Price Prediction 8/26: BTC, ETH, BNB, XRP, SOL, HYPE

XRP was the top gainer among the top 10 assets over the last seven days. It fell below $1 two weeks ago and remained range-bound until the massive uptrend last week.

Cumulatively, the altcoin gained a whopping 47% during this period. XRP peaked at $1.70 a few days ago, but its stay above this level was short-lived. Currently trading at $1.40, it remains to be seen whether a recovery will begin in the coming hours.

Away from XRP, STX is also making a comeback. It gained an impressive 130% over the last seven days. A sweep through the top 100 shows that almost every asset is seeing significant price increases. The massive improvement has since fostered conviction that the bear market is over.

A recent analysis stated that it is too early to call the start of a bull market. Interestingly, there are signs that the market may be preparing for a long squeeze. A closer look at recent price action shows that upward momentum is slowing.

Additionally, the Fear and Greed Index is at 81. This is the first time since May that the metric has crossed the neutral level. All these indications point to a possible pullback in the coming days.

However, the exact timing of a massive correction remains uncertain. Let’s see what the charts say about the next price direction.

BTC/USD

Bitcoin printed a red candle on Tuesday after hitting a milestone. It broke the $80K resistance for the first time since May and surged to a high of $81,255. Following the breakout, traders took profits, sending the apex coin below $78K.

Currently printing a green candle, the bulls will look to revive the upward momentum. However, the volume profile suggests that there is no significant demand concentration to sustain such a move at the time of writing.

The apex coin is trading below the third point of concentration. If it slips further, it will lose levels with notable volume. In that case, the closest support is at $76,800.

Aligning the volume profile with previous price action indicates that it is important for BTC to rebound around the $76.8K-$75.8K channel, as failure to do so could result in a drop to $72K.

The likelihood of the asset seeing such a decline is significant, as it was overbought on Tuesday. However, the RSI suggests a possible rebound within the highlighted zone. A closer look at the metric shows that it is approaching a key support level.

ETH/USD

Ethereum is trading at $2,446 at the time of writing. A closer look at Wednesday’s candle reveals that it is yet to make any strong upward move. This comes after another muted performance the previous day, which resulted in the asset ending the session with slight losses.

Comparing Tuesday’s price action with the current movement shows that the altcoin has hovered around $2,450. The volume profile shows that this is the point of concentration. If it loses this mark, the next level with notable concentration is $2,300.

In hindsight, ETH has been mostly range-bound. The Relative Strength Index (RSI) shows that the asset was overbought. Given the RSI reading, the likelihood of a downtrend remains significant.

BNB/USD

BNB saw a massive price increase last week, similar to XRP. However, the upward momentum waned on Saturday, and it has since been range-bound. Nonetheless, at the height of the uptrend, the altcoin soared and traded around Bollinger’s upper band.

Following the start of consolidation, the indicator began shrinking. This means that the asset could be gearing up for a strong move in the coming days. At the time of writing, the altcoin is trading at the narrowest part of the Bollinger Bands.

BNB may see notable selling pressure on Thursday. If that happens, the Pivot Point Standard indicates a possible drop to the pivot level at $675. Interestingly, previous price movement also shows notable demand concentration at $670, making this the key level to watch.

XRP/USD

XRP is seeing a massive pullback following its electrifying performance last week. It is down by more than 8% this week, with Wednesday accounting for the largest share of the losses. Over the last 17 hours, its losses have exceeded 4%.

Taking a closer look at price action on a smaller timeframe paints a grim picture of what’s to come. The asset is trading below its pivot point. In terms of price, the altcoin is trading at what could be the last line of defense.

XRP is currently trading at $1.36, a level with slight demand concentration. Per the PPS, if the bulls fail to stage buybacks at the current level, its next stop may be the first pivot support at $1.10. Nonetheless, the slight demand concentration at $1.22 is worth keeping an eye on.

SOL/USD

Solana regained its three-figure status last week. Its return marked a significant milestone, as it had traded below $100 for months before last week’s breakout. However, its stay above the key level was short-lived as traders began exiting the market.

On Tuesday, it surged above the mark again but has since been declining. At the time of writing, the bulls are struggling to stage buybacks around $95. It remains to be seen whether they will succeed. Nonetheless, it is important for prices to remain at the current level, as the likelihood of the asset dropping below $93 remains high.

Per the PPS, if the short-term demand concentration fails, a drop to the pivot point at $90 may follow.

HYPE/USD

Like XRP, HYPE saw massive gains last week. It peaked at $83 on Sunday and went slightly higher a few days later. In hindsight, it has remained highly volatile over the last three days as momentum dwindled across the market.

Additionally, it maintained its upward trajectory amid notable selling pressure. It recently retested $79.50, a short-term support level, and rebounded. With the upward trend still intact, the asset may flip $85 before the week ends.

However, the likelihood of this happening is slim, given the growing bearish sentiment across the market. If it loses its upward momentum, the first level to watch is $77. If the buybacks fail, the next stop will be $74.

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