Market Assessment 20th Sep: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

Bitcoin and other cryptocurrencies are poised to experience increased volatility after the Federal Reserve’s rate decision on September 20th.

Bitcoin’s recent rebound faces resistance above the $27,000 mark, signalling short-term apprehension linked to the Federal Reserve’s September 20th meeting. Nevertheless, long-term investors remain undeterred and have been consistently accumulating assets. According to data from Glassnode, the supply of inactive Bitcoins has reached record levels since July.

Despite this optimistic sentiment among long-term investors, institutional activity does not mirror the same enthusiasm. Institutional investors have reduced their exposure to cryptocurrencies and are currently adopting a wait-and-see approach, seeking greater clarity on regulatory and macroeconomic developments. CoinShares, an asset management firm, reported outflows of $455 million from exchange-traded products in the past nine weeks.

Meanwhile, analysts remain divided about Bitcoin’s near-term price action. Bollinger Bands creator John Bollinger speculated in an X (formerly Twitter) post that Bitcoin could start an up-move but added that it was “too early to answer.”

The volatility could increase after Fed Chair Jerome Powell’s press conference, but traders should be careful not to get sucked into a bull or a bear trap. It is better to wait on the sidelines and enter after the volatility subsides and a directional move begins.

What are the critical levels for Bitcoin and the significant altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin faces stiff resistance at the 50-day simple moving average ($27,154), indicating that the bears are trying to halt the recovery.

The upsloping 20-day exponential moving average ($26,499) and the relative strength index (RSI) in the positive territory indicate that bulls are in control. If the price rebounds off the 20-day EMA, it will enhance the prospects of a rally above the 50-day SMA. If that happens, the BTC/USDT pair could climb to $28,143.

Conversely, if the price turns down and breaks below the 20-day EMA, it will indicate that the bears remain active at higher levels. A break and close below $26,000 may accelerate selling and sink the pair toward the crucial support at $24,800.

Ether price analysis

Ether has maintained above the breakdown level of $1,626 for the past few days, but the bulls have failed to build on this strength.

The long wick on the Sep. 18 and 19 candlestick shows selling by the bears at higher levels. The flattish 20-day EMA ($1,637) and the RSI just below the midpoint suggest a balance between buyers and sellers.

A rally above $1,680 could tilt the advantage in favour of the bulls. The ETH/USDT pair could then rally to $1,745. On the contrary, a slide below $1,600 will suggest that bears have not yet given up. That could pull the pair to $1,530.

BNB price analysis

Buyers tried to shove BNB above the overhead resistance at $220 on Sep. 18 and 19, but the bears defended the level successfully.

A minor advantage in favour of the bulls is that they have not allowed the price to slide back below the 20-day EMA ($215). This suggests that the bulls are buying the minor dips as they expect the up-move to extend further.

If buyers clear the zone between $220 and the 50-day SMA ($223), the BNB/USDT pair could start a rally toward $235.

Bears must tug the price back below the 20-day EMA if they want to prevent the upside. That could keep the price stuck inside the $203 to $220 range longer.

XRP price analysis

XRP rose and closed above the 20-day EMA ($0.50) on Sep. 19, indicating that the bulls have the upper hand.

If the price stays above the 20-day EMA, it will suggest that the bulls are trying to flip the level into support. That will open the gates for a potential rise to the overhead resistance at $0.56, where the bears will likely make their stand.

The past few days’ price action shows signs of forming a bullish ascending triangle pattern, which will complete on a break and close above $0.56. To safeguard the setup, buyers must keep the XRP price above the uptrend line.

Cardano price analysis

The Bulls have been trying to push Cardano above the 20-day EMA ($0.25) for the past few days, but the bears have not relented.

The flattening 20-day EMA and the RSI just below the midpoint suggest a balance between supply and demand. If buyers sustain the price above the 20-day EMA, ADA price will attempt a rally to the overhead resistance at $0.28.

Alternatively, if the price turns sharply from the current level, it will signal that the bears sell on relief rallies. A break and close below the $0.24 support will indicate the start of the next leg of the downtrend. The following support on the downside is at $0.22.

Dogecoin price analysis

Dogecoin has been trading near the 20-day EMA ($0.06) for the past few days, indicating that the bears are defending the level aggressively.

A slight positive in favour of the bulls is that they have not allowed the price to slip below $0.06. This suggests that the bulls are trying to clear the overhead hurdle. If the 20-day EMA gives way, the DOGE/USDT pair could climb to $0.07 and later to $0.08.

Instead, if the price turns sharply from the current level, it will suggest that the sentiment remains negative and that traders are selling on rallies. The bears aim to yank the price below $0.06 and challenge the critical support at $0.055.

Solana price analysis

After struggling to rise above the 20-day EMA ($19.55) for a few days, Solana finally overcame the obstacle on Sep. 18.

The 20-day EMA is flattening out, and the RSI is just above the midpoint, indicating that the bears may be losing their grip. Buyers will try to push the price to the 50-day SMA ($21.14) and the overhead resistance at $22.30. This level is likely to attract strong selling by the bears.

This optimistic view will be invalidated soon if the SOL/USDT pair turns down and plummets below $18.50. The pair could then retest the strong support at $17.33.

Toncoin price analysis

Toncoin (TON) is currently in a strong uptrend. The bulls are trying to strengthen their position further by pushing the price above $2.59, but the bears have held their ground.

Although the up-move is facing selling near $2.59, the bulls have not ceded ground to the bears. This suggests that the traders hold on to their positions as they anticipate another leg higher. Above $2.59, the TON/USDT pair could reach $2.90 and eventually $3.28.

The upsloping moving averages indicate an advantage to buyers, but the overbought level on the RSI warns of a possible correction or consolidation in the short term. The first support for the TON price on the downside is $2.25, and the next level to watch out for is $2.07.

Polkadot price analysis

The bulls are struggling to propel Polkadot above the breakdown of $4.22, indicating that demand dries up at higher levels.

The bears will try to strengthen their position by sinking the price below the immediate support at $4. The DOT/USDT pair risks a slide to the crucial support at $3.90 if they succeed. A break and close below this level may start the next leg of the downtrend.

Instead, if the price rises from the current level and rises above the $4.22-4.33 resistance zone, it could lead to short covering. The pair can reach the 50-day SMA ($4.50) and climb to the downtrend line.

Polygon price analysis

Polygon rose and closed above the 20-day EMA ($0.54) on Sep. 19, indicating that the bulls are attempting a comeback.

Still, the 20-day EMA will likely witness a tough battle between the bulls and the bears. If the bulls maintain the price above the 20-day EMA, the MATIC/USDT pair could climb to the overhead resistance at $0.60 and then to $0.65.

Contrarily, if the bears pull the price back below the 20-day EMA, it will signal that higher levels continue to attract selling. The bears will then try to build upon their advantage by pulling the price below $0.49.

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