Price analysis 7/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, ADA, DOGE, MATIC

The U.S. Dollar Index (DXY) has dropped below 100, but this hasn’t been enough to push Bitcoin (BTC) higher, meaning that the digital asset is charting its own course in the short term. Despite the uncertainty of the crypto’s next directional move, whales remain undeterred – CryptoQuant’s SignalQuant noted that one on-chain indicator, unspent transaction outputs, has been rising in 2023, similar to the increase seen in 2019. If the indicator continues to rise, it could mean that Bitcoin has room to run and that the low made in late 2022 was a long-term bottom.

Meanwhile, the earnings season from big companies this week may have an effect on equities markets in the United States, but it is unclear how much impact it will have on the crypto price. Could the DXY stage a recovery? Will that limit the upside in Bitcoin and the major altcoins? To answer these questions, let’s analyze the charts.

What Three Features Are Integrated into Web 3.0?

Web 3.0 is the latest iteration of the World Wide Web, and it integrates three key features: decentralization, artificial intelligence (AI) and interoperability. Decentralization allows for the development of applications that are not dependent on a single server – this means that the data is more secure and reliable. AI, on the other hand, is used to automate processes, while interoperability enables different systems to communicate with each other.

AI Doge and Harmony One Crypto

AI Doge is a cryptocurrency project that leverages the power of artificial intelligence (AI) and blockchain technology to create a new decentralized financial system. The project seeks to provide a secure and efficient platform for users to store, trade, and manage their digital assets. Meanwhile, Harmony One Crypto is a blockchain-based protocol that enables interoperability between different blockchains, allowing users to access and use their digital assets across different networks.

Big Crypto and Inverse Finance Crypto

Big Crypto is a platform that provides users with the tools to invest in digital assets. It also offers a range of services, such as portfolio management, market analysis, and educational resources. Inverse Finance Crypto is a decentralized finance (DeFi) platform that allows users to trade, borrow, and lend digital assets in a secure and trustless environment.

S&P 500 Index price analysis

The S&P 500 Index (SPX) is exhibiting a strong uptrend, with bulls pushing the price to resistance at 4,513. Despite the minor hurdle, if the bulls maintain their ground, it could suggest the rally will continue.

The negative divergence on the relative strength index (RSI) has been negated, indicating the bulls remain in control. If the buyers can thrust the crypto price above 4,513, the index could reach 4,650, which may again act as a strong barrier.

On the downside, the 20-day exponential moving average (EMA) of 4,420 is the key support level to watch. A breakdown of this support could signal that the bulls may be exiting, and the crypto price could sink to the 50-day simple moving average (SMA) of 4,293.

U.S. Dollar Index price analysis

The U.S. Dollar Index broke below the moving averages on July 7 and continued its downward crypto price spiral. The bears yanked the price below the vital support at 100.82 on July 12, completing a bearish descending triangle pattern.

The sharp fall of the past few days has sent the RSI into the oversold territory, indicating that a minor recovery is possible. If the inverse finance crypto price turns up from the current level, the index could retest the breakdown level of 100.82.

This remains the key level to watch for. If the crypto bitcoin price turns down from this level, it will suggest that the bears have flipped the previous support into resistance. That could start a downtrend, which could reach 97 and then collapse toward the pattern target of 93.64.

If bulls want to prevent the decline, they will have to quickly push and maintain the price above 100.82.

Bitcoin price analysis

The bulls have been defending the 20-day EMA ($30,173) for the past three days, but the lack of a strong bounce off it indicates a lack of aggressive demand for crypto Bitcoin at current levels.

The 20-day EMA is flattening out, while the RSI is slightly above the midpoint, suggesting a balance between supply and demand. This could keep the BTC/USDT pair inside the tight range of $29,500 and $31,500 for a while.

To signal the start of the next uptrend, buyers must push the price above $32,400. This could propel the pair towards the $40,000 mark. On the other hand, if the price falls below $29,500, it could drop to the 50-day SMA ($28,671).

Ether price analysis

Ether (ETH) is attempting to remain above the 20-day EMA ($1,897), indicating that buyers are attracted to lower values.

The bulls will attempt to drive the crypto price to the psychological resistance of $2,000. This is the most important level to keep an eye on since a breach and close above it will open the way for a potential rally to the $2,141 to $2,200 zone.

The essential support to observe on the downside is the 50-day SMA ($1,853). If this level is breached, it will indicate that the ETH/USDT pair could stay within the broad range between $1,626 and $2,000 for some more time.

XRP price analysis

Crypto price XRP (XRP) is currently supported in the area between the 50% Fibonacci retracement level of $0.69 and the 61.8% retracement level of $0.64.

The bulls will try to trigger the up move, however, they might face strong resistance at $0.83 and again at $0.93. If the price reverses from this zone, the XRP/USDT pair could stay in a range for some time.

Another possibility is that the price turns down from the current level and breaks below $0.64. If that happens, it will indicate a need for the bulls to exit their positions. That could send the pair to the 20-day EMA ($0.58).

BNB price analysis

On July 14, BNB (BNB) declined from the 50-day SMA ($253) and returned to the symmetrical triangle pattern, indicating that the bears are actively defending the resistance at $265.

The 20-day EMA ($244) has flattened out and the RSI is just below the midpoint, indicating balanced supply and demand. The BNB/USDT pair could remain in the triangle for a few more days.

The bulls will need to push the price above the triangle’s resistance to gain the upper hand. The momentum could increase after the bulls push the price above the overhead resistance at $265. Alternatively, a break below the triangle will suggest that the bears are in control. The crypto price could resume its downtrend below $220.

Solana price analysis

Solana (SOL) created an inside-day candlestick pattern on July 15 and 16, which implies short-term hesitation concerning the next directional move.

Generally, the narrowing of the range is followed by a strong breakout. If buyers push the crypto price above $29.12, the SOL/USDT pair could climb to $32.13. A rally above this level could open the way for a further increase to $38.

On the other hand, if the crypto price turns down and drops below $26, it will suggest that the edge has shifted in favor of the bears. The pair could first drop to $24 and then to the 20-day EMA ($22.53).

Cardano price analysis

The recent pullback of Cardano (ADA) has brought it close to the breakout level of $0.30. Typically, such a deep correction delays the start of the next up move.

However, the moving averages are about to complete a bullish crossover and the RSI is in the positive territory, indicating that the crypto bulls have a slight edge. If the price turns up from the current level, the ADA/USDT pair could be driven to the overhead resistance at $0.38.

Nevertheless, it is unlikely to be a straightforward journey for the bulls. The bears will attempt to stall the recovery at $0.34 and again at $0.36. If the price breaks and closes below $0.30, the advantage might tilt in favour of the bears.

Dogecoin price analysis

Dogecoin (DOGE) is locked in a tight competition between the bulls and the bears near the overhead resistance at $0.07.

The 20-day EMA ($0.07) has started to turn up and the RSI is in the positive territory, indicating that the bulls have a slight advantage. The bulls are attempting to push the price up to $0.08, where the bears may once again put up a strong fight.

On the other hand, if the price dips and falls below the moving averages, it will suggest that the bears are still selling on rallies. This could keep the DOGE/USDT pair trapped in the range of $0.06 to $0.07 for a while longer.

Polygon price analysis

The crypto price of Polygon (MATIC) is currently following the trend of a typical pattern, which suggests a potential drop to $0.72. If the inverse finance crypto is able to rebound from this point with strength, investors may consider buying at lower levels. If the bulls are able to push the price above the overhead resistance of $0.90, then the MATIC/USDT pair could begin the next leg of the up move, with potential stops at the psychological resistance of $1 and $1.20.

However, if the crypto price plummets below the uptrend line, the pair could slump to $0.60. This would invalidate the positive view of the big crypto.

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