Crypto Price Analysis 7-15 BTC, ETH, SOL, TON, XRP, MATIC, DOT

by

As someone who has been following and trading cryptocurrencies for over five years now, I can confidently say that the recent price action of XRP and other altcoins like Polygon (MATIC) and Polkadot (DOT) has been nothing short of impressive. I’ve seen my fair share of market volatility and bear markets, but the resilience and strength shown by these assets in the current bull market are truly remarkable.

Last week, Bitcoin (BTC) rebounded from its underlying support thresholds. These barriers proved resilient, implying robust buying interest at reduced prices. Subsequently, BTC experienced a powerful surge over the weekend, surpassing $60,000 with significant momentum.

Institutional investors seized the opportunity presented by the price drop and bought approximately 100,000 Bitcoin during the past week, as indicated by data from the on-chain analytics platform CryptoQuant. The significant increase in demand at lower price levels is a clear sign of their bullish sentiment towards Bitcoin.

Positive Signs For The Crypto Markets 

As a researcher studying the cryptocurrency market, I was pleased to note several positive developments over the weekend. Firstly, reports emerged that the German government’s Bitcoin (BTC) sell-off had come to an end. Having sold off over 88% of its initial BTC holdings, the remaining amount in the government’s wallet stood at approximately 5,800 BTC. In recent transactions, the German authorities transferred these Bitcoins to various exchanges such as Bitstamp, Coinbase, and Kraken.

“Amazing how the selling pressure has been met with demand, keeping Bitcoin’s price roughly at $60,000.”

After receiving their payouts from Mt. Gox, the markets will closely monitor any subsequent actions from the exchange and its creditors. If selling activity remains low, Bitcoin (BTC) could experience a notable rebound. Conversely, if creditors choose to sell their holdings in large quantities, renewed selling pressure may emerge within the markets.

Bitcoin (BTC) Price Analysis 

As a crypto investor, I’ve witnessed Bitcoin (BTC) surpassing the $60,000 mark during the weekend and currently trading above $62,000. Analysts are optimistic, suggesting that the worst may have passed for BTC. The previous week saw significant volatility with buyers attempting to push the price beyond $60,000 on Thursday but facing strong resistance from sellers. Consequently, BTC ended up at $57,386, representing a 0.76% decrease. Friday saw a shift in sentiment as BTC rose by 0.99%, pushing the price to $57,952. A further increase of 1.71% on Saturday took Bitcoin to $58,944, just shy of both the 200 and 20-day Simple Moving Averages (SMAs).

As a cryptocurrency analyst, I’d say that on Sunday, BTC bulls managed to drive the price upwards, resulting in a 3.06% gain and surpassing both the 20-day and 200-day Simple Moving Averages (SMAs), pushing the price above $60,000 to settle at $60,750. Currently, the bullish momentum remains strong, with BTC trading at $62,772 – a 3.27% increase from Sunday’s closing price. With optimistic market sentiment back in play, it will be interesting to see where Bitcoin heads next.

Experts note that a significant increase in Bitcoin’s value beyond $60,000 isn’t likely to occur suddenly. In order for the resistance at $60,000 to become support, Bitcoin must not only exceed this price but also sustain it over an extended period. Additionally, claiming both the 20-day and 200-day Simple Moving Averages (SMAs) is essential before a potential rally can commence. For the moment, bullish investors aim to push Bitcoin up towards the 50-day SMA at $64,000. Any further price fluctuations will depend on Bitcoin’s ability to hold steady above $60,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has initiated a relief surge, resulting in a nearly 15% growth over the last seven days. This uptick follows intense anticipation regarding the potential approval of Ethereum spot ETFs within the upcoming week. Since bouncing back from its support thresholds last week, ETH has displayed robust optimism, surpassing $3,000. Investors aim to propel it beyond the Simple Moving Average (SMA) of 20 days, causing significant price fluctuations on Thursday. ETH reached a peak of $3,215 before encountering substantial resistance at higher levels. Consequently, sellers managed to drag the price down, with ETH concluding the day at $3,101.

On Friday, Ethereum (ETH) surpassed its 200-day simple moving average (SMA) and closed at a price of $3,136. Nevertheless, ETH faced resistance from sellers at higher points. Over the weekend, Ethereum continued to climb, reaching $3,178 on Saturday and breaking past its 20-day SMA on Sunday due to a 2.17% growth rate that pushed the price up to $3,247. Currently, ETH is experiencing a nearly 3% increase in value as investors aim for the $3,500 mark and the 50-day SMA.

As a crypto investor, I’m keeping a close eye on Ethereum’s (ETH) price action. With each new push above $3,400, my optimism grows that we could soon breach the resistance at $3,500. However, if there’s a sudden bearish reversal, the price might slide back to around $3,200. In case of prolonged bearish sentiment, I can’t rule out the possibility of ETH dipping down to $3,000. For now, however, the bulls seem to be in control of the market.

Solana (SOL) Price Analysis

Over the weekend, Solana’s price significantly increased and surpassed $150 for the first time during regular trading hours. Various indicators and network statistics pointed towards a robust uptrend for Solana (SOL). In the previous week, SOL experienced notable volatility but had been steadily climbing since Friday. On that day, SOL rose by 2.78%, surpassing its 200-day moving average (SMA) to reach $139.60. The price continued to rise on Saturday, crossing the $140 mark and the 20-day SMA to hit $142.04. Bullish sentiment remained strong on Sunday, leading to a nearly 4% increase in price, bringing it up to $147. Despite buyers’ efforts, they were unable to push the price above the 50-day SMA.

During the current trading session, Solana’s price surpassed $150 and the 50-day Simple Moving Average, reaching a high of $152.65, representing a 3.31% growth. Impressive network metrics for Solana include a current TVL (Total Value Locked) of $4.67 billion. The anticipated development of Solana ETFs is expected to fuel further interest in SOL, potentially driving the price upwards. Currently priced at $153, a possible upward trend could lead to $160 or even $200 if bullish momentum continues. However, it’s essential for SOL to establish a strong foothold above the $150 mark for any significant price increase to sustain. Key support levels for Solana are at $140 and $120.

Toncoin (TON) Price Analysis

Toncoin (TON) has been bouncing between its 50-day moving average and 20-day moving average, with the former providing support and the latter acting as resistance. For most of last week, TON hovered between $7.20 and $7.50. However, on Sunday, buyers made a strong effort to drive the price above the resistance at $7.50, pushing it up to a daily high of $7.75. Despite this advance, bears managed to defend the resistance levels, resulting in TON dropping back down to $7.50 by the end of the day. Presently, TON is showing a gain of over 1% as buyers aim to break through the resistance and reach $8.

Should buying power regain strength, there is potential for TON‘s price to advance toward $8. Conversely, if buying momentum weakens, TON may retreat towards its 50-day Simple Moving Average (SMA). If the SMA fails to act as a support level, a decline to $7 could ensue.

Ripple (XRP) Price Analysis

Over the weekend, Ripple (XRP) experienced a significant price increase as buyers continued to drive up the value. The cryptocurrency reached a high of $0.50 on Saturday. In the past week, XRP has shown exceptional bullishness, recording over 25% growth and surpassing most major cryptocurrencies in performance. Crucial resistance levels at $0.44, $0.46, $0.48, and $0.50 were broken during this upward trend.

On Friday, the cryptocurrency experienced a substantial gain of approximately 5.63%, surpassing its 20-day Simple Moving Average (SMA) and ending the day at a price of $0.47. The following day, XRP witnessed a nearly 11% surge, with buyers aggressively targeting the $0.50 mark. This bullish momentum resulted in a daily high of $0.56 before XRP settled back at $0.52 due to sellers’ presence around the 200-day SMA. On Sunday, sellers managed to push down the asset, causing significant volatility and resulting in a decline of more than 1%. Currently, XRP is experiencing an increase of over 2% as buyers attempt to retest the resistance at $0.54.

From my perspective as a researcher, I’ve noted earlier that XRP has encountered notable resistance at its 200-day Simple Moving Average (SMA), making it a formidable hurdle to surmount. Over the weekend, XRP attempted to breach this barrier but was met with strong selling pressure and consequently retreated. Nevertheless, given XRP’s recent consolidation above $0.50, it may challenge this resistance once more. Should XRP manage to clear this level, we could potentially witness a surge toward the next notable resistance at $0.60.

Polygon (MATIC) Price Analysis

Polygon (MATIC) experienced a robust bounce-back following its dip below the crucial $0.50 support on July 4th. After reaching a low of $0.43, MATIC rallied, showcasing investors’ confidence in the asset and its potential worth moving forward. The necessity for MATIC to recover the $0.50 level was evident, and it achieved this feat last week. After a brief period of stability, the token surged by almost 5% on Saturday, crossing above its 20-day Simple Moving Average (SMA), which had been functioning as resistance. On Saturday, MATIC closed at $0.53; however, it encountered substantial selling pressure at this level and was unable to advance any further on Sunday.

In the present market scenario, buyers are dominating as MATIC experiences a gain of 1.88%, currently priced at $0.54. If MATIC manages to surpass $0.60, it may stabilize around this level before advancing towards $0.70. Conversely, a price decline could cause MATIC to fall beneath its 20-day Simple Moving Average (SMA).

Polkadot (DOT) Price Analysis

Polkadot (DOT) has bounced back impressively, regaining its footing above the $6 mark after touching a low of $4.94 on July 5. Despite encountering significant volatility last week that caused it to dip below $6 and close at $5.90 on Thursday, DOT found solid ground around this level and rallied by 3.56% to surpass its 20-day Simple Moving Average (SMA) and settle at $6.11. The bullish trend for DOT continued over the weekend, with gains of 1.96% on Saturday and an additional 1.44% on Sunday, pushing the price up to $6.32, just shy of its 50-day SMA.

During the current trading session, DOT managed to surpass the 50-day simple moving average (SMA), with bullish market momentum remaining strong. The cryptocurrency is presently gaining 1.74% and is valued at $6.43. DOT’s upward trajectory may encounter significant resistance at $6.50, as buyers strive to push past this level. Should DOT successfully breach the $6.50 mark, we could anticipate further growth towards $7. On the contrary, a shift in market sentiment towards bearishness might lead to a potential decline back to $6.

Read More

2024-07-15 13:13