BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOT price analysis on 7/19.

BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOT price analysis on 7/19.

The Blockchain Industry: Consolidation and Support Levels

The blockchain industry has seen a recent period of consolidation, with Bitcoin (BTC) falling near a key support level on July 18. Glassnode’s Bitcoin Accumulation Trend Score suggests that this consolidation phase may actually be an accumulation phase, similar to previous periods in November to December and March to April. This indicates that investors may be accumulating Bitcoin during this time.

Institutional investors are also showing increased interest in digital asset investment products, with investments rising to $742 million in the past four weeks, according to CoinShares data. Bitcoin continues to be the preferred choice for these investors, with $140 million in inflows recorded in the past week alone.

Mark Yusko, the chief investment officer and founder of Morgan Creek Capital, believes that Bitcoin’s fair value is $55,000. He predicts that the markets will gradually drift upwards towards this level. Once this level is crossed, Yusko expects speculators to step in, leading to a potential blow-off top in 2024.

To understand the current market sentiment and potential price movements, it is important to analyze the support levels of Bitcoin and other top cryptocurrencies. Let’s take a closer look at the charts of the top-10 cryptocurrencies.

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Bitcoin Price Analysis

Bitcoin recently slid below the 20-day exponential moving average (EMA) and tested the crucial support level of $29,500. However, the long tail on the candlestick indicates that buyers are still interested in lower levels. The 20-day EMA is currently flat, suggesting a balance between supply and demand. If buyers manage to push the price above the 20-day EMA, the BTC/USDT pair could rally to $31,000 and then to $31,805. However, sellers are expected to defend this zone vigorously.

The next significant move for Bitcoin could occur if the price breaks above $32,400 or drops below $29,500. A break below $29,500 could lead to a plunge to $27,500 and later to $26,000. On the other hand, if bulls manage to push the price above $32,400, a rally towards $40,000 could be in the cards.

Ether Price Analysis

Ether (ETH) has shown resilience as buyers continue to buy the dips near the 50-day simple moving average (SMA). The long tail on the recent candlesticks demonstrates strong buying interest at these lower levels. The 20-day EMA is sloping up gradually, indicating a positive trend, and the relative strength index (RSI) remains in the positive territory.

If buyers successfully push the price above $2,000, the ETH/USDT pair may start the next leg of the uptrend towards $2,141. However, the bears will likely attempt to push the price below the 50-day SMA. If they succeed, the pair could decline to $1,700 and eventually to $1,626.

XRP Price Analysis

XRP is currently entering a consolidation phase following a vertical rally. The bulls are aiming to drive the price above $0.83 and retest the July 13 intraday high of $0.94. However, they are likely to encounter strong resistance from the bears. If the price turns down from $0.83, the XRP/USDT pair could tumble to $0.66. This level has historically attracted strong buying interest, potentially leading to a range-bound period between $0.66 and $0.83. Conversely, a break above $0.94 could ignite a rally towards $1.40.

BNB Price Analysis

BNB has struggled to sustain its recent rally above the 20-day EMA, indicating bearish pressure. The bears will likely attempt to pull the price towards the support line of a symmetrical triangle. This level is crucial for the bulls to defend, as a break below it could challenge the vital support at $220. On the other hand, if the bulls manage to push the price above the 20-day EMA, it would suggest solid buying at lower levels. This could lead to a renewed attempt to break above the triangle and a potential rise towards $265.

Cardano Price Analysis

Cardano (ADA) is currently facing a tough battle between the bulls and bears near the breakout level of $0.30. The 20-day EMA is sloping up gradually, indicating a slight edge for the bulls. Buyers will need to push the price above $0.34 to suggest that the correction may be over. If successful, the ADA/USDT pair could ascend to $0.38, where the bears may again mount a strong defense. However, a downturn below $0.30 could negate this positive view, potentially leading to a decline towards the uptrend line and then to $0.26.

Solana Price Analysis

Solana (SOL) has witnessed consistent selling pressure as bears continue to sell on rallies. The recent price decline below the breakout level of $27.12 suggests weakness in the market. The SOL/USDT pair could correct to the 20-day EMA, an important support level at $23.15. A rebound from this level could lead to another attempt to push the price above $27.12, with potential targets at $29.12 and $32.13. However, a break below the 20-day EMA could indicate an exit of bulls, potentially causing the pair to plummet to the 50-day SMA at $19.44.

Dogecoin Price Analysis

Dogecoin (DOGE) experienced strong selling pressure as buyers struggled to overcome the overhead resistance at $0.07. The long wick on the recent candlestick indicates a lack of bullish momentum. The DOGE/USDT pair is currently supported by the 20-day EMA at $0.07, but a failure to maintain this level could lead to a drop below the 50-day SMA at $0.07. In this scenario, the pair may remain range-bound between $0.06 and $0.07. However, if bulls manage to hold the price above $0.07, a potential climb to $0.08 and $0.10 could be on the horizon.

Polygon Price Analysis

Polygon (MATIC) recently bounced off the 20-day EMA but failed to sustain higher levels, indicating selling pressure on relief rallies. The moving averages, especially the 50-day SMA, serve as important support levels to monitor. A break below the 50-day SMA could tilt the advantage in favor of sellers, potentially leading to a decline to $0.60. On the upside, the first resistance to watch is $0.80. If bulls manage to drive the price above this level, the pair could retest the $0.89 level. A break and close above this resistance could signal the start of a new uptrend.

Litecoin Price Analysis

Litecoin (LTC) faced rejection at the overhead resistance of $106, suggesting selling pressure from bears. The failure to sustain the pullback at the 20-day EMA indicates weakened positive momentum. The 50-day SMA serves as a minor support level, but if breached, the LTC/USDT pair could decline to $80. Bulls will need to push and maintain the price above the 20-day EMA to prevent further decline. If successful, the pair may retest the overhead resistance zone between $106 and $115.

Polkadot Price Analysis

Polkadot (DOT) has been oscillating between the overhead resistance at $5.64 and the 50-day SMA at $5.03. The flattish 20-day EMA and the RSI near the midpoint indicate a balanced market. A break below the 50-day SMA could favor sellers, potentially leading to a slide to $4.74. This level is crucial for the bulls to defend, as a breakdown could result in a decline to $4.22. On the upside, clearing the resistance zone between $5.64 and the downtrend line would give bulls an advantage, potentially propelling the pair to $7.

In conclusion, the cryptocurrency market is currently experiencing consolidation and price movements are being closely watched. Bitcoin’s support levels and the performance of other top cryptocurrencies serve as key indicators for potential market trends. Investors should stay updated on these support levels and closely monitor any breakout or reversal patterns for profitable trading opportunities.