below $2.95 on Saturday but bounced back from the 50-day SMA ($2.66 on Sunday, indicating buying strength at lower levels.

![ngay-5-8-phan-tich])https://img-cdn.gateio.im/webp-social/moments-fdd11fe6987731f479c43c40ba68a3f8.webp(XRP/USDT daily chart | Source: TradingViewThe XRP/USDT pair may continue to rise to the 20-day SMA )$3.19(, where selling pressure is expected to emerge. If the price reverses from the 20-day SMA, the pair may continue to fluctuate in the range between the two moving averages for a few more days.

If it breaks and closes above the 20-day SMA line, the pair may extend its rally to $3.33 and then to $3.66. Conversely, if it slips below the 50-day SMA line, that could be a signal for a deeper correction towards the $2.40 mark.

Technical Analysis of BNB

The price of BNB has plummeted below the )SMA( 20-day simple moving average at $769 on Friday and hit a strong support level of $732 on Saturday.

![ngay-5-8-phan-tich])https://img-cdn.gateio.im/webp-social/moments-2da21209c2ed7b94e4674638df37087d.webp(Daily BNB/USDT Chart | Source: TradingViewThe BNB/USDT pair has recovered from the $732 level on Sunday, but this recovery is likely to face strong selling pressure at the 20-day SMA line. If the price reverses sharply from the 20-day SMA, the bears will try to pull the pair down below the $732 level. If successful, the BNB/USDT pair may continue to plummet towards the 50-day SMA line at $702.

On the contrary, if the price breaks and closes above the 20-day SMA, it indicates that buying pressure at the low price level is very strong. At that point, this currency pair could climb to the $794 mark, and then to $815.

Technical Analysis of SOL

The bears have pushed the price of Solana below the 50-day SMA )$161( on Saturday, but were unable to maintain the downward momentum at lower levels.

![])https://img-cdn.gateio.im/webp-social/moments-6983f440acaa867a4753c3fff7f9fa6a.webp(The daily chart of SOL/USDT | Source: TradingViewThe moving averages are flat and the RSI indicator is in the negative zone, indicating that there is no clear advantage for either the bulls or the bears. The SOL/USDT pair is likely to oscillate within the range of the moving averages for some time.

If the price breaks out and closes above the 20-day SMA at )$179(, the advantage will shift to the bulls. At that point, the pair could aim for $195. Conversely, if it closes below $155, the bears will take over and push the price down to $144, followed by $137.

Technical Analysis of DOGE

Dogecoin )DOGE( has traded within a wide range from $0.14 to $0.29 over the past few months.

![])https://img-cdn.gateio.im/webp-social/moments-98706847d4f3d87ed3ae780e32ab933a.webp(Daily DOGE/USDT Chart | Source: TradingViewThe moving averages are flat and the RSI indicator is in the negative zone, indicating that the sideways trend may continue in the near future. If the price breaks and closes below the 50-day SMA )$0.19(, Dogecoin may drop to the important support area at $0.14.

The first positive signal will appear when the closing price is above the 20-day SMA. At that point, the DOGE/USDT pair could rise to $0.26 and then to $0.29 – where it is predicted to be a strong resistance area that the bears will fiercely defend.

Technical Analysis of ADA

The price of Cardano )ADA( has turned around and increased from the 50-day SMA )$0.68( on Sunday, indicating that buying pressure has emerged at the lower price range.

![])https://img-cdn.gateio.im/webp-social/moments-467af858400725593d48be1b4f88fd91.webp(ADA/USDT daily chart | Source: TradingViewBoth moving averages are flat, and the RSI indicator is in the neutral zone, reflecting a balance between supply and demand. This may cause the ADA/USDT pair to continue fluctuating within the range between the moving averages in the near future.

However, the bears may have a different plan. They will attempt to pull the price below the 50-day SMA line. If successful, the pair may extend the correction to the strong support area at $0.50. Conversely, to regain the advantage, the bulls need to push the price up and maintain it above the 20-day SMA line.

Technical Analysis of XLM

Stellar is trying to bounce back from the 61.8% Fibonacci retracement level at $0.34, but this recovery is expected to face selling pressure at the 20-day SMA )$0.43(.

![])https://img-cdn.gateio.im/webp-social/moments-daf5bbc67810c59f9b2300a75388338b.webp(Daily XLM/USDT Chart | Source: TradingViewIf the price sharply reverses down from the 20-day SMA line, it indicates that market sentiment has turned negative and investors are taking profits as the price recovers. This scenario could pull the price down to the 50-day SMA line )$0.33, which is an important support level to watch. If the 50-day SMA line is broken, the XLM/USDT pair could plummet to $0.29.

To turn the tide, the bulls need to push the price above and maintain it above the 20-day SMA. At that point, the pair could target $0.46, and then $0.49.

SN_Nour