Bitcoin and several altcoins are taking a breather after the sharp rise over the past two days. However, the overall trend is bullish, according to crypto analyst Rakesh Upadhyay. What are the key resistance levels that altcoins like Bitcoin and MATIC need to cross to initiate the next leg of the upward move? The analyst examines the charts of the top 10 cryptocurrencies to find out.
An overview of the cryptocurrency market
cryptocoin.comAs you follow, Ripple has won its lawsuit against the US Securities and Exchange Commission. This provided a significant boost to the crypto industry. In addition to benefiting Ripple and XRP, analysts believe the decision will weaken the regulator’s lawsuit against Binance and Coinbase. In another positive event for the crypto space, the US Dollar Index (DXY) completed a bearish head and shoulders pattern on July 12. It also followed up with a drop below the psychological level of 100 on July 13. DXY typically moves in inverse correlation with Bitcoin. So its weakness is a positive sign for crypto bulls.
Philip Swift, creator of LookIntoBitcoin, said that the increasing on-chain spending volume shows that Bitcoin is in the first phase of a bull market. The sharp rise in XRP and some other altcoins after Ripple’s victory is a sign that crypto bulls are making a comeback.
BTC, ETH, BNB, XRP and ADA analysis
Bitcoin (BTC) price analysis
Bitcoin broke the $31,000 resistance on July 13 and closed above it. But the bulls are struggling to build on that strength. This shows that the bears have not given up yet. It also signals that they continue to sell at higher levels.
The relative strength index (RSI) is trending bearish, although the upward sloping moving averages point to an advantage for buyers. Thus, it likely signals a weakening of the bullish momentum. The bears will try to push the price below the $31,000 breakout level. If they do, BTC is likely to drop to the 20-day exponential moving average (EMA) of $30,244. This remains the key level to consider. A bounce will indicate that sentiment continues to rise and traders are buying on dips. A rally above $32,400 is possible to open the way for a potential rise to $40,000. On the other hand, a break and close below the 20-day EMA could push the price towards $29,500. The bears will need to break this support to gain the upper hand in the near term.
Ethereum (ETH) price analysis
The bears have been unable to push Ether below the 50-day simple moving average (SMA) in the past few days. Because it is possible that this level has attracted strong buying from the bulls. This pushed the price to the overhead resistance of $2,000 on July 13.
The bulls and bears are likely to witness a tough battle around $2,000. However, the rising 20-day EMA ($1,895) and the RSI in the positive zone suggest that the bulls have a slight advantage. If the buyers break the barrier at $2,000, ETH is likely to retest the overhead resistance zone of $2,142 to $2,200. Another possibility is for the price to decline and fall back to the 20-day EMA. If the price recovers from this level, the bulls will again try to overcome the general hurdle. The bears will need to push the price below the 50-day SMA ($1,850) to weaken the bullish momentum.
Binance Coin (BNB) price analysis
BNB turned up from the 20-day EMA ($245) on July 13. Thus, it broke above the resistance line of the symmetrical triangle formation.
The bulls continued the bullish move on July 14 and pushed the price above the 50-day SMA ($257). However, the bears pose a tough challenge near the overhead resistance of $265. If the price drops and re-enters the triangle, it will indicate that the recent breakout could be a bull trap. BNB is likely to drop to the 20-day EMA later on. Conversely, if the price rebounds from the resistance line, it will indicate that the bulls have turned the level to support. This would increase the likelihood of a rally above $265. It is possible for BNB to start its march northward towards $280 and then towards $300 later.
Ripple (XRP) price analysis
XRP skyrocketed above the overhead resistance of $0.56 on July 13. This meant that the $0.30 to $0.56 range was resolved in favor of the bulls. The formation target of this breakout is $0.82. However, the price exceeded this level.
XRP faces profit reservations of around $0.94. Generally, a sharp rally is followed by a violent correction and several days of consolidation. The bulls will try to stop any pullbacks in the region between the 38.2% Fibonacci retracement level of $0.75 and the 50% retracement level of $0.70. If the price stays above this level, it is possible for XRP to retest the overhead resistance of $0.94. Conversely, a break below $0.70 could drop XRP to the 61.8% retracement level of $0.64. Such a deep decline would likely delay the start of the next leg of the bull trend.
Cardano (ADA) price analysis
Cardano witnessed aggressive buying by bulls on July 13. This pushed the price above the close resistance at $0.30 and the 50-day SMA ($0.31).
This may have triggered a short position closing by hitting the stops on a few bearish trades. The price rallied towards the $0.38 target on July 14. However, the long wick on the candlestick indicates that the bulls are booking profits. An initial support on the downside is at the 50% Fibonacci retracement level at $0.33. If the price rebounds from this level, the bulls will attempt to overcome the $0.38 hurdle once again. If they are successful, it is possible for ADA to rally as high as $0.42. Conversely, a break below the 61.8% retracement level of $0.32 indicates weakening momentum.
SOL, DOGE, LTC, MATIC and DOT analysis
Solana (SOL) price analysis
After trading near the $22.30 resistance for a few days, Solana made a solid move on July 13. This pushed the price towards the strong overhead resistance of $27.12.
The bulls continued their buying on July 14 and pushed the price above $27.12. This pushed the RSI into the overbought territory. It also showed that the rally will continue in the near term. This could result in a short-term correction or consolidation. An important level to watch on the downside is the $27.12 break. If the bulls turn this level to support, SOL is likely to start a strong rally to $39. Alternatively, if the bears sink and sustain the price below $27.12, a drop of the SOL as low as $22.30 is possible.
Dogecoin (DOGE) price analysis
Dogecoin made a strong comeback on July 13. Thus, it climbed above the moving averages. This indicates that the bulls are attempting a reversal.
The bulls are trying to keep the price above the overhead resistance of $0.07. If they succeed, DOGE is likely to start a new uptrend. It is possible for DOGE to rally to $0.08 later, where the bears will attempt to stop the rally again. Contrary to this assumption, if the price drops and dips below $0.07, it could trap a few aggressive bulls. DOGE is likely to drop to the moving averages later. Such a move would indicate that DOGE will remain range-bound for a few more days.
Litecoin (LTC) price analysis
The bulls successfully held the 20-day EMA ($96) on July 12. This shows that sentiment has turned positive in Litecoin and traders are buying on dips.
The rally reached around $106, where the bulls are likely to face solid resistance. A break above $106 will be more likely if buyers do not give up too much from the current levels. It is possible for LTC to retest the crucial $115 resistance later. If it breaks above this level, LTC is likely to rise to $134. This positive view will be invalidated in the near term if the price declines and closes below the 20-day EMA. LTC is likely to drop to the 50-day SMA ($90) later.
Polygon (MATIC) price analysis
The bears tried to push MATIC price below the $0.72 breakout on July 12. But the bulls held their ground.
This led to large purchases on July 13. Thus, MATIC pulled its price to $0.89, just below the $0.94 pattern target. The moving averages are on the verge of a bullish crossover. Also, the RSI is close to the overbought zone. This shows that the MATIC bulls are in control. The upside move could reach the $1 psychological level, where bears are expected to face stiff resistance. Important support to watch on the downside for MATIC is the 20-day EMA ($0.72). A break and close below this will indicate weakening of the bullish momentum.
Polkadot (DOT) price analysis
The DOT rebounded from the moving averages on July 13 and hit the overhead resistance of $5.64 on July 14.
The 20-day EMA ($5.20) has turned slightly up. Also, the RSI has jumped into the positive territory. This shows that the bulls have the upper hand. The DOT will complete the reverse head-and-shoulders pattern with a break and close above $5.64. This is also likely to start a fresh upward move with the formation target at $7.06. If the bears want to prevent the rally, they will need to push the price below $5.64 and sustain it. It is also possible that this could hold the DOT between the 50-day SMA ($5.05) and $5.64 for a while.
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