Bitcoin is still having difficulty staying above $31,000. While a tight consolidation near the resistance is a positive sign, the failure to break through it may lead to short-term liquidations. Nevertheless, a slight pullback should not be interpreted as a change in trend since the bulls often take a step back to regroup and attempt another assault on the resistance. If the resistance is broken, the bullish momentum will increase.
Changpeng “CZ” Zhao, CEO of Binance, said in an “ask me anything” session on Twitter that Bitcoin (BTC) could experience a bull year after its halving in 2024. CZ also commented that BlackRock’s entry into the crypto space will be “hugely beneficial” for the industry.
Larry Fink, CEO of BlackRock, made some positive statements about Bitcoin during an interview with Fox Business on July 5. Fink noted that Bitcoin is an “international asset not based on any one currency” and investors can use it as a hedge against inflation or currency devaluation.
Could Fink’s positive comments act as a floor for pullbacks? What are the key resistance levels in Bitcoin and altcoins that need to be crossed to indicate the start of a short-term uptrend? To answer these questions, let’s take a look at the charts of the top 10 cryptocurrencies, such as Cardano crypto, Polkadot crypto, Matic crypto, Dogecoin crypto, Sol crypto, Open AI, and top crypto, crypto currency Reddit, and crypto Twitter.
Bitcoin price analysis
On July 6, Bitcoin rose above $31,000, but the bulls were met with strong resistance from the bears. This led to the price dropping to the 20-day exponential moving average (EMA) at $29,763.
Nevertheless, the BTC/USDT pair has rebounded from the 20-day EMA, which is a positive sign. This indicates that traders are viewing minor dips as a buying opportunity, increasing the possibility of a rally above the $31,000 to $31,500 resistance zone.
If that happens, the pair may start an upward journey to $40,000. However, the bears could try to impede the progress at $32,400, but the buyers may be able to push through.
Conversely, if the price reverses and breaks below the 20-day EMA, it will indicate that the bears have the upper hand. The pair could then drop to the 50-day simple moving average (SMA) of $27,971.
Ether price analysis
The long wick on Ether’s (ETH) July 6 candlestick reveals that the bears are putting up a strong resistance at $2,000.
The 50-day Simple Moving Average (SMA) and the 20-day Exponential Moving Average (EMA) have flattened out, while the Relative Strength Index (RSI) is hovering around the midpoint, pointing to a balanced supply and demand. If the price dips below the 50-day SMA ($1,837), the bears will gain the upper hand, and ETH/USDT could slide to $1,626.
On the other hand, if the crypto dogecoin price bounces off the current level and holds above the 20-day EMA ($1,872), it will indicate strong buying at the 50-day SMA. The bulls will then make another attempt to push the top crypto above $2,000.
BNB price analysis
BNB (BNB) has been trading within the range of $257 and $220 for the past several days, which implies that the bears are taking advantage of the upswings to sell while the bulls are taking advantage of the dips to buy.
The 20-day EMA ($242) pointing downwards and the RSI in the negative zone suggest that the bears are in control. They will likely try to push the price down to the crucial support at $220, which the bulls are likely to defend vigorously.
On the upside, the bulls will need to push the price above $257 to indicate the beginning of a sustained recovery. The $265 level may act as a resistance, but it is likely to be overcome. The pair may then surge to $280.
XRP price analysis
XRP (XRP) has been fluctuating between the 20-day EMA ($0.48) and the horizontal support at $0.45 in recent days. This indicates that the bears are selling at higher levels, but buyers are stepping in to purchase at lower prices.
This tight trading range will not last long and may result in a breakout. If the support at $0.45 fails, the bears will attempt to capitalize on this opportunity and pull the XRP/USDT pair down to the next strong support at $0.41.
Alternatively, if the price turns up from the current level, the bulls will try to break through the resistance of the moving averages. If they are successful, the crypto dogecoin could start its journey to $0.56.
Cardano price analysis
The Cardano (ADA) crypto has been trading in the range of $0.30 and $0.24 for the past few days. Traders usually buy near the support and sell close to the resistance in such cases.
The ADA/USDT pair saw traders doing the same and selling at $0.30. The bulls are now trying to prevent the decrease at the uptrend line. If the price reverses from the current level or the uptrend line, the bulls will again try to break the overhead resistance at $0.30.
If successful, the pair could start an upward move to $0.38. The 50-day SMA ($0.31) might be a barrier, but it could be overcome.
On the other hand, a break below the uptrend line could lead to a possible drop to the support at $0.25 for the Cardano crypto.
Dogecoin price analysis
The inability of Dogecoin (DOGE) to break the $0.07 resistance on July 4 might have caused short-term bulls to take profits.
This caused the DOGE/USDT pair to drop below the moving averages, indicating that it could remain in the $0.07 to $0.06 range for a few more days. The flat 20-day EMA ($0.07) and the RSI just below the midpoint also point to a range-bound action.
Bulls will need to push and hold the price above the $0.07 resistance to gain control. This could open the way for a rally to $0.08 and then to $0.10. On the downside, a break below $0.06 could restart the downward move, possibly leading to a decline to $0.05.
Solana price analysis
The Solana (SOL) price found support at the 50-day Simple Moving Average ($18.34) on July 5, indicating that buyers are quick to purchase any minor dips. Bulls have pushed the price above the downtrend line, which may signal the end of the short-term corrective phase.
The moving averages are close to completing a bullish crossover, and the Relative Strength Index is near the overbought region. This suggests that the bulls are in control. If buyers can keep the price above the downtrend line, the SOL/USDT pair may rise to $24. This would indicate that SOL is trading in a range between $15.28 and $27.12.
If the bears want to gain the upper hand, they must push the price below the moving averages. This could surprise aggressive bulls, causing the SOL/USDT pair to drop to the strong support zone between $16.18 and $15.28.
Litecoin price analysis
The bulls attempted to drive Litecoin (LTC) beyond the overhead resistance of $106 on July 5 and 6, but the long wick on the candlesticks illustrates that the bears fiercely defended the level.
The LTC/USDT pair plummeted to the 20-day EMA ($94), which is an important support level to keep an eye on. If the price rebounds from the current level, the bulls will make one more attempt to break the overhead obstacle at $106.
Nevertheless, the bears are likely to have other plans. They will try to sell the rallies and push the pair below the 20-day EMA. If they succeed, the selling may intensify and the pair may further decline to the 50-day SMA ($89).
Polygon price analysis
MATIC (Polygon) saw a decline and closed below the 20-day EMA ($0.67) on July 6, indicating that the bears are pushing the price down at higher levels.
The bears could try to push the MATIC/USDT pair below the uptrend line, which would invalidate the ascending triangle pattern and potentially cause a sell-off for some short-term bulls. If so, the pair may drop to $0.60 and then to $0.55.
On the other hand, if the price rebounds from the uptrend line, the bulls will likely attempt to resume the uptrend. A break and close above the 50-day SMA ($0.74) could trigger a move towards the target of $0.88.
Polkadot price analysis
The long wick on Polkadot’s (DOT) July 6 candlestick indicates that the bears are selling on intraday rallies, pushing the DOT/USDT pair below the moving averages. Despite this, the bulls are attempting to arrest the decline.
The moving averages have flattened out and the RSI is near the midpoint, suggesting a balance between supply and demand. The crypto currency may oscillate between $4.74 and $5.64 for a few days.
The first sign of strength will be a break and close above $5.15, which would indicate solid demand at lower levels and the bulls may then again try to push the pair to $5.64. On the other hand, a break below $4.74 could give the bears the advantage.
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