Price Analysis July 11th – BTC, ETH, BNB, XRP, ADA, and SOL
Despite Bitcoin struggling over the last few days, Standard Chartered Bank expressed optimism yesterday of a bullish momentum that could see BTC hit $50,000 by December 31 and later rally to $120,000 before the end of 2024.
Meanwhile, blockchain analytics company Santiment reported over the weekend that investors holding between 20 and 10,000 BTC had collectively bought 70,000 more coins since asset manager BlackRock filed its first Bitcoin Exchange-Traded Fund application last month.
While investors remain bullish in the long term, macroeconomic factors like the inflation data set to be published on Wednesday could negatively affect the crypto market over the next few days.
Now let’s study the price charts to find out the key support and resistance levels to watch over the coming days.
Bitcoin Price Analysis
BTC has traded between $29,897 and $30,500 since Saturday. The bulls need to prevent the coin from sliding below the 20-day EMA (Exponential Moving Average) of $29,768 if they want to continue an upward movement. But a strong rally can only happen when Bitcoin breaks the barrier at $31,150. If the largest coin by market cap does cross above this level, it may head toward $40,300, where the bears are likely to put up another barrier.
Conversely, Bitcoin crossing below $29,768 may compel short-term investors to start booking profits. Increased selling pressure may cause the coin to hit the 50-day Simple Moving Average of $28,180 or even plummet further to $26,984.
Ethereum Price Analysis
ETH fell below the 20-day EMA of $1,870 on Sunday, giving the bears a brief advantage. However, the bulls remained relentless, pushing Ethereum to $1,876 as of this writing. If the buyers sustain the price above $1,870, we could see ETH reaching $1,960 and subsequently $2,000.
Another possible scenario is that the token may drop to the 50-day Simple Moving Average of $1,837 if its price sinks below $1,870.
BNB Price Analysis
On Monday, BNB broke the barrier at the 20-day EMA of $240.95 to reach $247.50 at press time. The token is now trading way above the key support of $230.15. With buyers seemingly in control, we predict BNB retesting the $257.45 resistance level. If its price crosses above this barrier, a rally to $265.10 may be possible. On the contrary, if the token drops below $240.95, it may retest $230.15. If the bulls do not stage a recovery at this level, BNB could collapse to $220.68.
XRP Price Analysis
XRP has continued to move further from the 20-day EMA of $0.4873. It is now valued at $0.4732. With the Relative Strength Index already in the negative zone, it suggests that the bears have the advantage. They will now try to tug XRP to the $0.4589 support level. The sellers can strengthen their position further by causing a drop to $0.4164.
On the upside, the bulls must quickly thrust XRP above $0.4873 to start a solid recovery to $0.5824.
Cardano Price Analysis
ADA is now trading within the 20-day EMA of $0.2907 after dropping to $0.2815 yesterday. However, this does not indicate the start of a recovery. The bulls must push Cardano above the $0.3085 resistance level for a significant rally to happen. If they do so, the token could rise to $0.3960. Conversely, we are predicting a decline to $0.2620 if ADA crosses below $0.2907 and the bulls fail to defend the new support at $0.2815.
Solana Price Analysis
As most top cryptocurrencies struggle to post significant gains, SOL, on the hand, is up 14% over the last seven days. The token has been rallying despite trading platform Revolut announcing its plan to delist it by mid-September. Solana is now priced at $22.13, slightly above the $22.02 resistance level. However, it is likely that SOL could see a correction to the 20-day EMA of $19.20 before the bulls stage a recovery to $27.50.
If the buyers fail to cause a rebound at $19.20, the token may retest the $18.40 support level.
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