Crypto Price Analysis 7-04 BTC, ETH, SOL, BNB, ADA, UNI, DOGE, APT

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In summary, the price analysis for ADA, UNI, DOGE, and APT shows varying levels of bearish sentiment in the crypto market.

I’ve noticed a significant decline in Bitcoin‘s (BTC) value this week. Sellers have been dominating the market, making it challenging for the cryptocurrency to surpass the $60,000 mark. Currently, Bitcoin is experiencing a 2% drop during this session.

As a crypto investor, I’ve noticed that the profits I’ve earned from investing in altcoins are starting to dwindle as the crypto market experiences a substantial downturn. This got me wondering if this is just a corrective action within the ongoing bull market or a sign that the bull market itself may be coming to an end.

Bitcoin (BTC) Dives Below $60,000

Bitcoin (BTC) dipped to a low of $59,317 on Wednesday and has since carried on its decline in the ongoing trading session, giving up the significant support level at $60,000. Bearish investors have intensified their selling activities, aiming to drive BTC beneath $58,000. On the other hand, optimistic buyers are poised to safeguard this level. As a result, Bitcoin could remain trapped within its current price range for an extended period. The persistent drop in Bitcoin’s value can be attributed to the selling pressure generated by Mt. Gox creditors, who may choose to cash out following their expected repayments towards the end of July.

As a crypto investor, I’m excited about the potential buying from US-based spot Bitcoin ETFs, which have poured in an impressive $14.8 billion in net inflows since their debut in January. However, short-term BTC price action is uncertain due to the uncertainty surrounding how much of the BTC held by Mt. Gox creditors will hit the market. A sizable portion of this BTC will likely end up with OTC trading desks instead. This uncertainty might result in increased volatility in the markets.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) experienced a decline starting from its rejection at the $64,000 mark on Monday. Sellers took control as the cryptocurrency dropped significantly, leading to a minimal 0.24% rise on Monday instead of the earlier 2.88% growth. The downward trend intensified with the 20-day Simple Moving Average (SMA) putting pressure on sellers. Consequently, BTC dipped further by 1.25%, reaching a price of $62,106 on Tuesday.

On Wednesday, Bitcoin experienced a significant decrease, dipping by more than 3% to reach a price of $60,215, following a daily low of $59,317. Despite this decline, buyers managed to prevent the price from falling below the crucial support level of $60,000, momentarily pushing it back up to $59,800. Currently, bears are attempting to break through the support at $60,000, with Bitcoin’s price dropping further to $58,925. A more substantial drop could be on the horizon if sellers succeed in pushing the price below this level, potentially resulting in a fall to $56,000, a level that buyers are determined to protect. If sellers overpower the lower boundary of Bitcoin’s trading range, it may initiate a downward trend, ultimately leading the price to $50,000.

If Bitcoin (BTC) recovers from its support levels, there’s a good chance that bulls will drive the price back up towards $60,000. With a strong and continuous uptrend, Bitcoin might even challenge its 20-day Simple Moving Average (SMA).

Ethereum (ETH) Price Analysis

Ethereum (ETH) dipped beneath its significant support of $3,350 as selling forces caused the price to slide below this mark. At the beginning of the week, Ethereum displayed a bullish trend and approached the $3,500 threshold on Monday. However, bearish pressure took over, causing Ethereum to drop below its 20-day Simple Moving Average (SMA) and conclude the day at $3,441. Buyers failed to propel ETH above the 20-day SMA, leading Ethereum to turn bearish on Wednesday and experience a decline of 0.66% to $3,418. The descent from $3,500 suggests that bears are highly influential at elevated price points.

The bears broke through Ethereum’s crucial support level of $3,350 on Wednesday, causing a 3.64% decrease in its price to $3,293. As of now, Ethereum is trading at $3,224 during this session, with sellers aiming to push it below the $3,200 mark. However, the bears currently hold the upper hand, as indicated by the downward trend of the 20-day moving average and the Relative Strength Index (RSI). With escalating selling pressure, the bears plan to drive Ethereum down towards $3,000, while the bulls are expected to counteract and safeguard this level.

To make a significant comeback, Ethereum needs to regain its crucial support of $3,350 and surpass the 20-day Simple Moving Average (SMA). Breaking above this threshold could lead ETH to challenge the resistance levels at $3,500 and aim for $3,700. Notable resistance lies at $3,460 and $3,550.

Solana (SOL) Price Analysis

Over the last 24 hours, Solana (SOL) has experienced a significant decline of more than 9%. The coin’s price is facing challenges due to the ongoing uncertainties surrounding Bitcoin and the broader crypto market. SOL began the week positively, recording a 4.57% gain on Sunday, reaching a peak of $146.62. This increase also propelled SOL above its 20-day Simple Moving Average (SMA), as investors sought to drive the price above $150. Following a slight uptick on Monday, SOL surged by almost 5% on Tuesday, breaching the $150 mark and settling at $153.86.

On Wednesday, markets grew bearish, with Solana (SOL) experiencing a significant decline of 8.53%, dropping below $150 to rest at $140. The 20-day Simple Moving Average (SMA) served as a support level for SOL at this price. However, the selling pressure intensified during trading hours, causing the price to slip even further below $140. Currently, Solana is more than 4% down and is trading beneath its 200-day SMA, which stands at $134.53.

Moving forward, will pessimistic views persist in pulling down SOL‘s price or will there be a turnaround? According to the chart, the 20-day Simple Moving Average (SMA) is losing its slope, suggesting a potential equilibrium between buying and selling pressure. Meanwhile, the Relative Strength Index (RSI) hovers near the midpoint, signaling a relatively balanced market. Should SOL fail to surpass the 200-day SMA, it may dip down to $120. Conversely, if this support level holds firm, SOL could attempt to recapture the $140 mark. A successful break above this price point might trigger a rebound toward $150.

BNB Price Analysis

Over the past week, Binance Coin (BNB) experienced significant volatility as trading hands battled for dominance. The coin oscillated between its support of $560 and resistance at $590 throughout most of last week. Following a favorable close the previous week, BNB suffered a 0.91% decrease after failing to surpass the 20-day Simple Moving Average (SMA). On Tuesday, there was a minimal uptick in price, but as pessimism intensified, BNB plummeted by approximately 4% on Wednesday, breaking through its support at $560. The current trend continues with the coin dropping further, now trading at around $534 – a nearly 4% decrease.

As a researcher studying the Binance Coin (BNB) market, I’ve noticed that the bears have successfully driven the price below key resistance levels at $560 and $550. If this downward trend continues, BNB could potentially drop further to around $500. At this level, there may be support as buyers enter the market to take advantage of lower prices.

Cardano (ADA) Price Analysis

Since June 20, Cardano (ADA) had been trading in a narrow range between $0.35 and $0.40 as buyers and sellers battled for control of the market. However, the tide began to shift over the weekend when bulls made a strong effort to drive ADA above its 20-day Simple Moving Average (SMA). On Saturday, ADA touched a high of $0.40, but the bears quickly stepped in to defend this level, resulting in a minor loss of 0.26% and a price of $0.39 by evening. Despite this slight increase, ADA failed to break above its 20-day SMA. On Sunday, however, bulls regained control, pushing ADA up 2.08% to reach $0.41.

On Monday, ADA experienced a nearly 3% growth and surpassed its 20-day Simple Moving Average (SMA), reaching a price of $0.40. The following day, Tuesday, saw ADA break through resistance levels, leading to a 3.72% increase that brought the price up to $0.41. However, on Wednesday, bears caused a 2.63% decline in ADA’s value, pushing it back down to $0.40. Currently, ADA is experiencing a 3.44% drop and remains just above its 20-day SMA. If ADA manages to stay above the current price, it will encounter resistance at $0.40 and $0.43 – where the 50-day SMA is situated. However, if ADA fails to maintain this level, it may fall towards its support of $0.35.

Uniswap (UNI) Price Analysis

Uniswap (UNI) has experienced a shift in sentiment towards bearishness this week, resulting in a significant drop in price since Monday. After reaching a high of $9.14 on Sunday, UNI struggled to break above the resistance level of $9.50 but was ultimately rejected, leading to a 1.46% decline. The bears continued their dominance on Tuesday, driving down the price to $8.98, and on Wednesday, there was a steep drop of more than 5%, causing UNI to fall below its 200-day moving average (SMA) which had been acting as support. Currently, UNI is down by over 5% in this session, with bears aiming to push the price beneath $8.

Moving forward, what lies in store for UNI? If bears maintain their grip on the market, we might witness the price dipping beneath $8. With a strong recovery from this point, there’s potential for UNI to surge past $8.50 and head towards $9. However, presently, the cryptocurrency market conditions showcase a bearish trend.

Dogecoin (DOGE) Price Prediction

Dogecoin (DOGE) failed to break past its 20-day simple moving average (SMA) on Monday, suggesting significant selling pressure and a weak demand for coins at higher prices. Consequently, DOGE dipped to $0.123. Buyers made another attempt to push the price above the 20-day SMA, pushing it up to $0.125. However, their efforts were unsuccessful as bulls could not maintain momentum, leading to a 5.90% decrease in DOGE’s value on Wednesday. The bears then took control and forced the price below the critical $0.120 level to $0.118. Currently, DOGE is trading at $0.112, representing a 4.49% decline.

If DOGE fails to hold onto its $0.12 support, there’s a risk that its price will drop down to $0.10. For bullish investors looking to prevent such a dip, they need to push DOGE back above the $0.12 mark. A successful breakthrough above this level could potentially lead to a recovery and a move towards the 20-day Simple Moving Average (SMA).

Aptos (APT) Price Analysis

Over the past month, Aptos (APT) has experienced a significant loss of approximately 30%, following a consistent downward trend. The cryptocurrency’s value currently hovers below its 20-day Simple Moving Average (SMA), which functions as a dynamic resistance level. After an encouraging weekend, bulls tried to drive APT above the SMA, reaching a peak of $7.23. However, selling pressure and insufficient demand forced the price back down, resulting in another day of losses for APT. The trend continued on Tuesday with bearish sentiment, causing APT’s value to fall beneath $7 and close at $6.95. Selling pressure intensified on Wednesday, leading to a 5% drop in price to $6.59. In the present session, APT is down by 5.12%, trading at $6.25. If the negative trend persists, we may see the price slide further to around $6, where potential buyers could emerge.

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2024-07-04 12:14