Binance Coin BNB/USD was trading more than 3.75% higher at one point during Thursday’s 24-hour trading session, in tandem with Bitcoin BTC/USD, which temporarily jumped 2% alongside a slight increase on the S&P 500.

Ethereum Classic ETC/USD and Shiba Inu SHIB/USD reacted more bullishly to the upward swing across the markets, trading more than 7% and 13% higher, respectively, on higher-than-average volume. The three cryptos have had multiple days of decreasing volume, which is often followed by an influx in volume to indicate a consolidation period is coming to an end.

The move higher across the board was short-lived and by press time Binance Coin, Ethereum Classic and Shiba Inu were trading back down within Wednesday’s trading range.

Crypto traders and investors may have attempted to front-run a possible bullish reaction to Federal Reserve Chair Jerome Powell’s speech taking place at the Jackson Hole Symposium at 10 a.m. ET on Friday. The real fireworks likely won’t start until the general market begins to react to Powell’s comments.

Powell’s speech is expected to center around soaring inflation, and traders and investors will be listening closely for hints at how the Fed plans to continue attempting to tackle rising costs when it meets in September.

Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.

The Binance Coin Chart: Binance Coin may be forming an inverted cup-and-handle pattern on the daily chart, with the inverted cup formed between Aug. 2 and Aug. 19 and the inverted handle printing over the days that have followed. If the pattern is recognized, the measured move is about 17%, which suggests the crypto could fall toward the $228 mark.

• During Thursday’s session, Binance attempted to break up from the handle of the pattern but ran into a group of sellers. On a positive note, the jump higher on Thursday confirmed Binance coin is trading in a new uptrend, with the most recent higher low formed on Aug. 22 at $288.90 and the higher high printed at Thursday’s high-of-day.
• The 50-day simple moving average (SMA) has been trending higher toward the 200-day SMA, which is bullish. The 50-day SMA has been acting as a solid support level and if the indicator continues to guide Binance Coin higher, the crypto may eventually cross above the 200-day, which would flip the crypto into a bull cycle.
• Binance Coin has resistance above at $302 and $334.70 and support below at $274.40 and $250.60.

The Ethereum Classic Chart: Ethereum Classic negated a possible bear flag pattern during Wednesday’s 24-hour trading session when the crypto climbed up above the eight-day exponential moving average (EMA) on the daily chart. The crypto is now trading in a confirmed uptrend, with the most recent higher low formed on Aug. 22 at $31.26 and the higher high printed on Thursday.

• If Ethereum Classic continues to hold above the eight-day EMA, the indicator will soon cross above the 21-day EMA, which would be bullish. On July 27, Ethereum Classic crossed above the 200-day SMA and on Aug. 20, the crypto’s 50-day SMA crossed above the 200-day, which caused a golden cross to form on Ethereum Classic’s chart.
• The crypto has resistance above at $38.95 and $41.41 and support below at $35.38 and $32.17.

The Shiba Inu Chart: Shiba Inu negated its downtrend during Thursday’s trading session but has yet to confirm a new uptrend is in the works. For an uptrend to confirm, Shiba Inu will need to retrace down to form a higher low above the Aug. 20 low of $0.00001251.

• On Aug. 14, Shiba Inu attempted to regain the 200-day SMA as support but rejected and wicked from the area. Like Binance Coin, the 50-day SMA is trending higher, which may eventually guide the crypto over the important 200-day SMA, which is a bellwether indicator.
• Over the last three 24-hour trading sessions, Shiba Inu’s daily volume has been steadily increasing, which is a positive sign for the bulls. The increase in volume indicates traders and investors are becoming more interested in the crypto.
• Shiba Inu has resistance above at $0.00001734 and $0.00002012 and support below at $0.00001349 and $0.00001178.

See Also: If You Invested $100 In Bitcoin, Ethereum Classic, Alphabet, Apple, Microsoft, Amazon And Tesla 5 Years Ago, Here’s How Much You’d Have Now

Bitcoin BTC/USD was trading flat during Wednesday’s 24-hour trading session, in tandem with the S&P 500, which closed 0.29% higher on Wednesday.

Ethereum ETH/USD and Dogecoin (CRYPTO DOGE) followed suit, trading flat to the Tuesday session’s closing price. The three cryptos have had multiple days of decreasing volume, which indicates a lack of both buyers and sellers.

The lack of buyers and sellers is due to a current lack of interest. Crypto traders and investors may be waiting to see how the general markets react when Federal Reserve chair Jerome Powell takes the stage at the Jackson Hole Symposium at 10:00 a.m. on Friday.

Powell’s speech is expected to center around soaring inflation, and traders and investors will be listening closely for hints at how the Fed plans to continue attempting to tackle rising costs when it meets in September.

Powell’s tone is likely to ignite volatility in the markets, which will come with increasing volume. Crypto traders and investors will be watching closely to see which way the S&P 500 and the top cryptos begin to move once the speech begins.

Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.

The Bitcoin Chart: Bitcoin has been trading in a slight uptrend since Aug. 20, with the most recent higher low formed during Tuesday’s trading session at $20,889 and the most recent confirmed higher high printed at the $21,795 mark on Aug. 21.

The recent uptrend combined with the 18% decline between Aug. 15 and Aug. 19 may have settled the crypto into a bear flag pattern on the daily chart. If the pattern is recognized, bearish traders will want to see the crypto drop down through the lower ascending trendline of the flag formation on higher-than-average volume to indicate the pattern was recognized.

If bulls come in and drive the stock up over the eight-day exponential moving average (EMA), the bear flag will be negated, and a larger uptrend may form. The lower wicks on Bitcoin’s daily candlesticks within the flag formation indicate support exists within the flag pattern, which may indicate the formation isn’t recognized.

Bitcoin has resistance above at $22,729 and $24,206 and support below at $21,313 and $19,915.

The Ethereum Chart: Ethereum’s chart looks almost identical to Bitcoin’s chart, with a recent uptrend forming the flag of a bear flag pattern. Ethereum’s possible bear flag pattern began with the pole forming between Aug. 14 and Aug. 20 and the flag forming over the days that have followed.

During Wednesday’s 24-hour trading session, Ethereum attempted to regain support at the eight-day EMA, but rejected the level. Like Bitcoin, the lower wicks on Ethereum’s candlesticks in the flag indicate support below.

The Dogecoin Chart: Dogecoin may also be working to complete a bear flag pattern, with the pole formed between Aug. 17 and Aug. 29 and the flag forming over the days that have followed. Like Bitcoin and Ethereum, the lower wicks on Dogecoin’s chart indicate support below, which may help to negate the flag.

During Wednesday’s trading session, Dogecoin was printing an inside bar pattern, with all of the daily price action taking place within Tuesday’s range. Traders can watch for Dogecoin to break up or down from Tuesday’s mother bar on higher-than-average volume later on Wednesday or on Thursday to gauge future direction.

Dogecoin has resistance above at $0.075 and $0.083 and support below at $0.065 and $0.057.

See Also: So Is Dogecoin Heading Back to 5 Cents Or Making A Run To 10 Cents? Study Says…

Early on Friday, Cardano (ADA) is trading cautious after its slide lower as investors stay away from the crypto market ahead of the Fed’s Jackson Hole symposium, going along with Bitcoin which has broken down under the $48,000 mark it was trading at recently. At the time of writing, ADA/USD is trading at around $2.59.

Investors are staying out of the markets as they wait to hear on the Fed’s strategy and a possible timeline on when it could start pulling back on its asset purchase program. This has driven up the strength in the US dollar at the moment as investors move to its safety and away from trading riskier cryptocurrencies until more clarity emerges. Analysts expect higher levels of volatility among riskier instruments after Fed Chair Powell concludes his speech later in the day, which could potentially drive up interest in Cardano and other digital currencies once again.

Meanwhile, Cardano came under criticism from analytics agency Weiss Crypto for its decision to partner with Coinfirm to deploy AML/CFT analytics on its blockchain. According to the agency, the intense regulation the network could face as a result of this move could cause it and the ADA token to choke to death, just like the traditional banking system, as it goes against the principles of decentralization. These comments quickly received a strong retort from Cardano’s co-founder, Charles Hoskinson, who clarified that this development brings about greater transparency in business and technical requirements, and is a win from the compliance perspective.

Despite the current downtrend, analysts continue to maintain high expectations from Cardano as it gears up for its major network upgrade coming in mid-September. Recently, a crypto trade who made millions from investing in Dogecoin earlier this year revealed that he was planning to go ‘all in’ on the potential Ethereum killer, sharing a strongly bullish outlook on the cryptocurrency.

Key Levels to Watch

On the 4-hour chart of ADA/USD, most of the smaller timeframe moving averages as well as leading technical indicators MACD and momentum are exhibiting a bearish bias. However, the larger MAs – 100 EMA, 100 SMA, 200 EMA and 200 SMA, are indicating some buying interest as well.

ADA/USD

Cardano’s price is holding a distance away from the pivot point at $2.43 and buying interest can take the price higher comfortably. In case of an uptick in buying, ADA can continue its climb higher smoothly until buyers counter resistance at $2.99.