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Price analysis 9/8: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC
Bitcoin remains stuck in a range, but certain altcoins are showing signs of breaking down in the near term.
The bulls tried to shake…
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Bitcoin remains stuck in a range, but certain altcoins are showing signs of breaking down in the near term.
The bulls tried to shake Bitcoin (BTC) from its slumber on Sept. 7 but the rally was short-lived. This suggests a lack of clarity between the bulls and the bears about Bitcoin’s next directional move. Analyst CryptoCon said on X (formerly Twitter) that Bitcoin could remain in a “mid cycle lull” until the start of the next bull run in November 2024.
On similar lines, ARK Invest said in a report that cryptocurrencies could continue to face headwinds in the remainder of 2023 due to several macroeconomic issues such as interest rates, gross domestic product estimates, unemployment, and inflation.
In comparison, the bulls will be closely following the decision of the United States Securities and Exchange Commission on the various Bitcoin spot exchange-traded fund (ETF) applications. In addition to that, the race for a spot Ethereum ETF also began officially on Sep. 6 with filings from VanEck and ARK Invest. Bloomberg ETF analyst James Seyffart expects more Ethereum ETF filings to happen in the next few days.
Could Bitcoin’s range-bound action increase the selling pressure on altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin reached the 20-day exponential moving average ($26,419) on Sep. 7 but the bulls could not overcome this obstacle. This suggests that the bears are fiercely guarding the 20-day EMA.
However, the failure of the bears to challenge the crucial support at $24,800 suggests that selling dries up at lower levels. The relative strength index (RSI) is trying to form a positive divergence, indicating that the bearish momentum is weakening.
The first sign of strength will be a break and close above the 20-day EMA. That clears the path for a sustained recovery toward $28,143.
On the contrary, if the $24,800 support crumbles, the BTC/USDT pair could start a downtrend. There is a minor support at $24,000 but it may not arrest the decline. The pair could eventually reach pivotal support at $20,000.
Ether price analysis
Ether (ETH) continues to trade inside a narrow range between the 20-day EMA ($1,668) and the formidable support at $1,626.
The failure of the bulls to clear the overhead hurdle at the 20-day EMA increases the risk of a breakdown. Below $1,626, the ETH/USDT pair could retest the Aug. 17 intraday low of $1,550. Buyers may purchase the dip to this level with vigor because if the support cracks, the pair could plunge to $1,368.
Time is running out for the bulls. If they want to prevent the collapse, they will have to first drive the price above the 20-day EMA and thereafter attempt a rally to the 50-day SMA ($1,762). That could increase the likelihood of the pair being range-bound between $2,000 and $1,626 for a few more days.
BNB price analysis
The bulls tried to push BNB (BNB) above the breakdown level of $220 on Sep. 6 but the bears did not relent. This indicates that the sellers are trying to flip the $220 level into resistance.
There is a minor support at $211 but if bears pull the price below it, the BNB/USDT pair could reach the psychological level at $200. This level is likely to attract solid buying by the bulls. If the price rebounds off this support, it will indicate that the pair may consolidate between $200 and $220 for a while.
Contrary to this assumption, if the price turns up from the current level and rises above $220, it will suggest accumulation at lower levels. That could launch a recovery toward the downtrend line.
XRP price analysis
The bulls purchased XRP’s (XRP) dip below $0.50 on Sep. 6 but the failure to start a strong rebound indicates a lack of demand at higher levels.
The bears will try to strengthen their position further by yanking the price below $0.50. If they can pull it off, the XRP/USDT pair could nosedive to the next major support at $0.41. This fall is likely to be swift as there is no major support between $0.50 and $0.41.
On the contrary, if the price once again turns up from the current level, it will suggest that the bulls are trying to flip $0.50 into support. A break above the 20-day EMA will indicate that the pair is likely to oscillate between $0.50 and $0.56 for a while longer.
Cardano price analysis
Cardano (ADA) formed a Doji candlestick pattern on Sep. 6 and again on Sep. 7, which shows indecision between the bulls and the bears.
The downsloping 20-day EMA ($0.26) and the RSI in the negative territory enhance the prospects of a downside breakdown. If the price skids below $0.25, the ADA/USDT pair could drop to the critical support at $0.24.
On the upside, the bears have repeatedly halted the advance near the 20-day EMA, hence this becomes an important level to watch out for. If bulls force the price above the 20-day EMA, the pair could reach the overhead resistance at $0.28.
Dogecoin price analysis
The bulls tried to shove Dogecoin (DOGE) above the 20-day EMA ($0.06) on Sep. 6 but the bears held their ground.
The price remains stuck between the 20-day EMA and the horizontal support at $0.06. When the price trades inside a range, it is difficult to predict the direction of the breakout but the downsloping 20-day EMA and the RSI near 40 signal an edge to the bears. Below $0.06, the DOGE/USDT pair could descend to $0.055.
This negative view will invalidate in the near term if bulls kick and sustain the price above the 20-day EMA. Such a move will suggest the start of a stronger recovery to $0.07 and eventually to $0.08.
Solana price analysis
Solana (SOL) has been gradually correcting inside the large range between $14 and $27.12. The bears have been selling the relief rallies to the 20-day EMA ($20.53) indicating that the sentiment remains negative.
The repeated failure of the bulls to thrust the price above the 20-day EMA suggests that the path of least resistance is to the downside. If bears tug the price below the immediate support at $19, the SOL/USDT pair could slump to $18 and subsequently to $16.
The bulls are likely to have other plans. They will try to push the price above the 20-day EMA. If they succeed, the pair may reach the overhead resistance at $22.30. This is an important level for the bears to defend because a break above it could clear the path for a potential rally to $26.
Related: Why is Bitcoin price down today?
Toncoin price analysis
Toncoin (TON) attempted a rebound on Sep. 6 but the long wick on the Sep. 7 candlestick shows that bears continue to sell on rallies.
The 20-day EMA ($1.68) remains the key level to keep an eye on in the short term. If the price rebounds off the 20-day EMA, the bulls will again attempt to drive the TON/USDT pair above the overhead resistance at $2.07.
Contrarily, if the price slips below the 20-day EMA, it will suggest that the traders are aggressively booking profits. The first stop on the downside is at the breakout level of $1.53 and then the 50-day SMA ($1.44).
Polkadot price analysis
The bears pulled Polkadot (DOT) below the strong support at $4.22 on Sep. 6 but they could not sustain the lower levels as seen from the long tail on the candlestick. This shows buying at lower levels.
However, the bulls could not maintain the momentum and push the price to the 20-day EMA ($4.41). This shows that every minor rally is being sold into. The bears have pulled the price back to the important support at $4.22. If this support crumbles, the DOT/USDT pair could fall to the psychological support at $4.
If bulls want to make a comeback, they will have to propel the price above the 20-day EMA. If they do that, the pair is likely to climb to the downtrend line. This is the key level to keep an eye on because a break above it could signal that the downtrend is ending.
Polygon price analysis
Buyers tried to propel Polygon (MATIC) above the 20-day EMA ($0.56) for the past three days but the bears held their ground. This suggests that traders are selling on minor rallies.
The bears will try to pull the price below the immediate support at $0.53. If they manage to do that, the MATIC/USDT pair could plummet to the vital support at $0.50.The bulls are expected to protect this level with vigor because a break below it may open the gates for a further fall to $0.45.
The bulls will have to push and sustain the price above the 20-day EMA to suggest that the bearish pressure is reducing. That could start a recovery to $0.64 where the bears may again mount a strong defense.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
cryptocurrency bitcoin ethereum btc xrp bnb etf
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One city held a mass passport-getting event
A New Orleans congressman organized a way for people to apply for their passports en masse.
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While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.
Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic.
Related: Here is why it is (still) taking forever to get a passport
To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.
'Come apply for your passport, no appointment is required'
"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."
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The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.
These are the countries with the highest-ranking passports in 2024
According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).
While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.
Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.
In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.
A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.
stocks pandemic covid-19 grantsUncategorized
Fast-food chain closes restaurants after Chapter 11 bankruptcy
Several major fast-food chains recently have struggled to keep restaurants open.
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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home.
Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems.
It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.
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Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.
RBI also stepped in and purchased one of its key franchisees.
"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states."
The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.
Image source: Chen Jianli/Xinhua via Getty
Another fast-food chain faces bankruptcy problems
Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.
"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."
Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.
Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public.
That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.
Bojangles has a messy bankruptcy situation
Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9.
The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.
"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."
Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported.
Bojangles sent the station a comment on the situation.
"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."
Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.
bankruptcy pandemicUncategorized
Industrial Production Increased 0.1% in February
From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…
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Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.Click on graph for larger image.
emphasis added
This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).
Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022. This was below consensus expectations.
Note: y-axis doesn't start at zero to better show the change.
The second graph shows industrial production since 1967.Industrial production increased to 102.3. This is above the pre-pandemic level.
Industrial production was above consensus expectations.
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