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Crypto Price Analysis July-12: ETH, XRP, ADA, DOGE, and DOT

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This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.

Ethereum (ETH)

After a difficult start in July, Ethereum bounced by 7% this week and recovered some of the most recent losses. In the process, the price also broke above $3,000.

The biggest challenge right now is for ETH to keep this momentum and push higher. Buyers came strong earlier this week, but since yesterday, they have been absent and the price shows it.

Looking ahead, this second largest cryptocurrency still has good support at $2,800. Therefore, if bears manage to take ETH lower again, buyers are likely to return there.

ETHUSD_2024-07-12_15-36-06
Chart by TradingView

Ripple (XRP)

XRP impressed this week with a 15% bounce off the 38 cents support. At this rate, the price may even test the key resistance at 54 cents in the near future.

This strong return by bulls comes after a long period where the price was in a non-stop downtrend. This could be the reversal the community has been waiting for or a dead cat bounce. It is too early to say for sure how this will play at the time of this post.

Looking ahead, XRP has to maintain this momentum if confidence in this price action is to increase.

XRPUSDT_2024-07-12_15-37-00
Chart by TradingView

Cardano (ADA)

In a similar way to XRP, ADA had a strong bounce off the 31 cents support and closed the week with an impressive 22% bounce. Moreover, if nothing changes by Sunday, ADA will form a bullish engulfing candle on the weekly chart.

This bounce is promising and has erased some of the most recent losses. The current resistance is at 46 cents and buyers should aim for that next if they want to be serious about a sustained reversal.

Looking ahead, the market appears to have reached a pivot point where buyers returned. The question now is if they can sustain an uptrend for more than a few days.

ADAUSDT_2024-07-12_15-36-33
Chart by TradingView

Dogecoin (DOGE)

This week, DOGE finally showed some signs of life with a 10% bounce off its 9 cents support. This was much needed, but buyers continue to remain shy after they only dominated for a few days this week.

The current momentum does not give confidence DOGE can challenge the resistance at 13 cents and a re-test at 9 cents is likely if buyers become absent again.

The trend remains bearish despite this recent bounce. This bias will change only when the key resistance falls.

DOGEUSDT_2024-07-12_15-38-07
Chart by TradingView

Polkadot (DOT)

While DOT had an impressive bounce off the $5.3 support, buyers did not really follow through lately. Still, this cryptocurrency closed the week with a 9% price increase which is a welcomed change compared to the past.

So far, the price is bouncing between the key levels with $6.7 serving as a resistance. This level was not really challenged to date and hopefully buyers will attempt a breakout in the near future.

Looking ahead, it appears Polkadot has stopped the downtrend and has moved into a flat trend with the price bouncing between the key levels. Therefore, the bias is neutral at this time.

DOTUSDT_2024-07-12_15-37-33
Chart by TradingView
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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.

Cryptocurrency charts by TradingView.

Cryptocurrency

Bitcoin Price Recovery Begins With Jump to $106K as Monero Marks 5% Increase (Market Watch)

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Following a dull weekend marked by a notable price dip to $103,000, bitcoin’s price has recovered some ground and reached $106,000 earlier today.

Most altcoins are with minor gains today, including HYPE, which has posted a 3% increase. XMR leads the larger-cap alts with a 6% surge.

BTC Aims at $106K

The all-time high registered on May 22 was followed by a violent correction on the following day when US President Trump warned that the EU might face another set of tariffs. Although the two parties reached some sort of an agreement and the tariffs were delayed for over a month, BTC failed to recapture its momentum and was stopped at $110,000 on a couple of occasions during the previous business week.

It continued to trade sideways until Friday evening, when Trump blamed China for violating their trade agreement. Beijing responded almost immediately, and bitcoin slumped by several grand. The culmination transpired on Saturday when BTC slipped to $103,100, which became a 12-day low.

However, it maintained that level on Sunday and even recovered some ground to around $104,000. During the Monday morning Asian trading session, BTC added a few more grand and tapped $106,000, where it faced some rejection and now sits about $500 lower.

Its market cap has risen to $2.1 trillion on CG, while its dominance over the altcoins is up to 61.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XMR Pumps

Most altcoins have marked insignificant gains over the past 24 hours, such as XRP, BNB, SOL, DOGE, TRX, ADA, and SUI. HYPE stands out as the top performer from the largest 20 alts, while ETH has slipped inches below $2,500.

Monero’s native token has gained the most from the top 60 alts, as a 5.4% increase has pushed it to over $345. Other impressive performers include FLR, SPX, and FARTCOIN.

The total crypto market cap has increased by around $30 billion since yesterday and is up to $3.41 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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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.

Cryptocurrency charts by TradingView.

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Cryptocurrency

Modest Strategy Bitcoin Acquisition Brings Stash to Almost 581,000 BTC

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The world’s largest corporate holder of bitcoin continues with its BTC accumulation strategy, this time with a relatively modest purchase.

Announced just minutes ago, Michael Saylor’s brainchild has spent $75.1 million to acquire 705 BTC at an average price of $106,495 per bitcoin.

This week’s announcement is a lot smaller than almost all made since the US elections at the end of last year. Since then, the company has made countless purchases, many of which were in the billions of dollars.

Nevertheless, Strategy’s stash continues to increase and is now at 580,955 BTC, bought for $40.68 billion or an average price of just over $70,000 per BTC. This means that the current value of the holdings is well above $60 billion, given today’s bitcoin prices (or a paper gain of around $40 billion).

Earlier today, another big BTC accumulator, Metaplanet, announced its latest acquisition, which was even bigger than that of Strategy.

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Hope for Altcoins? Analysts Predict Epic Finale to This Bull Cycle

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A lot of market dynamics witnessed in past bull cycles have played out differently in this one. One of them is the on-chain patterns and trends that precede altcoin seasons, which refer to periods when alternative cryptocurrencies outperform bitcoin (BTC).

While traders are skeptical that the market will witness an altseason before this cycle is over, analysts at the on-chain data intelligence platform CryptoQuant believe that all hope is not yet lost. Investors still stand a chance to make profits with altcoins in this cycle.

Not Time to Lose Hope

In previous cycles, BTC rallies were preceded by a steady decrease in the proportion of mid-to-long-term holding volumes. With new capital flowing into the market at the time, altcoins eventually surged towards the end of those cycles. However, the opposite has been the case this time; mid-to-long-term holding volumes have surged each time BTC rallies to new highs.

According to pseudonymous analyst Crypto Dan, the price movement of altcoins in this cycle has tallied with that of BTC. Bitcoin has constantly faced corrections after small gains in this cycle, and during those dips, altcoins have also suffered significant declines, indicating overall weakness.

The current bull cycle is nearing its final stages, and at this phase, it is almost impossible for investors to make profits with altcoins. However, since altcoin rallies have corresponded with BTC surges, Dan insists there is still hope.

When Altseason?

Bitcoin is yet to experience its final leg for this cycle, which means the asset’s dominance is likely to decrease. If the market plays out as Dan predicts, then altcoins may experience higher rallies than seen in previous patterns when bitcoin’s dominance plummets, marking the end of the cycle. Hence, all indicators point to bitcoin’s next upward move, which could occur at any moment from now.

“It’s not time to abandon hope just yet. Since we’re already in the latter half of the cycle, it’s worth waiting for Bitcoin’s next upward move,” Dan stated.

It is worth mentioning that Dan is not the only analyst who believes altcoins still stand a chance. CryptoPotato reported that many other traders and analysts believe this altseason will be epic, making the rally seen in 2021 seem tiny.

However, some have warned that not all tokens will go up during the altcoin season. Only a few chosen assets will record significant gains as they attract new liquidity.

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