Price Analysis July 3rd – BTC, ETH, BNB, XRP, LTC, and DOT
Last Friday, as the bulls attempted to sustain Bitcoin above $31,000, news outlet Wall Street Journal published a report suggesting that the US Securities and Exchange Commission had turned down all the filings for Bitcoin Exchange-Traded funds (ETFs) delivered to the agency last month by various asset managers.
In reaction to the report, Bitcoin dropped to $29,890, but it did not take long before buyers pushed its price above $30,000.
Meanwhile, crypto research company Glassnode has released a report showing that short-term Bitcoin holders have transferred more than 34,000 coins to centralized exchanges over the last seven days. Could they be planning to start booking profits? Well, it remains to be seen.
With that said, we can now analyze different price charts to discover the important resistance and support levels to watch in the next few days.
Bitcoin Price Analysis
Since recovering from $29,890, Bitcoin’s price has been relatively stable. The coin traded between $30,480 and $30,700 over the weekend. With the price still above the 20-day EMA (Exponential Moving Average) of $28,976, we can conclude that the bulls are still in control. In addition, the Relative Strength Index (RSI) indicator has yet to enter the overbought region, meaning a further upward movement is possible.
Now, if the bulls thrust BTC above $31,000 and overcome bears’ attempts to pull it down, the largest coin by market cap could begin a rally to $32,560 and later to $39,900.
Ethereum Price Analysis
ETH’s price ranged between $1,857 and $1,906 from last Monday to Thursday. However, it broke below $1,857 on Friday to reach the 20-day EMA of $1,845, where it bounced off, rallying to its current price of $1,966.
Ethereum is already above the $1,938 resistance level, meaning the next major hurdle is at $2,000. If it crosses above this level, then the token rallies to $2,146.
On the downside, we anticipate ETH reaching the $1,780 and $1,695 support levels if it goes below $1,845.
BNB Price Analysis
BNB is currently changing hands for $248 after buyers managed to thrust its price above the 20-day EMA of $244 on Saturday evening. We are now waiting to see if the buying pressure is enough to cause the token to retest the $259 resistance level. Defeating the bears here will help the bulls push BNB to $268, where a further rally is unlikely.
Conversely, a price below $244 would open the possibility of a drop to the $223 support level. If the buyers are unsuccessful in defending this price, BNB’s value will depreciate further to $215.
XRP Price Analysis
Buyers mounted strong buying pressure on Friday when XRP dropped to the $0.4624 support level, causing the token’s price to reach $0.4832 as of this writing. XRP is now trading above the 20-day EMA of $0.4805. This may encourage buyers to drive the crypto asset to $0.5340 and subsequently to $0.5610.
Meanwhile, the support at $0.4624 remains key. If XRP slides below this level, it may reach the second and third support at $0.4136 and $0.3790, respectively.
Litecoin Price Analysis
Litecoin was among the top performer last week after recording 7-day gains of 26%. The rally comes ahead of the token’s halving event, expected to take place later this month. LTC crossed above the downtrend line on Friday to reach $109 at press time. A continued upward momentum would make a rally toward the $134 resistance level possible. However, if Litecoin reverses to the 20-day EMA of $87, it may reach $68.
Polkadot Price Analysis
DOT’s current price of $5.43 means the bulls have succeeded in breaking past the barrier at the 20-day EMA of $4.90. The token is a few cents away from retesting the $5.57 resistance level. Massive selling pressure is predicted at this price and may block a further rally. If the bears manage to sink Polkadot below $4.90, the token may fall to $4.21.
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