Značka: Avalanche

Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

The Aug. 10 Consumer Price Index (CPI) report shows year-over-year inflation rose 8.5% in July and while this figure is below economists’ expectations of 8.7%, it is still high. Although inflation remains much higher than the Federal Reserve’s 2% target, the marginal slowdown raises hopes that the rate hikes by the Federal Reserve have started to work. That has reduced the probability of a 75 basis point rate hike in the September meeting from 68% on Aug. 9 to 37.5%, according to CME group data.Risky assets, including the cryptocurrency markets, responded positively to the CPI print. Compared to Bitcoin (BTC), the altcoins are enjoying a stronger rally. This has pulled Bitcoin’s dominance near its yearly lows while Ether (ETH) has climbed near its yearly high.Daily cryptocurrency market performance. Source: Coin360According to CoinShares data, Ether-related products have seen inflows of $159 million in the past seven weeks. This indicates that Ether seems to be garnering attention from institutional investors in anticipation of the Merge, which is scheduled for Sept. 19. Could Bitcoin and altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $24,245 on Aug. 8 and dropped to the 20-day exponential moving average (EMA) ($22,966) on Aug. 9. The bulls aggressively purchased the dip on Aug. 10 and are attempting to push the price above the overhead resistance at $24,668.BTC/USDT daily chart. Source: TradingViewIf they succeed, the BTC/USDT pair could pick up momentum and rally to $28,000. The bears may mount a strong resistance at this level but if bulls overcome this barrier, the pair could rise to $32,000. The gradually upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside.Conversely, if the price turns down from $24,668, the bears will again attempt to sink the pair below the 20-day EMA. If they manage to do that, the pair could decline to the 50-day simple moving average (SMA ($21,708). A break below this level could tilt the advantage in favor of the bears.ETH/USDTEther turned down from $1,818 on Aug. 8 but the bears could not sink the price below the 20-day EMA ($1,637). This suggests strong demand at lower levels.ETH/USDT daily chart. Source: TradingViewThe ETH/USDT pair rebounded off the 20-day EMA on Aug. 10 and has cleared the overhead hurdle at $1,818. If buyers sustain the price above this level, the pair could rally to the psychological level of $2,000 and then to $2,200. The rising moving averages and the RSI in the positive territory indicate that bulls have the upper hand.This bullish view will be invalidated if the price turns down and plummets below the 20-day EMA. If that happens, the pair may drop toward the 50-day SMA ($1,388). That could delay the start of the next leg of the up-move.BNB/USDTBNB turned down from the overhead resistance zone of $338 to $350 on Aug. 8 but the bears could not sustain the lower levels on Aug. 10. This suggests that bulls are aggressively buying the dips.BNB/USDT daily chart. Source: TradingViewThe bulls will again attempt to clear the overhead zone. If they succeed, the BNB/USDT pair could pick up momentum and rally toward $414. Although the rising moving averages indicate advantage to buyers, the overbought zone on the RSI indicates that a minor pullback or a consolidation is possible in the near term.If the price turns down from the overhead zone, the first support is at $308. The bears will have to sink the price below this level to challenge the 20-day EMA ($296). This is an important level to keep an eye on because a break and close below it could sink the pair to $275.XRP/USDTThe bulls failed to push XRP above the overhead resistance at $0.39 on Aug. 8. This attracted sharp selling by the bears who pulled the price below the 20-day EMA ($0.37) on Aug. 9.XRP/USDT daily chart. Source: TradingViewA minor positive is that the bulls bought the dip and have pushed the price back above the 20-day EMA on Aug. 10. The buyers will again attempt to push the price above the overhead resistance zone between $0.39 and $0.41. If they succeed, the XRP/USDT pair could rise to $0.48 and later to $0.54.Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 50-day SMA ($0.35), it will suggest that the pair may remain range-bound between $0.30 and $0.39 for a few more days.ADA/USDT Cardano (ADA) turned down from the overhead resistance at $0.55 on Aug. 8 and dropped to the 20-day EMA ($0.51) on Aug. 9, indicating that bears continue to defend the overhead resistance aggressively.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair rebounded sharply off the 20-day EMA on Aug. 10, suggesting that the bulls are buying the dips with vigor. If buyers clear the overhead hurdle, the pair could start its northward march to $0.63 and then to $0.70. Contrary to this assumption, if the price once again turns down from $0.55, the likelihood of a break below the 20-day EMA increases. If that happens, the pair could remain range-bound between $0.45 and $0.55 for a few more days.SOL/USDTThe bulls tried to push Solana (SOL) to the overhead resistance at $48 on Aug. 8 but the bears had other plans. They stalled the recovery attempt at $44 and pulled the price back below the 20-day EMA ($40) on Aug. 9.SOL/USDT daily chart. Source: TradingViewBoth moving averages have flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. If the price rises from the current level and breaks above $44, the SOL/USDT pair could challenge the stiff resistance at $48. A break above this level will complete a bullish ascending triangle pattern, opening the doors for a possible rally to $60 and then to the pattern target at $71.Conversely, if the price turns down from the current level and breaks below the support line, the advantage could tilt in favor of the bears. The pair could then drop to $32.DOGE/USDTThe long wick on Dogecoin’s (DOGE) Aug. 9 candlestick shows that the bears are aggressively defending the overhead resistance at $0.08. The sellers are attempting to build upon their advantage by pulling the price below the moving averages.DOGE/USDT daily chart. Source: TradingViewIf they succeed, the DOGE/USDT pair could drop to the trendline of the ascending triangle pattern. A break and close below this support could invalidate the bullish setup. The pair could then decline to $0.06.Conversely, if the price turns up from the current level, it will suggest that bulls continue to buy on dips. The bulls will then make one more attempt to push the pair above the overhead resistance and start a new up-move. If they succeed, the pair could rally to $0.10.Related: TORN price sinks 45% after U.S. Treasury sanctions Tornado Cash — Rebound ahead?DOT/USDTPolkadot (DOT) broke and closed above the overhead resistance at $9 on Aug. 8 but the bulls could not build upon this strength. The bears sold aggressively and pulled the price back below $9 on Aug. 9.DOT/USDT daily chart. Source: TradingViewHowever, a positive sign is that the DOT/USDT pair rebounded sharply off the 20-day EMA ($8.30). This indicates that the sentiment has turned positive and traders are buying on dips. The bulls will attempt to push the price to $10.80 and later to $12.To invalidate this view, the bears will have to pull the price back below the 20-day EMA. Such a move will suggest that higher levels continue to attract strong selling by the bears. That could result in a range-bound action for a few days.MATIC/USDTThe bulls have successfully sustained Polygon (MATIC) above the 20-day EMA ($0.87) but have failed to challenge the overhead resistance at $1.02. This suggests a lack of demand at higher levels.MATIC/USDT daily chart. Source: TradingViewThe gradually rising 20-day EMA and the RSI in the positive territory, indicate that bulls have the upper hand. If buyers push the price above $0.95, the MATIC/USDT pair could rally to the overhead resistance at $1.02. This is an important level for the bears to defend because a break above it could result in a rally to $1.26 and then $1.50.Alternatively, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the pair may oscillate between $0.75 and $1.02 for some more time.AVAX/USDTThe long wick on Avalanche’s (AVAX) Aug. 8 candlestick shows that bears have not given up and they continue to sell on rallies. The price slipped back to the breakout level on Aug. 9 but the bulls successfully defended the level on Aug. 10.AVAX/USDT daily chart. Source: TradingViewIf buyers sustain the rebound, the AVAX/USDT pair could break above the overhead resistance at $31. If that happens, the pair could resume its up-move to $33 and later to the pattern target of $39.05. The key level to watch on the downside is the 20-day EMA ($24.88). If bears sink the price below this support, it will suggest that the breakout above $26.38 may have been a bull trap. The pair could then decline to the support line.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 8/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

The United States equities markets and the cryptocurrency markets have started the week on a strong note, indicating that traders are not nervous about buying ahead of the important Consumer Price Index (CPI) data for July which will be released on Aug. 10.Another positive sign is that the recent recovery in Bitcoin (BTC) has not tempted investors to exit their positions in fear of another leg down. Glassnode data shows that the percentage of supply that has stayed dormant for three or more years rose to a new all-time high of 38.426% on Aug. 8.Daily cryptocurrency market performance. Source: Coin360BlackRock CEO Larry Fink sold 44,000 BlackRock shares in August, the biggest sale since the COVID-19 crash. This has some analysts speculating whether the current recovery in the equities markets is only a bear market rally. If that is the case, then a downturn in the equities markets could also increase the selling in crypto prices as both remain closely correlated. Could Bitcoin and select altcoins climb above their respective overhead resistance levels and extend the recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin bounced off the 20-day exponential moving average ($22,846) on Aug. 7 and the momentum picked up on Aug. 8. The buyers pushed the price above $24,000 and could challenge the overhead resistance at $24,668.BTC/USDT daily chart. Source: TradingViewThe 20-day EMA is sloping up and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control. If buyers propel the price above the overhead resistance, the BTC/USDT pair could pick up momentum and rally to $28,000 as there is no significant resistance in between. The bears may try to stall the recovery at this level but if bulls overcome this barrier, the up-move could reach $32,000.Contrary to this assumption, if the price turns down from $24,668, the pair could drop to the 20-day EMA. This is an important level to watch out for because a break below it could drag the price to the 50-day simple moving average ($21,594). A break below this level could put the bears back on top.ETH/USDTBuyers pushed Ether (ETH) above the overhead resistance at $1,700 on Aug. 5 and the bulls successfully defended the breakout level on Aug. 6 and Aug. 7. Buying resumed on Aug. 8 and the bulls pushed the price above the overhead resistance at $1,785.ETH/USDT daily chart. Source: TradingViewIf bulls sustain the price above $1,785, the ETH/USDT pair could pick up momentum and rally to the psychological level at $2,000. This level may attract selling by the bears but if bulls arrest the next decline above $1,700, the likelihood of a break above $2,000 increases. If that happens, the pair could rally to the downtrend line.This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA ($1,606). The pair could then slide to the 50-day SMA ($1,362).BNB/USDTBinance Coin’s (BNB) recovery has reached the strong overhead resistance zone between $338 and $350 where the bears are expected to mount a strong defense.BNB/USDT daily chart. Source: TradingViewIf the price turns down from the current level, the BNB/USDT pair could decline to the 20-day EMA ($289). This is an important level to keep an eye on because a strong bounce off it will suggest that the positive sentiment remains intact and traders are viewing dips as a buying opportunity.The bulls will then make one more attempt to clear the overhead zone. If they succeed, the BNB/USDT pair could further pick up momentum and rally toward $414. This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA.XRP/USDTXRP’s price has been squeezed between the 20-day EMA ($0.36) and the overhead resistance at $0.39 for the past few days. Usually, such tight ranges lead to a range expansion.XRP/USDT daily chart. Source: TradingViewThe rising 20-day EMA and the RSI in the positive area indicate advantage to buyers. If bulls push and sustain the price above $0.39, it will suggest the start of a new up-move. The XRP/USDT pair could then rise to $0.48 and later to $0.54.This positive view will invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then drop to the 50-day SMA ($0.35). Such a move will suggest that the pair may spend some more time inside the range.ADA/USDT Cardano (ADA) bounced off the 20-day EMA ($0.50) on Aug. 5 and has reached the strong overhead resistance at $0.55. ADA/USDT daily chart. Source: TradingViewThe 20-day EMA is sloping up and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. If buyers thrust the price above $0.55, the ADA/USDT pair could start its northward march toward $0.63 and then to $0.70. The bears may pose a strong challenge at this level.To invalidate this positive view, the bears will have to sink and sustain the price below the 50-day SMA. That could extend the stay of the pair inside the range between $0.40 and $0.55 for a few more days.SOL/USDTSolana (SOL) rose above the 20-day EMA ($40) on Aug. 5 and the bulls thwarted attempts by the bears to sink the price back below the level. The buying resumed on Aug. 8 and the bulls will attempt to push the price to the overhead resistance at $48.SOL/USDT daily chart. Source: TradingViewThe 20-day EMA is rising up gradually and the RSI is in the positive zone, indicating that the bulls have the upper hand. If buyers drive the price above $48, the bullish ascending triangle pattern will complete. The pair could then start a rally to $60 and thereafter to the pattern target at $71.Alternatively, if the price turns down from $48 like the previous two occasions, it will suggest that bears are defending the level aggressively. That could keep the pair stuck inside the triangle for a few more days. The bullish setup will invalidate on a break below the support line. DOGE/USDTDogecoin (DOGE) bounced off the 20-day EMA ($0.07) on Aug. 7, indicating that bulls are defending the moving averages with vigor. However, the long wick on the Aug. 8 candlestick suggests that bears are selling at higher levels.DOGE/USDT daily chart. Source: TradingViewThe flattish moving averages indicate a balance between supply and demand but the RSI in the positive territory suggests a minor advantage to the buyers. If bulls push the price above the overhead resistance at $0.08, it will complete the ascending triangle pattern. The pair could then start a rally to the psychological resistance at $0.10.Conversely, if the price turns down from the overhead resistance, the DOGE/USDT pair could stay inside the triangle for a few more days. The bears will have to sink the price below the trendline to invalidate the bullish setup. Related: Metaverse housing bubble bursting? Virtual land prices crash 85% amid waning interestDOT/USDTPolkadot (DOT) turned down from the overhead resistance at $9 on Aug. 6 but the bulls did not cede ground to the bears. They resumed their purchase on Aug. 7 and pushed the price above the overhead resistance on Aug. 8.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA is sloping up and the RSI is in the positive territory, indicating that bulls have the upper hand. If buyers sustain the price above $9, the bullish momentum could pick up and the DOT/USDT pair could rise to $10.80 and later to $12.Contrary to this assumption, if the price turns down and breaks back below $9, it will suggest that the breakout may have been a bull trap. The pair could then decline to the 20-day EMA ($8.07) and later to the 50-day SMA ($7.49).MATIC/USDTPolygon (MATIC) formed a Doji candlestick pattern on Aug. 7 which resolved to the upside on Aug. 8. This suggests that bulls are buying the dips to the 20-day EMA ($0.86).MATIC/USDT daily chart. Source: TradingViewThe upsloping moving averages and the RSI in the positive territory indicate advantage to buyers. The MATIC/USDT pair could rise to the overhead resistance at $1.02 where the bears may mount a strong defense. If bulls do not give up much ground from $1.02, the likelihood of a break above it increases. The pair could then rally to $1.26 and then to $1.50. The first sign of weakness will be a break and close below the 20-day EMA. That could open the doors for a possible drop to $0.75.AVAX/USDTAvalanche (AVAX) broke and closed above the strong overhead resistance at $26.38 on Aug. 6, indicating the completion of the bullish ascending triangle pattern.AVAX/USDT daily chart. Source: TradingViewThe AVAX/USDT pair could rise to $33 and later to the pattern target of $39.05. While the upsloping moving averages indicate advantage to buyers, the RSI has risen into the overbought zone, suggesting a minor correction in the near term.If bulls flip the $26.38 level into support during the next correction, it will signal a potential trend change. This positive view could be invalidated in the near term if the price turns down and breaks below the moving averages.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 8/5: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

The United States Labor market added 528,000 jobs in July, much better than the 258,000 estimate. Wages saw growth of 5.2% year-over-year and 0.5% over the month. This suggests that inflation remains high and the U.S. Federal Reserve may continue with its rate hikes in the near future. After staying in close correlation with the U.S. equities markets for the past several months, the crypto space could be ready to chalk out a new course.Bloomberg Intelligence senior commodity strategist Mike McGlone and senior market structure analyst Jamie Coutts said in a recent report that Bitcoin (BTC) has started base building similar to the one seen near $5,000 in 2018–2019. They expect the recovery to decouple from stocks and behave more like U.S. “Treasury bonds or gold.”Daily cryptocurrency market performance. Source: Coin360Although crypto prices have plunged sharply during the ongoing bear market, it has not dented investors’ appetite. A report by crypto analytics firm Messari and Dove Metrics showed that the crypto space raised $30.3 billion in funds in 2022, surpassing the total amount raised in 2021.Could Bitcoin continue its recovery or will bears pose a strong challenge at higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bears pulled the price below the 20-day exponential moving average (EMA) ($22,630) on Aug. 4 but could not sustain the lower levels. This indicates that the bulls are defending the level aggressively.BTC/USDT daily chart. Source: TradingViewThe gradually up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate a minor advantage to buyers. If the price rises off the 20-day EMA, the bulls will attempt to push the BTC/USDT pair to the overhead resistance at $24,668. This is an important level to keep an eye on because if the price breaks above $24,668, the pair could pick up momentum and rally toward $28,000 and then on to $32,000. Such a move will suggest that the pair may have bottomed out.Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it will suggest that bears continue to sell on minor rallies. That could open the doors for a drop to the 50-day simple moving average (SMA) ($21,388).ETH/USDTEther (ETH) has been trading between the 20-day EMA ($1,560) and the $1,700 resistance for the past four days. Usually, tight range trading is followed by a range expansion.ETH/USDT daily chart. Source: TradingViewThe up-sloping 20-day EMA and the RSI in the positive zone indicate advantage to buyers. A break and close above the overhead resistance zone between $1,700 and $1,785 could open the doors for a possible rally to $2,000 and later to $2,200.Alternatively, if the ETH/USDT pair turns down from the current level and breaks below the 20-day EMA, it will suggest that bears continue to defend the overhead zone with all their might. That could result in a decline to the strong support at $1,280.BNB/USDTBNB bounced off the $275 support on Aug. 2 and broke above the immediate resistance at $302 on Aug. 3. This indicates the resumption of the up-move.BNB/USDT daily chart. Source: TradingViewThe up-sloping 20-day EMA ($277) and the RSI in the overbought zone indicate that bulls are in command. The BNB/USDT pair could rally to the stiff overhead resistance at $350. This level is likely to attract strong selling from the bears. To invalidate this bullish view, the bears will have to sink and sustain the price below the 20-day EMA. If that happens, short-term traders may rush to the exit and that could pull the pair down to the 50-day SMA ($246).XRP/USDTThe buyers have successfully held the 20-day EMA ($0.36) support in the past few days but have failed to achieve a strong rebound in XRP. This suggests that bears are selling on rallies.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair could remain stuck between the 20-day EMA and the overhead resistance zone between $0.39 and $0.41. If bulls clear the overhead hurdle, the positive momentum could pick up and the pair could rally to $0.48 and then to $0.54.Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that the demand has dried up. That could sink the pair to the 50-day SMA ($0.34) and keep the pair range-bound between $0.30 and $0.39 for a few more days.ADA/USDT The bears repeatedly tried to sink Cardano (ADA) below the 20-day EMA ($0.50) in the past three days but the bulls held their ground. ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair has rebounded off the 20-day EMA and the buyers will attempt to push the price above the overhead resistance at $0.55. If they manage to do that, the bullish momentum could pick up and the pair could rise to $0.63 and later toward $0.70.Alternatively, if the price turns down from the overhead resistance, it will suggest that bears are active at higher levels. The sellers will then again attempt to sink the price below the moving averages and retain the pair inside the range between $0.40 and $0.55 for some more time.SOL/USDTThe bears tried to sink the price below the support line on Aug. 3 but the bulls defended the level successfully. Solana (SOL) formed an inside-day candlestick pattern on Aug. 4, which resolved to the upside on Aug. 5.SOL/USDT daily chart. Source: TradingViewIf buyers sustain the price above the 20-day EMA ($40), the SOL/USDT pair could climb to $44 and then retest the stiff overhead resistance at $48. The bulls will have to clear this hurdle to signal the formation of an ascending triangle pattern. This bullish setup has a target objective of $71.Contrary to this assumption, if the price turns down and breaks below the support line, the bullish setup will be invalidated. The pair could then slide toward the strong support at $31.DOGE/USDTDogecoin (DOGE) bounced off the 50-day SMA ($0.07) on Aug. 4 and the bulls extended the up-move above the 20-day EMA ($0.07) on Aug. 5.DOGE/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price toward the overhead resistance at $0.08. This is an important level for the bears to defend because a break and close above it will complete an ascending triangle pattern. The DOGE/USDT pair could then start an up-move to $0.10 and then to the pattern target at $0.11.On the other hand, if the price turns down from the current level and breaks below the 50-day SMA, it will suggest that bears are selling on rallies. The pair could then drop to the support line of the triangle. A break below this level could negate the bullish setup.Related: Bitcoin fails to beat $23.4K sellers as US payrolls upend inflation debateDOT/USDTPolkadot (DOT) bounced off the 20-day EMA ($7.78) on Aug. 3, indicating demand at lower levels. The buyers will attempt to push the price to the overhead resistance zone between $9 and $9.21.DOT/USDT daily chart. Source: TradingViewIf bulls clear this overhead hurdle, the DOT/USDT pair could pick up momentum and start its northward march toward $10.80 and then $12. The up-sloping 20-day EMA and the RSI in the positive zone indicate that buyers are in control.To invalidate this bullish view, the bears will have to sell aggressively and sink the pair below the moving averages. If that happens, the pair may remain stuck inside the range between $6 and $9 for some more time.MATIC/USDTThe buyers have successfully held Polygon (MATIC) above the 20-day EMA ($0.85) during the correction, which suggests a change in sentiment from selling on rallies to buying on dips.MATIC/USDT daily chart. Source: TradingViewBoth moving averages are sloping up and the RSI is in the positive territory, indicating advantage to buyers. If bulls thrust the price above the overhead resistance at $1.02, the MATIC/USDT pair could rally to $1.26 and then to $1.50.Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that the pair may extend its stay inside the range between $0.75 and $1 for some more time. The sellers will gain the upper hand on a break below $0.75.AVAX/USDTAvalanche (AVAX) has bounced off the 20-day EMA ($22.86), indicating that bulls are buying the dips to this support.AVAX/USDT daily chart. Source: TradingViewThe buyers will drive the price to the stiff overhead resistance at $26.38. The gradually up-sloping 20-day EMA and the RSI in the positive territory indicate advantage to buyers. If bulls push the price above $26.38, the AVAX/USDT pair will complete a bullish ascending triangle pattern. The pair could then rally to $33 and later to $38.Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 20-day EMA, the pair could drop to the support line. Market data is provided by HitBTC exchange.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 8/3: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) and altcoins are tracking the United States equities markets higher on Aug. 3 as traders buy the dip. Smaller investors seem to be making the most of the bear market in Bitcoin as the number of wholecoiners has soared by 40,000 since the sharp fall in June. In comparison, wallet addresses with more than 1,000 Bitcoin have declined by 113 since May.Some analysts believe that Bitcoin has not yet formed a macro bottom, however. Trading firm QCP Capital expects Bitcoin to gradually rise for most of the third quarter amid high volatility. They believe Bitcoin’s rally could hit a roof around $28,700. For the long-term, the firm did not rule out a final capitulation in Bitcoin to around $10,000, which may mark a bottom for the bear market. Daily cryptocurrency market performance. Source: Coin360Nevertheless, Bitcoin miners seem to be in an upbeat mode as they increased their Bitcoin holdings in July following the capitulation in June. According to data from on-chain analytics firm CryptoQuant, Bitcoin held by the miners hit the highest levels since.Could Bitcoin and altcoins resume their up-move or will the recovery falter at higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin dropped to the 20-day exponential moving average (EMA) ($22,632) on Aug. 2, which is acting as strong support. The gradually up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory suggest that bulls have a slight edge.BTC/USDT daily chart. Source: TradingViewThe buyers will now attempt to push the price above the overhead resistance at $24,668. If they succeed, the BTC/USDT pair could rally to $28,000 where the bears may mount a stiff resistance. If bulls clear this hurdle, the rally could extend to $32,000.Contrary to this assumption, if the price turns down from the current level or the overhead resistance, it will suggest that higher levels continue to attract selling from the bears. A break and close below the 20-day EMA could sink the pair to the 50-day simple moving average (SMA) ($21,344) and then to the support line.ETH/USDTEther (ETH) turned down and dropped to the 20-day EMA ($1,545) on Aug. 2 but the long tail on the candlestick suggests that the bulls aggressively purchased the dip.ETH/USDT daily chart. Source: TradingViewThe bulls will once again attempt to clear the overhead resistance zone between $1,700 and $1,785. If they succeed, it will indicate a potential trend change. The ETH/USDT pair could then rally to $2,000 and later to $2,200. To invalidate this bullish view, the bears will have to sink and sustain the price below the 20-day EMA. That could open the doors for a decline to the strong support at $1,280. A bounce off this level could keep the pair stuck between $1,280 and $1,700 for a few days.BNB/USDTBinance Coin (BNB) bounced off the $275 support on Aug. 2, indicating that the sentiment has turned positive and traders are buying on dips.BNB/USDT daily chart. Source: TradingViewThe bulls will now make one more attempt to push the price above the overhead resistance at $300. If they succeed, the BNB/USDT pair could pick up momentum and rally toward the stiff overhead resistance at $350.The rising 20-day EMA ($268) and the RSI in the positive territory indicate that the path of least resistance is to the upside. This bullish view could invalidate in the near term if the price turns down and breaks below the 20-day EMA.XRP/USDTThe long tail on XRP’s Aug. 3 candlestick indicates that bulls are attempting to defend the 20-day EMA ($0.36). The gradually up-sloping 20-day EMA and the RSI in the positive territory indicate a slight advantage to buyers.XRP/USDT daily chart. Source: TradingViewIf bulls push the price above the $0.39 to $0.41 resistance zone, the XRP/USDT pair could signal the start of a new up-move. The pair could then rally to $0.48 where the bears may again mount a strong defense.Contrary to this assumption, if the price turns down from the current level or the overhead resistance, the possibility of a break below the 20-day EMA increases. If that happens, the pair may continue its range-bound action for a few more days.ADA/USDT Cardano (ADA) has been stuck in a large range between $0.40 and $0.55 for the past few days. The bulls are currently attempting to defend the moving averages.ADA/USDT daily chart. Source: TradingViewIf they succeed, the ADA/USDT pair could climb to the overhead resistance at $0.55. This remains an important level to watch out for. If bulls overcome this barrier, the pair could rally to $0.63 and later on to $0.70.Alternatively, if the price breaks below the moving averages, the pair could slide to the immediate support at $0.45. A bounce off this level could form a new tighter range between $0.45 and $0.55 while a break below $0.45 could clear the path for a drop to $0.40.SOL/USDTSolana (SOL) dipped below the 20-day EMA ($40) on Aug. 2 and dropped to the 50-day SMA ($37) on Aug. 3. The long tail on the candlestick suggests that traders are defending the support line.SOL/USDT daily chart. Source: TradingViewIf bulls push and sustain the price above the 20-day EMA, the SOL/USDT pair could gradually climb up to $48. This is an important level to keep an eye on because a break and close above it could complete the ascending triangle pattern that has a target objective of $71.Conversely, if the rebound lacks strength, the bears will attempt to sink the pair below the support line. If they manage to do that, the bullish setup will be negated and the pair may slide to $31.DOGE/USDTThe bulls are attempting to arrest Dogecoin’s (DOGE) pullback at the 50-day SMA ($0.07). If the rebound sustains above the 20-day EMA ($0.07), a retest of $0.08 is possible.DOGE/USDT daily chart. Source: TradingViewThe bulls will have to push and sustain the price above $0.08 to signal the completion of an ascending triangle pattern. If that happens, the DOGE/USDT pair could rally to $0.10 and then to the pattern target at $0.11.On the contrary, if the rebound lacks strength, it will suggest that demand dries up at higher levels. That could pull the price down to the trendline support. A break and close below this level could invalidate the bullish setup.Related: Lido DAO: Ethereum’s biggest Merge staker just jumped 30% — will LDO rally into September?DOT/USDTPolkadot (DOT) turned down from the overhead resistance and dipped to the 20-day EMA ($7.70) where the bulls are trying to stall the pullback.DOT/USDT daily chart. Source: TradingViewThe gradually up-sloping 20-day EMA and the RSI in the positive territory indicate that bulls have a slight edge. If bulls propel the price above the overhead resistance at $9, the DOT/USDT pair could rally to $10.80 and then to $12.Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that the pair may extend its stay inside the range between $6 and $9 for a few more days.MATIC/USDTPolygon (MATIC) bounced off the 20-day EMA ($0.84) on Aug. 2, indicating that bulls are buying on dips. The price could next retest the $0.98 to $1.01 overhead resistance zone.MATIC/USDT daily chart. Source: TradingViewAlthough the developing negative divergence on the RSI warrants caution, the up-sloping moving averages indicate advantage to buyers. If bulls clear the overhead resistance zone, the MATIC/USDT pair could rally to $1.26.On the contrary, if the price turns down and breaks below the 20-day EMA, the pair could drop to the strong support at $0.75. A sharp rebound off this level could keep the pair range-bound between $0.75 and $1 for a few days.AVAX/USDTThe bears tried to sink Avalanche (AVAX) below the 20-day EMA ($22.71) on Aug. 2 but the bulls held their ground. This indicates that traders are viewing the dips as a buying opportunity.AVAX/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price above the overhead resistance at $26.38. If they succeed, the AVAX/USDT pair could complete a bullish ascending triangle pattern, which has a target objective at $33 and then $38.Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, the pair could slide to the support line. This is an important level for the bulls to defend because a break and close below it could tilt the advantage in favor of the bears.Market data is provided by HitBTC exchange.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 8/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

After strong monthly gains in July, Bitcoin (BTC) and the altcoins have started the new month on a tentative note. Even the United States equities markets have started August on a soft note. Is the bottom in?BofA Securities head of U.S. equity and quantitative strategy Savita Subramanian said in a recent note that the stock market usually bottoms after earnings estimates are revised lower but that has not yet happened during the current downturn. Analysts in the crypto space also remain divided on whether the current rise is a bear market rally or the start of a new bull phase.Daily cryptocurrency market performance. Source: Coin360However, a minor positive is that the world’s first Bitcoin spot price exchange-traded fund (ETF), the Purpose Bitcoin ETF, has added 2,600 Bitcoin to its holdings. Although the total assets under management remain well below the all-time high, the recent addition is a sign that some institutional investors may have started bottom fishing.Could Bitcoin and altcoins find buyers at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTThe bulls repeatedly failed to sustain Bitcoin above the overhead resistance at $24,276 in the past few days, indicating that the bears are defending the level with all their might.BTC/USDT daily chart. Source: TradingViewThe price has pulled back to the 20-day exponential moving average (EMA) ($22,515), which is likely to act as strong support. If the price rises from the 20-day EMA, the bulls will again try to clear the overhead hurdle. If they succeed, the BTC/USDT pair could pick up momentum and a rally to $28,171 is possible. The up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate advantage to buyers.This positive view could invalidate in the near term if the price turns down and breaks below the 50-day simple moving average (SMA) ($21,310). The pair could then decline to the support line, which is an important level for the bulls to defend.ETH/USDTEther (ETH) is witnessing a tough battle between the bulls and the bears near the important level at $1,700. Although the bulls repeatedly pushed the price above this level in the past four days, they could not continue the up-move. ETH/USDT daily chart. Source: TradingViewThe bears will try to pull the price to the 20-day EMA ($1,525) which is an important level to watch out for. If the price rebounds here, it will suggest that the sentiment has turned positive and traders are buying on dips. That could increase the likelihood of a break above the $1,700 to $1,785 resistance zone. If that happens, the ETH/USDT pair could rise to $2,000 and later to $2,200.Conversely, if the price breaks below the 20-day EMA, it will suggest that the pair may remain range-bound between $1,280 and $1,785 for a few days.BNB/USDTBNB’s recovery is facing strong resistance at $300 but the shallow pullback shows that the bulls are not closing their positions in a hurry as they expect the up-move to continue.BNB/USDT daily chart. Source: TradingViewThe bulls will attempt to defend the zone between $275 and the 20-day EMA ($264). If the price rebounds off this zone, the bulls will again try to drive the BNB/USDT pair above $300. If they manage to do that, the pair could start its northward march toward the stiff overhead resistance at $350.This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. If that happens, the pair could decline to the 50-day SMA ($240).XRP/USDTXRP price rose above the overhead resistance of $0.39 on July 30 and 31 but the bulls could not sustain the higher levels. This suggests that the bears have not yet given up and continue to defend the $0.39 level aggressively.XRP/USDT daily chart. Source: TradingViewThe gradually up-sloping 20-day EMA ($0.36) and the RSI in the positive territory indicate a slight advantage to buyers. If the price rebounds off the 20-day EMA, it will improve the prospects of a rally above the overhead zone between $0.39 and $0.41. If that happens, the XRP/USDT pair could rally to $0.48.Conversely, if the price slips below the 20-day EMA, it will suggest that traders are booking profits as they expect the pair to remain range-bound for a few more days. A break below the 50-day SMA ($0.34) could open the doors for a drop to $0.30.ADA/USDT Cardano (ADA) turned down from the overhead resistance at $0.55 on July 30, indicating that the bears are in no mood to allow the bulls to have their way.ADA/USDT daily chart. Source: TradingViewIf the price breaks below the moving averages, the ADA/USDT pair could drop to $0.45. Such a move will suggest that the pair may remain stuck inside the large range between $0.40 and $0.55 for a few more days.On the other hand, if the price rebounds off the moving averages, it will suggest that bulls are buying on dips. The bulls will then once again try to push the pair above $0.55. If they succeed, the pair could rise to $0.63, and later to $0.70.SOL/USDTThe bears thwarted an attempt by the bulls to push Solana (SOL) above the overhead resistance at $48 on July 30. This may have attracted profit-booking from the short-term traders and that has pulled the price to the 20-day EMA ($40).SOL/USDT daily chart. Source: TradingViewIf the price rebounds off the 20-day EMA, the bulls will make one more attempt to push the SOL/USDT pair above the overhead resistance. If they succeed, the pair will complete an ascending triangle pattern that has a target objective of $71.Alternatively, if the price breaks below the 20-day EMA, the pair could challenge the support line of the triangle. If this level gives way, the bullish setup will be negated. That could open the doors for a decline to $30. DOGE/USDTThe bulls tried to push Dogecoin (DOGE) above the overhead resistance at $0.08 but the bears had other plans. They sold at higher levels and have pulled the price back toward the moving averages.DOGE/USDT daily chart. Source: TradingViewIf the price continues lower and breaks below the moving averages, the trendline may be in danger of collapsing. If that happens, the developing bullish ascending triangle pattern will be invalidated. That could tilt the advantage in favor of the bears.Conversely, if the price rebounds off the moving averages, it will suggest that bulls continue to buy at lower levels. The bulls will then again attempt to push the DOGE/USDT pair above $0.08 and start a new up-move to $0.10.Related: The rise of fake cryptocurrency apps and how to avoid themDOT/USDTPolkadot (DOT) broke and closed above the overhead resistance of $8.50 on July 31 but the long wick on the candlestick shows selling at higher levels. The bears are attempting to trap the aggressive bulls by pulling the price back below the breakout level.DOT/USDT daily chart. Source: TradingViewIf they succeed, the DOT/USDT pair could decline to the 20-day EMA ($7.64). This is an important level to keep an eye on because a break and close below it will suggest that the pair may extend its stay inside the range between $6 and $8.50 for a few more days.Alternatively, if the price rises from the current level or the 20-day EMA, it will suggest that bulls are buying on dips. That could improve the prospects of a rally to the psychological level of $10 and then to $10.80.MATIC/USDTThe buyers pushed Polygon (MATIC) above the psychological resistance at $1 on July 31 but the long wick on the day’s candlestick shows aggressive selling at higher levels.MATIC/USDT daily chart. Source: TradingViewThe bears will try to pull the price to the 20-day EMA ($0.82), which is likely to act as a strong support. If the price rebounds off this level, it will suggest that bulls continue to buy on dips. That may increase the possibility of a break above $1. If that happens, the MATIC/USDT pair could rally to $1.26.The RSI is showing the first signs of forming a negative divergence, indicating that the bullish momentum may be weakening. If bears sink the price below the 20-day EMA, the pair could drop to $0.75. A bounce off this level could suggest that the pair may remain range-bound between $0.75 and $1 for a few days.AVAX/USDTAvalanche (AVAX) turned down from the overhead resistance at $26.38 on July 30, indicating that bears continue to defend the level with vigor.AVAX/USDT daily chart. Source: TradingViewThe bears will attempt to sink the price below the 20-day EMA ($22.55). If they manage to do that, the AVAX/USDT pair could decline to the 50-day SMA ($19.73), which is placed just above the support line. A break and close below this support could suggest that bears are back in control.On the contrary, if the price rebounds off the moving averages, it will suggest that bulls continue to buy on dips. The bulls will then make another attempt to clear the overhead hurdle at $26.38 and start the new up-move to $33, and then to $38.Market data is provided by HitBTC exchange.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass.It is not only the crypto markets that have seen a post-Federal Open Market Committee (FOMC) rally. The U.S. equities markets are on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020.Daily cryptocurrency market performance. Source: Coin360The crypto and equities markets have risen in the expectation that the pace of rate hikes by the Fed will slow down in the future. Arthur Hayes, ex-CEO of derivatives platform BitMEX, believes that the Fed will not increase rates further and may eventually return to an accommodative monetary policy and more neutral rates.Could Bitcoin and altcoins extend their recovery over the next few days? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin closed below the 20-day exponential moving average (EMA) ($22,213) on July 25 but the bears could not sustain the lower levels. The bulls bought the dip below $21,000 and propelled the price back above the moving averages on July 27.BTC/USDT daily chart. Source: TradingViewThe moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control. If buyers drive the price above $24,276, the BTC/USDT pair could pick up momentum and rally toward the pattern target of $28,171. If this level is crossed, the next stop could be $32,000.Alternatively, if the price turns down from the current level or fails to sustain above $24,276, it will suggest that demand dries up at higher levels. In that case, the critical level to watch on the downside is the 20-day EMA. If this support cracks, it will suggest that the bullish momentum has weakened. The pair could then decline to the 50-day simple moving average (SMA) ($21,589).ETH/USDTEther (ETH) rebounded sharply off the 20-day EMA ($1,470) on July 27 and broke above the critical resistance at $1,700 on July 28. However, the bears are not willing to relent and are trying to pull the price back below $1,700 on July 29.ETH/USDT daily chart. Source: TradingViewThe bulls and bears may engage in a tough battle near $1,700 but the upsloping 20-day EMA and the RSI in the positive zone indicate an advantage to buyers. If bulls sustain the price above $1,700, the momentum could pick up and the ETH/USDT pair could rally to $2,000 and later to $2,200.Conversely, if bears pull the price below $1,590, aggressive bulls could get trapped and the pair may drop to the 20-day EMA. A strong rebound off this level will increase the possibility of a break above $1,700 but a break below the 20-day EMA could sink the pair to $1,280.BNB/USDTBNB has been trading inside an ascending channel for the past few days. The price bounced off the 50-day SMA ($239) on July 26 and rose above the downtrend line, indicating a potential change in trend.BNB/USDT daily chart. Source: TradingViewThe bullish momentum continued and the buyers have driven the price above the resistance line of the ascending channel. If bulls sustain the price above the channel, the BNB/USDT pair could rally to the overhead resistance at $350.Alternatively, if bulls fail to sustain the price above the channel, it will suggest that bears are active at higher levels. The pair could then re-enter the channel and drop to the downtrend line. A strong rebound off this level could improve the prospects of a break above the channel. The bears will have to sink the price below the channel to gain the upper hand.XRP/USDTRipple (XRP) is range-bound in a downtrend. The bears pulled the price below the moving averages on July 25 but could not sustain the lower levels and challenge the strong support at $0.30.XRP/USDT daily chart. Source: TradingViewThis suggests strong demand at lower levels. The buyers pushed the price back above the moving averages on July 27 and are attempting to clear the overhead hurdle at $0.39. If they succeed, it will suggest the start of a new up-move. The pair could then rally to the target objective at $0.48.Contrary to this assumption, the price has turned down from $0.39. The bears will try to sink the XRP/USDT pair below the moving averages. If they do that, the pair could consolidate between $0.30 and $0.39 for a few more days.ADA/USDT The bulls pushed Cardano (ADA) above the moving averages on July 27, indicating strong buying near the $0.44 support. The price has reached the overhead resistance at $0.55, which could act as a stiff barrier.ADA/USDT daily chart. Source: TradingViewIf the price turns down from $0.55, the ADA/USDT pair could drop to the moving averages. A break below this support could keep the pair range-bound between $0.44 and $0.55 for a few days. The bears will have to sink the pair below the $0.44 to $0.40 support zone to signal the resumption of the downtrend.Conversely, if bulls thrust the price above $0.55, it will suggest the start of a new up-move. The pair could then rally to $0.63 and later to $0.70. SOL/USDTSolana (SOL) rebounded off the support line on July 26, indicating strong buying at lower levels. The bulls built upon the momentum and pushed the price above the moving averages on July 27.SOL/USDT daily chart. Source: TradingViewThe SOL/USDT pair could reach the overhead resistance at $48, which is an important level to keep an eye on. If bulls overcome this barrier, the pair will complete an ascending triangle pattern. The pair could then start an up-move toward the pattern target at $71.On the contrary, if the price turns down from $48, the pair may extend its stay inside the triangle for a few more days. A break and close below the support line could tilt the advantage in favor of the bears.DOGE/USDTDogecoin (DOGE) bounced off the trendline of the ascending triangle pattern on July 27 and rose above the moving averages. This indicates strong demand at lower levels.DOGE/USDT daily chart. Source: TradingViewThe bulls will now try to push the price toward the overhead resistance at $0.08. The moving averages have completed a bullish crossover and the RSI has jumped into the positive territory indicating advantage to buyers.If bulls drive the price above $0.08, the bullish setup will complete and the DOGE/USDT pair could rally to the pattern target of $0.11. The bears will have to sink the price below the trendline of the triangle to invalidate the bullish view.Related: Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year lowDOT/USDTPolkadot (DOT) turned up and broke above the moving averages on July 27, indicating that lower levels are attracting buyers. The price has reached the strong overhead resistance at $8.50 where the bears may mount a strong defense.DOT/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that the bears may be losing their grip. If bulls push and sustain the price above $8.50, it will suggest the start of a new up-move to $10 and later to $10.80.Contrary to this assumption, if the price turns down from $8.50 and slips below the moving averages, it will suggest that the DOT/USDT pair may oscillate inside a range for a few more days. The bears will have to sink the pair below $6 to start the next leg of the downtrend. MATIC/USDTPolygon (MATIC) bounced off the 20-day EMA ($0.79) on July 26 and rose above the downtrend line on July 27. This indicated that the minor corrective phase was over.MATIC/USDT daily chart. Source: TradingViewThe bulls pushed the price to $0.98 on July 28 and 29 but the long wick on the candlesticks suggests that the bears are defending the level with vigor. The upsloping 20-day EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside. If bulls push the price above the psychological level of $1, the MATIC/USDT pair could extend its rally to $1.26. This bullish view could be invalidated in the near term if the price turns down and breaks below the 20-day EMA.AVAX/USDTAvalanche (AVAX) rebounded off the 50-day SMA ($19.48) on July 26 and is nearing the overhead resistance at $26.38 on July 29. The bears will try to stall the recovery at this level.AVAX/USDT daily chart. Source: TradingViewThe gradually upsloping 20-day EMA ($22.10) and the RSI in the positive territory indicate an advantage to buyers. If bulls drive the price above $26.38, the bullish momentum could pick up and the AVAX/USDT pair could rally to $33 and then to $38.Contrary to this assumption, if the price turns down from $26.38 and breaks below the 20-day EMA, the bears will make one more attempt to sink the pair below the 50-day SMA and challenge the support line. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 7/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

United States equities and cryptocurrency markets are heading into the Federal Reserve’s interest rate decision on July 27 on a positive note. This suggests that the market participants believe the Fed will deliver a 75 basis point rate hike, which is in line with market expectations. Some economists expect the Fed to calm the markets by indicating less aggressive rate hikes in the future. Trading firm QCP Capital said that the market reaction has been positive to all the Federal Open Market Committee meetings this year and they expect the same with the latest one as well.Daily cryptocurrency market performance. Source: Coin360Analysts are divided on the next directional move for Bitcoin (BTC). After the event has passed, some expect Bitcoin to turn down from the current level and drop to a new year-to-date low while others expect the recovery to pick up steam.Do the charts support a relief rally or a further fall? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin broke below the 20-day exponential moving average (EMA) ($21,738) on July 25 and re-entered the symmetrical triangle pattern. This suggests that the recent breakout from the triangle may have been a bull trap. BTC/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the relative strength index (RSI) is just below the midpoint, indicating a range-bound action in the near term. The price may remain stuck between the support line and $24,276 for a few days. If buyers drive the price above the moving averages, the BTC/USDT pair could rise to the overhead resistance at $24,276. The bulls will have to clear this hurdle to signal the start of a new up-move.Conversely, if the price turns down from the moving averages, the bears will try to pull the pair to the support line. A break below this level could open the doors for a possible drop to $18,626 and then to $17,622.ETH/USDTEther (ETH) turned down from the overhead resistance and dropped to the 20-day EMA ($1,406) on July 26. The long tail on the candlestick shows strong buying at lower levels.ETH/USDT daily chart. Source: TradingViewThe bulls will attempt to push the price to the overhead resistance at $1,700. This is an important level to watch out for because a break and close above it will signal a potential change in trend. The ETH/USDT pair could then rise to $2,000.On the contrary, if bulls fail to achieve a strong rebound off the 20-day EMA, it will suggest a lack of aggressive buying. That could increase the possibility of a drop to $1,280. A strong rebound off this level could indicate a range-bound action in the near term but a break below it may sink the pair to $1,000.BNB/USDTBNB rebounded off the 50-day simple moving average (SMA) ($239) on July 26, indicating that the bulls are attempting to flip this level into support. The buyers have pushed the price above the 20-day EMA ($250) and will try to challenge the downtrend line.BNB/USDT daily chart. Source: TradingViewIf bulls propel the price above the downtrend line, it will suggest a potential change in trend. The BNB/USDT pair could then climb to the resistance line of the ascending channel where the bears may mount a strong defense. Alternatively, if the price turns down from the current level or the downtrend line, it will suggest that bears are active at higher levels. The sellers will then make another attempt to sink the pair below the support line of the channel. If they do that, the pair could slide to the strong support at $211.XRP/USDTRipple (XRP) dropped below the moving averages on July 25, opening the doors for a possible drop to the strong support at $0.30. In a range, traders usually buy near the support and sell at the resistance.XRP/USDT daily chart. Source: TradingViewTherefore, the bulls are likely to defend the $0.30 level aggressively. A strong rebound off this level could keep the XRP/USDT range-bound between $0.30 and $0.39 for a few days. The flattish moving averages and the RSI just below the midpoint signal a consolidation in the near term.The next trending move could begin after bears sink the price below $0.30 or bulls drive the pair above $0.39. Until then, volatile range-bound action is likely to continue.ADA/USDT Cardano (ADA) dropped and closed below the moving averages on July 25. The bears tried to sink the price below the strong support at $0.44 but the bulls held their ground.ADA/USDT daily chart. Source: TradingViewThe buyers are attempting to push the price above the moving averages. If they do that, the ADA/USDT pair could rise to the overhead resistance at $0.55. The bears are expected to mount a strong defense at this level but if bulls overcome this barrier, the pair could climb to $0.63 and then to $0.70.Conversely, if the price turns down from the moving averages and breaks below $0.44, the next stop could be $0.40. A break below this level could indicate the resumption of the downtrend.SOL/USDTSolana (SOL) dipped below the moving averages and reached the support line on July 26. The bulls are attempting to defend the level but are struggling to push the price above the moving averages.SOL/USDT daily chart. Source: TradingViewThis suggests that demand dries up at higher levels. The 20-day EMA ($38) is flattish and the RSI is just below the midpoint, indicating equilibrium between buyers and sellers. This advantage could tilt in favor of the bears if the price breaks and closes below the support line. If that happens, the SOL/USDT pair could slide to $30.To invalidate this bearish view, the buyers will have to push the price above the 20-day EMA. If they do that, the pair could climb to the overhead resistance at $48. A break and close above this level will complete the ascending triangle pattern, which has a target objective at $71.DOGE/USDTDogecoin (DOGE) slipped below the trendline on July 26 but the bears could not sustain the lower levels. The bulls bought the dip and pushed the price back into the ascending triangle.The moving averages have started to slope down and the RSI is in the negative territory, indicating that bears have the upper hand. If the price turns down and closes below the trendline, the likelihood of a drop to $0.05 increases.Contrary to this assumption, if the price turns up from the current level and breaks above the moving averages, the DOGE/USDT pair could rise to the overhead resistance at $0.08. The bulls will have to clear this hurdle to complete the ascending triangle pattern. The pair could then rally to the pattern target at $0.11.Related: Coinbase stock (COIN) in danger of another 60% crash by September — Here’s whyDOT/USDTPolkadot (DOT) has been trading between the critical support at $6 and the 50-day SMA ($7.36) for the past few days. Although the 20-day EMA ($7.13) is flat, the RSI in the negative territory indicates a slight advantage to sellers.DOT/USDT daily chart. Source: TradingViewIf the price turns down from the current level or the 50-day SMA, the bears will make another attempt to sink the DOT/USDT pair below $6. If they succeed, the pair could start the next leg of the downtrend.On the other hand, if the price rises and breaks above the 50-day SMA, it will signal demand at lower levels. The pair could then rise to $8.79 where the bears may again offer a stiff resistance. A break and close above this level could open the doors for a rally to $10.MATIC/USDTPolygon (MATIC) slipped below the 20-day EMA ($0.75) on July 26 but the bulls purchased the dip as seen from the long tail on the day’s candlestick. MATIC/USDT daily chart. Source: TradingViewThe buyers are attempting to resume the up-move which could face strong selling at the resistance line. If bulls clear this overhead hurdle, the momentum could pick up and the MATIC/USDT pair could rally to the psychological level at $1. A close above this level could open the doors for a rally to $1.26.Contrary to this assumption, if the price turns down from the resistance line, it will increase the possibility of a break below $0.75. If that happens, the index could slide to $0.63.AVAX/USDTAvalanche (AVAX) dropped below the breakout level of $21.35 on July 25, indicating that bears are aggressively selling on rallies. A minor positive is that the bulls are attempting to defend the 50-day SMA ($19.45).AVAX/USDT daily chart. Source: TradingViewThe 20-day EMA ($21.43) has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. This advantage could tilt in favor of the sellers if the price breaks below the support line.On the contrary, if the index sustains above the 20-day EMA, the AVAX/USDT pair could rally to $26.50. The bulls will have to clear this overhead hurdle to signal the resumption of the up-move. The pair could then rally toward $33. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Avalanche-based Pangolin Dex set to make debut on Flare blockchain

Pangolin, a decentralized exchange (DEX) on the Avalanche network, will debut on the layer-1 blockchain Flare network. Flare is known for its interoperability solutions and Pangolin hopes to utilize the underlying technology to reach new blockchain networks.With its move to Flare blockchain, Pangolin will be able to see new cross-chain token pairs, offer in-dApp swap functionality to partner projects, and bootstrap liquidity for the network. The layer-1 blockchain platform has paid special focus on interoperability, allowing projects on the platform to connect and interact with multiple blockchain networks.Pangolin can offer DEX-as-a-service features to any Flare-based application that wants to incorporate direct token swaps into its user experience. Related: Backlash as Harmony proposes minting 4.97B tokens to reimburse victimsAnother dominating issue in the decentralized finance (DeFi) market has been the recent crash among centralized crypto lending firms, leading to investors losing billions of dollars. Justin Trollip, CEO of Pangolin, told Cointelegraph that recent issues occurred due to hubris and unsustainable leveraged positions by interconnected whales, and Pangolin would ensure such events don’t occur on their platform. He explained:”The beauty of DeFi is that once funds are in a smart contract there’s no veil of secrecy around where those funds are and what they’re being used for. We take the security of our users seriously and provide full transparency along with major investments in audits for any newly deployed smart contracts.”The Pangolin DEX will be able to swap any token that is bridged to Flare, regardless of whether it has smart contract capabilities, using FAssets and LayerCake, the two interoperability solutions offered by the Flare network. Interoperability is seen as the future of DeFi, with many market pundits and Web3 experts predicting that projects with cross-platform support will be the backbone of the next generation of DeFi and Web3 projects.

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Price analysis 7/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) and most major altcoins are witnessing profit-booking on July 25 as the bulls scale back their positions before the Federal Open Market Committee meeting on July 26 through July 27. This indicates that the sentiment remains fragile and that bulls are not confident about carrying long positions into the event.Several analysts have retained their bearish view after Bitcoin failed to sustain above the 200-week moving average at $22,780. CryptoQuant contributor Venturefounder expects the selling to resume and Bitcoin to fall as low as $14,000 before a macro bottom is confirmed.Daily cryptocurrency market performance. Source: Coin360The institutional investors seem to be absent from the markets and the recovery is being driven by the retail investors. Data from on-chain analytics firm Glassnode showed that investors holding one Bitcoin or less have been accumulating aggressively “more now than ever.” Could retail investors continue their frantic pace of purchasing and put a floor below Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin rebounded off the 20-day exponential moving average (EMA) ($21,857) on July 23 but the bulls could not clear the hurdle at $23,363 on July 24. This suggests that bears are aggressively defending the overhead resistance.BTC/USDT daily chart. Source: TradingViewThe price has returned to the 20-day EMA, which is an important level to keep an eye on. If this level cracks, the BTC/USDT pair could drop to $20,750. Such a move will invalidate the breakout from the symmetrical triangle.The 20-day EMA is flattening out and the relative strength index (RSI) has dropped to the midpoint, indicating a balance between supply and demand.This advantage could tilt in favor of buyers if the price breaks above $23,363. If that happens, the pair could rally to $28,171 and then to $30,000. The bears will have to sink the price below the support line to gain the upper hand.ETH/USDTThe bears have successfully defended the overhead resistance at $1,700 in the past few days. However, a minor positive is that the bulls have not allowed Ether (ETH) to drop below $1,464, indicating buying at lower levels.ETH/USDT daily chart. Source: TradingViewIf the price once again rebounds off $1,464, the ETH/USDT pair could continue its tight range-bound action for a few more days. The rising 20-day EMA ($1,397) and the RSI in the positive zone indicate that the path of least resistance is to the upside.A break and close above $1,700 could signal the resumption of the up-move. The pair could then rally to $2,000. This positive view could invalidate if the price slips below the 20-day EMA. If that happens, the pair may drop to $1,280. A strong rebound off this level could keep the pair range-bound between $1,280 and $1,700 for a few days.BNB/USDTBNB turned down from the downtrend line on July 23, indicating that the bears continue to defend the level with vigor. The bears will now attempt to sink the price below the moving averages. BNB/USDT daily chart. Source: TradingViewIf they succeed, the BNB/USDT pair could test the support line of the ascending channel. If the price rebounds off this level, the bulls will again try to push the pair above the downtrend line and challenge the resistance line of the channel.Another possibility is that the bears sink the price below the support line of the channel. If that happens, the advantage will tilt in favor of the bears and the pair could decline to the strong support at $211.XRP/USDTRipple (XRP) has been consolidating between $0.30 and $0.39 for the past few days. Although the price bounced off the moving averages on July 23, the rally could not reach the overhead resistance at $0.39. This suggests that demand dries up at higher levels.XRP/USDT daily chart. Source: TradingViewThe bears are trying to sink the price below the moving averages. If they manage to do that, the XRP/USDT pair could gradually decline toward $0.30. The buyers are likely to defend this level with all their might because if the support cracks, the pair could resume the downtrend.Alternatively, if the price rebounds off the current level, the bulls will again try to clear the overhead hurdle at $0.39 and start a new up-move. The pair could then rally to $0.50.ADA/USDT Cardano (ADA) attempted to rise above the overhead resistance at $0.55 on July 24 but the bears successfully defended the level. That may have attracted profit-booking from the short-term traders.ADA/USDT daily chart. Source: TradingViewThe bears are attempting to sink the price below the moving averages. If they manage to do that, the ADA/USDT pair could drop to $0.44. If the price rebounds off this level, the pair may oscillate between $0.44 and $0.55 for a few days. Another possibility is that the price rebounds off the moving averages. If that happens, the bulls will again try to push the pair above the overhead resistance. If they succeed, the pair could pick up momentum and rally to $0.63 and then to $0.70.SOL/USDTSolana’s (SOL) failure to rebound off the 20-day EMA ($39) indicates that the bullish momentum may be weakening. The bears will attempt to sink the price to the support line, which is an important level to keep an eye on.SOL/USDT daily chart. Source: TradingViewIf the price rebounds off the support line, the buyers will make another attempt to push the SOL/USDT pair toward the overhead resistance at $48. The bulls will have to clear this hurdle to signal the completion of the ascending triangle pattern. This bullish setup has a target objective of $71.Conversely, if bears sink the price below the support line, the bullish pattern will be negated. The pair could then decline to $30. A break below this level will indicate that the bears are back in control.DOGE/USDTThe bears have pulled Dogecoin (DOGE) below the moving averages on July 25, which opens the doors for a decline in the trendline. The bulls are likely to defend this level aggressively.DOGE/USDT daily chart. Source: TradingViewIf the price rebounds off the trendline, the bulls will attempt to push the DOGE/USDT pair above the moving averages. If that happens, the pair could rise to the overhead resistance at $0.08. A break and close above this level will complete an ascending triangle pattern that has a target objective of $0.11.Conversely, if the price breaks below the trendline, the bullish setup will be negated. That could sink the pair to $0.06 and later to the crucial support at $0.05.Related: Ethereum’s bearish U-turn? ETH price momentum fades after $1.6K rejectionDOT/USDTThe bulls repeatedly failed to push Polkadot (DOT) above the 50-day simple moving average (SMA) ($7.47) in the past few days, indicating that bears are defending the level aggressively.DOT/USDT daily chart. Source: TradingViewThe DOT/USDT pair slipped below the 20-day EMA ($7.23) on July 25. If bears sustain the price below this level, the pair could slide toward the strong support at $6. This is an important level to keep an eye on because a break and close below it could signal the resumption of the downtrend.Another possibility is that the price turns up from the current level and breaks above the 50-day SMA. If that happens, it will suggest demand at lower levels. The pair could then rise to $8.79 and later to the psychological level of $10.MATIC/USDTPolygon (MATIC) turned down from the resistance line on July 25, indicating that bears are selling on minor rallies. The bears will attempt to sink the price to the next support at $0.75.MATIC/USDT daily chart. Source: TradingViewThe rising 20-day EMA ($0.75) and the RSI in the positive territory indicate that buyers have a slight edge. If the price rebounds off $0.75, the bulls will again attempt to push the MATIC/USDT pair above the resistance line. If they succeed, the pair could rally to the psychological level of $1. The bulls will have to clear this hurdle to start an up-move to $1.26. On the contrary, if the price breaks below $0.75, it will suggest that the bullish momentum has weakened. The pair could then slide to $0.63.AVAX/USDTAvalanche (AVAX) formed a Doji candlestick pattern on July 23 and an inside-day candlestick pattern on July 24, indicating indecision among the bulls and the bears.AVAX/USDT daily chart. Source: TradingViewThis uncertainty resolved to the downside on July 25 and the AVAX/USDT pair declined to the breakout level at $21.35. If the price rebounds off this level with strength, it will suggest that bulls are buying on dips. That could increase the possibility of a retest at $26.50. A break above this resistance could clear the path for a rally to $29 and then to $33.Contrary to this assumption, if the price breaks below $21.35, the pair could drop to the support line. The bulls are likely to defend this level aggressively.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 7/22: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

In a downtrend, when markets do not respond negatively to bearish news, it is a sign that the selling may have reached exhaustion. Reports of electric vehicle maker Tesla dumping 75% of its Bitcoin (BTC) holdings in the second quarter only caused a minor blip as lower levels attracted strong buying from the bulls.Tesla was not the only institution that sold its Bitcoin. Arcane Research analyst Vetle Lunde highlighted in a Twitter thread that large institutions have sold 236,237 BTC since May 10. It is encouraging to note that even after huge selling by institutions and the unfavorable macro environment, Bitcoin has held up quite well.Daily cryptocurrency market performance. Source: Coin360The current bear market allows an opportunity for new traders to enter at lower levels. A report published by Boston Consulting Group, Bitget and Foresight Ventures shows that only 0.3% of individual wealth is parked in crypto compared to 25% in equities. This shows that crypto is still in the early stages of adoption compared to legacy markets.Could Bitcoin and major altcoins extend their recovery over the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin slipped below the 50-day simple moving average (SMA) ($22,683) on July 21 but the bulls aggressively bought the dip as seen from the long tail on the day’s candlestick. The buyers are currently attempting to sustain the price above the overhead resistance at $23,363.BTC/USDT daily chart. Source: TradingViewThe upsloping 20-day exponential moving average (EMA) ($21,729) and the relative strength index (RSI) in positive territory indicate the path of least resistance is to the upside. If bulls thrust the price above the $23,363 to $24,276 resistance zone, bullish momentum may pick up and the BTC/USDT pair could rally to $28,171 and then to $30,000.Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bears have not yet given up. The sellers will then strive to sink the pair to the support line. A break and close below this support could tilt the advantage in favor of the bears.ETH/USDTEther’s (ETH) pullback ended at $1,605 on July 21. This shallow correction indicates that traders are not hurrying to close their positions as they expect the up-move to continue. ETH/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($1,345) and the RSI near overbought territory indicate an advantage to buyers. The bulls will strive to propel the price above the overhead resistance at $1,700. If they succeed, the ETH/USDT pair could pick up momentum and rally to the psychological level of $2,000.Alternatively, if the price turns down from $1,700, it will suggest that bears are defending this level aggressively. The pair could then consolidate between $1,600 and $1,700 for a few days. A break below this support could pull the pair to the 20-day EMA.BNB/USDTBinance Coin’s (BNB) correction took support near the 20-day EMA ($247) on July 21, indicating that bulls are accumulating on dips. The buyers will attempt to push the price above the downtrend line and resume the up-move.BNB/USDT daily chart. Source: TradingViewThe bullish crossover on the moving averages and the RSI in positive territory indicates that bulls have the upper hand. If the price breaks above the downtrend line, the BNB/USDT pair could rise to $300 and then to $325. Conversely, if the price turns down from the downtrend line, it will suggest that bears are defending the level with vigor. However, if bulls do not give up much ground from this level, the likelihood of a breakout increases. This bullish view could be negated on a break below the 50-day SMA ($243).XRP/USDTRipple’s (XRP) long tail on the July 21 candlestick shows that bulls are buying on dips to the moving averages. This suggests that the sentiment has shifted from selling on rallies to buying on dips.XRP/USDT daily chart. Source: TradingViewThe gradually upsloping 20-day EMA ($0.35) and the RSI in positive territory indicate an advantage to buyers. The bulls will attempt to push the price above the immediate resistance at $0.39.If they succeed, the XRP/USDT pair could extend its rally to the stiff overhead resistance at $0.45. The bears may pose a strong challenge at this level.A break below the moving averages will invalidate the bullish view. The pair could then consolidate in a large range between $0.30 and $0.39 for a few days.ADA/USDT Cardano (ADA) dipped below the 50-day SMA ($0.49) on July 20 but the bears could not pull the price below the 20-day EMA ($0.47). This suggests that lower levels are attracting buyers.ADA/USDT daily chart. Source: TradingViewThe gradually upsloping 20-day EMA and the RSI in positive territory indicate that the bulls have a slight edge. The buyers will make one more attempt to clear the overhead resistance at $0.55.If they succeed, the ADA/USDT pair could pick up momentum and start its northward march toward $0.70. Conversely, if the price turns down and breaks below the 20-day EMA, the pair may consolidate between $0.44 and $0.55 for a few days.SOL/USDTSolana’s (SOL) pullback from the $48 level took support at the 20-day EMA ($39). The buyers tried to push the price above the overhead resistance on July 22 but met with heavy selling pressure at higher levels.SOL/USDT daily chart. Source: TradingViewif the price turns down from the current level or the overhead resistance, the SOL/USDT pair could drop to the moving averages and spend some more time inside the ascending triangle pattern. A break below the support line will invalidate the bullish setup and put the bears back in the driver’s seat.Conversely, if the price rebounds off the 20-day EMA, the buyers will make one more attempt to clear the overhead hurdle at $48. If they manage to do that, the triangle pattern will complete. The pair could then start an up-move to $60. If this barrier is overcome, the next stop could be the pattern target of $71.DOGE/USDTThe bears tried to pull Dogecoin (DOGE) below the 20-day EMA ($0.07) on July 21 but the bulls purchased the dip aggressively as seen from the long tail on the candlestick.DOGE/USDT daily chart. Source: TradingViewThis improves the prospects of a break above the overhead resistance at $0.08. If that happens, the DOGE/USDT pair could rally to $0.09 and then to $0.10. The flattish 20-day EMA and the RSI in the positive territory indicate a minor advantage for the buyers. Contrary to this assumption, if the price turns down from $0.08, it will suggest that bears continue to sell at higher levels. That could keep the pair stuck between $0.08 and $0.06 for some time.Related: Bitcoin wobbles on Wall Street open as Ethereum hits $1.6K in 6-week highDOT/USDTPolkadot (DOT) pulled back to the 20-day EMA ($7.25) on July 21 but the long tail on the day’s candlestick shows that bulls purchased at lower levels.DOT/USDT daily chart. Source: TradingViewThe bounce off the 20-day EMA is a positive sign and it increases the likelihood of a break above $8.08. If that happens, the DOT/USDT pair could resume its recovery and rally to $8.79 and later to the psychological level of $10. Contrary to this assumption, if the price turns down from the current level or $8.08, it will suggest that demand dries up at higher levels. The bears will then try to sink the price below the 20-day EMA and challenge the crucial support at $6.MATIC/USDTPolygon (MATIC) remains in an uptrend. The pullback that started at $0.98 on July 19 rebounded off the 38.2% Fibonacci retracement level of $0.80. This suggests that sentiment remains positive and traders are buying on dips.MATIC/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($0.72) and the RSI in positive territory indicate that buyers have the upper hand. The MATIC/USDT pair could rise to $0.98, where the bears may try to stall the recovery. If the price turns down from this level, the pair may remain range-bound between $0.80 and $0.98 for a few days.Alternatively, if buyers thrust the price above $0.98, bullish momentum could pick up and the pair could soar to $1.26. The bears will have to sink the price below the 20-day EMA to gain the upper hand.AVAX/USDTAvalanche (AVAX) turned down from $26 on July 20 but the bears could not pull the price to the breakout level at $21.35. This suggests that bulls are buying on minor dips.AVAX/USDT daily chart. Source: TradingViewThe rising 20-day EMA ($21.19) and the RSI in the positive zone indicate an advantage to buyers. If bulls drive the price above $26.50, the bullish momentum could pick up and the AVAX/USDT pair could rise to $29 and later to $33.To invalidate this bullish view, sellers will have to pull the price back below $21.35. If they manage to do that, the pair could slide to the support line which may attract buyers. A break and close below this level could indicate that bears are back in control.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 7/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) briefly extended its recovery above $24,000 and the altcoins continued to make smart gains on July 20, but the bullish momentum of the week experienced a brief setback after Tesla’s earnings report showed the company had sold 75% of its BTC position. Although the sharp breakout of this week is a positive sign, analysts were quick to point out that a sustained recovery depends on a strong performance from Wall Street. Analyst Venturefounder pointed out that the rally was largely macro-driven and Bitcoin’s correlation with NASDAQ remained at a historical high of 91%.Bitcoin’s sharp rally in the past few days has awakened hibernating bulls who are dishing out lofty targets. Analyst TechDev projected a target of $120,000 in 2023, while Galaxy Digital CEO Mike Novogratz told a Bloomberg conference on July 19 that Bitcoin could soar above $500,000 within the next five years.Daily cryptocurrency market performance. Source: Coin360Nevertheless, analysts remain divided in their near-term expectations and some are unconvinced that the trend has turned. These traders believe that the current rise is a bear market rally. On the other hand, some analysts expect the up-move to continue in the short term. On-chain data firm Whalemap suggests that the rally could extend to $27,100.Could Bitcoin and major altcoins continue their rise or will bears trap the bulls and sink the price lower? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin broke and closed above the 50-day simple moving average (SM($22,966) and the overhead resistance at $23,363 on July 19. This indicates a potential trend change. BTC/USDT daily chart. Source: TradingViewIf buyers sustain the price above $23,363, the bullish momentum could pick up further and the BTC/USDT pair could rally to the pattern target of $28,171. This level may witness profit-booking from short-term traders.The 20-day exponential moving average (EMA)($21,461) has started to turn up and the relative strength index (RSI) has risen into the positive territory. This indicates an advantage to buyers.To invalidate this positive view, the bears will have to pull the price below the 20-day EMA. If they do that, it will indicate that the recent breakout may have been a bull trap.ETH/USDTEther’s (ETH) recovery has reached near the strong overhead resistance at $1,700. The bears tried to pull the price down on July 19 but the bulls did not give up much ground. This suggests that traders are not booking profits aggressively as they anticipate a move higher.ETH/USDT daily chart. Source: TradingViewThe moving averages have completed a bullish crossover and the RSI is near the overbought zone. This suggests that the path of least resistance is to the upside. If buyers drive the price above $1,700, the ETH/USDT pair could rise to the psychological level at $2,000 and then to $2,200.Contrary to this assumption, if the price turns down from $1,700 and breaks below $1,493, the bears will attempt to pull the price toward $1,280. BNB/USDTTheBNB relief rally is nearing the downtrend line, which could act as minor resistance. The moving averages have completed a bullish crossover and the RSI is near the overbought territory, indicating an advantage to buyers.BNB/USDT daily chart. Source: TradingViewIf the price turns down from the current level or the downtrend line, the BNB/USDT pair could drop to the 20-day EMA ($244). This is an important level to keep an eye on because a strong bounce off it will suggest that bulls are buying on dips. That increases the likelihood of a breakout of the downtrend line. If that happens, the pair could rise to $300 and then to $350.Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that the sentiment remains bearish and traders are selling on rallies. XRP/USDTThe relief rally in Ripple (XRP) could face resistance at the overhead resistance at $0.39 as bears attempt to pull the price back below the moving averages.XRP/USDT daily chart. Source: TradingViewIf the XRP/USDT pair rebounds off the moving averages, it will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then make another attempt to clear the overhead hurdle and push the price to $0.45. This level could again attract strong selling by the bears.The positive view could invalidate in the short term if the price plummets below the moving averages. If that happens, the pair could again drop to the vital support at $0.30.ADA/USDT The bears tried to stall Cardano’s (ADA) recovery near the 50-day SMA ($0.50) on July 19 but the bulls had other plans. They purchased the dip to the 20-day EMA ($0.47) and pushed the price above the overhead resistance.ADA/USDT daily chart. Source: TradingViewThe up-move is facing resistance at $0.55, which could pull the ADA/USDT pair to the 20-day EMA. The gradually rising 20-day EMA and the RSI in the positive territory indicate advantage to buyers.If the price rebounds off the 20-day EMA, the bulls will again attempt to clear the overhead hurdle. If they succeed, the rally could reach $0.62. Another possibility is that the price turns down from the current level and remains stuck between the $0.44 to $0.55 range for a few days.SOL/USDTSolana’s (SOL) recovery is facing resistance at $48 as seen from the long wick on the July 19 candlestick. This suggests that bears continue to sell at higher levels.SOL/USDT daily chart. Source: TradingViewIf bulls do not cede much ground to the bears, it will improve the prospects of a break above the overhead resistance. The gradually upsloping 20-day EMA ($38) and the RSI in the positive zone indicate advantage to buyers. A break and close above $48 could open the doors for a possible rally to $60.Contrary to this assumption, if the price turns down sharply from the current level, the SOL/USDT pair could drop to the moving averages. The bears will have to sink the pair below the support line to gain the upper hand.DOGE/USDTDogecoin (DOGE) broke and closed above the 50-day SMA ($0.07) on July 19 but the rally is facing resistance near $0.08 as seen from the long wick on July 20 candlestick.DOGE/USDT daily chart. Source: TradingViewThe moving averages are on the verge of a bullish crossover and the RSI is in positive territory, indicating that bulls have the upper hand. If the price rebounds off the 20-day EMA ($0.06), the bulls will again try to clear the overhead hurdle at $0.08 and push the DOGE/USDT pair toward $0.10.Alternatively, if the price breaks below the moving averages, the pair could drop to $0.06. A bounce off this level could keep the pair range-bound between $0.06 and $0.08 for a few days.Related: Solana price enters correction territory after 80% monthly gainsDOT/USDTPolkadot’s (DOT) recovery reached the 50-day SMA ($7.73) on July 18 but the bulls are struggling to overcome this barrier. This suggests that the bears are defending this level aggressively.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($7.21) is flattish and the RSI is in the positive territory, indicating a minor advantage to buyers. If the price turns down from the current level but rebounds off the 20-day EMA, it will suggest that dips are being bought. The bulls will then strive to push the price toward $10.This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA. The DOT/USDT pair could then drop to the crucial support at $6.36.MATIC/USDTPolygon’s (MATIC) up-move in the past few days pushed the RSI deep into the overbought zone, indicating that the rally may have been overheated in the short term. That may have attracted profit-booking near the psychological level of $1. MATIC/USDT daily chart. Source: TradingViewThe price could drop to the 20-day EMA ($0.68), which is likely to act as strong support. The rising 20-day EMA and the RSI in the positive zone suggest that bulls have the upper hand. If the price rebounds off the 20-day EMA, it will indicate that the sentiment has turned positive and the bulls are buying on dips. The bulls will then attempt to push the price above $1. If they succeed, the MATIC/USDT pair could rally to the overhead resistance at $1.20.Conversely, a break and close below the 20-day EMA could tilt the advantage in favor of the bears.AVAX/USDTAvalanche (AVAX) broke out of the ascending triangle pattern on July 18 indicating the start of a new up-move. However, the long wick on the July 19 and 20 candlestick shows that bears are selling at higher levels and will try to pull the price to the breakout level at $21.35.AVAX/USDT daily chart. Source: TradingViewThe moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating advantage to buyers. If the price rebounds off $21.35, it will suggest that bulls have flipped the level into support. That could resume the uptrend toward the pattern target of $29.This positive view could invalidate if the price turns down and plummets below $21.35. Such a move will suggest that bears continue to sell on rallies. The pair could then drop to the support line.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Price analysis 7/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) rose above $22,000 and Ether (ETH) traded above $1,500 on July 18, indicating that bulls are gradually returning to the cryptocurrency markets. This pushed the total crypto market capitalization above $1 trillion for the first time since June 13, raising hopes that the worst of the bear market may be behind us.In another positive sign, more than 80% of the total Bitcoin supply denominated in the United States dollar has been dormant for at least three months, according to crypto intelligence firm Glassnode. During previous bear markets, such an occurrence preceded the end of the bear phase.Daily cryptocurrency market performance. Source: Coin360However, a report by Grayscale Investments voices a different opinion. It suggests that the current bear market in Bitcoin started in June 2022 and if history repeats itself, the bear phase could continue for 250 more days.Can buyers maintain their momentum at higher levels or will bears continue to sell on rallies? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTAfter hesitating near the 20-day exponential moving average (EMA) ($20,986) for two days, Bitcoin made a decisive move higher on July 18. This up-move has broken above the resistance line of the symmetrical triangle, indicating a possible trend reversal.BTC/USDT daily chart. Source: TradingViewThe 20-day EMA is flat but the relative strength index (RSI) has risen into the positive territory, indicating that the momentum favors the buyers. The bulls will now attempt to overcome the barrier at $23,363. If the price turns down from this level but rebounds off the breakout level from the triangle, it will suggest buying at lower levels. That could increase the possibility of a break above $23,363. The pair could then rally to the pattern target of $28,171.Conversely, if the price fails to sustain above the triangle, it will indicate that the bears are aggressively defending the overhead zone between the resistance line of the triangle and $23,363. That could keep the pair inside the triangle for a few more days.ETH/USDTEther broke and closed above the overhead resistance at $1,280 on July 16, which completed the ascending triangle pattern The bears tried to stall the up-move at the 50-day simple moving average (SMA) ($1,336) on July 17 but the bulls did not relent.ETH/USDT daily chart. Source: TradingViewThe buyers resumed their purchase on July 18 and pushed the price above $1,500. This suggests the start of a new uptrend. The ETH/USDT pair could rally to the overhead resistance at $1,700 where the bears may pose a strong challenge. If the next correction gets arrested at the 20-day EMA ($1,234), it will suggest that the sentiment has shifted from selling on rallies to buying on dips. That could enhance the prospects of a break above $1,700.This positive view could invalidate in the short term if the price turns down and slips below the 20-day EMA. That could pull the pair to the support line of the triangle.BNB/USDTBNB rose above the 20-day EMA ($238) on July 14 and cleared the overhead hurdle at the 50-day EMA ($247) on July 16. The bears tried to pull the price back below the 50-day SMA on July 17 but the bulls held their ground.BNB/USDT daily chart. Source: TradingViewThe BNB/USDT pair resumed its up-move on July 18, suggesting that the low may have been made at $183. The 20-day EMA has started to turn up and the RSI is in the positive zone, indicating that bulls are in control.If the price sustains above the 50-day SMA, the pair could rally to $300 and then attempt an up-move to $350. This level is likely to act as a stiff resistance. This positive view could invalidate in the short term if the price turns down and breaks below the 20-day EMA. That could pull the pair to $211.XRP/USDTRipple (XRP) broke above the downtrend line on July 16 but the bears stalled the relief rally at the 50-day SMA ($0.35). The sellers tried to pull the price below the 20-day EMA ($0.34) on July 17 but the bulls did not budge and bought the dip.XRP/USDT daily chart. Source: TradingViewThe 20-day EMA has started to turn up gradually and the RSI has jumped into the positive zone, indicating advantage to the bulls.The XRP/USDT pair cleared the overhead hurdle at the 50-day SMA on July 18, invalidating the bearish descending triangle pattern. If bulls sustain the price above the 50-day SMA, the pair could pick up momentum and rally to $0.45. To invalidate this bullish view, the bears will have to pull the pair back into the triangle. Such a move could trap the aggressive bulls and sink the pair to the important support at $0.30.ADA/USDT After struggling to push Cardano (ADA) above the 20-day EMA ($0.46), the bulls finally managed the feat on July 18. The price has reached the 50-day SMA ($0.50) which could act as a strong resistance. ADA/USDT daily chart. Source: TradingViewThe RSI in the positive territory indicates that the momentum favors the buyers. If bulls push the price above the 50-day SMA, the ADA/USDT pair could rise to $0.60 and then make a dash toward the stiff overhead resistance at $0.70.Alternatively, if bulls fail to sustain the price above the 50-day SMA, it will suggest that bears continue to sell aggressively on rallies. The pair could then drop back toward the critical support zone between $0.44 and $0.40.SOL/USDTSolana (SOL) broke above the symmetrical triangle pattern on July 16, indicating that the uncertainty resolved in favor of the buyers. The bears attempted to pull the price back into the triangle on July 17 but the bulls held their ground.SOL/USDT daily chart. Source: TradingViewThe SOL/USDT pair is attempting to rise above the immediate resistance at $43. If that happens, the pair could rally to the psychological level at $50. This level may act as a hurdle but if crossed, the up-move could reach $60.Conversely, if the price turns down from $43 and breaks below the moving averages, the pair could drop to the support line. A break and close below this level could suggest that bears are back in the game.DOGE/USDTDogecoin (DOGE) is trying to form a higher low at $0.06 and the bulls are attempting to push the price above the stiff overhead resistance at the 50-day SMA ($0.07).DOGE/USDT daily chart. Source: TradingViewIf they manage to do that, the DOGE/USDT pair could rally to $0.08. This is an important level to keep an eye on because a break and close above it could clear the path for a rally to $0.09 and then to $0.10.This positive view could invalidate in the short term if the price turns down from the current level and slides below the intraday low made on July 13. That could sink the pair to the critical level at $0.05.Related: Bitcoin price nears critical 200-week moving average as Ethereum touches $1.5KDOT/USDTPolkadot (DOT) broke and closed above the 20-day EMA ($7.08) on July 16 but the bears pulled the price back below the level on July 17. This tough tussle between the bulls and the bears was resolved in favor of the buyers on July 18. DOT/USDT daily chart. Source: TradingViewThe 20-day EMA is flattening out and the RSI is just above the midpoint, indicating that the selling pressure may be reducing. The bulls will have to push and sustain the price above the 50-day SMA ($7.79) to gain the upper hand. If they manage to do that, the DOT/USDT pair could rally to $10.On the contrary, if the price turns down from the current level, it will suggest that the bears are defending the 50-day SMA aggressively. The pair could then remain stuck between $6.36 and the 50-day SMA for a few days.MATIC/USDTPolygon (MATIC) bounced off the 50-day SMA ($0.55) on July 13 and rose above the overhead resistance at $0.63. This completed the bullish ascending triangle pattern.MATIC/USDT daily chart. Source: TradingViewThe MATIC/USDT pair picked up momentum and reached the pattern target of $0.95 on July 18. The sharp rally of the past few days has pushed the RSI into the overbought territory and the pair is near the psychological level of $1. This points to a possible consolidation or correction in the near term.The first support on the downside is the 20-day EMA ($0.63). If the price rebounds off this level, it will suggest that bulls continue to buy on dips. The pair could then attempt a rally to the 200-day SMA ($1.25). This bullish view could invalidate on a break below $0.63.AVAX/USDTAvalanche (AVAX) has broken above the overhead resistance at $21.35, indicating the completion of the ascending triangle pattern. This increases the likelihood of a trend reversal. AVAX/USDT daily chart. Source: TradingViewThe 20-day EMA ($19.56) and the 50-day SMA ($19.79) are close to completing a bullish crossover and the RSI is in the positive territory indicating advantage to buyers. If bulls sustain the price above $21.35, the AVAX/USDT pair could start a new up-move. The pattern target of the breakout from the triangle is $29.Contrary to this assumption, if the price turns down and breaks below the 50-day SMA, it will suggest that bears continue to sell aggressively at higher levels. That could pull the pair down to the support line.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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