Price analysis 7/6: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

Bitcoin (BTC), which is trying to surpass the psychological $20,000 mark on July 6, shows that bulls are trying stop the brutal bear market. Retail traders are taking advantage of the current downturn and going on a buying spree. Glassnode data shows that wallets with less than one Bitcoin seized 60,460 Bitcoin in June at the “most aggressive rate ever recorded in history.”

Glassnode analysts stated in a recent report that activity on Bitcoin shows that “all market tourists and speculative entities have been completely removed from the asset.” This means that most Bitcoin is held by long-term investors.

Everyday cryptocurrency market performance. Source: Coin360

But not all are bullish on Bitcoin’s prospects for the near term. Arcane Research reports that the ProShares Short Bitcoin Strategy ETF ETF (BITI), which was the first ETF to trade in Bitcoin, increased its short exposure by more than 300% over the past week.

Could the panic in the first inverse Bitcoin ETF be a contrarian signal that signals a possible bottom? Let’s look at the charts for the top 10 cryptocurrencies to see.


Bitcoin trades within a symmetrical triangle pattern. The bears held their ground as the buyers attempted to push the price higher than the resistance line on July 5.

Daily chart of BTC/USDT Source: TradingView

On July 5, the Doji candlestick pattern showed indecision between buyers and sellers. If the price breaks the triangle, this uncertainty could favor the bulls. This will indicate that the triangle could have been a reversal pattern.

The BTC/USDT exchange could then rally towards the 50-day SMA (simple moving average) ($25,324) then to the target pattern of $26,490.

If the price falls below the support line, this hypothesis could be proved incorrect. This could push the price below $17,622. The next stop, if this support fails, could be $15,000.


The bears tried to rally Ether (ETH), but it failed. The ascending triangle pattern formed by the price action over the last few days will be completed on a break above $1,280.

Daily chart of ETH/USDT Source: TradingView

The possibility of a breakout above $1,280 is increased if buyers push the price higher than the 20-day EMA. The ETH/USDT pair may rally to the 50 day SMA ($1,500), and then to the pattern target at $1,679.

If the price falls below the support line and the 20-day EMA, it will indicate that bears are still in control. This could push the pair towards $881, the critical support. Breaking and closing below this support could signal the beginning of the next downtrend.


BNB was pushed above the $20-day EMA ($232) by the bulls on July 5, but the bears posed a formidable challenge at higher levels. Positive news is that bulls have not lost much ground and have propelled the price higher than the 20-day EMA again on July 6.

Daily chart BNB/USDT TradingView

The 20-day EMA is flattened and the relative strength indicator (RSI), is close to the midpoint. This indicates that bears might be losing their grip.

The BNB/USDT price could rally to the 50 day SMA ($264 if buyers can sustain it above the 20-day EMA. Although this level could act as resistance, bulls may overcome it to make the pair bottom at $183.

This assumption is incorrect. If the price drops below the current level or 50-day SMA it will mean that bears are selling at higher levels. The bears will attempt to bring the price down to $211.


Ripple (XRP), has been stuck between the $20-day EMA ($0.33) & the support line for the symmetrical triangular pattern. The price recovered from the support line on July 5 but bulls are still struggling to overcome the overhead resistance at 20-day EMA.

Daily chart of XRP/USDT Source: TradingView

The 20-day EMA is continuing to slide down and the RSI remains in the negative zone. This indicates that bears are on the winning side. The sellers will try to lower the price below the support level. If they succeed, the XRP/USDT pairs could fall to $0.28.

Contrary to popular belief, if the price moves above the support level or the current level and crosses the 20-day EMA then the pair may rally to the resistance line. The start of a rally could be signaled by a break or close above this level.


Cardano (ADA), remains wedged between $0.447 and $0.44 on the 20-day EMA ($0.47), but this tight range trading will not last long. Tight ranges are usually accompanied by range expansions.

Daily chart ADA/USDT Source: TradingView

A break above the 20-day EMA will signal strength. This could allow for a breakout above the important resistance at SMA 50 ($0.51). The ADA/USDT pair could rally up to $0.60 if that happens.

Another possibility is for the price to fall below $0.44. This will be a boon for bears. The critical support level at $0.40 could be reached and the pair could slide. The pair could then resume its downward trend if it breaks below this level.


Solana (SOL), rose above the 20-day EMA ($36), but the bulls couldn’t sustain this momentum. On July 5, the bears brought the price below the 20-day EMA.

Daily chart of SOL/USDT Source: TradingView

The July 5 candlestick’s long tail indicates strong buying at lower levels. This indicates a higher likelihood of a break above moving averages. The SOL/USDT pair could rise as high as $43. Breaking and closing above this level could open the way for a rally towards psychological resistance at $50.

If the price falls below the SMA (50-day) or current level ($39), this positive outlook could be retracted. This could bring the pair down to $26.


Dogecoin (DOGE), has oscillated near the 20-day EMA ($0.07) over the past few days. This is a sign of uncertainty for both buyers and sellers.

Daily chart of DOGE/USDT Source: TradingView

The bears and bulls are not clearly favored by the flat 20-day EMA or the RSI at the midpoint. If buyers break the 50-day SMA ($0.07), it could be the first sign that they have the upper hand.

A break above $0.08 could lead to bullish momentum. The DOGE/USDT currency pair could rally to $0.10.

Another possibility is for the price to fall below the current level. This will signal a favorable outcome for bears, and the pair could slide to $0.05

Related: Bitcoin mining stocks rebound strongly despite a 70% drop of revenue from BTC miners


The bulls couldn’t push Polkadot(DOT) over the $7.30 resistance on July 4. This means that the price is stuck between $7.30-$6.36.

Daily chart of DOT/USDT Source: TradingView

The failure by the bears to bring the price below the support at $6.36 indicates that bulls don’t wait for a further fall to buy. This raises the chance of the price breaking above the overhead resistance. The DOT/USDT pair could rally above the overhead resistance at the 50-day SMA ($8.48). This level is likely to be defended aggressively by the bears.

Alternativly, if the price falls below $6.36 it will signify the resumption or continuation of the downtrend. The psychological support of $5 could be reached.


Shiba Inu, (SHIB), broke above the 50 day SMA ($0.000010) July 5, but the candlestick’s long wick shows that bears have been selling at higher levels. The bulls are not allowing prices to drop below $0.000010. This is a minor positive.

Daily chart of SHIB/USDT TradingView

Both moving averages are flattened and the RSI is close to the midpoint. This doesn’t give the bulls or bears an advantage.

The SHIB/USDT pair may rally to $0.000012 if the price rises above $0.000011 where the bears could again mount a strong defense. To open the door to a rally to $0.000014, the bulls will need to overcome this obstacle.

If the price falls below $0.000009, then it could indicate that the bears have taken control. This could increase the chances of a retest at $0.000007.


UNUS SED LEO continues to oscillate close to the resistance line in the descending channel, as the bears and bulls attempt to take control.

Daily chart LEO/USD TradingView

The price rebounded from the 20-day EMA ($5.66) July 5, indicating that bulls are continuing to defend this level aggressively. Bullish momentum could increase if bulls push the LEO/USD pair to $6. The pair could rally to $6.50, and then reach the target pattern of $6.90.

Contrarily, if the price falls below the 20-day EMA it will be a sign that the bears have outperformed the buyers. This could bring the pair to the 50 day SMA ($5.33).

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 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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