Cryptocurrency
Price analysis 7/7: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT
Bitcoin is still struggling to stay above $31,000.
While a tight consolidation near the overhead resistance is a positive sign, the failure to rise above it may result in short-term liquidations. However, a shallow pullback should not be considered a trend change because, many times, the bulls take a step back to regroup and launch another attack at the resistance. If the barrier is overcome, the positive momentum picks up.
Binance CEO Changpeng “CZ” Zhao said in an “ask me anything” session on Twitter that Bitcoin (BTC) could witness a bull year after its halving in 2024. CZ added that BlackRock’s foray into cryptocurrencies will be “hugely beneficial” for the industry.
BlackRock CEO Larry Fink made positive comments about Bitcoin while speaking in an interview with Fox Business on July 5. Fink said that Bitcoin was an “international asset not based on any one currency,” and investors could use it as a hedge against inflation or currency devaluation.
Could positive comments from Fink act as a floor during pullbacks? What are the important overhead resistance levels in Bitcoin and altcoins that need to be crossed to signal the start of a short-term up move? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin once again rose above $31,000 on July 6, but the rally was met with strong selling pressure from the bears. That pulled the price down to the 20-day exponential moving average (EMA) at $29,763.
A positive sign in favor of the bulls is that the BTC/USDT pair has rebounded off the 20-day EMA. This suggests a positive sentiment where traders are viewing minor dips as a buying opportunity. That enhances the prospects of a rally above the $31,000 to $31,500 resistance zone.
If that happens, the pair could start an upward march to $40,000. The bears will attempt to stall the up move at $32,400, but the buyers are expected to bulldoze their way through.
Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that bears have the upper hand. The pair may then dump to the 50-day simple moving average (SMA) of $27,971.
Ether price analysis
The long wick on Ether’s (ETH) July 6 candlestick shows that the bears are aggressively guarding the psychological resistance at $2,000.
Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. If bears sink the price below the 50-day SMA ($1,837), the short-term advantage will tilt in favor of the bears. The ETH/USDT pair could then descend toward $1,626.
On the contrary, if the price turns up from the current level and maintains above the 20-day EMA ($1,872), it will suggest strong buying at the 50-day SMA. The bulls will then again try to push the price above $2,000.
BNB price analysis
BNB (BNB) has been consolidating between $257 and $220 for the past few days. This suggests that the bears are using the relief rallies to sell while the bulls are buying the dips.
The downsloping 20-day EMA ($242) and the RSI in the negative territory indicate that bears have an edge. Sellers will try to drag the price to the crucial support at $220. The bulls are expected to defend this level with vigor.
On the upside, the bulls will have to propel the price above $257 to suggest the start of a sustained recovery. The $265 level may act as a barrier, but it is likely to be crossed. The pair may then surge to $280.
XRP price analysis
XRP (XRP) has been trading between the 20-day EMA ($0.48) and the horizontal support at $0.45 for the past few days. This shows that the bears are selling on rallies, but supply is being lapped up at lower levels.
This tight-range trading is unlikely to continue for long and may result in a breakout. If the support at $0.45 gives way, the bears will try to build upon this advantage and tug the price to the next strong support at $0.41.
Alternatively, if the price turns up from the current level, the bulls will try to overcome the obstacle at the moving averages. If they manage to do that, the XRP/USDT pair could start its march toward $0.56.
Cardano price analysis
Cardano (ADA) has been trading between $0.30 and $0.24 for the past few days. Generally, inside a range, traders buy near the support and sell close to the resistance.
Traders did just that in the ADA/USDT pair and sold at $0.30. The bulls are attempting to arrest the decline at the uptrend line. If the price turns up from the current level or the uptrend line, the bulls will once again endeavor to clear the overhead hurdle at $0.30.
If they succeed, the pair may start an up move to $0.38. The 50-day SMA ($0.31) may act as a barrier, but it is likely to be crossed.
Contrarily, a break below the uptrend line could open the doors for a potential drop to the support at $0.25.
Dogecoin price analysis
The failure to propel Dogecoin (DOGE) above the overhead resistance of $0.07 on July 4 may have attracted profit-booking from the short-term bulls.
That pulled the price below the moving averages, signaling that the DOGE/USDT pair could remain stuck inside the $0.07 to $0.06 range for a few more days. The flattish 20-day EMA ($0.07) and the RSI just below the midpoint also suggest a range-bound action.
The bulls will have to push and sustain the price above the overhead resistance of $0.07 to seize control. That could pave the way for a rally to $0.08 and then to $0.10. On the downside, a break below $0.06 could resume the down move. The pair may then slump to $0.05.
Solana price analysis
Solana (SOL) bounced off the 50-day SMA ($18.34) on July 5, indicating that every minor dip is being purchased. The bulls have pushed the price above the downtrend line, indicating that the short-term corrective phase may be ending.
The moving averages are about to complete a bullish crossover, and the RSI is near the overbought territory. This shows that the bulls are in command. If buyers sustain the price above the downtrend line, the SOL/USDT pair may climb to $24. Such a move will indicate that the pair is range-bound between $15.28 and $27.12.
If bears want to gain the upper hand, they will have to yank the price below the moving averages. That may catch the aggressive bulls off guard, resulting in a drop to the strong support zone between $16.18 and $15.28.
Related: AI has potential to send Bitcoin price over $750K — Arthur Hayes
Litecoin price analysis
The bulls tried to push Litecoin (LTC) above the overhead resistance of $106 on July 5 and 6, but the long wick on the candlesticks shows that the bears fiercely defended the level.
The LTC/USDT pair plunged to the 20-day EMA ($94), which is an important support level to watch out for. If the price bounces off the current level, the bulls will make one more attempt to clear the overhead hurdle at $106.
However, the bears are likely to have other plans. They will try to sell the rallies and sink the pair below the 20-day EMA. If they do that, the selling may intensify and the pair may further slide to the 50-day SMA ($89).
Polygon price analysis
Polygon (MATIC) slipped and closed below the 20-day EMA ($0.67) on July 6, suggesting that the bears are active at higher levels.
The bears will try to trap the aggressive bulls by pulling the price below the uptrend line. If they manage to do that, the ascending triangle pattern will invalidate. That could trigger the stops of several short-term bulls. The MATIC/USDT pair may then slide to $0.60 and subsequently to $0.55.
Contrary to this assumption, if the price rebounds off the uptrend line, the bulls will again try to resume the up move. A break and close above the 50-day SMA ($0.74) could start the journey toward the pattern target of $0.88.
Polkadot price analysis
The long wick on Polkadot’s (DOT) July 6 candlestick shows that the bears are selling on intraday rallies. The price plunged below the moving averages, but the bulls are trying to arrest the decline.
Both moving averages have flattened out, and the RSI is near the midpoint. This indicates a balance between supply and demand. The DOT/USDT pair may oscillate between $4.74 and $5.64 for a few days.
The first sign of strength will be a break and close above $5.15. That will indicate solid demand at lower levels. The bulls will then again try to push the pair to $5.64. On the downside, a break below $4.74 could tilt the advantage in favor of the bears.
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.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Bitcoin tried to take down the $68,000 level with a brief increase above that level but has failed for now and sits just below it.
Nevertheless, its dominance over the market continues to rise as most altcoins have charted minor losses over the past day.
BTC Aims at $68K
After bouncing off from last Thursday’s dump below $59,000, the primary cryptocurrency went on the offensive hard and added four grand by the weekend. The bulls took full control at the start of the current business week, which led to a surge to $68,000 on Tuesday before a massive rejection pushed BTC south by over three grand.
However, that was short-lived and bitcoin started regaining traction almost immediately. This resulted in tapping $68,000 on a couple of occasions since then, which is the highest price tag the asset has seen since late July.
This comes amid a massive resurgance for the spot Bitcoin ETFs, which have seen over a billion in net inflows in the past several days.
Despite retracing slightly since the local peak from this morning, BTC is still close to $68,000. Its market cap is above $1.340 trillion, while its dominance over the alts is north of 55% on CG.
DOGE on the Run
After months of silence, Elon Musk resumed his public Dogecoin support yesterday, which led to immediate gains for the largest meme coin. In fact, DOGE is among the few alts with notable increases today, having surged by over 8%. Earlier today, the asset charted a new multi-month peak.
POPCAT is the other top 100 alt with a massive surge of 11%. INJ (6.5%), MEW (6%), and FTN (6%) follow suit.
In contrast, Binance Coin, Tron, Solana, Toncoin, Cardano, and Avalanche have charted minor losses. NEAR, SUI, and KAS have declined by up to 4%.
The total crypto market cap has increased slightly daily and is up to $2.436 trillion on CG.
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After much confusion and speculation, the Securities and Exchange Commission (SEC) has filed an appeal in its ongoing legal spat with Ripple Labs.
The appeal is challenging parts of Judge Analisa Torres’ 2023 summary judgment, which found that Ripple’s sales of its XRP token to retail investors on crypto exchanges did not break U.S. securities laws.
Ripple Executives Targeted in SEC Appeal
While many observers had anticipated the SEC to dispute the court’s verdict that programmatic sales of XRP did not meet the legal criteria for an investment contract, the agency chose to focus on other crucial facets of Judge Torres’ ruling.
One area the appeal is targeting is the court’s determination that Ripple’s offerings and sales of XRP on crypto platforms, as well as personal trades by the company’s executives, including Brad Garlinghouse and Chris Larsen, did not breach securities laws.
The regulator is also opposing the decision that found no violation of securities laws occurred when the crypto payments company distributed XRP in exchange for non-cash considerations.
In the same judgment, Ripple’s institutional sales of XRP were deemed to have been against securities laws. The company was forced to pay a $125 million fine for that violation.
The SEC had submitted a notice of appeal on October 2 and, by law, had a 14-day window to file Forms C and D. The forms were expected to provide more information on exactly what parts of Judge Torres’ ruling the agency would be contesting.
Late Filing Sparks Controversy
When the expected deadline came and went, seemingly without any action from the regulator, it sparked widespread speculation within the community, with many wondering whether it had deliberately jeopardized its long-running case against the crypto company.
Some experts had suggested that failure to file the requisite documents on time could result in the appeal being dismissed out of hand, possibly ending the SEC’s quest to overturn Judge Torres’ findings.
The apparent omission was even more surprising given the agency’s reputation for punctuality and the massive interest in the Ripple case.
Adding to the intrigue, when it was finally deposited, the SEC’s Form C was dated October 16, while the court’s file stamp on the document read October 17, further fanning speculation that the agency may have missed its deadline. However, Fox journalist Eleanor Terrett suggested that the notice of appeal may have been filed on October 2 but only appeared on the docket on October 4, meaning the actual deadline was October 18 at 11.59 PM.
Whatever the case, legal experts like MetaLawMan say the 2nd Circuit Court of Appeal now has to decide whether the SEC’s filing was made within the allocated time.
On its part, Ripple has seven days to respond to the filing, with its Chief Legal Officer Stuart Alderoty saying the company will do so next week.
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This week, we examine Ethereum, Ripple, Solana, Dogecoin, and SUI in greater detail.
Ethereum (ETH)
Ethereum closed a great week with a 9% price increase after buyers dominated on Monday. Since then, the price has been cooling down a bit by moving sideways, but the bulls don’t seem to be satisfied, and they may be preparing their next offensive.
The current target for this rally is $2,870, which will likely see sellers attempt to regain control of the price action. However, the momentum on higher timeframes, such as the weekly, gives buyers the advantage.
Looking ahead, the market is heating up again, which gives hope for a sustained recovery. If bulls manage to break above the key resistance at $2,870, then ETH has a clear path toward $3,000 next.
Ripple (XRP)
XRP lagged behind the rest of the market but still booked a respectable 3% price increase this week. While buyers managed to hold the price above the support at 54 cents, they were unable to push it much higher, so the PA was rather flat.
Nevertheless, if the overall market remains positive, XRP could soon attempt to rally with the next key target waiting at 60 cents. Once that is broken, bulls can aim for 68 cents, which is the most important resistance on this chart.
Looking ahead, the bias is bullish right now, but there is little buy volume. This could change at any moment, and XRP could make a quick dash to higher levels. Keep a close eye on the 60 cents level, as that will be decisive for any successful breakout.
Solana also had a great week and closed with a 9% price increase. While this performance is encouraging, it was not enough to push the price above the key resistance at $164. This level continues to give problems for bulls, as they have been unable to break it several times since August.
Either way, the price action is making clear higher lows, which creates a bullish bias. Eventually, buyers will have another go at the key resistance, and if sufficient momentum builds up, they may be successful.
Looking ahead, if Solana manages to move above $164, it will finally be able to aim for $200 again, a level it lost in March. Good support is found at $134.
Dogecoin (DOGE)
After a mind-blowing 24% rally this week, DOGE doesn’t seem to have finished. This surge started after a clear breakout above 10 cents. Now, the price is just under the 13.5-cent resistance, which may not hold for long if this buying pressure continues.
The bullish momentum is very strong, and Dogecoin may be set to catch up with the other meme coins that ran in the past few weeks. Money may also be rotating back to DOGE, which seems attractive at these price levels.
Looking ahead, a breakout above 13.5 cents would set this meme coin free to aim for 20 cents again. The price action also shows a clear reversal and resumption of the bullish trend.
SUI
SUI broke a new record this week after making an all-time high at $2.36. However, sellers have returned since then, which pushed the price into a correction. Nevertheless, this cryptocurrency still closed the week with a 10% increase.
The current pullback may find good support at around $1.9, where buyers could be waiting to enter again and stop this correction. If so, higher levels will likely occur later on once confidence in this rally is restored.
Looking ahead, SUI is one of the few altcoins that managed to make an all-time high this year, which puts it in a very exclusive club. This is also a signal of strength to the market, which may allow SUI to enter price discovery and move much higher. Good psychological targets for this rally are found at $2.5 and $3.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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