Price Analysis July 18th – BTC, ETH, SOL, ADA, BNB, and XRP
The US Dollar Index is currently below 100. In normal circumstances, this would mean an increase in Bitcoin’s price because the two have an inverse correlation. However, the value of the world’s largest crypto asset has also been declining in the last few days.
Despite the price drop, the whales have not stopped buying Bitcoin. According to data from SignalQuant, wallets with over 100 BTC have accumulated more coins this year than in 2022.
Will the whales mount massive buying pressure to cause Bitcoin, along with altcoins, to retest key resistance levels or is the downtrend likely to continue? Exploring the price charts will help us find out.
Bitcoin Price Analysis
According to data from CoinGecko, Bitcoin is currently trading below the 20-day EMA (exponential Moving Average) of $30,187, meaning the bulls failed to stage a rebound at this level on Monday. But the Relative Strength Index is at 52, suggesting a balance between the bears and the bulls. We predict that Bitcoin will trade between $29,600 and $31,400 for a while unless a macroeconomic factor causes high volatility over the coming days.
The bulls will have to thrust BTC’s price above $31,400 to increase the chances of a rally to $34,000 and then to $40,100. On the other hand, the bears could cause the coin to collapse to the 50-day Simple Moving Average (SMA) of $28,600 if its crosses below $29,600.
Ethereum Price Analysis
ETH’s price is $1,896. This level also acts as the 20-day EMA. If an upward price movement happens from here, it would suggest that the bulls are finding lower levels attractive for buying the dip. With intensified buying pressure, we anticipate Ethereum to reach $2,020 and even push further to $2,130, where sellers are definitely going to book profits.
On the contrary, if Ethereum slides below $1,896, it may continue dropping to retest the $1,854 key support level.
XRP Price Analysis
XRP has created a new support level at $0.6935. On Monday, the token bounced off from that level to reach $0.7622 as of this writing. The bulls will attempt to continue an upward movement to get XRP to retest the $0.8372 resistance. Thrusting the price above this level opens doors for a rally to $0.9319.
On the downside, if XRP drops below the newly formed support, it may reach $0.6405 or even sink to the 20-day EMA of $0.5830.
BNB Price Analysis
The bulls failed to keep BNB above the 50-day SMA of $253 over the weekend, causing the crypto asset to drop to its current price of $240.19. Moreover, BNB is now trading below the 20-day EMA of $244. The Relative Strength Index is almost at the midpoint, and this suggests that the token may trade between $230 and $240 in the next few days.
However, in case BNB plummets below $230, the bears may push it to $221.30. On the upside, we are looking at a rally to $265.27 if the buyers sustain the digital asset’s price above $253.
Solana Price Analysis
The inside-day candlestick pattern formed on the SOL’s price chart on Sunday makes it challenging to predict the next price movement. But if Solana trends upwards and crosses $29.02, the token could easily reach $32. A price above this level gives room for a further rally to $38.12.
On the negative side, the chances of a drop to $23 and later to $21 may increase if SOL sinks below $25.
Cardano Price Analysis
Although ADA is almost reaching the $0.3004 critical support level, the Relative Strength Index, which is still in the positive zone, suggests that the bulls have the upper hand. Therefore, if the token bounces off from the support, it will first meet resistance at $0.3479 and in case it pushes through this barrier, a rally to $0.3891 becomes likely. Conversely, bears could take full control if Cardano drops below $0.3004.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
