Price Analysis July 26th – BTC, ETH, XRP, ADA, DOGE, and BNB

Bitcoin has dropped to $29,100 as of this writing. It seems like the bulls’ failure to sustain higher levels might have prompted sellers to book profits. But despite the near term looking bearish, hodlers remain unfazed, according to Gassnode data, which shows that “long-term holder supply” has hit 14.45 million BTC this month.

With the Federal Reserve expected to announce its policy decision later today, there may be high volatility in the market. But whether the news will cause the crypto market to rally or collapse remains to be seen.

For now, let’s take a look at the price charts of Bitcoin and other top digital assets.

Bitcoin Price Analysis

As mentioned earlier, Bitcoin is currently valued at $29,100 after sinking below the 20-day EMA (Exponential Moving Average) of $29,943. A long wick appearing on the price chat suggests high selling pressure. With the coin trading below the $29,450 crucial support level, it may touch the 50-day Simple Moving Average of $29,034. If Bitcoin drops below this level, we predict a further downward movement to $28,200 and subsequent to $27,657.

On the positive side, a rally can only begin when BTC goes above $29,943. If this happens, the crypto asset could reach $31,150.

Ethereum Price Analysis

Ethereum hit the 50-day Simple Moving Average of $1,842 on Monday, then rebounded to its recent price of $1,853. However, the bulls are finding it challenging to get the token to retest the $1,887 resistance level due to the strong defense mounted by the bears.

The Relative Strength Index is at 43.29, meaning the sellers have a slight advantage. If they manage to tug Ethereum below $1,842, we expect a deep correction to $1,705. On the other hand, if the bulls overcome the obstacle at $1,887, ETH could rally to $1,950 and then to $2,004.

XRP Price Analysis

After a massive rally that began on July 14, XRP started declining on Monday. The bulls have failed to thrust the Ripple-issued token above the $0.8376 resistance level. Now, it’s heading toward $0.6795, the 20-day EMA. If XRP breaks below that level, a further fall to $0.5620 is likely. However, if it reaches $0.6795 and bounces off, then it will suggest that lower levels are attracting buying activity. This may cause the beginning of a rally toward $0.8376.

BNB Price Analysis

BNB has not been able to go above the 20-day EMA of $243.74 since Monday. And with the Relative Strength Index now at 42.60, the bears will try to tug the token below $235.47. If it happens, BNB could decline by $15 to $220.35. We anticipate a rebound from this level. However, a strong rally can only occur if the token’s price crosses above $243.74. That way, BNB may rise to touch the $264.72 resistance level.

Cardano Price Analysis

With ADA’s price now at $0.3010, it’s clear the bears have won the battle against the bulls that has been happening at the 20-day EMA of $0.3165. Nonetheless, the Relative Strength Index suggests that the sellers are still not in total control since it is at 48.52. If they wish to strengthen their position further, they will have to sink Cardano below $0.3000. Achieving this makes a deep decline to $0.2406 possible.

Conversely, if ADA rises toward $0.3165 and the bulls defeat the bears at this level, a rally to $0.3812 becomes likely.

Dogecoin Price Analysis

While other top crypto assets have suffered losses over the past 24 hours, DOGE is up 16% to $0.0797. The Relative Strength Index is at 62.89. Therefore, further price growth is possible. If the bulls continue mounting buying pressure, the memecoin is likely to hit $0.0961, a level it reached last in April 2023. However, this assumption will be invalid if bears come in and sink Dogecoin below the 20-day EMA of $0.0726. This would open doors for a drop to $0.0600 and then to $0.0550.

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