Keep Crypto Strong with DOGE, MKR, OP and XDC as Bitcoin Price Remains Range-Bound.
DOGE, MKR, OP and XDC gather strength as Bitcoin price remains range-bound

Bitcoin (BTC) has been stuck in a narrow range for the past several days. A minor positive is that the range has formed near the recent local high, suggesting that the bulls are not rushing to the exit as they anticipate another rally in crypto.

Bitcoin’s consolidation has pulled its market dominance to 48% from over 50% on June 30. This shows that market participants have been gradually shifting their focus to select altcoins, which are starting to move up. However, an altcoin recovery is likely to remain in place only until Bitcoin shows strength. If Bitcoin turns down sharply, the possibility of a sell-off in altcoins remains high. While select altcoins provide trading opportunities, cryptocurrency traders should be careful and keep a close watch on Bitcoin’s price action.

What are the important support and resistance levels to watch out for on Bitcoin? Let’s study the charts of the top-five cryptocurrencies that may try to move in the near term.

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Bitcoin price analysis

The bulls have been able to keep Bitcoin above the 50-day simple moving average ($29,377), but they have yet to rally crypto and push the price above the 20-day exponential moving average ($29,670).

The bears will attempt to gain an edge by dragging the price below the immediate support at $28,861. If they succeed, it could mean that the BTC/USDT pair could stay range-bound between $31,000 and $24,800 for a while. The gradually downsloping 20-day EMA and the relative strength index (RSI) in the negative territory suggest that the bears have the upper hand.

This bearish outlook will be invalidated if the bulls manage to drive the price above the 20-day EMA. The pair could then op crypto and reach the overhead resistance zone between $31,000 and $32,400. The bulls will have to break through this barrier to signal the start of a new uptrend to $40,000.

The 20-day EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. The pair is stuck inside a narrow range between $28,861 and $29,690.

A break and close above the overhead resistance will indicate that the advantage has shifted in favor of the bulls. The pair could then near crypto and climb to $30,500 and, later, to $31,500.

Alternatively, if the price turns down and breaks below $28,861, it will suggest that the bears are in control. The pair could then top crypto and plunge to $27,500.

Dogecoin price analysis

Dogecoin (DOGE) is currently facing resistance just above the $0.08 level, but the bulls have not given up much ground, showing a positive sign. On July 28, the bulls bought the dip, indicating that traders are still optimistic and buying the dips. If the bulls are able to push the price above the intraday high made on July 25, the DOGE/USDT pair could rally to $0.10 and, eventually, to $0.11.

In contrast, if the price turns down from the current level and drops below the 20-day EMA, it will suggest that the bears are selling on rallies. The pair could then decline to the breakout level of $0.07.

The four-hour chart shows that the pair is in an uptrend. The price dipped below the 20-EMA, however, the bulls purchased the dip and once again pushed the price above $0.08. If the bulls are able to clear the overhead hurdle, the pair could resume its up-move.

The important support to watch on the downside is the 20-day EMA and then the 50-day SMA. For the sellers to gain the upper hand, they will have to sink the price below the 50-day SMA. The pair could then drop to the breakout level at $0.07.

Maker price analysis

The bulls of Maker (MKR) had finally pushed the price above the $1,200 overhead resistance on July 29, after it had been stuck below this level for several months. This may result in a retest of the breakout level, potentially driving the MKR/USDT pair down to $1,200. If the price rallies sharply from here, it will suggest that the bulls have flipped $1,200 into support and the pair may then begin an uptrend towards $1,600 and even $1,900.

On the other hand, if the bears manage to keep the price below $1,200, it would indicate that the breakout may have been a bull trap. The pair might then drop down to the 20-day EMA ($1,079). A break and close below this level will point to the bears regaining control and the MKR/USDT pair could then slide to $1,000.

The uptrend is still intact, as evidenced by the upsloping moving averages and the RSI above 66 on the four-hour chart. The price has pulled back from $1,361, but the bulls may attempt to buy the dip to the 20-day EMA, and if successful, the pair could rally towards $1,361 again.

The crypto rally could then propel the MKR/USDT pair to $1,600. However, a decline below the moving averages would suggest that the bears have taken charge and the pair could then head down to $1,000.

Optimism price analysis

After staying in a downtrend for several days, Optimism (OP) is showing first signs of starting a new uptrend.

The 20-day EMA ($1.46) has started to turn up and the RSI is in the positive territory, indicating that the bulls have the upper hand. There is a minor resistance at $1.66, but if this level is crossed, the OP/USDT pair could rally to $1.88 and then to $2.

Contrary to this assumption, if the price turns down from $1.66, it will suggest that bears are selling on rallies. The pair could then drop to the 20-day EMA, which is an important level to keep an eye on. If this support cracks, the pair may descend to the 50-day SMA ($1.33).

The four-hour chart shows that the price has been stuck between $1.66 and $1.40 for some time. The 20-day EMA has started to turn up, and the RSI is just below the overbought region, indicating that the bulls have a slight edge.

If bulls thrust the price above $1.66, the pair could resume the up-move. The first target objective on the upside is $1.92.

If the price turns down from $1.66, it will signal that the pair may extend its range-bound action for some more time. The bears will have to sink and sustain the price below $1.40 to come out on top. That could clear the path for a potential fall to $1.15.

XDC Network price analysis

The XDC Network (XDC) surged from $0.03 to $0.06 on July 25, indicating a strong rally crypto uptrend.

The price could first correct to the 38.2% Fibonacci retracement level of $0.05 and then to the 20-day EMA ($0.05). This is an important zone to keep crypto an eye on because a strong bounce off it will suggest that the sentiment remains bullish.

If the price turns up from this zone, the bulls will attempt to resume the uptrend. A op crypto above the intraday high of July 27 could open the gates for an up-move to $0.10. This positive view will be negated on a break and close below the 20-day EMA.

The bulls are attempting to arrest the pullback at the 50-day SMA on the four-hour chart. This is a positive sign, but the flattening 20-day EMA and the RSI near the midpoint suggest that the high street crypto momentum may be weakening.

If the price turns down from the current level or the overhead resistance at $0.06 and breaks below the 50-day SMA, it will signal the start of a deeper correction. The XDC/USDT pair may then slide to the 50% Fibonacci retracement level near $0.05.

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