Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT

On the final day of the quarter, Bitcoin (BTC) experienced a highly volatile trading session. Bulls were attempting to hold Bitcoin’s value above $31,000, however they were taken aback by a Wall Street Journal report that stated the United States Securities and Exchange Commission (SEC) had denied applications for the Bitcoin spot-price exchange-traded fund (ETF).

Although there was an immediate response to the news, the negative consequences were minimized as it was discovered that the ETF requests were denied due to a technical problem. The authorities declared that the asset managers could reapply after providing the required explanations.

The inability of Bitcoin to go beyond $31,000 appears to be causing uneasiness among short-term speculators. A study conducted by Glassnode which was made public on June 28th reveals that Short-Term Holders (STHs), those who possess coins for 155 days or less, have sent more than 35,000 coins to trading platforms.

In the event of any negative news, it is expected that STHs will react negatively. To determine what are the significant support and resistance levels that need to be monitored on Bitcoin and altcoins in the short-term, let us analyze the graphs of the top 10 digital currencies.

Bitcoin price analysis

Bitcoin is staying close to the resistance level of $31,000, indicating that the bears are attempting to prevent it from going up, yet the bulls are still pushing for an increase.

Generally, when a tight consolidation occurs near an overhead resistance, the price tends to move higher. The 20-day exponential moving average ($28,982) is sloping upwards and the relative strength index (RSI) is in the positive range, indicating that the most likely direction is upwards.

Should buyers be able to keep the cost above $31,000, the BTC/USDT pairing could gain impetus and begin its next uptrend. There is a slight obstacle at $32,400, but it is likely to be surpassed. The pair could then rush towards $40,000.

This optimistic outlook will be rendered invalid shortly if the price dips and drops below the 20-day EMA. It is possible that the pair will remain in the wide range between $31,000 and $24,800 for a few more days.

Ether price analysis

Ether (ETH) rebounded from the moving averages on June 29, demonstrating that buyers were taking advantage of the lower prices.

The bulls are attempting to push the cost upwards beyond the resistance at $1,937. If they are successful, the ETH/USDT pairing could potentially climb to the psychological threshold of $2,000. This level could act as a slight obstacle yet it is probable that it will be surpassed. The pairing could then surge to $2,142.

If the price suddenly decreases from 1,937, it would indicate that the bears are unwilling to give up. This would increase the probability of the price going beneath the moving averages. Consequently, the pair could plummet to $1,700 and then $1,600.

BNB price analysis

BNB (BNB) dropped below the $230 support on June 28, however the long tail of the candlestick demonstrates that the bulls were actively buying up the dip.

The 20-day EMA ($245) is the essential level for the bulls to break through. If they can push the price above it, the BNB/USDT pair could soar to the area of resistance between $257 and $265. Sellers are predicted to put up a strong resistance in this area.

Contrary to this supposition, if the cost sharply descends from the 20-day EMA, it will indicate that the sentiment is still negative and dealers are trading on rallies. The bears will then endeavor to lower the pair below $220 and initiate the next phase of the downtrend.

XRP price analysis

XRP (XRP) dropped close to the first support level of $0.44 on June 28 and June 30, however the extended lower wick of the candlesticks suggests strong buying at lower prices.

The $0.44 support is something to keep an eye on in the immediate future. If it fails, the selling could intensify and the XRP/USDT pair could drop to $0.41. This could then prompt strong buying from the bulls.

The 20-day EMA, currently at $0.48, is the main barrier for buyers to surmount. If they can manage to surpass this level, the chances of an uptrend towards the strong resistance area between $0.53 and $0.56 will be improved.

Cardano price analysis

Cardano (ADA) has been stuck in the range of $0.24 and $0.30 for several days. The long wick on the June 30 candle reveals that the bears are strongly protecting the $0.30 level.

The inability to maintain the value above the 20-day EMA ($0.28) could keep the ADA/USDT pair confined within the range for a longer period.

A break above the 20-day EMA could be a sign that bears are weakening their hold. Buyers could then attempt to fortify their stance even further by pushing the cost past the significant resistance at $0.30. If successful, the pair could surge towards the 50-day SMA ($0.32).

Dogecoin price analysis

Dogecoin (DOGE) experienced an increase from the support at $0.06 on June 28, showing that the bulls are still firmly protecting the level.

The 20-day EMA being relatively flat ($0.07) and the RSI just below the midpoint point to a possible period of trading within a range, between $0.06 and $0.07. This neutral outlook could be tipped in favour of buyers if they are able to push and keep the price above the resistance at $0.07, in which case the DOGE/USDT pair could rise to $0.08.

Alternatively, the bears must keep the price below the formidable support of $0.06 in order to gain control. It is possible that the pair could then drop to the essential support of $0.05.

Solana price analysis

On June 28, Solana (SOL) fell beneath the $16.18 support, however this turned out to be a false signal. On June 29, the price surged above the 20-day EMA ($17.07), possibly due to bears quickly closing their short positions.

The buying persisted on June 30 and the bulls are attempting to push the price above the breakdown level of $18.70. If they can achieve this, the SOL/USDT pair could potentially surge to $22 and then to $24.

If bears intend to impede the upside, they must obstruct the relief rally at $18.70 and draw the cost back underneath the 20-day EMA. The pair could then reexamine the essential support region between $16.18 and $15.28.

What could be the consequences of approving a Bitcoin ETF, including the potential release of $18B in sell-pressure?

Litecoin price analysis

On June 28, Litecoin (LTC) suffered a sharp decline below the moving averages, yet the bears were unable to capitalize on this opportunity.

On June 29, the bulls bought the dip and drove the price higher than the moving averages on June 30, which prompted the bulls to become more aggressive in their buying. This caused the price to exceed the downtrend line of the descending channel pattern. Despite reaching the significant resistance of $106, the bulls were unable to break through the obstacle.

If the bears fail to protect this level, the LTC/USDT pair could surge to $135. The most significant support is located at the lower boundary of the channel.

Polygon price analysis

Polygon (MATIC) appears to be forming a bullish ascending triangle pattern, which will be confirmed if it breaks and closes above $0.69.

The bulls attempted to drive the cost above the 20-day EMA ($0.66) on June 30, however the long wick on the candlestick demonstrates forceful selling at higher prices. If the value drops below the uptrend line, the MATIC/USDT pair may plunge to $0.55.

If the price increases from its current level, it will indicate that there is strong buying near the uptrend line. If it breaks and closes above $0.69, it could lead to a potential rally to the 50-day SMA and then to $1.

Polkadot price analysis

The bears attempted to push Polkadot (DOT) beneath the 20-day EMA ($4.93) on June 28th and June 30th, yet the bulls maintained their position. This implies that declines are being purchased.

The bulls are trying to overcome and maintain the resistance at $5.15. If they are successful, the DOT/USDT pair could surge to $5.56. This could draw strong selling pressure from the bears, yet if the bulls don’t let the price dip below $5.15, the chance of a rally to the downtrend line rises.

The 20-day EMA is the essential level to keep an eye on, as a breach of it could result in a tumble to the critical support level of $4.22.

Categorized in:

Tagged in: