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Price Analysis July 28th – BTC, DOT, ETH, BNB, XRP, ADA, LTC, and SOL

Despite the Federal Reserve announcing its decision to hike interest rates by 25 bps on Wednesday, Bitcoin has not experienced high volatility like many would expect. And even though the coin continues to trade below a crucial support level ($29,540), the bears have yet to tug it below $29,000.

With the crypto prices relatively stable following the Fed’s monetary policy action, it indicates that the market is slowly maturing.

Now let’s explore the price charts to find out the key levels that we need to keep an eye on.

Bitcoin Price Analysis

Since Monday, BTC has been retesting the support at the 50-day SMA (Simple Moving Average) of $29,119. Still, the bulls haven’t succeeded in starting a meaningful rebound, suggesting that the bears are unwilling to let go of their advantage.

With the RSI (Relative Strength Index) indicator at 43.86, Bitcoin could plummet to $27,420 if the bulls are defeated at $29,119. On the other hand, a surge to $31,300 is likely if the buyers manage to thrust BTC above the 20-day EMA (Exponential Moving Average) of $29,769.

Ethereum Price Analysis

On Thursday, ETH hit a daily high of $1,887 but has fallen to $1,857 as of this writing. The bulls must prevent the token from sliding below $1,852, the 50-day SMA. That’s because if this level cracks, it opens up the possibility of a massive downward movement to $1,708 and then to $1,624, where the bulls may start a rally toward the 20-day EMA of $1,892. If ETH crosses above this price, it would suggest the beginning of an uptrend, and the crypto asset may hit $2,125.

📰 Also read:  Analysts See XRP Challenging Bitcoin as Price Rallies Past $1.4 Mark

XRP Price Analysis

On Tuesday, XRP hit the support at $0.6823 and then bounced off, rallying to its current price of $0.7094. The RSI indicator is in a positive zone (57.84), and the token is trading above the 20-day EMA of $0.6991. These two conditions boost the chances of XRP reaching the $0.7553 resistance level. Conversely, if the bears succeed in tugging the crypto asset below $0.6823, a deep correction to $0.5629 is expected.

BNB Price Analysis

BNB is still stuck in the $235 – $244 range, suggesting indecision between sellers and buyers. A downward movement toward the $221.76 support level can only happen when BNB crosses below $235. On the positive side, the Binance coin could rise to $264.41 if it breaks the barrier at $244.

Cardano Price Analysis

The bulls couldn’t let ADA sink below the $0.300 support level on Wednesday. So they bought the dip, causing a minor rally to its present price of $0.3108. For a major rally to happen, the buyers must strengthen their position by pushing Cardano’s price above $0.3199. That way, a strong recovery to $0.356 could become possible. But we expect solid resistance at this level.

On the contrary, ADA may plummet to $0.2734 and later to $0.2693 if $0.300 cracks.

Litecoin Price Analysis

Despite Litecoin bouncing off from the $88.37 support level on Monday, it is still struggling to cross the 20-day EMA of $92.15, suggesting that the bear are holding their ground. With the RSI indicator at 42.79, the bears may attempt to pull LTC below $88.37 to boost their chances of tugging the crypto asset to $81. Meanwhile, the bulls need to thrust Litecoin above $92.15 for a rally to $96.54 and then to $105.92.

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Polkadot Price Analysis

DOT has traded between $5.16 and $5.30 since Monday. A meaningful trend move can only occur when the token breaks out of this range. If Polkadot breaks below $5.16, it may sink to $4.71 and then to $4.48. Conversely, the token could hit $5.64 if it breaks above $5.30.

Solana Price Analysis

SOL touched $23.05 at the start of the week, then rebounded to $24.73 as of Friday morning. The RSI is at 50.03, thus showing a balance between the buyers and sellers. This also suggests that Solana may continue trading between $23.05 and the $27.12 resistance level over the next few days.


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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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