Cryptocurrency
Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT
Bitcoin (BTC) witnessed a volatile trading session on the last day of the quarter. The bulls were trying to maintain Bitcoin’s price above $31,000 but they received a jolt on a Wall Street Journal report which stated that the United States Securities and Exchange Commission (SEC) had returned applications for the Bitcoin spot-price exchange-traded fund (ETF).
Although there was a knee-jerk reaction to the news, the downside was limited because it turned out that the ETF applications were returned due to a technical issue. The regulators said the asset managers could refile after providing the necessary clarifications.
Bitcoin’s failure to cross above $31,000 seems to be making the short-term speculators jittery. A Glassnode research report released on June 28 shows that short-term holders (STHs), entities holding coins for 155 days or less, have sent more than 35,000 coins to the exchanges.
Any adverse news is likely to witness a negative reaction from SThs. What are the important support and resistance levels that need to be watched on Bitcoin and altcoins in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin continues its tight consolidation near the overhead resistance at $31,000. This shows that the bears are trying their level best to stall the up-move but the bulls have kept up the pressure.
Generally, a tight consolidation near an overhead resistance resolves to the upside. The upsloping 20-day exponential moving average ($28,982) and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside.
If buyers sustain the price above $31,000, the BTC/USDT pair could pick up momentum and start the next leg of its uptrend. There is a minor resistance at $32,400 but it is likely to be scaled. The pair could then dash toward $40,000.
This positive view will invalidate in the near term if the price turns down and plummets below the 20-day EMA. The pair may then swing inside the large range between $31,000 and $24,800 for a few more days.
Ether price analysis
Ether (ETH) bounced off the moving averages on June 29, indicating that the lower levels are attracting buyers.
The bulls will try to propel the price above the overhead resistance at $1,937. If they manage to do that, the ETH/USDT pair may rise to the psychological level of $2,000. This level may again act as a minor barrier but it is likely to be crossed. The pair may then rally to $2,142.
Instead, if the price turns down sharply from 1,937, it will suggest that bears are not willing to surrender. That will increase the likelihood of a drop below the moving averages. The pair may then slump to $1,700 and next to $1,600.
BNB price analysis
BNB (BNB) slipped below the support at $230 on June 28 but the long tail on the candlestick shows that the bulls aggressively purchased the dip.
The 20-day EMA ($245) remains the key level for the bulls to cross. If they kick the price above it, the BNB/USDT pair could fly toward the overhead resistance zone between $257 and $265. Sellers are expected to mount a strong defense in this zone.
Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the pair below $220 and start the next leg of the downtrend.
XRP price analysis
XRP (XRP) fell close to the first support at $0.44 on June 28 and June 30 but the long tail on the candlesticks shows strong buying at lower levels.
The $0.44 support is an important level to watch out for in the near term. If this level breaks down, the selling could pick up and the XRP/USDT pair may tumble to $0.41. This level may again attract strong buying by the bulls.
The 20-day EMA ($0.48) remains the key resistance for the bulls to scale. If buyers overcome this obstacle, it will enhance the prospects of a rally to the strong overhead resistance zone between $0.53 and $0.56.
Cardano price analysis
Cardano (ADA) has been range-bound between $0.24 and $0.30 for the past few days. The long wick on the June 30 candlestick shows that the bears are fiercely defending the $0.30 level.
The failure to sustain the price above the 20-day EMA ($0.28) could keep the ADA/USDT pair stuck inside the range for some more time.
A close above the 20-day EMA will be the first indication that the bears may be losing their grip. Buyers will then try to strengthen their position further by driving the price above the crucial overhead resistance at $0.30. If they do that, the pair may surge toward the 50-day SMA ($0.32).
Dogecoin price analysis
Dogecoin (DOGE) turned up from the support at $0.06 on June 28, indicating that the bulls continue to defend the level with vigor.
The flattish 20-day EMA ($0.07) and the RSI just below the midpoint suggest a range-bound action in the near term. The price may swing between $0.06 and $0.07 for a while longer. This neutral view will tilt in favor of the buyers if they thrust and sustain the price above the overhead resistance at $0.07. The DOGE/USDT pair may then climb to $0.08.
Alternatively, the bears will have to sink and sustain the price below the strong support of $0.06 to gain the upper hand. The pair may then fall to the vital support at $0.05.
Solana price analysis
Solana (SOL) broke below the $16.18 support on June 28 but this proved to be a bear trap. The price turned up sharply on June 29 and skyrocketed above the 20-day EMA ($17.07) as the bears may have rushed to cover their short positions.
The buying continued on June 30 and the bulls are trying to drive the price above the breakdown level of $18.70. If they can pull it off, the SOL/USDT pair may shoot up to $22 and subsequently to $24.
If bears want to prevent the upside, they will have to stop the relief rally at $18.70 and pull the price back below the 20-day EMA. The pair could then retest the crucial support zone between $16.18 and $15.28.
Related: Why approving a Bitcoin ETF might unleash $18B in sell-pressure
Litecoin price analysis
Litecoin (LTC) plummeted below the moving averages on June 28 but the bears could not build upon this advantage.
The bulls purchased the dip on June 29 and pushed the price back above the moving averages on June 30. This attracted aggressive buying by the bulls who drove the price above the downtrend line of the descending channel pattern. The price reached the crucial resistance at $106 but the bulls could not overcome this barrier.
This is an important level for the bears to defend because if this resistance crumbles, the LTC/USDT pair may jump to $135. The major support is at the downtrend line of the channel.
Polygon price analysis
Polygon (MATIC) is attempting to form a bullish ascending triangle pattern, which will complete on a break and close above $0.69.
The bulls tried to push the price above the 20-day EMA ($0.66) on June 30 but the long wick on the candlestick shows aggressive selling at higher levels. If the price dips below the uptrend line, the MATIC/USDT pair may slide toward $0.55.
Alternatively, if the price rises from the current level, it will signal strong buying near the uptrend line. A break and close above $0.69 could open the doors for a potential rally to the 50-day SMA and subsequently to $1.
Polkadot price analysis
The bears tried to sink Polkadot (DOT) below the 20-day EMA ($4.93) on June 28 and June 30 but the bulls held their ground. This suggests that dips are being bought.
The bulls are attempting to clear and sustain the overhead hurdle at $5.15. If they succeed, the DOT/USDT pair rise to $5.56. This level may attract strong selling by the bears but on the way down, if bulls do not allow the price to slip below $5.15, the possibility of a rally to the downtrend line increases.
The 20-day EMA remains the key level to watch out for because a break below it may open the doors for a collapse to the pivotal support at $4.22.
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.
In the last seven days, Ethereum (ETH) has defied market odds and reversed its price trajectory, rallying to a level last seen in mid-February 2025.
This surge in the value of the second-largest cryptocurrency comes amid aggressive accumulation from market participants and declining sell-side pressure.
ETH Records Large Exchange Withdrawals
According to a tweet by the institutional-grade decentralized finance (DeFi) platform Sentora (previously IntoTheBlock), ether has witnessed an intense and sustained trend of net outflows from centralized exchanges since the beginning of the month.
Ethereum investors have withdrawn more than $1.2 billion worth of ETH from trading platforms within the last seven days. This happened just as ETH recorded a 52% rally in its price, jumping from less than $1,800 to at least $2,730. Massive accumulation trends like this often signal that investors are moving their assets off exchanges to hold in the long term, hoping for significant price appreciation.
ETH has remained dormant for most of this bull cycle, and this has caused investors and market participants to dismiss its bullish potential for this season. However, the asset’s sudden breakout from a resistance zone that has held it down for months triggered a shift in market sentiment.
Investor sentiment moved from fear, uncertainty, and doubt (FUD) due to ether’s underperformance to the fear of missing out (FOMO) as traders scrambled for entry points amid the rally. As more traders try to get into the market, demand for ETH will increase. With sell-side pressure decreasing amid massive withdrawals from exchanges, ETH is bound to experience higher surges in the near term.
Most ETH Holders in Profit
Ether’s ongoing price appreciation has increased the percentage of addresses holding the cryptocurrency in profit to more than 60%. This is a significant development compared to 32% of addresses in profit roughly a month ago.
While most analysts believe ether’s rally is not just the result of a short squeeze, others have warned that the asset could consolidate between $2,400 and $2,700 before its next leg up. Nevertheless, on-chain analyst Ali Martinez has identified the range between $2,060 and $2,420 as the most crucial support floor for ETH. Here, there are 10 million wallets holding more than 69 million ETH.
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Every major bitcoin (BTC) rally during bull seasons has always seen the active participation of retail investors. While retail activity has been low in the last three months, the situation is changing.
Data from the on-chain analytics platform CryptoQuant revealed that retail investors have begun to return to the Bitcoin market as BTC has maintained its upward momentum over the past few weeks.
Retail Investors Are Coming Back
CryptoQuant analyst Carmelo Alemán explained that retail investors, who are the most sensitive to market fluctuations, are gradually returning to the Bitcoin ecosystem. This cohort of market participants refers to those with BTC balances ranging from $0 to $10,000.
Since BTC began to recover on April 9, the market has witnessed a significant increase in retail buying, as seen in the Retail Investor (Volume $0 to $10K by USD) Demand 30D Change metric. The indicator turned positive on April 28 and recorded a 3.4% surge in purchases from retail investors from then until May 13.
The growth suggests the market is witnessing a notable recovery in retail investor interest. The trend also shows renewed confidence in Bitcoin’s potential, reinforcing bullish narratives and increasing buying pressure. This renewed confidence can become a catalyst for Bitcoin’s next price movements, as higher demand often drives positive momentum.
More Rally Incoming?
Notably, the entrance of retail investors may indicate the beginning or middle of a bull cycle, especially if institutional buyers have positioned themselves. Hence, if BTC continues its current rally, more retail investors could flock into the market, triggering an even more significant surge.
“This could benefit the entire crypto space, as small investors are likely to diversify into other projects, including DeFi, staking, futures, and other instruments. All signs point to this shift in retail behavior being the start of a new wave of mass adoption in the cryptocurrency market,” Alemán stated.
The CryptoQuant analyst added that increased retail participation can lead to growth in active addresses, new addresses, transfer volume, and Unspent Transaction Output (UTXO) count. This will reflect an expansion of the crypto ecosystem in the coming months.
Meanwhile, BTC was changing hands around $102,770 at the time of writing, after crossing $100,000 for the first time in three months. The asset was showing a 21% monthly and 9% weekly surge.
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TL;DR
Shiba Inu (SHIB) is gaining momentum, with analysts pointing to certain catalysts for a potential triple-digit price surge in the current cycle.
Cardano (ADA) is described as “built to last,” with some predicting a breakout to $1.60 in the short term and possibly $3 by year-end.
SHIB Bull Run on the Way?
The popular X user Henry recently claimed to have explored more than 500 cryptocurrencies to determine which ones are the “gems with 100x potential,” and Shiba Inu (SHIB) found a spot in the prestigious club.
The analyst suggested that the “SHIB movement [has] just started,” adding that the meme coin has much more room for growth due to the increased Shibarium adoption and the aggressive token burns. Henry is not the first to predict that further advancements in the layer-2 blockchain solution could positively impact Shiba Inu’s price. Not long ago, the Bitcoin advocate Jeremie Davinci said:
“I like Shiba Inu, as you know, and I think it will do relatively well in this cycle, but it may not go as high as you expect. I think Shiba Inu has a lot of utility now that they have Shibarium, and basically, it’s a chain that you can actually run all kinds of applications.
However, nobody is using it, and there are no applications for using your tokens on Shibarium yet. If they get that solved, Shiba Inu will go to the moon.”
Shibarium officially went live in the summer of 2023 and is specifically designed to foster the development of the meme coin’s ecosystem. Earlier this year, the total number of transactions processed on the protocol surpassed the milestone of one billion.
Henry also reminded that analysts predict a solid surge for Shiba Inu this year. The market observer shared their optimism, envisioning a “huge pump which is going to break all the past levels ATH and will be at least 790%.”
How About ADA?
Cardano’s native token was also on the list. Henry described it as the ocean: “calm, deep, and misunderstood.” However, the analyst argued that when ADA moves, it makes waves across the entire market.
They further suggested that the asset was “built to last” and that Cardano “is shaping infrastructure.” In their view, ADA’s price is set to reach $3 later this year.
Other industry participants who recently touched upon the token’s performance and made optimistic predictions include Captain Faibik and STEPH IS CRYPTO. The former forecasted a “massive bullish rally” above $1.60 in the short term.
The latter did not provide exact numbers, simply envisioning that ADA is about “to go parabolic.”
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