Price Analysis July 23rd – BTC, BNB, ETH, XRP, DOGE, and LTC
BTC has been trading within a tight range over the last few days. And as we have seen in the past, narrow ranges usually lead to increased volatility. However, it is challenging to predict which direction the price will move after breaking out from the current range.
Meanwhile, Glassnode’s weekly report suggests that investors are not ready to sell their coins despite the short-term price downtrend. The company says these investors are still optimistic that the United States Securities and Exchange Commission will approve some of the Bitcoin spot Exchange-Traded Fund applications submitted last month.
Charles Edwards, the founder of Capriole Investments, tweeted earlier this week, saying the approval of a Bitcoin spot ETF will be good for crypto as many institutions will start considering including BTC on their balance sheets.
Now, are there chances of an uptrend in the coming days, or will cryptocurrencies continue retesting crucial support levels? Let’s explore price charts to find out.
Bitcoin Price Analysis
On Thursday, BTC dropped below the 20-day EMA (Exponential Moving Average) of $30,109. This suggested a lack of buying pressure. However, despite the coin declining below that key level, we cannot say the bears are totally in charge, considering that the Relative Strength Index is at 50.
We anticipate Bitcoin to continue trading between $29,300 and $30,109 in the next couple of days. If it breaks below $29,300, a drop to $28,569 becomes possible, and if it crosses above $30,109, it may rally to $31,200.
Ethereum Price Analysis
Similar to Bitcoin’s price chart, the Relative Strength Index on Ethereum is at 50, indicating a balance between buyers and sellers. The second-biggest token fell below the 20-day EMA of $1,897 on Thursday. It now sells for $1,872. If Ethereum continues trending down, the 50-day Simple Moving Average of $1,858 will be the key level to watch. In case the crypto asset slides below this price, a further decline to $1,784 is possible.
Conversely, if Ethereum crosses above $1,897 again, it could rally to $1,986, where a sell-off is anticipated.
XRP Price Analysis
On Thursday, XRP rallied massively, crossing above the $0.835 key resistance level. However, the bulls couldn’t sustain the upward momentum, causing the token to decline to $0.741 as of this writing. Intense selling pressure may lead to XRP plummeting further to the 20-day EMA of $0.655. In case it happens, we predict a rebound from this level, and the crypto asset may attempt to break above $0.835 again to rally toward $0.947.
BNB Price Analysis
BNB has continued to trade between $239 and $246, as we had predicted last week. The Relative Strength Index is at 48.83. This shows indecision between buyers and sellers. If the bulls manage to break the barrier at $246, BNB will have a good chance of reaching the $265.37 resistance level. On the other hand, if the bears tug the digital asset below $239, we predict a deeper drop to $219.90, a level BNB hasn’t touched since June 2022.
Litecoin Price Analysis
LTC has not witnessed high volatility this week. The token has been trading between $90.10 (the 50-day SMA) and $94.76 (the 20-day EMA). The Relative Strength Index is at 45.38, meaning the advantage is slowly shifting to the bears. If they manage to pull Litecoin below $90.10, the token could hit $79.67. On the positive side, a price above $94.76 could make a rally to $106.45 possible.
Dogecoin Price Analysis
The buyers have continued to defend the 20-day EMA of $0.0708 this week. On Friday, Dogecoin hit its 7-day high of $0.0752 as the bears prevented a rally to $0.0817. The Relative Strength Index is currently at 63.20, meaning there is still room for an upward movement. With all the conditions favoring the bulls, they will try to cross DOGE above $0.752 and then cause a rally to $0.0817 and subsequently to $0.0905. On the other hand, if the memecoin plummets below $0.0708, it may sink to $0.0614.
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