Price analysis 7/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

The U.S. Consumer Price Index rose to 9.1% in June. This was higher than the 8.8% increase expected year-on-year. The Fed funds futures currently point to an 81-basis points rate hike in July. Some participants expect a 100-basis points increase.

Many on-chain indicators point to Bitcoin’s (BTC) bottom, but analysts at market intelligence firm Glassnode doubt that this has happened. The analysts stated that the market might have to drop further to test investor resolve and allow the market to find a resilient bottom in “The Week On-Chain”, July 11.

Everyday cryptocurrency market performance. Source: Coin360

Although the short-term outlook remains bearish, strategists remain optimistic about Bitcoin’s long-term prospects. Meltem Demirors, chief strategy officer at CoinShares, stated on CNBC that Bitcoin could continue its “downward correction” but will likely make a new record high in the “next 24 months.”

What are the key levels of Bitcoin and other altcoins to stop the decline? Let’s look at the charts of the top-10 cryptocurrency coins to discover more.

BTC/USDT

Bitcoin fell back to the support level of the symmetrical triangular triangle on July 12, suggesting that the July 7 break above the triangle may have been a bull trade.

Daily chart of BTC/USDT Source: TradingView

Although the buyers want to defend the level, the long wick of the July 13 candlestick indicates that bears are selling at or near the 20-day exponentialmoving average (EMA) ($20.796). Both moving averages are falling and the relative strength indicator (RSI), is in the negative zone. This indicates that bears have control.

The BTC/USDT pair may drop to $18,626 to $17.622 support zone if the price falls below the support line. This is an important area for bulls to protect as if it falls, the pair could fall to $15,000.

A break above the 20-day EMA will signal strength. This will indicate strong buying at lower levels. This could lead to a rally towards the SMA ($24,084).

ETH/USDT

On July 12, Ether (ETH), broke below the support level of the ascending triangular pattern, which invalidated the bullish setup. The bulls are trying push the price back to the triangle, which is a minor plus.

Daily chart of ETH/USDT Source: TradingView

If they do, it could indicate that the break below triangle was a bear trap. The bulls will attempt to push the price above $1,280 overhead resistance. The chances of a new up-move could be enhanced if the price breaks and closes above the 50-day SMA ($1,383).

Contrary to popular belief, if the price falls below the support line it will indicate that bears have turned the level into resistance. The sellers will attempt to lower the price of the ETH/USDT currency pair below $998 in order to challenge the $881 pivotal support. The pair could begin the next leg downtrend if this support is broken.

BNB/USDT

BNB’s breakout above the 20-day EMA ($231) was not a profit for bulls. The bears capitalized on this failure and sold aggressively at higher levels to bring the price down below the 20-day EMA.

Daily chart BNB/USDT TradingView

BNB/USDT attempted to rebound from the strong support at $211, July 13, but the candlestick’s long wick shows that bears are selling close to the 20-day EMA. The selling could accelerate if the price falls below $211 and the pair could slide to $183.

However, a rebound from $211 and a rise above the 20-day EMA will indicate strong demand at lower levels. Buyers will attempt to overcome the overhead hurdle at 50-day SMA ($253).

XRP/USDT

On July 11, Ripple (XRP), fell below the support line for the symmetrical triangle. This is a sign that the uncertainty between the bulls, and the bears has settled to the downside.

Daily chart of XRP/USDT Source: TradingView

Bulls attempted to force the price back into the triangle, but the candlestick’s long wick suggests that bears may be selling during minor intraday rallies. The XRP/USDT currency pair could fall to $0.28 if the price falls below $0.30. Breaking and closing below this level could indicate the beginning of the next downtrend.

A break above the 20-day EMA ($0.33) will signal strength. This will indicate that the bear trap of the triangle slide may have been broken. A break above the resistance line may signal a possible trend change.

DA/USDT

Cardano (ADA), fell below $0.44 on July 11. This indicates that bears are in control. The bears continued selling and pulled the price up to $0.40.

Daily chart ADA/USDT Source: TradingView

Although the buyers tried to initiate a recovery on July 13, the candlestick’s long wick shows that bears are trying flip $0.44 into resistance. The selling momentum could increase if the price falls below $0.40. If that happens, the ADA/USDT currency pair could resume its downtrend. The price could fall to $0.33.

Buyers will need to push the price higher than the moving averages in order to discredit this negative view. The pair could rally to $0.60 if that happens.

SOL/USDT

Solana (SOL), broke below the support level of the symmetrical triangular triangle on July 11. Attempts by bulls to push it back into the triangle failed July 12.

Daily chart of SOL/USDT Source: TradingView

The bulls are not giving up, however. They continue to try to get the price back into the triangle by July 13. It will be a sign that the July 11 crash may have been a bear trap, if they succeed. The buyers will attempt to break the resistance line and launch a new up-move towards $50.

Contrary to the assumption, if the price drops below the overhead resistance or current level and falls below $31, selling could increase and the SOL/USDT exchange rate could fall to $26.

DOGE/USDT

Dogecoin (DOGE), fell below the 20-day EMA ($0.07) July 10. The bears took advantage of this opportunity to pull the price below $0.06 on July 12.

Daily chart of DOGE/USDT Source: TradingView

The selling momentum could pick up if the price falls below $0.06 and the DOGE/USDT currency pair could test the critical support level at $0.05. This level is important to monitor as a break below could signal the return of the downtrend. This could lead to a drop in the pair to $0.04.

The buyers may also try to push the price above the moving averages if the price goes up. The pair could reach $0.08 or $0.10.

Related: Dogecoin misses bullish target following Elon Musk’s Twitter snub — What’s next for the DOGE price?

DOT/USDT

Polkadot, (DOT), broke below the critical support of $6.36 on Jul 12, which indicates aggressive selling by bears. The positive divergence of the RSI is a minor plus, which suggests that the bearish momentum could be ending.

Daily chart of DOT/USDT Source: TradingView

Buyers are trying to get the price above $6.36 in order to trap aggressive bears. The DOT/USDT pairing could rally to $7.30 if that happens. To signal that the downtrend is over, the buyers will need to overcome this hurdle.

If the price does not hold above $6.36, it will indicate that bears are in control. The sellers will attempt to reestablish the downtrend and bring the pair down to $5.

SHIB/USDT

The psychological level of $0.000010 for Shiba Inu (SHIB), was below that on July 12, which indicates strong selling by bears. The bulls bought the dip and are trying to keep the price above $0.000010. This is a minor positive.

Daily chart of SHIB/USDT TradingView

Both moving averages have converged and the RSI is at the midpoint. This indicates a balance between demand and supply. Traders tend to buy close to the support and sell near the resistance in a range.

The SHIB/USDT pair may attempt to rally to $0.000012 if buyers push the price higher than the moving averages. To open the door to a rally to $0.000014, bulls will need to overcome this resistance. A break below $0.000009 could render this view invalid.

LEO/USD

The failure to buy UNUS SEED LEO (LEO), above $6 repeatedly suggests that there is not enough demand for higher levels. This may have attracted aggressive bears to sell.

Daily chart LEO/USD TradingView

After dropping to $5.91 on July 10, the price plunged below its 20-day EMA ($5.60) and then turned down again. The price fell below the 50-day SMA ($5.42) in the following days. The LEO/USD pair may drop towards the support line of the ascending channel if bears can maintain the price below 50-day SMA.

If the price bounces off its current level, bulls will attempt to overcome the resistance line overhead and challenge $6. Breaking and closing above this level could signify a new up-move.

Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research.

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https://cointelegraph.com/news/price-analysis-7-13-btc-eth-bnb-xrp-ada-sol-doge-dot-shib-leo

Lillian Call

I am a technology and gaming writer by profession. I love NFT's and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.