Crypto Price Analysis 7/02 – BTC, ETH, BNB, SOL, AVAX, SHIB, MATIC, TON

This text provides price analysis for three different cryptocurrencies: AVAX, SHIB, and MATIC, as well as Toncoin (TON). The analysis for each coin includes their recent price performance, potential support and resistance levels, and any notable trends or patterns.

I, as an analyst, have observed a significant surge in Bitcoin (BTC) and the overall crypto market over the recent days. Reaching a peak of $63,845 during the trading session on July 1st, BTC showcased a noteworthy intraday high.

Traders express concern over potential factors, like upcoming Mt.Gox repayments, which might disrupt Bitcoin’s current price surge.

Bears Wage A Losing Battle

Bitcoin has displayed bullish behavior since the weekend, with sellers unable to drive its price below $60,000 or into the lower band of $56,500 to $73,000. When an asset remains within a range, it typically fluctuates between its support and resistance levels, with increased volatility in the middle. The current support level at $60,000 has been tested twice over the past week, and each time the price has bounced back robustly. A secondary support lies at $58,400. Historically, Bitcoin has shown positive trends during the month of July. If this pattern continues, BTC‘s recovery could gain even more momentum. Previous data indicates that there is usually a significant surge in July following a downward trend in June.

As a crypto investor, I’m keeping a close eye on the potential risks that could impact the current rally. One such risk is the upcoming Mt. Gox repayments, which are scheduled to begin this month. Creditors who have been holding Bitcoin since the hack in 2014 may choose to sell their coins and exit the market to secure their massive gains. This large-scale selling could put significant downward pressure on Bitcoin’s price, potentially causing a significant correction or even a more substantial downturn.

Bitcoin (BTC) Price Analysis

Observing the Bitcoin (BTC) price trend, the cryptocurrency has been surging since the weekend, with buyers causing it to break through the $64,000 mark. On Friday, however, BTC experienced a minor setback, dropping to $60,412, representing a 2.07% decrease. Despite this dip, sellers failed to force the price below its crucial support level of $60,000. The following day, Saturday, saw a recovery as buyers re-entered the market and pushed BTC up to $60,987, resulting in a 0.95% gain. Sunday brought even more optimism as BTC registered nearly a 3% rise, reaching $62,741.

As an analyst, I’ve observed that Bitcoin (BTC) kicked off the current week with gains, as buyers aimed to surpass the $64,000 mark. Reaching an intraday peak at $63,845, BTC encountered a significant obstacle in the form of its 20-day Simple Moving Average (SMA), which acted as a robust resistance level. Consequently, BTC concluded the session at $62,984. In the present trading session, BTC is experiencing slight growth as both buyers and sellers vie for control. The bulls are eager to fortify their position by breaking through the $64,000 barrier. Should they accomplish this feat, BTC could progressively target $65,000 followed by the 50-day SMA at $66,400. If the price manages to close above this level, it may then aim for $72,000.

Sellers are anticipated to strongly protect this price point, and if buyers lose steam, there’s a possibility that Bitcoin’s price may fall to $64,000. Once it reaches this level, sellers might flip it into a resistance point. The price is forecasted to eventually settle around $60,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has been on an uptrend recently as investors try to propel the price beyond its current hurdle, the 20-day Simple Moving Average (SMA), which has remained a significant barrier so far. ETH experienced a decline of approximately 2% on Friday, dipping to $3,376, just above its support zone of $3,350. On Saturday, there was a minimal decrease as sellers aimed to undermine the support level. Nevertheless, Ethereum regained momentum on Sunday, registering a growth of 1.82% to reach $3,436. This week’s trading commenced with buyers endeavoring to surpass the pivotal resistance thresholds at $3,460 and $3,500. However, sellers were successful in keeping these levels intact, resulting in a modest increase for ETH.

In the present market scenario, ETH is priced at $3,450, and buyers are making another effort to exceed this figure by surmounting the 20-day Simple Moving Average (SMA). However, ETH may encounter substantial opposition as it approaches both moving averages – the 20-day SMA and the 50-day SMA. If buyers succeed in pushing ETH past the 20-day SMA and $3,500, we might observe a trend toward the 50-day SMA at $3,550. A breach above $3,550 could potentially trigger a surge towards the 50-day SMA, which is predicted to serve as a notable resistance point.

If ETH‘s bullish trend reverses, there is a possibility that the price may fall back towards its support level at around $3,350. Should this level give way, ETH could continue to slide downwards and reach the $3,100 mark. At this point, the 200-day Simple Moving Average (SMA) might serve as a potential support for the cryptocurrency.

BNB Coin (BNB) Price Analysis

On Friday, the resistance of sellers to drive down BNB Coin’s (BNB) price below $560 indicates decreased selling intensity at lower thresholds. Despite buyers trying to break BNB’s support level on that day, causing it to dip to $566, the coin regained momentum over the weekend. It increased by 0.51% on Saturday and 2.12% on Sunday, concluding the week at a price of $581. Buyers aimed to push BNB above its 20-day Simple Moving Average (SMA) on Monday, leading to a high of $587.9. However, bearish forces caused the coin to decline by 0.91%, ending the day at $576.6. In the current session, BNB is up 0.45%, trading at $579.1.

If buyers maintain command during the trading session, they may try to drive Binance Coin (BNB) above its 20-day Simple Moving Average (SMA) to reach around $600. If bullish energy persists, BNB could potentially soar towards $650-$700. Conversely, if the current session is retaken by the bears, BNB might fall back to its support at approximately $560. The price of BNB may plummet between $500 and $530 if this support level gets violated.

Solana (SOL) Price Analysis

As an analyst, I’ve observed that Solana’s (SOL) bullish run came to a halt this week as sellers aggressively protected the $150 mark. The cryptocurrency experienced a remarkable surge of 9.40% following the VanEck spot ETH application news. However, bears managed to mount a strong comeback, causing ETH to slide below its 20-day Simple Moving Average (SMA) after a decline of 6.51%. Consequently, SOL started the weekend with gains but failed to maintain its bullish momentum and fell back below the 20-day SMA, recording minimal growth.

I analyzed the price action of Solana (SOL) and found that it experienced a significant rally on Sunday, surpassing its 20-day Simple Moving Average (SMA) and reaching a high of $146.52. The new week started with a slight uptick as sellers attempted to push the price above the resistance zone at $150. However, due to substantial selling pressure at this level, SOL retreated back to $146. At present, SOL is trading at $147.63, having touched a daily high of $149.76 but failing to breach the $150 resistance. If buyers manage to push SOL past the crucial $150 barrier, we may witness a price rise towards $155. Should SOL successfully break above this level, it could potentially lead to an upward trend towards $170 or even $180.

Should the market sentiment shift negatively towards Solana (SOL), causing a bearish trend, the cryptocurrency’s price might retreat to around $140. A more pronounced downturn could potentially push SOL down to the vicinity of $135. At this level, the 200-day Simple Moving Average (SMA) would function as a dynamic support and potentially prevent further declines.

Avalanche (AVAX) Price Analysis

Until last week, the price of Avalanche (AVAX) had been following a downward trendline, touching $24 before bouncing back. Since then, it has been heading upward, reaching a peak of $29.04 on Thursday and surpassing the significant resistance level at $30 for a brief moment. However, AVAX retreated to $27.92 due to heavy selling pressure, caused by the 20-day Simple Moving Average (SMA). The weekend brought about a slight dip of 0.67%, but on Sunday, AVAX rallied strongly, surpassing the 20-day SMA and settling at $29.34.

This week’s opening saw AVAX surpassing $30 for the first time, reaching a peak of $30.08. However, this level proved unsustainable, and selling pressure caused the price to dip back below $30, closing at $28.80 instead. Despite anticipation of a bullish surge upon hitting $30, sellers have since regained control, causing AVAX to decline by over 2% in the current trading session, now valued at $28.20. A persistent bearish trend could push AVAX even lower, but its 20-day Simple Moving Average (SMA) might serve as a support system and help halt the descent. If AVAX falls beneath this level, it may be pulled down to around $25.

If AVAX manages to surpass the $30 mark, optimistic feelings towards the cryptocurrency may resurface. In this case, it’s possible for AVAX to advance further, potentially reaching $32.

Shiba Inu (SHIB) Price Analysis

Bitcoin’s price surge lately hasn’t affected meme coins significantly. Shiba Inu (SHIB), for instance, experienced a minimal increase in this session, but it plummeted by more than 30% over the past month. The coin closed at $0.0000169 on Friday, representing a 3.36% decrease. Following a slight decline on Saturday, SHIB gained around 2% to reach $0.0000172 by Sunday. However, Monday saw a 0.93% drop in SHIB’s price to $0.0000170. The current trading session is characterized by a battle between buyers and sellers, with SHIB barely showing any gains.

As an analyst, I’ve observed that Shiba Inu (SHIB) has successfully regained the $0.0000170 mark. However, it remains uncertain whether this level will hold. Bulls have been aggressively buying SHIB at current prices, as evidenced by data from IntoTheBlock indicating they’ve placed buy orders for a massive 4.3 trillion SHIB. The question is: Can SHIB reach $0.000020 again?

Polygon (MATIC) Price Analysis

Over the last week, the Polygon (MATIC) price has dipped by 1.44%, but if we look at the past month, there’s been a significant decrease of more than 20%. With MATIC currently valued at $0.55, its price rose slightly by 2.19% on Sundays, only to decline by 0.36% the following day.

As a researcher studying the cryptocurrency market, I’ve come across some intriguing insights regarding MATIC. Some analysts have suggested a bullish forecast for this digital asset, based on their observation of a falling wedge pattern. This particular chart formation typically signals a bullish reversal, following a considerable downtrend. The waning selling pressure is indicated by the emergence of this pattern.

At present, the price of MATIC stands at $0.56. The floor price is around $0.50, while the ceiling prices are at $0.60 and $0.57. Notably, the 20-day Simple Moving Average (SMA) lies at $0.57. If MATIC manages to surpass these resistance levels, it could potentially reach a height of $0.65.

Toncoin (TON) Price Analysis

Toncoin (TON) kicked off July with optimistic signs, as evidenced by its price chart. Over the weekend, TON recorded a 2.30% gain on Saturday, reaching $7.65. Sunday brought about minimal growth, but buying activity resurged on Monday, causing TON to climb an additional 2.03%, bringing its price to $7.80. Presently, TON is experiencing a rise of 2.56%, as buyers aim to surmount the resistance at $8 and establish a new all-time high (ATH) beyond the previous record of $8.24 set only a few weeks ago. If this bullish trend continues, it’s possible for TON to break through the $8 barrier and set a new ATH.

The cryptocurrency TON has been following an uptrending pattern since May, implying a strong positive outlook among investors. If TON manages to maintain its position above $8, there’s a high chance we could witness a substantial price increase, potentially reaching $10. Conversely, if the price trend shifts and TON falls below $8, this might be an indication that buyers are taking profits. In such a situation, we may observe a decline in the price down to its support at around $7.50.

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2024-07-02 12:08