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.
The BTC relief rally in the past few days was halted yesterday as the asset was stopped at $100,000 and pushed south hard.
As expected, the altcoins have suffered even more, with substantial price declines from the likes of LINK, AVAX, ADA, SUI, and many others.
Bitcoin Stopped at $100K
Bitcoin went through a massive correction last week following the latest FOMC meeting. It dumped all the way from $108,000 to $92,000 in a matter of days. It bounced off on Friday and Saturday as the bulls drove it to almost $99,500.
However, it failed there and retraced hard once again at the start of the business week toward $92,000 once more. The bulls stepped up again at this point and initiated a notable price increase that pushed bitcoin up to $99,200 on Christmas Eve and almost $100,000 yesterday evening.
Once again, though, the cryptocurrency was stopped at this point. The subsequent rejection has driven it south hard, as the asset now struggles below $96,000.
Its market capitalization has declined to under $1.9 trillion on CG, while its dominance over the alts has increased to 54.6%.
Alts Bleed Out
The alternative coins registered some gains in the past few days as well, but red dominates all charts now. Ethereum was stopped at $3,500 and is below $3,400 after a 3.5% daily drop. Similar declines are evident from XRP, DOGE, SOL, BNB, TRX, and TON.
Even more painful corrections come from the likes of ADA, AVAX, LINK, SHIB, HBAR, XLM, and DOT, with losses of up to 9%. AAVE has plummeted by 10%, and so have ONDO and HYPE.
The cumulative market capitalization of all crypto assets has seen more than $100 billion gone and is down to $3.460 trillion on CoinGecko.
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Cryptocurrency charts by TradingView.
The newly launched Pudgy Penguins cryptocurrency Pengu (PENGU) has flipped Bonk (BONK) to claim the crown as the largest meme coin in the Solana ecosystem, with a market cap of $2.65 billion.
The shift is the culmination of a rally that kicked off on Christmas Eve when the token gained over 30% in 24 hours.
PENGU Rises
Data from the crypto price tracking website CoinGecko shows that the broader Solana meme coin market has experienced explosive growth, with its total valuation rising to $18.2 billion, a 10.3% increase over the last day.
Anchoring this performance was PENGU, which posted an 11.2% jump in the past 24 hours and a remarkable 22.3% rise in the last seven days.
The meme coin, airdropped to members of the globally successful Pudgy Penguins NFT community on December 17, has not been without controversy. Soon after the token’s launch, the floor prices of the NFT collection plunged by more than 50%, wiping out any gains made since early November.
According to analysts, this was largely because the value of the collection was partly pegged on exclusive access to the brand, with the introduction of PENGU making investment in the NFTs more accessible, therefore diluting their worth.
On its rollout, the coin shot to a record high of $0.0684 before dropping to a record low of $0.0114. It then see-sawed for the next few days, moving between $0.038 on December 18 to $0.0231 on December 20. However, since December 23, it has been making steady gains, going as high as $0.0417 on Boxing Day, a price that pushed its market cap to $2.62 billion.
BONK Falls
Conversely, the previous king of the Solana meme coins, BONK, showed more modest improvements in its price over the last seven days, going up 6.9% in that period. Further, across two weeks, it lost 17% of its value, with CoinGecko data showing another 23% plunge over 30 days, putting its market cap at just over $2.5 billion and allowing PENGU to surpass it.
The competition doesn’t end there. Other meme tokens like dogwifhat (WIF) and Fartcoin (FARTCOIN) are vying for investor attention. On Christmas Eve, the former reached an all-time high of $1.02, pushing its overall worth beyond the $1 billion mark.
However, despite Fartcoin being among the top gainers across seven days with a price increase of 13.1%, it has plummeted 15% since December 25. With a unit currently changing hands at about $$0.986, its $1.072 billion market cap is still some ways behind WIF’s $1.9 billion.
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Cryptocurrency
Holiday Warning for the Shiba Inu (SHIB) Community: Users Should Stay Vigilant for These Scams
TL;DR
- Shibarium Trustwatch warns SHIB holders of fake giveaways, phishing emails, and scam social accounts during the holidays.
- Users are cautioned to avoid sending emails about SHIFU tokens and urged to verify information through official channels.
‘Protect Yourself This Christmas’
Despite the festive season, scammers don’t have days off and are always on the lookout for new victims. One particular group in the cryptocurrency sector, which bad actors attack quite regularly, is the Shiba Inu (SHIB) community.
A few days ago, Shibarium Trustwatch (an X account that aims to provide security) alerted users to be extra cautious with several common crypto scams. The first is giveaways, which offer “free” tokens, merchandise, or NFTs. “Remember, free stuff is never truly free – providing personal information puts you at risk,” the team warned.
Second, the community should stay vigilant for phishing emails. Fraudsters often send emails to victims, claiming to be from official SHIB-related projects, thus trying to steal their login credentials.
Next on the list are social media accounts. The team cautioned that scammers create fake profiles on social media platforms pretending to be influencers, developers, or official accounts that offer tempting deals. “Verify handles and avoid DMs offering quick profits,” Shibarium Trustwatch warned.
Ponzi schemes, fake charity appeals, fake customer support, and malicious links are the other things the SHIB community should be careful about.
“Providing personal information or falling for these scams doesn’t just put you at risk – it may lead to your data being sold on the dark web, where hackers can use it for identity theft or other malicious activities. Scammers exploit trust, kindness, and generosity, especially during the holiday season, so we must stay vigilant.
Let’s keep the Shibarmy strong and safe this holiday season. Be cautious, protect your crypto, and share love responsibly. Nothing in life is free. Even the things that seem free often come with hidden costs or risks,” the team concluded.
The SHIFU Warning
Earlier this month, Shibarium Trustwatch issued an alert concerning the meme coin SHIFU. The team claimed that bad actors request victims to send them an email containing information about the token:
“Fraudsters are asking people to send them an email asking how to buy and claim SHIFU or if SHIFU has not appeared in their wallet.”
Shibarium Trustwatch advised users to stay away from that scheme and not send emails to anyone. Verifying information through official channels and avoiding sharing personal data is also necessary.
SHIFU is a dog-themed meme coin within the Shiba Inu ecosystem, which was introduced by Shytoshi Kusama at the beginning of the month. While it can be found on certain decentralized exchanges, leading crypto platforms like Binance have not yet embraced it.
A few weeks ago, the meme coin project launched a special airdrop. The team announced that 30% of the total SHIFU supply (30 billion tokens) will be allocated to the community. Of this, 22 billion SHIFU will go to holders with at least 100,000 SHIB and 100 BUBBLE. An additional 2 billion tokens are set aside for eligible LEASH holders, while BONE owners will receive 1 billion tokens.
The remaining 70% of the supply will be reserved for other purposes, including “liquidity and public pre-sale,” treasury funds, and marketing efforts.
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