Bitcoin bulls are once again attempting to break the resistance level at $31,000. The positive sentiment might be boosted by the US inflation report which showed signs of slowing inflation. According to economists, the year-on-year Consumer Price Index was expected to rise 3.1%, but the June print came in at 3%. The month-on-month increase of 0.2% was also lower than forecast. This indicates that the Federal Reserve’s rate hikes are having the desired effect, potentially limiting future hikes.
Supported by macroeconomic conditions, institutional investors appear to be becoming more optimistic about cryptocurrencies, particularly Bitcoin (BTC). A CoinShares report from 10th July reported inflows of $136 million into digital investment products in the past week. This brings the total inflows of three consecutive weeks to $470 million, suggesting a bullish outlook.
Large investors might be turning bullish on Bitcoin because they anticipate a huge influx of traditional finance money if the US Securities and Exchange Commission approves a Bitcoin exchange-traded fund (ETF). Bloomberg ETF analyst Eric Balchunas told Cointelegraph in an exclusive interview that an ETF approval could unlock $30 trillion worth of capital for Bitcoin.
Will the momentum of the positive triggers be bullish for Bitcoin and the major altcoins? Let’s take a look at the charts of the top 10 crypto sites, crypto solana, crypto dot com, polygon crypto today, dot crypto, bloomberg crypto, ai doge, crypto xrp and ada crypto today to find out.
Bitcoin price analysis
The bulls managed to prevent Bitcoin from slipping below the 20-day exponential moving average (EMA) of $30,012, despite the price turning down from the overhead resistance at $31,000 on July 10. This could be seen as a positive sign, as the 20-day EMA is sloping upwards and the relative strength index (RSI) is in the positive territory, suggesting that the path of least resistance is to the upside.
If buyers are able to push the BTC/USDT pair above $31,000 and maintain it there, it is likely to rally towards $32,400, where the bears are expected to mount a solid defense. If the bulls can hold their ground, the pair may surge to $40,000.
The bears are running out of time to make a comeback. To do so, they must quickly pull the price below $29,500, which could trigger a decline to the 50-day simple moving average (SMA) of $28,312.
Ether price analysis
Ether (ETH) recently attempted to break through the 50-day SMA ($1,843) on July 10, but the bulls managed to defend this crucial level.
The crypto dot com price then reversed and closed above the 20-day EMA ($1,874), indicating the bulls are trying to regain control. If buyers are successful in pushing the ETH/USDT pair above $1,906, the price could rally to the resistance at $2,000. However, the bears are likely to put up a fight at this level.
On the downside, the 50-day SMA is the key support to watch. If it breaks, the ai doge pair could correct deeper to $1,700.
BNB price analysis
The crypto dot com price action of the past few days has formed a symmetrical triangle in BNB (BNB). This suggests indecision between the bulls and the bears.
The symmetrical triangle usually behaves as a continuation pattern, but in some cases, it turns into a reversal setup. If buyers kick and maintain the price above the triangle, it will suggest a possible trend reversal. The BNB/USDT pair could rise to $265 and thereafter sprint to the polygon crypto today target of $293.
Contrarily, if the price turns down and slips below the 20-day EMA ($242), it will suggest that the pair may spend some more time inside the triangle. The bears will have to yank the price below the support line to seize control.
XRP price analysis
The bulls attempted to push XRP (XRP) above the 20-day EMA ($0.48) on July 10, yet the bears were successful in maintaining their position.
The bulls will need to overcome the obstacle at the 20-day EMA and then at the 50-day SMA ($0.49) to gain the advantage. If they can do this, the XRP/USDT pair could gain momentum and surge to $0.53 and eventually to $0.56.
On the other hand, if the price drops sharply from the current level, it could test the strong support at $0.45. This level has held on two previous occasions; thus, the bulls are expected to defend it vigorously. If the buyers fail to do so, the pair may plunge to $0.41.
Cardano price analysis
On July 11, bulls pushed Cardano (ADA) above the 20-day EMA ($0.29), suggesting that buying pressure is increasing.
The flat 20-day EMA and the RSI near the midpoint indicate an equilibrium between buyers and sellers. If the price breaks out above the 50-day SMA ($0.31), the ADA/USDT pair could start to rally towards $0.38.
Conversely, if the price turns down from the overhead resistance, it will reveal that the bears are still active. In this case, the pair could be stuck in a range between the 50-day SMA and the uptrend line. If the price falls below the uptrend line, the bears will gain the upper hand.
Dogecoin price analysis
Dogecoin (DOGE) is having difficulty moving above the 20-day EMA ($0.07), but the bulls have not given up yet. The flattening 20-day EMA and the RSI just below the midpoint indicate that the DOGE/USDT pair is likely to remain in a range between $0.06 and $0.07 for a while. If the bulls manage to push the price above the moving averages, they could attempt to break the resistance at $0.07. If successful, the pair could climb to $0.08.
On the other hand, the bears would gain the upper hand if they manage to sink and sustain the price below the critical support at $0.06. In such a case, the ai doge could fall to $0.05.
Solana price analysis
Solana (SOL) is encountering resistance at $22.30, however, a positive sign is that the bulls are not retreating much. This implies that the buyers anticipate the rally to continue.
The rising 20-day EMA ($19.73) and the RSI in the overbought region demonstrate that the bulls are in control. Breaking and closing above $22.50 could initiate the next wave of the uptrend. The SOL/USDT pair could then attempt to reach $27.12. There is a minor resistance at $24, however, it is likely to be surpassed.
The first support on the downside is at the 20-day EMA and then at the 50-day SMA ($18.55). Buyers are expected to strongly defend this area.
Litecoin price analysis
The long tail on Litecoin’s (LTC) July 10 candlestick indicates that the bulls aggressively bought the dip below the 20-day EMA ($95).
To initiate a sustained recovery, buyers must surpass the psychological level of $100. The LTC/USDT pair could then surge to $106 and potentially reach the overhead resistance at $115.
The key level to monitor on the downside is the 20-day EMA. If it fails to hold, the pair may drop to the 50-day SMA ($89). Such a move could slow the start of the next uptrend.
Polygon price analysis
On July 10, Polygon (MATIC) broke out of the overhead resistance of $0.73, forming a bullish ascending triangle pattern. The bulls have been able to keep the price above the breakout level, but the bears are putting up a strong resistance at higher levels. If the MATIC/USDT pair stays above $0.72, it could initiate a new uptrend that could take it up to the target of $0.94.
However, if the bears pull the price down below $0.72, it could lead to some traders getting trapped. The pair could then dip to the uptrend line, which is a key level to watch. If this support is breached, the pair could drop to $0.60.
Polkadot price analysis
On July 10, Polkadot (DOT) bounced off the moving averages, which showed a shift in sentiment from selling on rallies to buying on dips.
The bulls are aiming to drive the price to the overhead resistance of $5.64, whereas the bears are attempting to halt the recovery. The 20-day EMA ($5.11) is relatively flat, but the RSI above 52 suggests the bulls have a slight edge. If the price breaks and closes above $5.64, it will complete a bullish inverse head-and-shoulder pattern, indicating a potential trend reversal.
In order to prevent the up move, the bears must quickly push the DOT/USDT pair below $4.97. This could cause the price to drop to $4.74 and later to $4.50.
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