The cryptocurrency market and the United States equities markets saw an incline leading up to the release of the August Consumer Price Index data on Sept. 13. However, the markets took a downturn after the data revealed an increase in inflation instead of a decrease.
The negative data eliminated hopes for a near-term Federal Reserve pivot, leading to a sharp decline in risky assets. U.S. stocks lost about $1.6 trillion in market capitalization on Sept. 13, and the cryptocurrency market cap fell below $1 trillion.
Statistician Willy Woo believes that Bitcoin (BTC) may need to see further declines before hitting the pain levels seen during previous bottoms, with a forecast that Bitcoin’s price could drop below $10,000.
Let’s delve into the charts of the top 10 cryptocurrencies to understand what the future might hold.
BTC/USDT
Bitcoin surged above the 50-day simple moving average on Sept. 12, but it turned out to be a bull trap as the rally reversed on Sept. 13. The price dropped below the 20-day exponential moving average, but buyers are striving to hold the line at $20,000. If the price rises above the 20-day EMA, it may signal further buying interest, potentially pushing Bitcoin towards $25,211.
However, a dip below $19,860 could see Bitcoin falling to the $18,510 to $17,622 range.
ETH/USDT
Ether fell below the moving averages on Sept. 13, with a slight positive as buyers aim to defend the support line of the rising wedge pattern. If Ether can rise above the moving averages, it may move towards $2,030; otherwise, it may drop to $1,422 and $1,280 levels.
BNB/USDT
Binance Coin (BNB) declined from $300 on Sept. 12 and dropped below the moving averages on Sept. 13. Buyers are defending the $275 support, aiming to challenge the resistance at $300 to $307.50. Failure to breach the 20-day EMA could lead to a drop to $258 and $240.
XRP/USDT
Ripple (XRP) slipped below the moving averages on Sept. 13, but buyers are attempting to push it back above the 20-day EMA. A break above $0.36 could lead XRP towards $0.39, while a drop below $0.32 could indicate bearish momentum.
ADA/USDT
Cardano (ADA) rose above the 50-day SMA on Sept. 9 but dropped below the moving averages on Sept. 13. A bounce off $0.46 could see ADA head towards the downtrend line, while a fall below $0.45 may lead to a decline to $0.42.
SOL/USDT
Solana (SOL) failed to sustain levels above the 50-day SMA, dropping below the 20-day EMA on Sept. 13. A break above the 20-day EMA may push SOL towards the 50-day SMA, otherwise a drop to $30 and potentially $26 could be on the cards.
DOGE/USDT
Dogecoin (DOGE) struggled to rise above the 20-day EMA, indicating bearish pressure. A rebound above the moving averages could signal a rally to $0.09, while a breach below $0.06 could lead to a drop to $0.05.
DOT/USDT
Polkadot (DOT) faced resistance at the 50-day SMA, and a drop below the 20-day EMA may lead to a decline to $6.75 and $6, but a rise above the 20-day EMA could pave the way for a rally to $10.
MATIC/USDT
Polygon (MATIC) has been trading in a range with resistance at $1.05 and support at $0.75. A break below the channel may lead to a drop to $0.75, while a move above could signal a rally to $1.05.
SHIB/USDT
Shiba Inu (SHIB) fell below the moving averages on Sept. 13, with strong support at $0.000012. Failure to hold could lead to a drop to $0.000009, while a break above the moving averages could spur a rally to $0.000018.
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