Pro-XRP lawyer John Deaton says U.S. District Judge Analisa Torres is aware of how important the outcome of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple is. Deaton, who represented XRP holders in the lawsuit, tells his 279,200 Twitter followers that the length of time Torres is taking to rule on the outcome […]
The post Pro-XRP Lawyer Says Judge in Ripple Lawsuit Aware of Massive Importance of SEC Lawsuit Ruling appeared first on The Daily Hodl.
Bitcoin continues to face strong resistance at $31,000 but supportive macroeconomic factors could tilt the advantage in favor of the bulls.
Bitcoin (BTC) bulls are again having a go at the overhead resistance of $31,000. The bullish sentiment may get a boost from the United States inflation report, which showed signs of slowing down. Economists were expecting the year-on-year consumer price index to rise 3.1% but the June print came in at 3%.
The month-on-month increase of 0.2% was also less than forecast. This suggests that the Federal Reserve’s rate hikes are having the desired effect. That may limit future rate hikes by the Fed.
Supported by macroeconomic conditions, institutional investors seem to be turning positive on cryptocurrencies, especially Bitcoin. CoinShares report published on July 10 showed inflows of $136 million into digital investment products in the past week. That brings the total inflows of three consecutive weeks to $470 million, indicating a positive outlook.
Large investors could be turning positive on Bitcoin because they anticipate a huge inflow of traditional finance money if the U.S. Securities and Exchange Commission approves a spot Bitcoin exchange-traded fund. Bloomberg ETF analyst Eric Balchunas said in an exclusive interview with Cointelegraph that an ETF approval would unlock $30 trillion worth of capital for Bitcoin.
Could the tailwind of the positive triggers prove bullish for Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned down from the overhead resistance at $31,000 on July 10 but a positive sign is that the bulls did not allow the price to dip below the 20-day exponential moving average ($30,012).
The upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If buyers drive and sustain the price above $31,000, the BTC/USDT pair is likely to start the next leg of the uptrend.
The pair could ascend to $32,400 where the bears are expected to again mount a strong defense. If bulls do not allow the price to fall below the 20-day EMA, the pair is likely to soar toward $40,000.
Time is running out for the bears. If they want to make a comeback, they will have to quickly pull the price below $29,500. That could start a decline to the 50-day simple moving average ($28,312).
Ether (ETH) once again bounced off the 50-day SMA ($1,843) on July 10, indicating that the bulls are fiercely guarding this level.
The price turned up and closed above the 20-day EMA ($,1874), indicating that the bulls are trying to make a comeback. If buyers drive the price above $1,906, the ETH/USDT pair could attempt a rally to the overhead resistance at $2,000. This level is likely to witness strong selling by the bears.
The crucial support to watch on the downside is the 50-day SMA. If this level gives way, it could pave the way for a deeper correction to $1,700.
The 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 pattern 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.
The bulls tried to thrust XRP (XRP) above the 20-day EMA ($0.48) on July 10 but the bears held their ground.
The bulls will have to cross the roadblock at the 20-day EMA and then at the 50-day SMA ($0.49) to gain the upper hand. If they do that, the XRP/USDT pair could pick up momentum and surge to $0.53 and eventually to $0.56.
On the contrary, if the price turns down sharply from the current level, it could retest the strong support at $0.45. This level has held on two previous occasions, hence the bulls are expected to defend it aggressively. If the buyers fail in their endeavor, the pair may collapse to $0.41.
Cardano (ADA) rose above the 20-day EMA ($0.29) on July 11, indicating that the bulls are buying at lower levels.
The flat 20-day EMA and the RSI near the midpoint indicate a balance between supply and demand. This advantage will tilt in favor of the buyers if they shove the price above the 50-day SMA ($0.31). The ADA/USDT pair could then start a rally to $0.38.
Alternatively, if the price turns down from the overhead resistance, it will suggest that the bears have not given up yet. The pair could then oscillate between the 50-day SMA and the uptrend line for some time. A slide below the uptrend line will give the edge to the bears in the near term.
Dogecoin (DOGE) is struggling to rise above the 20-day EMA ($0.07) but a positive sign is that the bulls have not ceded ground to the bears.
The flattening 20-day EMA and the RSI just below the midpoint suggest a range-bound action between $0.07 and $0.06 for some time. If bulls propel the price above the moving averages, the bulls will try to overcome the obstacle at $0.07. If they can pull it off, the DOGE/USDT pair may climb to $0.08.
The bears will gain the upper hand if they sink and sustain the price below the crucial support at $0.06. The pair may then tumble to $0.05.
Solana (SOL) is facing resistance at $22.30 but a positive sign is that the bulls have not given up much ground. This suggests that the buyers expect the rally to continue.
The upsloping 20-day EMA ($19.73) and the RSI in the overbought territory indicate that the bulls are in command. A break and close above $22.50 could start the next leg of the up-move. The SOL/USDT pair could then attempt a rally to $27.12. There is a minor resistance at $24 but it is likely to be crossed.
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 defend this zone with vigor.
Related: Bitcoin’s pre-halving rally may start soon — Here’s why
The long tail on Litecoin’s (LTC) July 10 candlestick shows that the bulls aggressively purchased the dip below the 20-day EMA ($95).
Buyers will have to overcome the barrier at the psychological level of $100 to signal the start of a sustained recovery. The LTC/USDT pair could then advance to $106 and subsequently strive to reach the overhead resistance at $115.
The important level to watch on the downside is the 20-day EMA. If this level fails to hold, the pair may descend to the 50-day SMA ($89). Such a move could delay the start of the next leg of the up-move.
Polygon (MATIC) soared above the overhead resistance of $0.73 on July 10, completing a bullish ascending triangle pattern.
The bulls have maintained the price above the breakout level but they are facing stiff resistance from the bears at higher levels. If bulls sustain the price above $0.72, the MATIC/USDT pair could start a new uptrend to the pattern target of $0.94.
Conversely, if bears yank the price below $0.72, it may trap some aggressive bulls. The pair could then fall to the uptrend line, which is an important level to keep an eye on. If this support cracks, the pair could start a downward move to $0.60.
Polkadot (DOT) bounced off the moving averages on July 10, indicating a change in sentiment from selling on rallies to buying on dips.
The bulls will try to push the price to the overhead resistance of $5.64 while the bears will attempt to halt the recovery. The 20-day EMA ($5.11) is flattish but the RSI above 52 shows that the bulls have a slight edge. A break and close above $5.64 will complete a bullish inverse head and shoulder pattern, signaling a potential trend reversal.
If bears want to prevent the up-move, they will have to quickly yank the price below $4.97. The DOT/USDT pair may then drop to $4.74 and later to $4.50.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Crypto analytics platform Messari says Ripple is working with governments across the globe to explore central bank digital currencies (CBDCs) built atop the XRP Ledger (XRPL) blockchain. According to Messari, Ripple is collaborating with over a dozen countries on CBDCs that will run on the XRPL blockchain. The XRP Ledger uses XRP as the native […]
The post XRPL at the Forefront of CBDC Explorations by Governments, Says Analytics Firm Messari appeared first on The Daily Hodl.
The weakness in the U.S. Dollar Index bodes well for Bitcoin and altcoins in the near term.
Bitcoin has been struggling to rise and sustain above the $31,000 level for the past few days, but Standard Chartered has painted a bullish picture for this year and the next. In a report, the bank said that Bitcoin (BTC) could reach $50,000 this year and stretch the rally to $120,000 by the end of next year.
Large investors seem to be taking a bullish stance and are making the most of the stagnant Bitcoin prices. Behavioral analytics platform Santiment shows that sharks and whales, entities holding between 10 and 10,000 Bitcoin, have increased their hoarding by 71,000 Bitcoin since mid-June.
While the long term looks bullish, macroeconomic indicators hold the key in the short term. The United States equities market is likely to be influenced by second-quarter earnings and the inflation data due to be released on July 12. That is likely to set the stage for a risk-on or a risk-off sentiment.
Could the S&P 500 Index (SPX) resume its rally over the next few days? Will Bitcoin and altcoins follow the equities markets higher? Let’s analyze the charts to find out.
The bulls are trying to protect the 20-day exponential moving average (EMA) of 4,373, but the long wick on the July 7 candlestick shows that bears are active at higher levels.
The relative strength index (RSI) has started to form a negative divergence, indicating that the bullish momentum may be weakening. That could result in a minor correction or consolidation for a few days.
If the 20-day EMA crumbles, the index may decline to 4,325. This is an important level for the bulls to defend because a break below it may sink the index to the 50-day simple moving average (SMA) of 4,257.
This bearish view will be negated if the price turns up from the current level and soars above 4,457. That will signal the resumption of the uptrend. The index could next rally to 4,650.
The U.S. Dollar Index (DXY) skidded back below the moving averages on July 7, which suggests that the bears have kept up the pressure.
The index could next slump to the support at 101.92. Buyers are expected to defend this level with vigor because a break below it may challenge the vital support at 100.82.
This is an important level to keep an eye on, but if it breaks down, the index will complete a descending triangle pattern. That could signal the resumption of the next leg of the downtrend.
Conversely, if the price rebounds off 101.92, the bulls will again try to overcome the barrier at 103.57. If they can pull it off, the index may climb to the downtrend line. A break and close above this level will invalidate the bearish setup, signaling that the bulls are on a comeback.
Bitcoin bounced off the 20-day EMA ($29,886) on July 7 but returned to retest the level on July 10. The retest of a support level within a short period of time tends to weaken it.
If bulls want to prevent a fall, they will have to propel the price to the overhead resistance zone between $31,000 and $31,500. This zone is likely to attract strong selling, but if bulls overcome this obstacle, the BTC/USDT pair may rally to the next major resistance at $40,000.
Contrarily, if the price turns down and plunges below the 20-day EMA, it may tempt several short-term bulls to book profits. The pair could then descend to the 50-day SMA ($28,170). Such a deep correction will suggest that the pair may remain stuck between $24,800 and $31,500 for a while longer.
The bulls are trying to guard the 50-day SMA ($1,841), but they are struggling to propel Ether (ETH) above the 20-day EMA ($1,871). This suggests that the bears are not willing to give up their advantage.
Both moving averages have flattened out and the RSI is near the midpoint, signaling a balance between supply and demand. If buyers kick the price above the 20-day EMA, the ETH/USDT pair may climb to the overhead resistance at $2,000.
Alternatively, if the price tumbles below the 50-day SMA, the bears will try to yank the price to $1,700. This level may act as support, but if it gives way, the pair could extend its slide to the vital support at $1,626.
The bulls successfully held the support at $230 and pushed BNB (BNB) above the 20-day EMA ($241) on July 10. This indicates solid buying at lower levels.
If bulls sustain the price above the 20-day EMA, it will suggest that the selling pressure is reducing. The BNB/USDT pair may then attempt a rally to the overhead resistance zone between $257 and $265. The bears are expected to fiercely defend the zone.
If the price turns down from the overhead resistance, it will suggest that the pair may continue to oscillate between $220 and $265 for a while longer. The bears will have to sink and sustain the price below $220 to indicate the start of the next leg of the downtrend.
XRP (XRP) remains pinned below the 20-day EMA ($0.48), indicating that the bears are selling on every recovery attempt.
The 20-day EMA is sloping down and the RSI is in negative territory, indicating that bears have the upper hand. Sellers will attempt to strengthen their position by pulling the price below the $0.45 support. If they succeed, the XRP/USDT pair may deepen the correction to the next support at $0.41.
If bulls want to prevent the slide, they will have to quickly thrust and sustain the price above the moving averages. That could open the doors for a possible relief rally to $0.53 and then to $0.58.
Buyers pushed Cardano (ADA) above the 20-day EMA ($0.29) on July 8, but they could not sustain the higher levels. The bears pulled the price back below the 20-day EMA on July 9.
The bulls will have to protect the uptrend line if they want to keep the bullish ascending triangle pattern intact. If the price rebounds off this level, the bulls will again try to drive the ADA/USDT pair above the $0.30 resistance. If they manage to do that, the pair may start a new up move toward $0.35 and then $0.39.
Instead, if the price slips below the uptrend line, it will invalidate the bullish pattern and sink the pair to $0.26. That will indicate a consolidation between $0.24 and $0.30 for some more time.
Related: Gaming gear maker Razer hacked, user data, encryption keys for sale online: Report
Buyers are finding it difficult to propel Dogecoin (DOGE) above the 20-day EMA ($0.07), indicating that the bears are defending the level with vigor.
The bears will try to sink the price to the strong support at $0.06. This level is likely to attract buyers. If the price rebounds off this level with strength, it will signal that the DOGE/USDT pair may extend its range-bound action between $0.06 and $0.07 for a few more days.
The next trending move is expected to begin after buyers drive the price above $0.07 or bears sink the pair below $0.06. Until then, random and volatile price action is likely to continue.
Solana (SOL) turned down from the immediate resistance at $22, indicating that bears continue to sell on minor rallies.
The SOL/USDT pair could correct to the 20-day EMA ($19.15), which is an important support level to keep an eye on. If the price rebounds off this level, the bulls will again try to clear the overhead hurdle at $22. If they can pull it off, the pair will complete a bullish head-and-shoulders pattern. The pair could then start a rally toward $27.12.
On the contrary, if the price continues lower and plummets below the 50-day SMA ($18.44), several aggressive bulls may get trapped. That could result in long liquidation, pulling the pair near $15.28.
Buyers tried to arrest Litecoin’s (LTC) correction at the 20-day EMA ($95), but the bears had other plans. Sellers pulled the price below the 20-day EMA on July 10.
The bulls are trying to push the price back above the 20-day EMA, as seen from the long tail on the day’s candlestick. If they do that, the LTC/USDT pair may rise to the psychological level of $100. A break above this resistance could start a stronger recovery toward $106 and then $115.
Conversely, if the price turns down from the current level, it will suggest that the bears are not willing to let go of their advantage. The pair may then descend to the 50-day SMA ($89) and subsequently to $81.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
The Bank of America (BofA) says that Ripple is an example of a company that is making an impact with blockchain and its use case for cross-border payments. In a recent report, BofA analysts say Ripple is an exception to blockchain’s relatively modest effect on international payments systems, particularly in the Asia Pacific (APAC) region. […]
The post Bank of America Says Ripple Making Waves in Cross-Border Payments With Blockchain appeared first on The Daily Hodl.
This innovative pilot program aims to enable users to tokenize real estate assets and utilize them as collateral for loans, leveraging Ripple’s CBDC platform.
Digital payments and blockchain technology company Ripple Labs has announced an initiative to transform the real estate industry using tokenization.
Antony Welfare, central bank digital currency (CBDC) adviser at Ripple, highlighted the growing global interest in CBDCs and stablecoins in a July 7 tweet. He emphasized that Ripple’s team is actively exploring practical applications for CBDCs and stablecoins, focusing on tokenizing real estate assets.
During a fintech conference in Romania, Welfare presented a use case that combines the digital Hong Kong dollar (e-HKD), tokenized real estate and finance lending protocols. This innovative pilot program aims to enable users to tokenize real estate assets and utilize them as collateral for loans, leveraging Ripple’s CBDC platform.
In its exploration of real estate asset tokenization, and using blockchain and digital currencies, Ripple is looking to tackle current obstacles in the real estate sector.
#CBDCs are gaining traction globally and @Ripple CBDC team are focussing in on Real world use cases for a CBDC or #stablecoin. Last week I shared two real use cases at a CEE Fintech conference in Romania:#Tokenization is the Future of Real Estate
— Antony Welfare (@AntonyWelfare) July 7, 2023
· The pilot combines the… pic.twitter.com/OMe1ieq8d1
Despite the need to overcome specific challenges, successful initiatives in real estate tokenization hold significant implications, such as improved liquidity, broader market reach and simplified transactions.
Tokenization has emerged as a fascinating concept capturing substantial interest and attention across various sectors. This innovative approach entails transforming tangible assets like real estate, artwork and intellectual property into digital tokens securely stored on the blockchain.
These tokens represent ownership or stakes in the underlying asset, enabling buying, selling and trading on decentralized platforms. The increasing fascination with tokenization arises from its capacity to revolutionize conventional asset ownership and investment models.
Related: Ripple gets in-principle nod for digital asset services in Singapore
Through blockchain technology, tokenization amplifies liquidity, accessibility, efficiency, transparency and security. As more industries and investors grasp the advantages and potential of tokenization, it is poised to gather further momentum as a prominent trend in the financial and asset management arenas.
However, the adoption and implementation of tokenization may face regulatory challenges and require compliance with local laws. Besides the regulatory considerations, security concerns over tokenized assets also need to be alleviated as the industry evolves.
Magazine: Asia Express: Ripple, Visa join HK CBDC pilot, Huobi accusations, GameFi token up 300%
Bitcoin and select altcoins are finding buyers at lower levels, indicating a pick-up in positive sentiment.
Bitcoin is still struggling to stay above $31,000.
While a tight consolidation near the overhead resistance is a positive sign, the failure to rise above it may result in short-term liquidations. However, a shallow pullback should not be considered a trend change because, many times, the bulls take a step back to regroup and launch another attack at the resistance. If the barrier is overcome, the positive momentum picks up.
Binance CEO Changpeng “CZ” Zhao said in an “ask me anything” session on Twitter that Bitcoin (BTC) could witness a bull year after its halving in 2024. CZ added that BlackRock’s foray into cryptocurrencies will be “hugely beneficial” for the industry.
BlackRock CEO Larry Fink made positive comments about Bitcoin while speaking in an interview with Fox Business on July 5. Fink said that Bitcoin was an “international asset not based on any one currency,” and investors could use it as a hedge against inflation or currency devaluation.
Could positive comments from Fink act as a floor during pullbacks? What are the important overhead resistance levels in Bitcoin and altcoins that need to be crossed to signal the start of a short-term up move? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin once again rose above $31,000 on July 6, but the rally was met with strong selling pressure from the bears. That pulled the price down to the 20-day exponential moving average (EMA) at $29,763.
A positive sign in favor of the bulls is that the BTC/USDT pair has rebounded off the 20-day EMA. This suggests a positive sentiment where traders are viewing minor dips as a buying opportunity. That enhances the prospects of a rally above the $31,000 to $31,500 resistance zone.
If that happens, the pair could start an upward march to $40,000. The bears will attempt to stall the up move at $32,400, but the buyers are expected to bulldoze their way through.
Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that bears have the upper hand. The pair may then dump to the 50-day simple moving average (SMA) of $27,971.
The long wick on Ether’s (ETH) July 6 candlestick shows that the bears are aggressively guarding the psychological resistance at $2,000.
Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. If bears sink the price below the 50-day SMA ($1,837), the short-term advantage will tilt in favor of the bears. The ETH/USDT pair could then descend toward $1,626.
On the contrary, if the price turns up from the current level and maintains above the 20-day EMA ($1,872), it will suggest strong buying at the 50-day SMA. The bulls will then again try to push the price above $2,000.
BNB (BNB) has been consolidating between $257 and $220 for the past few days. This suggests that the bears are using the relief rallies to sell while the bulls are buying the dips.
The downsloping 20-day EMA ($242) and the RSI in the negative territory indicate that bears have an edge. Sellers will try to drag the price to the crucial support at $220. The bulls are expected to defend this level with vigor.
On the upside, the bulls will have to propel the price above $257 to suggest the start of a sustained recovery. The $265 level may act as a barrier, but it is likely to be crossed. The pair may then surge to $280.
XRP (XRP) has been trading between the 20-day EMA ($0.48) and the horizontal support at $0.45 for the past few days. This shows that the bears are selling on rallies, but supply is being lapped up at lower levels.
This tight-range trading is unlikely to continue for long and may result in a breakout. If the support at $0.45 gives way, the bears will try to build upon this advantage and tug the price to the next strong support at $0.41.
Alternatively, if the price turns up from the current level, the bulls will try to overcome the obstacle at the moving averages. If they manage to do that, the XRP/USDT pair could start its march toward $0.56.
Cardano (ADA) has been trading between $0.30 and $0.24 for the past few days. Generally, inside a range, traders buy near the support and sell close to the resistance.
Traders did just that in the ADA/USDT pair and sold at $0.30. The bulls are attempting to arrest the decline at the uptrend line. If the price turns up from the current level or the uptrend line, the bulls will once again endeavor to clear the overhead hurdle at $0.30.
If they succeed, the pair may start an up move to $0.38. The 50-day SMA ($0.31) may act as a barrier, but it is likely to be crossed.
Contrarily, a break below the uptrend line could open the doors for a potential drop to the support at $0.25.
The failure to propel Dogecoin (DOGE) above the overhead resistance of $0.07 on July 4 may have attracted profit-booking from the short-term bulls.
That pulled the price below the moving averages, signaling that the DOGE/USDT pair could remain stuck inside the $0.07 to $0.06 range for a few more days. The flattish 20-day EMA ($0.07) and the RSI just below the midpoint also suggest a range-bound action.
The bulls will have to push and sustain the price above the overhead resistance of $0.07 to seize control. That could pave the way for a rally to $0.08 and then to $0.10. On the downside, a break below $0.06 could resume the down move. The pair may then slump to $0.05.
Solana (SOL) bounced off the 50-day SMA ($18.34) on July 5, indicating that every minor dip is being purchased. The bulls have pushed the price above the downtrend line, indicating that the short-term corrective phase may be ending.
The moving averages are about to complete a bullish crossover, and the RSI is near the overbought territory. This shows that the bulls are in command. If buyers sustain the price above the downtrend line, the SOL/USDT pair may climb to $24. Such a move will indicate that the pair is range-bound between $15.28 and $27.12.
If bears want to gain the upper hand, they will have to yank the price below the moving averages. That may catch the aggressive bulls off guard, resulting in a drop to the strong support zone between $16.18 and $15.28.
Related: AI has potential to send Bitcoin price over $750K — Arthur Hayes
The bulls tried to push Litecoin (LTC) above the overhead resistance of $106 on July 5 and 6, but the long wick on the candlesticks shows that the bears fiercely defended the level.
The LTC/USDT pair plunged to the 20-day EMA ($94), which is an important support level to watch out for. If the price bounces off the current level, the bulls will make one more attempt to clear the overhead hurdle at $106.
However, the bears are likely to have other plans. They will try to sell the rallies and sink the pair below the 20-day EMA. If they do that, the selling may intensify and the pair may further slide to the 50-day SMA ($89).
Polygon (MATIC) slipped and closed below the 20-day EMA ($0.67) on July 6, suggesting that the bears are active at higher levels.
The bears will try to trap the aggressive bulls by pulling the price below the uptrend line. If they manage to do that, the ascending triangle pattern will invalidate. That could trigger the stops of several short-term bulls. The MATIC/USDT pair may then slide to $0.60 and subsequently to $0.55.
Contrary to this assumption, if the price rebounds off the uptrend line, the bulls will again try to resume the up move. A break and close above the 50-day SMA ($0.74) could start the journey toward the pattern target of $0.88.
The long wick on Polkadot’s (DOT) July 6 candlestick shows that the bears are selling on intraday rallies. The price plunged below the moving averages, but the bulls are trying to arrest the decline.
Both moving averages have flattened out, and the RSI is near the midpoint. This indicates a balance between supply and demand. The DOT/USDT pair 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. That will indicate solid demand at lower levels. The bulls will then again try to push the pair to $5.64. On the downside, a break below $4.74 could tilt the advantage in favor of the bears.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
The bulls are trying to nudge Bitcoin above the critical resistance of $31,000, which may start a broad-based crypto rally.
The United States equity markets have witnessed a solid year so far. The Nasdaq Composite has soared 31.7%, its best first-half performance since 1983. Similarly, the S&P 500 Index’s (SPX) 15.9% gain is its best first half since 2019. This suggests that risky assets remain in demand.
In the cryptocurrency markets, Bitcoin (BTC) has led the recovery from the front, rising 20% in Q2 2023. An encouraging sign is that the rise has not tempted the Bitcoin hodlers to book profits. Glassnode’s Illiquid Supply Change metric is near cycle highs, indicating hodler conviction.
Usually, the leader is the first to emerge from a bear market. If the rally sustains, the sentiment among the traders improves and they start looking at other buying opportunities. After Bitcoin’s rally, the altcoins have started to show signs of life. If the trend continues, several altcoins may rally over the next few weeks.
Will the U.S. equities markets continue their march higher? Could Bitcoin and the major altcoins continue their recovery? Let’s analyze the charts to find out.
The S&P 500 Index bounced off the breakout level of 4,325 on June 26, indicating that the bulls have flipped the level into support.
Buyers continued their purchases at higher levels which pushed the index above the immediate resistance at 4,448. This indicates the resumption of the uptrend. The bears are likely to pose a strong challenge at 4,500 but the likelihood of this level holding is low. If the index rises above this resistance, the rally could reach 4,650.
If bulls want to prevent the up-move, they will have to quickly yank the price below 4,325. If they do that, the selling could pick up momentum and the index may plummet to 4,200.
The bulls pushed the U.S. dollar index (DXY) above the 20-day exponential moving average (103) on June 28, indicating strength.
The bears tried to pull the price back below the moving averages on June 30 but the bulls did not relent. This suggests that lower levels are attracting buyers. The bulls will then try to push the price to the downtrend line.
Contrary to this assumption, if the price turns down and breaks below the moving averages, it will suggest that bears are selling on minor rallies. That could pull the price down to the immediate support at 102.
The long tail on Bitcoin’s July 2 candlestick shows that the bulls are buying the intraday dips. The buyers will try to strengthen their position by driving and sustaining the price above the overhead resistance at $31,000.
If they manage to do that, the BTC/USDT pair could pick up momentum and start its northward march toward $40,000. The $32,400 level may act as a minor roadblock but it is likely to be crossed.
The rising 20-day EMA ($29,446) and the relative strength index (RSI) near the overbought zone indicate advantage to buyers. Sellers will have to sink the price below the 20-day EMA to gain the upper hand in the near term. The pair may then drop to the 50-day simple moving average ($27,704).
The bears tried to tug Ether (ETH) toward the 20-day EMA ($1,866) on July 2 but the long tail on the candlestick shows that the bulls are buying on minor dips.
The 20-day EMA has turned up and the RSI is above 62, indicating that the bulls have the edge. There is a minor resistance at $2,000 but that is likely to be crossed. The ETH/USDT pair could then rally to the overhead resistance zone between $2,142 and $2,200. Sellers are expected to guard this zone with vigor.
This positive view will invalidate in the near term if the price turns down from $2,000 and slumps below the moving averages. The pair may then continue its range-bound action between $1,626 and $2,000 for some more time.
BNB (BNB) rose above the 20-day EMA ($245) on July 1, indicating that the selling pressure is reducing.
The 20-day EMA has flattened out and the RSI has climbed near the midpoint, indicating that the BNB/USDT pair may consolidate between $220 and $265 for a few more days. If the price sustains above the 20-day EMA, the pair may climb to the overhead resistance at $265. The bears are expected to fiercely guard this level.
Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that every recovery attempt is being sold. The pair may then tumble to the strong support at $220.
The bulls are trying to propel XRP (XRP) above the 20-day EMA ($0.48) but the bears are aggressively defending the level.
If buyers do not allow the price to slip much below the current level, it will increase the likelihood of a break above the 20-day EMA. The XRP/USDT pair may then start its northward march toward $0.53 and then $0.58.
Conversely, if the price turns down sharply from the current level, it will suggest solid selling near the 20-day EMA. The bears will have to sink the price below $0.44 to gain the upper hand. The pair may then tumble to $0.41.
The bears successfully defended the $0.30 resistance on June 30 but they could not sustain Cardano (ADA) below the 20-day EMA ($0.29). This suggests that every minor dip is being purchased.
The 20-day EMA has flattened out and the RSI is near the midpoint, indicating that the bears may be losing their grip. Buyers will try to strengthen their position by kicking the price above $0.30. If they can pull it off, it will signal the start of a strong relief rally. The 50-day SMA ($0.32) may act as a barrier but it is likely to be overcome.
This positive view will invalidate in the near term if the price turns down sharply from the current level. That could keep the pair inside the $0.30 to $0.24 range for some more time.
Related: Bitcoin traders torn between breakout and $28K dip as BTC price stalls
Dogecoin (DOGE) surged above the overhead resistance at $0.07 on July 1 but the long wick on the candlestick shows selling at higher levels.
The failure to sustain the price above the overhead resistance indicates that the DOGE/USDT pair remains stuck inside the range between $0.06 and $0.07. Buyers will have to push and sustain the price above $0.07 to signal the start of a sustained recovery. The pair may then rally to $0.08.
On the downside, the $0.06 level remains the key support to watch out for. A break and close below this level could open the doors for a further decline to $0.05.
Solana (SOL) has been trading between the 20-day EMA ($17.61) and the downtrend line for the past three days. This suggests that the bears are selling near the downtrend line and the bulls are buying the dips.
The 20-day EMA has started to slope up and the RSI has risen into the positive territory, indicating that bulls are in the driver’s seat. That increases the possibility of a break above the downtrend line. If that happens, the SOL/USDT pair could rally to $22 and thereafter to $24.
If the price turns down sharply from the current level and breaks below the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. That could sink the pair to the $16.18 to $15.28 support zone.
Litecoin (LTC) broke above the overhead resistance at $106 on June 30 and the bulls have managed to sustain the price above this level.
However, the bears have not given up and they are trying to stall the up-move at the next resistance at $115. If bulls sustain the price above $106, it will enhance the prospects of the continuation of the uptrend. The LTC/USDT pair may then soar to the overhead zone between $134 and $144.
The first support on the downside is $106. If this level gives way, it will indicate that the short-term bulls may be booking profits. That could drag the price down to the 20-day EMA ($93).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
XRP is printing a stagnant price performance as a major bank reportedly reevaluates its partnership with a company Ripple purchased earlier this year for $250 million. According to a new report by Bloomberg, anonymous sources familiar with the matter say that financial services titan Citigroup is reconsidering its partnership with Swiss fintech company Metaco. It […]
The post XRP Stalls As Citigroup Reconsiders Partnership With Company Ripple Bought for $250,000,000: Report appeared first on The Daily Hodl.
The rejection of ETF applications by the SEC caused a knee-jerk reaction but the shallow fall in Bitcoin and several altcoins suggests that lower levels are attracting buyers.
Bitcoin (BTC) witnessed a volatile trading session on the last day of the quarter. The bulls were trying to maintain Bitcoin’s price above $31,000 but they received a jolt on a Wall Street Journal report which stated that the United States Securities and Exchange Commission (SEC) had returned applications for the Bitcoin spot-price exchange-traded fund (ETF).
Although there was a knee-jerk reaction to the news, the downside was limited because it turned out that the ETF applications were returned due to a technical issue. The regulators said the asset managers could refile after providing the necessary clarifications.
Bitcoin’s failure to cross above $31,000 seems to be making the short-term speculators jittery. A Glassnode research report released on June 28 shows that short-term holders (STHs), entities holding coins for 155 days or less, have sent more than 35,000 coins to the exchanges.
Any adverse news is likely to witness a negative reaction from SThs. What are the important support and resistance levels that need to be watched on Bitcoin and altcoins in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin continues its tight consolidation near the overhead resistance at $31,000. This shows that the bears are trying their level best to stall the up-move but the bulls have kept up the pressure.
Generally, a tight consolidation near an overhead resistance resolves to the upside. The upsloping 20-day exponential moving average ($28,982) and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside.
If buyers sustain the price above $31,000, the BTC/USDT pair could pick up momentum and start the next leg of its uptrend. There is a minor resistance at $32,400 but it is likely to be scaled. The pair could then dash toward $40,000.
This positive view will invalidate in the near term if the price turns down and plummets below the 20-day EMA. The pair may then swing inside the large range between $31,000 and $24,800 for a few more days.
Ether (ETH) bounced off the moving averages on June 29, indicating that the lower levels are attracting buyers.
The bulls will try to propel the price above the overhead resistance at $1,937. If they manage to do that, the ETH/USDT pair may rise to the psychological level of $2,000. This level may again act as a minor barrier but it is likely to be crossed. The pair may then rally to $2,142.
Instead, if the price turns down sharply from 1,937, it will suggest that bears are not willing to surrender. That will increase the likelihood of a drop below the moving averages. The pair may then slump to $1,700 and next to $1,600.
BNB (BNB) slipped below the support at $230 on June 28 but the long tail on the candlestick shows that the bulls aggressively purchased the dip.
The 20-day EMA ($245) remains the key level for the bulls to cross. If they kick the price above it, the BNB/USDT pair could fly toward the overhead resistance zone between $257 and $265. Sellers are expected to mount a strong defense in this zone.
Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the pair below $220 and start the next leg of the downtrend.
XRP (XRP) fell close to the first support at $0.44 on June 28 and June 30 but the long tail on the candlesticks shows strong buying at lower levels.
The $0.44 support is an important level to watch out for in the near term. If this level breaks down, the selling could pick up and the XRP/USDT pair may tumble to $0.41. This level may again attract strong buying by the bulls.
The 20-day EMA ($0.48) remains the key resistance for the bulls to scale. If buyers overcome this obstacle, it will enhance the prospects of a rally to the strong overhead resistance zone between $0.53 and $0.56.
Cardano (ADA) has been range-bound between $0.24 and $0.30 for the past few days. The long wick on the June 30 candlestick shows that the bears are fiercely defending the $0.30 level.
The failure to sustain the price above the 20-day EMA ($0.28) could keep the ADA/USDT pair stuck inside the range for some more time.
A close above the 20-day EMA will be the first indication that the bears may be losing their grip. Buyers will then try to strengthen their position further by driving the price above the crucial overhead resistance at $0.30. If they do that, the pair may surge toward the 50-day SMA ($0.32).
Dogecoin (DOGE) turned up from the support at $0.06 on June 28, indicating that the bulls continue to defend the level with vigor.
The flattish 20-day EMA ($0.07) and the RSI just below the midpoint suggest a range-bound action in the near term. The price may swing between $0.06 and $0.07 for a while longer. This neutral view will tilt in favor of the buyers if they thrust and sustain the price above the overhead resistance at $0.07. The DOGE/USDT pair may then climb to $0.08.
Alternatively, the bears will have to sink and sustain the price below the strong support of $0.06 to gain the upper hand. The pair may then fall to the vital support at $0.05.
Solana (SOL) broke below the $16.18 support on June 28 but this proved to be a bear trap. The price turned up sharply on June 29 and skyrocketed above the 20-day EMA ($17.07) as the bears may have rushed to cover their short positions.
The buying continued on June 30 and the bulls are trying to drive the price above the breakdown level of $18.70. If they can pull it off, the SOL/USDT pair may shoot up to $22 and subsequently to $24.
If bears want to prevent the upside, they will have to stop the relief rally at $18.70 and pull the price back below the 20-day EMA. The pair could then retest the crucial support zone between $16.18 and $15.28.
Related: Why approving a Bitcoin ETF might unleash $18B in sell-pressure
Litecoin (LTC) plummeted below the moving averages on June 28 but the bears could not build upon this advantage.
The bulls purchased the dip on June 29 and pushed the price back above the moving averages on June 30. This attracted aggressive buying by the bulls who drove the price above the downtrend line of the descending channel pattern. The price reached the crucial resistance at $106 but the bulls could not overcome this barrier.
This is an important level for the bears to defend because if this resistance crumbles, the LTC/USDT pair may jump to $135. The major support is at the downtrend line of the channel.
Polygon (MATIC) is attempting to form a bullish ascending triangle pattern, which will complete on a break and close above $0.69.
The bulls tried to push the price above the 20-day EMA ($0.66) on June 30 but the long wick on the candlestick shows aggressive selling at higher levels. If the price dips below the uptrend line, the MATIC/USDT pair may slide toward $0.55.
Alternatively, if the price rises from the current level, it will signal strong buying near the uptrend line. A break and close above $0.69 could open the doors for a potential rally to the 50-day SMA and subsequently to $1.
The bears tried to sink Polkadot (DOT) below the 20-day EMA ($4.93) on June 28 and June 30 but the bulls held their ground. This suggests that dips are being bought.
The bulls are attempting to clear and sustain the overhead hurdle at $5.15. If they succeed, the DOT/USDT pair rise to $5.56. This level may attract strong selling by the bears but on the way down, if bulls do not allow the price to slip below $5.15, the possibility of a rally to the downtrend line increases.
The 20-day EMA remains the key level to watch out for because a break below it may open the doors for a collapse to the pivotal support at $4.22.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
