Crypto Price Analysis 7-10 BTC, ETH, SOL, UNI, AVAX, WIF, APT

In summary, the cryptocurrencies Avalanche (AVAX), DogWifHat (WIF), and Aptos (APT) have shown varying price movements over the past few days. AVAX has rebounded after a dip below its 20-day Simple Moving Average (SMA), with potential for a short-term rally indicated by a bullish divergence in its Relative Strength Index (RSI). DogWifHat (WIF) has shown resilience at its support level of $1.50, but failed to move past resistance at $2 and is currently trading around $1.70. Aptos (APT) has seen significant volatility and a decline below its support level of $6, with potential for recovery if buyers keep the price above this level. Overall, these cryptocurrencies continue to face market volatility and uncertainty.

Bitcoin‘s price rebounded from its daily low of $53,591 hit on Friday and is currently trending upward toward the $60,000 mark. Nevertheless, market experts caution that volatility will persist in the near term.

As a crypto investor, I’ve come across predictions from market analysts suggesting that approximately $4 billion to $7 billion in Bitcoin sell-offs may occur mid-year. This significant amount of selling pressure could negatively impact Bitcoin prices and potentially dampen the market’s momentum as we move further into the year.

Markets Recover, But Is Rally Short-Lived?

As a researcher studying the cryptocurrency market, I’ve observed a notable resurgence in recent days. Bitcoin (BTC) has spearheaded this rally, pushing towards the $60,000 mark. Previously, markets had been rattled by news of the German government selling their BTC holdings and potential sales by Mt. Gox creditors once they are repaid later this month. However, market fears have largely subsided, allowing almost all cryptocurrencies to bounce back. Among those experiencing substantial growth were Solana (SOL), Ethereum (ETH), Bitcoin (BTC), Avalanche (AVAX), and Internet Computer Protocol (ICP).

Some analysts, including Markus Thielen of 10x Research, hold the view that the current market rally may not last long.

From a technical standpoint, the price of Bitcoin is forming a foundation in the $55,000 to $56,000 area. However, considering the medium-term technological harm, we expect only a brief and tactical upward trend before another downturn leading the cryptocurrency back to the lower range of $50,000. This creates intricate trading conditions for investors.

Furthermore, seasonal patterns tend to be unfavorable for Bitcoin, as the third quarter typically sees low or poor returns. According to analysts at K33 Research, the Bitcoin market may need to accommodate approximately 75,000 to 118,000 BTC from Saxony and Mt. Gox clients, which equates to between $4.3 billion and $6.8 billion based on current prices.

Bitcoin (BTC) Price Analysis 

Last week, Bitcoin (BTC) took a significant hit, plunging as low as $53,591 on a Friday sell-off. Nevertheless, I witnessed a strong demand at lower levels that helped BTC bounce back to close at $56,742, resulting in a minimal weekly loss of 0.62%. On Saturday, the price surged by an impressive 2.76%, reaching $58,309. Regrettably, despite this momentum, buyers failed to breach the 200-day Simple Moving Average (SMA), causing BTC to slide back and close in the red on Sunday with a 4% decrease, settling at $55,909.

On Monday, Bitcoin experienced significant price fluctuations, as evidenced in the graph, with both buyers and sellers attempting to dominate the market. In the end, buyers emerged victorious, causing Bitcoin’s price to rise by 1.53% to $56,574. The upward trend continued on Tuesday as markets rebounded, resulting in a gain of 2.32% and a closing price of $58,081. Currently, Bitcoin is up by 1.64% in this session, with buyers aiming to push the price above $59,000 and the 200-day moving average. At present, Bitcoin is trading slightly above $59,000. Given that buyers have successfully guarded Bitcoin’s support levels, a drop below $50,000 seems unlikely for now. Should Bitcoin hold steady above its 200-day moving average, we might witness a surge beyond $60,000 and the significant resistance level of $60,000. However, sellers are anticipated to challenge the $59,000 and $60,000 price points.

Ethereum (ETH) Price Analysis

At the start of this week, Ethereum (ETH) surpassed $3,000 for the first time after the bears failed to break through its resistance point of $2,800, despite pushing the price below this level on Friday. The previous week saw ETH becoming bearish, with its lowest point being $2,824 on Friday. However, it managed to recover and close at $2,983, resulting in a 2.51% decline from the previous day. On Saturday, ETH regained momentum and rose by almost 3%, reaching a high of $3,069. Yet, it slipped back into negative territory on Sunday, dropping by 4.50% to finish the weekend below $3,000 at $2,931.

Although sellers failed to keep the upward trend going after Ethereum’s volatility on Monday caused it to reach a peak of $3,093, buyers managed to retake control and increase the price by around 3.1% to $3,020. However, sellers were present at the $3,100 mark, causing Ethereum to fall back to $3,020. Ethereum continued its upward trend on Tuesday, rising by approximately 1.6% to $3,067. Despite this progress, it still struggled to break past the resistance at $3,100. Currently, Ethereum is increasing by about 1.3%, with buyers attempting to push the price above $3,000 and the 200-day Simple Moving Average (SMA). However, sellers are defending this level, and if Ethereum fails to surpass it, we may see a drop back to $3,000 or lower. Conversely, if Ethereum can move above the 200-day SMA, it could lead to an uptrend towards the 20-day SMA and the $3,300 mark.

ETH’s recent upswing can be attributed to developments related to its spot ETF.

“Today, we received the first filing, or S-1, from VanEck. They’ve already paid their fees, so there isn’t much new information to be gleaned; they’re essentially passing the responsibility back to the Securities and Exchange Commission (SEC). The remaining filings are anticipated to arrive today, with the exception of Bitwise, who submitted theirs last week.”

Solana (SOL) Price Analysis

Since the beginning of the week, Solana (SOL) has experienced a remarkable surge, recording a 17% growth from July 7 to July 9. This upturn helped offset losses that occurred on Friday when SOL dipped to a low of $121. The downturn on Thursday resulted in a 9.15% decrease, causing SOL to dip below its 20 and 200-day moving averages (MA) to $140. Despite intense selling pressure on Friday, SOL managed to rebound, concluding the day with a gain of 5.11%, ending at $134.40 – significantly higher than its intraday low of $121. The trend continued on Saturday when SOL surpassed both its 20 and 200-day MAs, reaching $143.10. However, a decline of 7.99% occurred on Sunday, pushing the price below its 200 and 20-day MAs to $131.66.

On Monday, Solana (SOL) bounced back with a noteworthy gain of 6.24% to reach $139.88. This uptick brought SOL above both its short-term moving average (20-day SMA) and long-term moving average (200-day SMA). The price action on Tuesday was marked by heightened volatility as market participants jostled for control. Sellers managed to push the price down to a low of $136.59, but buyers eventually regained the upper hand and drove the price up to the range of $140 to $141.49. Presently, SOL is experiencing a growth of over 2%, and there’s a possibility that it may advance towards $150 in this session.

The surge in trading for Solana (SOL) follows the SEC’s review of applications by VanEck and 21Shares for a Solana Exchange-Traded Fund (ETF). This development is one factor contributing to SOL’s recent price increase. The CBOE filings confirmed these applications. If SOL’s current upward trend persists, its first challenge will be at the $150 mark, which represents the 50-day Simple Moving Average (SMA). Clearing this hurdle could lead to a potential rise towards $200. Conversely, a reversal might result in a decline towards the $130 mark.

Uniswap (UNI) Price Analysis

Uniswap’s (UNI) recovery hasn’t been as robust as its peers recently. The asset is currently trading in the negative territory, with a 9% decrease over the past week. On Thursday, UNI dipped below its support levels, allowing buyers to break through $8 and push the price down to $7.62. The selling pressure escalated on Friday, causing UNI to fall beneath $7 and reach a low of $6.77. However, robust buying demand at lower prices enabled investors to jump in, resulting in UNI ending the day at $7.77, marking a 1.93% increase.

On Saturday, UNI‘s buyers managed to regain the upper hand, causing a 5.38% rise and lifting the price to $8.19. However, bears resurfaced on Sunday, leading to a 6.77% decline that sent UNI back down to $7.63. The new week started off positively for UNI, with a gain of 5.22% taking the price to $8.03. Buyers stayed in charge on Tuesday, pushing UNI up to $8.19. Presently, sellers are trying to force UNI below $8, causing the token to trade in the red.

At present, the UNI stock encounters significant opposition around the $9 mark. Nevertheless, purchasers have yet to launch a determined attempt to challenge that point. With the value now in the negative territory, it is crucial for buyers to keep UNI above $8. A fall from this position might lead to further declines towards $7.

Avalanche (AVAX) Price Analysis

Over the last 24 hours, AVAX experienced a nearly 5% rise, signaling a robust recovery after dipping under $25. On Saturday, AVAX experienced a surge of over 9%, propelling it past its 20-day Simple Moving Average (SMA) to reach $27.42. However, this bullish trend faltered, causing AVAX to decline by more than 6% on Sunday, dropping to $25.74. The current trading week commenced with significant market turbulence, pushing AVAX back above its 20-day SMA, reaching a peak of $27.21. Nevertheless, sellers managed to force AVAX down to $25.22, as both buyers and sellers defended crucial support and resistance levels.

On Tuesday, AVAX made a comeback and approached $27 after recovering from its support and touching $26.44. At present, the cryptocurrency is being exchanged at $26.80 during this trading session as buyers try to surpass the 20-day Simple Moving Average (SMA). AVAX has demonstrated a promising trend in its technical indicators. The RSI line on the daily chart indicates a bullish divergence, with a lower low on July 5 contrasting sharply with a higher high. This implies that we might witness a brief price increase.

DogWifHat (WIF) Price Analysis

The meme coin WIF has experienced a surge in purchasing interest recently, potentially signaling an upward trend in its price. Following a prolonged downtrend that started towards the end of May when WIF hit $3.77, its value plummeted to $1.58 by June 23rd. Subsequently, it rallied and reached $2.26 around the beginning of last week. However, the price retreated below its 20-day moving average (SMA) by Thursday, dropping to $1.72. Despite the pessimistic outlook, WIF has demonstrated strength at its critical support level of $1.50. This level has been defended vigorously by buyers on two previous occasions, suggesting a strong buying interest and determination to keep the price above this level.

In the most recent bounce, WIF reached a peak of $2.01, encountering resistance at this price point. Nevertheless, it failed to surpass $2 and plummeted by 17% on Sunday, closing the week at $1.66. The following Monday was marked by heightened volatility as sellers attempted to drive WIF below $1.50 without success. As a consequence, it experienced only a minor decline before rebounding by 2.56% and reaching $1.70 on Tuesday. Currently, the price remains at this level. Should buyers regain control, WIF may challenge the $2 mark once more. Conversely, if the trend turns bearish, a retreat to its support of $1.50 is likely.

Aptos (APT) Price Analysis

Aptos (APT) has experienced a substantial decrease in value and heightened price fluctuations in tandem with the larger crypto market’s downturn. The level of volatility can be assessed by examining the Bollinger Bands on its price chart, revealing a growing distance between the upper and lower bands. An expanded gap between the upper and lower bands typically signals heightened market volatility.

On Friday, APT dipped beneath its support of $6 and fell to $5.54. The weekend brought significant price fluctuations; APT surged nearly 8% on Saturday, reaching $5.92, but then plunged by 6.67% to settle at $5.58 on Sunday. During the current week, buyers re-entered the market and drove up the token’s price by 4.64% on Monday, pushing it to $5.84. Tuesday saw buyers regaining control of $6, with APT reaching a high of $6.01. Currently, APT is up by 1.70%, trading at $6.12. The future trajectory of APT depends on whether buyers can maintain the price above $6: if so, we may witness an advance towards the resistance level of $6.60 (where the 20-day Simple Moving Average lies). If, however, the price drops below $6, it could potentially slide down to $5.50. To recover, APT must remain above $6.

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2024-07-10 13:11