Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC), which hit a six week high of $24,000 on July 29th, extended its rally that gained momentum after the United States Federal Reserve raised rates by 75 basis points in July 27. According to Coinglass data, Bitcoin could close July with gains exceeding 20% if the rally continues for the next two-days.

Not only crypto markets have experienced a post-FOMC rally, but also other financial markets. The U.S. equity markets are poised for huge monthly gains in July. The S&P 500 is up 8.8%, while the Nasdaq Composite is up 12%. These are their highest monthly gains since November 2020.

Everyday cryptocurrency market performance. Source: Coin360

In anticipation of a slowing pace from the Fed’s rate increases, crypto and equities markets have surged. Arthur Hayes, former CEO of BitMEX derivatives platform, believes the Fed will not raise rates any further and might eventually return to more neutral rates and a more accommodative policy.

Could Bitcoin and other altcoins see a rapid recovery in the coming days? Let’s look at the charts of the top 10 cryptocurrencies to see if we can find out.

BTC/USDT

Bitcoin closed below its 20-day exponential moving mean (EMA) on July 25, but the bears couldn’t sustain lower levels. Bulls bought the plunge below $21,000, and the price soared above the moving averages by July 27.

Daily chart of BTC/USDT Source: TradingView

Bulls are in control. The relative strength index (RSI), which has completed a bullish crossover, is positive. The BTC/USDT pair may gain momentum if buyers push the price higher than $24,276, and could rally towards the pattern target at $28,171. The next stop for the BTC/USDT pair could be $32,000 if this level is reached.

If the price drops below the current level, or falls below $24,276, this will indicate that the demand is drying up at higher levels. The 20-day EMA is the key level to monitor for downside. This support could crack, signaling that bullish momentum has weakened. The pair could fall to the 50-day simple movement average (SMA), ($21,589).

ETH/USDT

Ether (ETH), rebounded strongly from the 20-day EMA ($1,470 on July 27) and broke above the critical resistance of $1,700 on the 28th. The bears refuse to give up and will try to bring the price down below $1,700 by July 29.

Daily chart of ETH/USDT Source: TradingView

Although the bulls and bears will likely be engaged in a fierce battle at $1,700, the buyers have the advantage of the upwardly moving 20-day EMA as well as the RSI in positive territory. The momentum could pick-up if bulls maintain the price above $1700. If that happens, the ETH/USDT pairing could rise to $2,000, and then to $2,200.

If bears pull the price lower than $1,590, aggressive bulls may get trapped, and the pair could drop to the 20 day EMA. This level could be retested, increasing the chances of a break above $1700, but a break below $1,590 could lead to a drop to $1,280.

BNB/USDT

BNB traded in an ascending channel over the past few days. BNB traded above the downtrend line on July 26, after it bounced off the 50 day SMA ($239).

Daily chart BNB/USDT TradingView

Bullish momentum has continued, and buyers drove the price higher than the resistance line at the ascending channel. The BNB/USDT pair could rally above $350 if bulls continue to push the price higher than the channel.

If bulls cannot maintain the price above the channel it could indicate that bears may be active at higher levels. The pair could then re-enter channel and fall to the downtrend. The chances of the pair breaking above this channel could be improved by a strong rebound from that level. To gain an upper hand, the bears will need to lower the price below the channel.

XRP/USDT

Ripple (XRP), is in a downtrend and is range-bound. Although the bears managed to pull the price below its moving averages on July 25, they were unable to sustain it and challenge the strong support of $0.30.

Daily chart of XRP/USDT Source: TradingView

This indicates that there is strong demand for lower levels. The buyers have pushed the price above the moving averages since July 27, and they are trying to overcome the overhead hurdle of $0.39. It will signal the beginning of a new up-move if they succeed. The pair could rally towards the $0.48 target.

Contrary to what is being assumed, the price has fallen from $0.39. The bears will attempt to lower the XRP/USDT price below the moving averages. The pair could continue to consolidate between $0.30- $0.39 for a few days if they succeed.

DA/USDT

Cardano (ADA), which was pushed higher than the moving averages on July 27th, indicated strong buying close to the $0.44 support. The overhead resistance of $0.55 has been reached, which could be a strong barrier.

Daily chart ADA/USDT Source: TradingView

The ADA/USDT pair may drop to the moving averages if the price drops below $0.55. The pair could remain range bound between $0.44 to $0.55 for a few more days if it breaks below this support. To signal the resumption the downtrend, the bears must sink the pair below $0.44- $0.40 support zone.

If bulls push the price higher than $0.55, it could signal a new up-move. The price could rally to $0.63, and then to $0.70.

SOL/USDT

Solana (SOL), rebounded from the support line on Jul 26, which indicates strong buying at lower levels. Bulls capitalized on the momentum to push the price higher than the moving averages on the 27th of July.

Daily chart of SOL/USDT Source: TradingView

The overhead resistance at $48, which is a crucial level to watch, could be reached by the SOL/USDT pair. The pair could form an ascending triangle pattern if bulls can overcome this barrier. The pair could then move up towards the $71 pattern target.

The reverse is true. If the price drops below $48, the pair could extend its stay within the triangle for a few days. The bears could win if the price breaks below the support line.

DOGE/USDT

Dogecoin (DOGE), bounced off of the trendline in the ascending triangle pattern and rose above moving averages on July 27. This suggests that there is strong demand at lower levels.

Daily chart of DOGE/USDT Source: TradingView

Bulls will attempt to push the price towards $0.08 as the overhead resistance. The bullish crossover of the moving averages has been completed and the RSI is now in the positive territory, indicating buyers’ advantage.

The bullish setup is complete if bulls push the price higher than $0.08. If that happens, the DOGE/USDT pair will rally towards the pattern target of $0.11. To invalidate the bullish view, the bears must sink the price below $0.08 and the trendline of triangle.

Related: Bitcoin bear Market over, metric hints at 4-year low in BTC exchange balances

DOT/USDT

Polkadot, (DOT), rose above the moving averages and broke above them on July 27, which indicates that buyers are attracted to lower levels. The price has reached $8.50, where the bears could mount a strong defense.

Daily chart of DOT/USDT Source: TradingView

The moving averages look poised for a bullish crossover, and the RSI has moved into the positive territory. This indicates that bears could be losing their grip. If the bulls push the price higher than $8.50, this will signal a new up-move towards $10.80 and then to $10.80.

Contrary to the assumption, if the price drops below $8.50, and falls below the moving averages it will indicate that the DOT/USDT pairing may oscillate within a range for a few days. To start the next leg in the downtrend, the bears will need to bring the pair down below $6.

MATIC/USDT

Polygon (MATIC), bounced off the 20 day EMA ($0.79) July 26 and rose above its downtrend line July 27. This signaled that the minor correction phase was finished.

Daily chart MATIC/USDT Source: TradingView

Although the bulls drove the price up to $0.98 on July 28th and 29, the candlesticks show that the bears are fighting for the price with great vigor. The upside is evident by the RSI and the EMA in positive territory.

The MATIC/USDT pair could rally to $1.26 if bulls push the price higher than the psychological $1 level. If the price falls below the 20-day EMA, this bullish outlook could be retracted.

VAX/USDT

Avalanche’s (AVAX), rebounded from the 50-day SMA (19.48 USD) on July 26, and is now nearing the overhead resistance of $26.38 on Jul 29. At this level, the bears will attempt to halt the recovery.

Daily chart of AVAX/USDT Source: TradingView

Buyers will benefit from the gradually rising 20-day EMA ($22.10) as well as the RSI in positive territory. Bulls driving the price higher than $26.38 could lead to bullish momentum and the AVAX/USDT pairing could rally to $33, and then to $38.

Contrary to the assumption, if the price falls below $26.38 and the 20-day EMA is broken, the bears will attempt to lower the pair below 50-day SMA to challenge the support line.

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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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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