Bitcoin range-specific price action could trigger BNB, TON, AAVE and HNT.

Bitcoin (BTC) continued its sideways price action this week as buyers successfully defended the $55,724 support. Large fund managers have taken advantage of the consolidation period to add Bitcoin exchange traded funds (ETFs) to their portfolios. According to a CoinShares Research analysis, Goldman Sachs bought $419 million, Capula Management got $470 million, and Avenir Tech bought $388 million of Bitcoin ETFs since March.

According to a report published by cryptocurrency exchange Coinbase, institutional investors designated as investment advisors increased their Bitcoin ETF holdings by 3% in the second quarter of 2024. At the same time, hedge fund holdings fell slightly. Coinbase believes that the summer season in the United States (from June to August) can delay “big earnings”, which will save the price action.

According to crypto analyst Matthew Hyland in a video analysis, Bitcoin is following a similar pattern to previous US election years. Accordingly, Bitcoin is likely to stay in the range for “a little longer” and possibly break out in October or November.

Bitcoin's choppy price action has kept several altcoins under pressure. However, as Bitcoin attempts to break above $60,000, buying may emerge in select altcoins. Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin breached the $55,724 support on August 15 and reached the 20-day moving average ($60,193) on August 18.

Downward moving averages and the Relative Strength Index (RSI) below the midpoint indicate slight upside for the bears. If the price breaks below the 20-day EMA, the bears will again try to push the BTC/USDT pair below the crucial $55,724 support. If successful, the pair could go down to $49,000.

If bulls want to protect the downside, the price should press above the 50-day simple moving average ($61,540). The pair may test a rally towards $65,660 and then towards $70,000.

The moving averages are off, and the RSI is above the midpoint, indicating a balance between supply and demand. If you push the price above $62,000 and keep it, the balance will tip in favor of buyers. That clears the way for a rally to $65,660.

The bears need to dip below $55,724 to prevail. If they do that, the sell-off can be lifted, and the pair can fall to the critical support of $49,000. The bulls are expected to defend this stage strongly.

BNB price analysis

BNB (BNB) has returned to the low line, which indicates that the bulls are trying to return.

The 20-day EMA ($529) is extended, and the RSI is near the midpoint, indicating that the selling pressure is decreasing. Buyers try to push and hold the price above the lower line. If that happens, the BNB/USDT pair could rise to $605.

On the contrary, if the price drops significantly from the current level, it indicates that the bears will strongly defend the lower line. The pair may slide to $495 and then to critical support at $460.

The moving averages on the 4-hour chart are gradually rising, and the RSI is in positive territory, which suggests that the bulls have a slight edge. If the price rises and stays above the descending line, it indicates that the short-term correction may be over. The pair can be raised to $578 and later to $592.

If the price declines and breaks below the moving average, this positive view will be cancelled. The pair could fall to strong support at $495.

Token price analysis

Toncoin (TON) declined from the 50-day SMA ($6.85) on August 15, but is finding support at the 20-day EMA ($6.49).

The flat 20-day EMA and RSI near the midpoint suggest range-bound action in the near term. A break and close above the 50-day SMA will favor short-term gains for the bulls. The TON/USDT pair may climb towards $7.65 and eventually towards the strong $8.29 resistance.

Alternatively, if the price closes below the 20-day EMA, it suggests that the bears have an edge. There is strong support at $6.05, but if this level is broken, the pair could fall to $5.26.

The bears attracted buyers as the price did not dip below $6.38, pushing the pair above its moving average. There is a small resistance at $6.88, but if this level is crossed, the pair can reach $7.26.

On the contrary, if the price declines from the current level and breaks below $6.38, it would indicate an advantage for the bears. The pair could drop to $6.18 and then to $6.05. This level can attract buyers.

RELATED: Bitcoin Sets Bullish Signs With $60.6K BTC Price Level To Hit Metrics

Aave price analysis

The bulls tried to push Aave (AAVE) above $118 on August 17, but the bears held their ground.

A rising 20-day EMA ($103) and an RSI in positive territory indicate that the bulls are dominant. If buyers do not give more space than the current level, it increases the possibility of a rally above $118. The AAVE/USDT pair may rise to $134.

This optimism will be canceled in the near term if the price declines significantly and breaks below the 20-day EMA. Such a move suggests that the pair may fluctuate between $90 and $118 for some time.

Failure to push the price above $118 has dragged the pair to the 20-EMA on the 4-hour chart. If the price breaks below the 20-EMA, it suggests that the bulls are losing their grip. The pair could slip to $104. This is a very important level to protect the bulls because if it breaks, the pair can go down to $96.

Conversely, if the price rises from the current level, the bulls will try to push the pair above $113.50. If you can pull through, the pair can rally to $118.

Helium price analysis

Helium (HNT) has been moving steadily higher over the past few days, indicating that a new uptrend has begun.

The uptrending 20-day EMA ($6.22) and the RSI near the overbought zone show that the bulls are in control. The HNT/USDT pair could rally to $9.74, which could serve as strong resistance. Buyers are expected to buy dips to the 20-day EMA, which indicates positive sentiment.

If the bears want to take control, they need to push the price below the 20-day EMA. If they manage to do that, the pair could move towards the 50-day SMA ($4.78) and eventually lower towards $4.

The 4-hour chart shows that the pair is at a higher level, and the bulls are buying dips to the 50-SMA. The upward moving averages indicate gains for buyers, but a negative divergence on the RSI indicates that momentum may be weakening.

Corrections can be supported by the 20-EMA and then the 50-SMA. To clear the way down to $6.10, sellers need to drag the price below the 50-SMA.

Instead, if the price stays above the 20-EMA, it indicates that the breakout remains intact. The pair can then go up to $9.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.