Price Analysis July 8th – BTC, ETH, XRP, ADA, DOGE, and BNB
Bitcoin has once again dropped below the $31,000 key resistance level. However, the pullback shouldn’t be regarded as a change of trend. That’s because it is usual for the buyers to step back to re-energize and then launch a stronger attack at resistance levels. If the barrier at $31,000 is broken, the positive momentum is expected to pick up.
In a recent AMA (ask me anything) session hosted by Binance boss Changpeng Zhao on Twitter, the crypto guru said the Bitcoin halving event set for 2024 would likely cause a massive bull. Zhao also stated that the entry of various asset management firms like BlackRock into crypto would benefit the industry in a big way.
Meanwhile, BlackRock CEO Larry Fink was interviewed on Thursday by a Fox Business host, where he said investors could use Bitcoin to shield themselves from inflation and currency devaluation.
Now, will Fink’s positive statement encourage the buyers to stage a recovery? And suppose that happens; what are the key resistance levels to keep an eye on? Well, it’s time to study the price charts to find out.
Bitcoin Price Analysis
Bitcoin touched $31,128 on Thursday, where the sellers exacted massive selling pressure causing the coin to drop to $30,214 as of this writing. BTC is now trading closer to the 20-day EMA (Exponential Moving Average) of $29,897. In case it falls to this level and fails to rebound, it may reach $27,650, the 50-day SMA (Simple Moving Average).
On the positive side, if Bitcoin recovers from $29,897, it may rise to retest the $31,350 resistance level. A rally to $32,600 and then to $40,200 is likely if the bulls thrust BTC above the first barrier.
Ethereum Price Analysis
ETH is currently valued at $1,861. With the RSI (Relative Strength Index) in the middle, there is no clear winner between the bears and the bulls. However, if the sellers manage to drag Ethereum below the 50-day SMA of $1,841, we could see the second-largest coin by market cap take a hit to $1,785 and subsequently to $1,690.
Conversely, if ETH’s price crosses above the 20-day EMA of $1,874, the buyers may try once again to drive the token toward the $2,010 resistance level.
BNB Price Analysis
Since the start of the week, BNB has traded between $223 and $254, suggesting that the sellers are taking advantage of the short rallies to sell as buyers buy the dip.
The token’s current price ($235.46) means the bulls have failed to defend it from sliding below the 20-day EMA of $243.28. And with the RSI almost touching the negative zone, the bears could soon have an advantage over the bulls. If sellers cause BNB to fall below $230.40, the crypto asset may drop further to $219, a level where the bulls might fuel the start of a strong recovery. Doing so will make a rally to $257 and then to $265 possible.
XRP Price Analysis
For the better part of the week, XRP’s price has been ranging between the $0.4532 support level and the 20-day EMA of $0.4865. However, a breakout from this zone is expected in the next few days, considering that the Relative Strength Index has now entered negative territory. If XRP breaks below $0.4532, its next destination would be at the $0.4115 key support level. If bears sink the token below this price, it may reach $0.3687.
Cardano Price Analysis
Crypto traders have been buying ADA at the $0.2437 support level and selling it at the $0.3042 resistance level for the last few days. If the bulls succeed in clearing the hurdle at $0.3042, we expect Cardano to rally to $0.3835. Note that the bears could mount a barrier at the 50-day SMA of $0.3150, but it’s likely going to be broken.
On the contrary, Cardano breaking below $0.2437 would cause a sharp downward movement to $0.1985.
Dogecoin Price Analysis
With the RSI at 48, Dogecoin will likely continue trading inside the range of $0.0634 and $0.0735 for the next couple of days. If the meme coin breaks above $0.0735, it might rally to $0.0805, while a break below $0.0634 would cause DOGE to decline to $0.0550.
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