According to crypto analyst Rakesh Upadhyay, weakness in the US Dollar Index bodes well for Bitcoin and altcoins in the near term. Will altcoins including Bitcoin and DOGE follow the stock markets? The analyst analyzes the charts of the top 8 cryptocurrencies to find out.
An overview of the cryptocurrency market
Bitcoin has been climbing above the $31,000 level for the past few days and has been struggling to maintain it. However, cryptocoin.com As we reported, Standard Chartered has drawn a bullish picture for this year and next year. In a report, the bank stated that Bitcoin could reach $50,000 this year and could rise as high as $120,000 by the end of next year. Meanwhile, large investors are in a bullish trend. They are making the most of stagnant Bitcoin prices. Behavioral analytics platform Santiment shows that sharks and whales holding 10 to 10,000 Bitcoins have increased their hoards by 71,000 Bitcoins since mid-June.
While there is an upward trend in the long term, macroeconomic indicators are important in the short term. The United States stock market will likely be affected by second-quarter earnings and inflation data to be released on July 12. This will likely pave the way for risk taking or risk aversion.
BTC, ETH, BNB and XRP analysis
Bitcoin (BTC) price analysis
Bitcoin bounced off the 20-day EMA ($29,886) on July 7. But he returned on July 10 to retest the level. Repeated testing of a support level over a short period of time tends to weaken it.
If the bulls want to avoid the decline, they will have to push the price into the overhead resistance zone of $31,000 to $31,500. This region is likely to attract strong sales. However, if the bulls break this hurdle, it is possible for BTC to rise to the next major resistance at $40,000. On the contrary, if the price drops and dips below the 20-day EMA, it may encourage a few short-term bulls to book profits. It is possible for BTC to slide as low as the 50-day SMA ($28,170) later. Such a deep correction would indicate that BTC will be stuck between $24,800 and $31,500 for a while.
Ethereum (ETH) price analysis
The bulls are trying to protect the 50-day SMA ($1,841). However, they are struggling to push Ether above the 20-day EMA ($1,871). This shows that the bears do not want to give up their advantage.
Both moving averages have flattened out and the RSI is near the midpoint. This signals a balance between supply and demand. If buyers push the price above the 20-day EMA, a rally to the overhead resistance of $2,000 is possible. Alternatively, if the price breaks below the 50-day SMA, the bears will try to push the price towards $1,700. This level is likely to act as a support. However, the givers are likely to extend ETH’s decline to the vital support at $1,626.
Binance Coin (BNB) price analysis
The bulls successfully defended the support at $230. It also pushed BNB above the 20-day EMA ($241) on July 10. This indicates solid buying at the lower levels.
If the bulls hold the price above the 20-day EMA, it will show that the selling pressure has subsided. It is possible for BNB to try to rise to the overhead resistance zone of $257 to $265 later. The bears will most likely fiercely defend the area. If the price turns down from the overhead resistance, it will indicate that BNB could continue to oscillate between $265 and $220 for a while. The bears will have to push and sustain the price below $220 to signal the start of the next leg of the downtrend.
Ripple (XRP) price analysis
XRP is pegged below the 20-day EMA ($0.48). This shows that the bears are selling with every recovery attempt.
The 20-day EMA is sloping down and the RSI is in the negative territory. This shows that the bears have the upper hand. Sellers will try to strengthen their positions by pulling the price below the $0.45 support. If successful, XRP could deepen the correction to the next support at $0.41. If the bulls want to block the decline, they will need to quickly push and sustain the price above the moving averages. It is possible that this could open the doors for a possible relief rally to $0.53 followed by $0.58
ADA, DOGE, SOL and LTC analysis
Cardano (ADA) price analysis
Buyers pushed Cardano above the 20-day EMA ($0.29) on July 8. However, they were unable to sustain higher levels. The bears pulled the price back below the 20-day EMA on July 9.
The bulls will have to protect the uptrend line if they want to keep the ascending triangle pattern intact. If the price rebounds from this level, the bulls will attempt to push ADA back above the $0.30 resistance. If they do, ADA is likely to start a fresh upward move towards $0.35 and then $0.39. Instead, the bullish pattern will be invalidated if the price drops below the uptrend line. This will bring the ADA down to $0.26. It will also signal a consolidation between $0.24 and $0.30 for a while.
Dogecoin (DOGE) price analysis
Buyers are struggling to push Dogecoin above the 20-day EMA ($0.07). This shows that the bears are fiercely defending the level.
The bears will try to push the price down to the strong support at $0.06. This level is likely to attract buyers. If the price rebounds strongly from this level, it will signal that DOGE may extend its range-bound move between $0.06 and $0.07 for a few more days. The next trend move is expected to begin after buyers push the price above $0.07 or bears push DOGE below $0.06. Until then, random and volatile price action is likely to continue.
Solana (SOL) price analysis
Solana’s turn down from the immediate resistance at $22 shows that the bears are continuing to sell on minor rallies.
It is possible for the SOL to correct towards the 20-day EMA ($19.15), which is an important support to consider. If the price rebounds from this level, the bulls will again attempt to break through the general $22 barrier. If they succeed, the SOL will complete a bullish head and shoulders pattern. SOL is likely to start a rally towards $27.12 later. On the contrary, if the price continues to decline and breaks below the 50-day SMA ($18.44), a few aggressive bulls may be trapped. It is also possible that this will lead to a long liquidation, pulling the SOL to around $15.28.
Litecoin (LTC) price analysis
Buyers tried to stop the LTC correction at the 20-day EMA ($95). But the bears had other plans. Sellers pushed the price below the 20-day EMA on July 10.
The bulls are trying to push the price above the 20-day EMA as seen from the long tail on the day’s candlestick. If they do, LTC is likely to rally to the $100 psychological level. A break above this resistance could start a stronger recovery towards $106 and then $115. Conversely, if the price turns down from the current level, it will show that the bears are not willing to give up their advantage. LTC is likely to drop to the 50-day SMA ($89) later on, followed by $81.
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