The fact that Bitcoin and certain altcoins find buyers at lower levels shows that the positive mood is increasing. What are the key resistance levels that need to be crossed to signal the beginning of a short-term bullish move in altcoins including Bitcoin and DOGE? Crypto analyst Rakesh Upadhyay examines the charts of the top 10 cryptocurrencies to find out.
An overview of the cryptocurrency market
cryptocoin.comAs you follow, Bitcoin is still struggling to stay above $30,000. A tight consolidation near the upper resistance is a positive sign. However, failure to exceed this may result in short-term liquidations. However, a shallow retracement should not be considered a trend change. Because all too often the bulls take a step back to regroup and launch another attack on the resistance. If the barrier is crossed, the positive momentum is back on the upswing. Binance CEO Changpeng Zhao said at an AMA session that Bitcoin could witness a bull year following its halving in 2024. CZ added that BlackRock’s entry into cryptocurrencies would be “extremely beneficial” for the industry.
BlackRock CEO Larry Fink made positive comments about Bitcoin in an interview with Fox Business on July 5. Fink said that Bitcoin is an “international asset that is not based on any currency” and that investors can use it as a hedge against inflation or currency devaluation.
BTC, ETH, BNB, XRP And ISLAND analysis
Bitcoin (BTC) price analysis
Bitcoin once again climbed above $31,000 on July 6th. However, the rally faced strong selling pressure from the bears. This brought the price to the level of the 20-day exponential moving average (EMA) of $29,763.
A positive sign in favor of the bulls is that BTC has rebounded from the 20-day EMA. This indicates a positive sentiment where traders see small dips as a buying opportunity. This increases the likelihood of a rally above the $31,000 to $31,500 resistance zone. If this happens, it is possible for BTC to start an upward walk towards $40,000. The bears will try to stop the upside at $32,400. But buyers are likely to make their way with the bulldozer. Conversely, if the price drops and breaks below the 20-day EMA, it will show that the bears have taken the lead. BTC is likely to drop to $27,971 later, the 50-day simple moving average (SMA).
Ethereum (ETH) price analysis
The long wick on the ETH July 6 candlestick shows that the bears are aggressively maintaining the psychological resistance at $2,000.
Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint. This shows that there is a balance between supply and demand. If the bears sink the price below the 50-day SMA ($1,837), the short-term advantage will be in favor of the bears. It is possible for ETH to decline towards $1,626 later. On the contrary, if the price turns up from the current level and stays above the 20-day EMA ($1,872), it will suggest a strong buy at the 50-day SMA. The bulls will then try to push the price back above $2,000.
Binance Coin (BNB) price analysis
BNB has been consolidating between $257 and $220 for the past few days. This shows that the bears are using the relief rallies to sell while the bulls buy the dips.
The falling 20-day EMA ($242) and the RSI in the negative zone suggest that the bears are taking advantage. Sellers will try to push the price towards the crucial support at $220. The bulls are expected to fiercely defend this level. On the upside, the bulls will need to push the price above $257 to indicate the start of a sustained recovery. It is possible that the $265 level could act as a barrier. However, it is likely to exceed. BNB is likely to rise to $280 later.
Ripple (XRP) price analysis
XRP has been trading between the 20-day EMA ($0.48) and the horizontal support at $0.45 for the past few days. This suggests the bears are selling at rallies, but supply is picking up at lower levels.
This narrow range trading is unlikely to continue for long. It may also result in a fracture. If the $0.45 support is broken, the bears will try to build on this advantage. Thus, they will pull the price towards the next strong support at $0.41. Alternatively, if the price turns up from the current level, the bulls will try to overcome the hurdle in the moving averages. If they succeed, XRP is likely to start its march towards $0.56.
Cardano (ADA) price analysis
ADA has been trading between $0.30 and $0.24 for the past few days. Generally, within a range, traders buy near support and sell near resistance.
Investors did just that on ADA, selling at $0.30. The bulls are trying to stop the downtrend on the uptrend line. If the price turns up from the current level or the uptrend line, the bulls will attempt to break through the overhead barrier of $0.30 once again. If they are successful, ADA is likely to start a rise towards $0.38. The 50-day SMA ($0.31) is likely to act as a barrier. However, it is likely to exceed that. Conversely, a break below the uptrend line could open the doors for a potential drop to the $0.25 support.
DOGE, SOL, LTC, MATIC and DOT analysis
Dogecoin (DOGE) price analysis
It failed to break above DOGE’s overhead resistance of $0.07 on July 4. It’s possible that this too has attracted the short-term DOGE bulls to profit booking.
This pulled the price below the moving averages, signaling that the DOGE price could be stuck in the $0.07 to $0.06 range for a few more days. The flat 20-day EMA ($0.07) and the RSI just below the midpoint also suggest a range-bound move. The bulls will need to push and sustain DOGE price above the overhead resistance of $0.07 to regain control. This is also likely to open the way up to $0.08 and then $0.10. DOGE on the downside below $0.06 would continue the downside. DOGE price is likely to drop to $0.05 later.
Solana (SOL) price analysis
SOL bounced off the 50-day SMA ($18.34) on July 5. Thus, it showed that every little drop was bought. The bulls pushed the price above the downtrend line. This indicated that the short-term corrective phase was probably over.
The moving averages are about to complete a bullish crossover. Also, the RSI is close to the overbought zone. This shows that the bulls are in command. If the buyers continue to hold the price above the downtrend line, a SOL rise to $24 is possible. Such a move would show the SOL tied to a range between $15.28 and $27.12. If the bears want to gain the upper hand, they will have to push the price below the moving averages. This could catch the aggressive bulls off guard and result in a drop to the strong support zone of $16.18 to $15.28.
Litecoin (LTC) price analysis
The bulls tried to push LTC above the overhead resistance of $106 on July 5 and 6. However, the long wick on the candlesticks shows that the bears are fiercely defending this level.
LTC has dropped to the 20-day EMA ($94), an important support level to watch out for. If the price bounces off the current level, the bulls will make another attempt to break the overhead barrier at $106. However, the bears are likely to have other plans. They will try to sell the rallies and push the pair below the 20-day EMA. If they do, selling is condensing and LTC is likely to slide further to the 50-day SMA ($89).
Polygon (MATIC) price analysis
MATIC closed below the 20-day EMA ($0.67) on July 6th. This indicates 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 succeed, the ascending triangle pattern will become invalid. This is also likely to trigger a few short-term bull stops. A drop to $0.60 and then $0.55 is possible for MATIC. Contrary to this assumption, if the price rebounds from the uptrend line, the bulls will try to sustain the upward move again. A breakout and a close above the 50-day SMA ($0.74) could start the journey towards the $0.88 formation target.
Polkadot (DOT) price analysis
The long wick on the DOT 6 July candlestick indicates that the bears are selling on intraday rallies. The price has dropped below the moving averages. However, the bulls are trying to stop the decline.
Both moving averages have flattened out and the RSI is near the midpoint. This shows that there is a balance between supply and demand. It is possible for the DOT to fluctuate between $4.74 and $5.64 for several days. The first sign of strength would be a break and close above $5.15. This will indicate solid demand at lower levels. The bulls will then try to push the DOT back to $5.64. On the downside, a break below $4.74 will likely turn the advantage in favor of the bears.
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