Price analysis 7/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin (BTC), which rallied to the 200 week moving average on July 8th, could be a battleground for the bulls or the bears. Analysts are closely watching this level as a sign that the bear markets may be coming to an end.

Mike McGlone, Bloomberg senior commodity strategist, stated that Bitcoin’s 50-week- and 100-week moving medians show similar signs to those seen before the 2018 bear markets bottom. McGlone predicts that Bitcoin will show a strong rebound during the second half 2022.

Everyday cryptocurrency market performance. Source: Coin360

Positive signs include the fact that Bitcoin climbed above $22,000 on July 8, even though the DXY (United States dollar index) continued its upward march. This indicates that the DXY and Bitcoin have a strong inverse correlation.

Can Bitcoin help the crypto markets rise? Let’s look at the charts of the top 10 cryptocurrencies to see how we can find out.

BTC/USDT

Bitcoin broke above the resistance level of the symmetrical triangle (EMA) and the 20-day exponential moving Average (EMA) ($21.233) on July 7. This indicates that bulls have made a comeback.

Daily chart of BTC/USDT Source: TradingView

The selling pressure could be reducing, as evidenced by the flattening 20-day EMA (EMA) and relative strength index (RSI), just below the midpoint.

The price rebounding from the current level or the breakout area from the triangle will indicate that sentiment is turning positive and traders are buying dips. This could increase the chance of a rally towards the 50-day SMA (simple moving average) ($25,015) then to the pattern target at $26,490.

If the price falls below the 20-day EMA, this positive outlook could be invalidated in the short-term. This will signal aggressive selling by bears at higher levels. The pair could drop to the support level of the triangle.

ETH/USDT

Ether (ETH), broke above the 20 day EMA ($1,198), on July 7, and hit the overhead resistance of $1,280 on Jul 8. The bears are aggressively defending this resistance and trying to bring the price down below the 20 day EMA.

Daily chart of ETH/USDT Source: TradingView

If they do, the ETH/USDT pairing could fall to the support line in the ascending triangle. This level is important to monitor as a break or close below it could negate the bullish setup. This could push the price towards $881, the critical support.

If the price bounces off the 20-day EMA, and breaks above $1280, it will complete a bullish ascending triangle pattern. The price could rise to the 50 day SMA ($1,470), and then rally to the pattern target of $1,679.

BNB/USDT

BNB broke and closed above $203 on July 6, but bulls are still struggling to push it to the $50 SMA ($262). This indicates that bears may be active at higher levels.

Daily chart BNB/USDT TradingView

The sellers want to bring the price down below the 20-day EMA. If they succeed, the BNB/USDT pairing could fall to $211 as strong support.

However, if the price bounces off the 20-day EMA it will indicate that sentiment is turning positive and that bulls are buying dips. The bulls will attempt to push the price higher than the 50-day SMA in order to gain control. This could open the way for a rally to $300.

XRP/USDT

Ripple (XRP), attempted to break above the resistance line for the symmetrical triangle, but the bears had different plans. They defended the level aggressively and tried to bring the price down below the $20-day EMA ($0.33).

Daily chart of XRP/USDT Source: TradingView

The XRP/USDT pair may extend its stay within the triangle if they succeed. Buyers and sellers are not given an advantage by the flattish 20 day EMA or the RSI at the midpoint.

A close above the triangle and a break could signal a new up-move. The pair could rally to $0.48 as the pattern target. A break below the triangle could also open the door to a $0.28 retest.

DA/USDT

Cardano (ADA), rose above the 20 day EMA ($0.47) July 8, but the bulls couldn’t sustain higher levels. This shows that the bears are actively defending the moving averages.

Daily chart ADA/USDT Source: TradingView

Sellers will try to capitalize on their advantage by lowering the price below $0.44. The ADA/USDT pair may drop to $0.40 if they succeed. Breaking and closing below this support could signal the beginning of the next leg in the downtrend.

Buyers will need to push the price higher than the 50-day SMA ($0.51) in order to discredit this bearish view. The pair could rise to $0.60, then $0.70 if they can do so.

SOL/USDT

On July 5, and 6, the buyers tried to push Solana, (SOL), above the 50-day SMA ($38.79), but were unable to overcome the barrier. This indicates that bears are selling at rallies.

Daily chart of SOL/USDT Source: TradingView

The price is being squeezed within a triangle symmetrical. This suggests a potential range expansion in the near term. The SOL/USDT pair may slide towards $26 if the price drops below the triangle.

If the price rises and breaks above resistance, it will indicate that the bulls are in control. The price could rally to $50 psychologically, where bears might again mount a strong defense.

DOGE/USDT

Dogecoin (DOGE), attempted to break above the 50 day SMA ($0.07) July 8, but the bears didn’t relent. The sellers want to take advantage of the opportunity to bring the price down below the 20-day EMA ($0.07).

Daily chart of DOGE/USDT Source: TradingView

The RSI is close to the midpoint, and the 20-day EMA appears flattened. This suggests a balance between sellers and buyers. If bulls push the price higher than the 50-day SMA, this equilibrium could shift in their favor. This could open the door to a rally to $0.08 or $0.09.

However, bears will try to get the DOT/USDT pairs to $0.05 if the price drops below $0.06

Related: DOGE Days of Summer: Shiba Inu’s gains on Dogecoin after record lows

DOT/USDT

Polkadot, (DOT), attempted to break through the overhead resistance at $20.38 EMA ($7.38) on July 7, but the bears held firm. This shows that bears are active at higher elevations.

Daily chart of DOT/USDT Source: TradingView

The bears will try to push the price towards $6.36. The bulls should be watching this support as a break or close below it could signal the resumption the downtrend. The psychological level of $5 could be reached by the DOT/USDT pairing.

If the price rises above the 20 day EMA, this negative view may be invalidated. The pair may attempt to rally to the 50 day SMA ($8.38) if that happens. Although this level could act as resistance, bulls may be able to overcome it and signal a possible change in the trend.

SHIB/USDT

The tight trading range in Shiba Inu Shiba (SHIB), resolved to the upside as the price broke through the immediate resistance of $0.000011. Although the bears attempted to bring the price down below $0.000011 on 7/7, the candlestick’s long tail indicates that there was strong buying for dips.

Daily chart of SHIB/USDT TradingView

Buyers will try to push the price higher than the resistance of $0.000012. They will succeed if they can push the price above $0.000012. The SHIB/USDT exchange could rise to $0.000014, where bears might again be a challenge.

If the price falls below $0.000011 and holds there, it could indicate that July 7’s breakout was a bull trap. The bears will attempt to lower the price below $0.000010, which is the critical support. The next stop for the bears could be $0.000009.

VAX/USDT

Avalanche (AVAX), has traded between $13.71 to $21.35 over the past few days. This indicates a bottoming formation. The 20-day EMA ($18.78), has flattened and the RSI is just below the midpoint. This indicates a balance between bulls and bears.

Daily chart of AVAX/USDT Source: TradingView

The beginning of an up-move will be signaled by buyers if the price rises above $21.35. The AVAX/USDT pairing could rally to $29 as the pattern target. Bears may then mount another strong resistance. If the price falls below $21.35, but not below it, it could indicate that there is a bottom at $13.71.

Contrary to the assumption, if the price falls below the 20-day EMA and then goes down, it will signal that the range-bound action could continue for a few days.

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

HitBTC exchange provides market data.

https://cointelegraph.com/news/price-analysis-7-8-btc-eth-bnb-xrp-ada-sol-doge-dot-shib-avax

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.