Crypto Price Analysis 7-11 BTC, ETH, SOL, XRP, TON, DOT, ATOM

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In summary, TON and DOT have shown volatility in their price movements over the past week. TON attempted to rise above its 50-day SMA but fell back below it after being unable to sustain momentum. Polkadot (DOT) lost the crucial $6 support level last week but quickly recovered, only to fall back below it again. Cosmos (ATOM) dropped below $6 on Friday but was able to recover and push back above this level over the weekend. Both TON and DOT are currently trading near their respective support levels, with resistance at higher price ranges. The market sentiment is expected to influence the price movements of these cryptocurrencies in the coming days.

I’ve closely monitored Bitcoin‘s (BTC) price movement for weeks, observing its descent into a downtrend. However, my analysis indicates that we’ve reached a turning point around the $55,500 mark. Bitcoin has since bounced back, breaking through the $58,000 resistance during this week.

At the $60,000 threshold, Bitcoin’s revival encounters a substantial challenge as selling activity intensifies. Yet, buyers have intercepted the decline, thereby obstructing the bears from instigating a renewed drop in BTC‘s price trend.

Not Quite Ready For $60,000

The price of Bitcoin (BTC) bounced back this week, but it hasn’t regained the significant $60,000 mark yet. Bearish investors have been quite influential at higher prices and even attempted to resume a downward trend. Nevertheless, bulls stepped in during dips, preventing further declines. Based on Farside Investor statistics, Bitcoin spot ETFs attracted more than $650 million in investments since July 5, suggesting robust demand in the lower price range.

As an analyst, I’ve been keeping a close eye on the cryptocurrency market, and recent developments suggest that selling pressure may persist for some time. According to Arkham Intelligence, the German government is planning to sell approximately 6000 Bitcoin. This potential influx of Bitcoin into the market could put downward pressure on prices.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) bounced back vigorously in the past few days, dipping as low as $53,591 on Friday but recovering to $58,309 on Saturday. However, it slipped once again on Sunday, shedding approximately 4% to reach $55,909. The ongoing week commenced with Bitcoin exhibiting considerable volatility as market forces jostled for dominance. Consequently, the cryptocurrency touched a low of $56,312 and a high of $58,282 before stabilizing at $56,762. On Tuesday, Bitcoin resumed its upward trend, climbing by 2.32% to close at $58,801.

On Wednesday, buyers made a strong effort to drive up the price of Bitcoin (BTC), reaching a peak of $59,473. Yet, as they remained highly active near the $60,000 threshold, BTC retreated and dropped by 0.44%, closing at $57,826. Currently, BTC is trading around $58,068 during this session, representing a modest gain of 0.41%. The price fluctuations of Bitcoin reveal that sellers are guarding the resistance level at $60,000, while buyers are defending the support levels between $56,000 and $53,000. Despite attempts by buyers to surpass the Simple Moving Average (SMA) of 200 days, they have yet to succeed.

If Bitcoin (BTC) fails to surpass its 200-day Simple Moving Average (SMA) and starts to decline, it’s a sign that investors’ overall sentiment is pessimistic, and they are selling their Bitcoin when the price is increasing. A prolonged downtrend could result in sellers trying to push Bitcoin below its support levels. A drop to $50,000 is a possible outcome if they succeed. However, if Bitcoin manages to break above the 200-day SMA, it suggests shifting investor sentiment. In this case, Bitcoin could climb towards the 20-day SMA and $60,000. A breach of this level might propel Bitcoin towards the 50-day SMA, currently at $64,752.

Ethereum (ETH) Price Analysis

During the present trading session, Ethereum (ETH) has bounced back and surpassed the $3,000 mark. This recovery follows successful defensive efforts by bulls against ETH’s critical support level of $2,850 on two separate occasions over the last week. Last Friday saw ETH slip below $3,000 as sellers drove its price down to a low of $2,824. Despite lower demand levels, Ethereum managed to regain ground and close at $2,983 on Friday. On Saturday, buyers propelled ETH above $3,000 once again, only for it to slip back into the red territory by Sunday’s end, closing at a price of $2,932. Monday brought another challenge to Ethereum’s support level as sellers attempted to push the price beneath the crucial $2,800 mark. However, Ethereum displayed resilience and eventually registered an increase of over 3% to settle at $3,020.

As an analyst, I observed that ETH made steady progress on Tuesday, reaching a new high of $3,067. However, my efforts to drive the price past the 200-day Simple Moving Average (SMA) proved futile, as illustrated in the chart. The following day, ETH experienced a minimal gain of 1.14%, pushing the price up to $3,103. Yet again, selling pressure prevented ETH from breaching the 200-day SMA. At this point, it remains uncertain whether ETH will manage to surpass the 200-day SMA during the current trading session.

At present, Ethereum is being traded at $3,107, and its 200-day Simple Moving Average (SMA) serves as a significant barrier, priced around $3,107. If Ethereum manages to surpass this hurdle, we might witness it advancing towards the next resistance level at $3,250. On the contrary, if Ethereum exhibits bearish tendencies, sellers aim to drag the price below $3,000 once more, testing the support level of $2,850. For Ethereum to maintain any upward momentum, it is crucial that its value stays above the $3,000 threshold. Nevertheless, there are bearish indicators emerging, such as a substantial decrease in open interest. As reported by Coinglass, Ethereum’s open interest plunged from approximately $15 billion to around $11.9 billion. The decline in open interest suggests decreased conviction among investors and a diminishing liquidity pool.

Solana (SOL) Price Analysis

During the recent market slump, Solana (SOL) showcased remarkable strength, holding above vital support lines and presenting a promising outlook for an upward trend. The cryptocurrency boasts robust support at $120, with additional backing emerging around its 20-day Simple Moving Average (SMA). If SOL manages to remain above $140, we might witness a surge past the $150 resistance level.

As a researcher studying Solana (SOL), I observe that the price chart indicates a notable resistance point for SOL at around $150. If buyers manage to surmount this resistance, we might witness the price escalating beyond this level. However, sellers are anticipated to put up a strong fight at $150, and should the price momentum falter, sellers may attempt to pull down SOL towards its support zone of $120.

Ripple (XRP) Price Analysis

I analyzed the market trends for Ripple (XRP) at the beginning of the week, noticing its volatility due to bearish attempts pushing the price below the support level of $0.40. Fortunately, buyers stepped in and defended this support level, preventing a potential drop. Despite touching a low of $0.40, XRP bounced back and recorded a 2.76% increase to reach $0.43. The asset continued its upward trend on Tuesday and Wednesday, reaching $0.43. Some analysts anticipate bullish momentum for XRP if it manages to surpass the resistance at $0.45. However, bears are likely to fiercely guard this level, and should XRP fail to break through the $0.45-$0.46 barrier, we might observe a price consolidation between $0.41 and $0.45.

Should XRP manage to surpass the $0.45 mark, there’s a strong possibility it may challenge the subsequent resistance at $0.46. If bullish momentum persists, XRP could potentially reach the next resistance point at $0.48 and even aim for $0.50.

Toncoin (TON) Price Analysis

Toncoin (TON) bounced back robustly after bears drove its price down to a low of $6.38 on Friday. Buying activity from bulls reversed the negative trend, allowing TON to regain ground and surpass $7, closing at $7.26 on Friday. The positive momentum continued into Saturday, with TON recording a nearly 5% gain and breaking above its 20-day moving average, settling at $7.61. However, selling pressure at higher levels caused TON to plummet by 7.32% on Sunday, dropping its price to $7.05.

I’ve noticed that this week began with me trying to drive TON‘s price back above its 50-day Simple Moving Average (SMA). However, my efforts failed to gain traction, and after reaching a peak of $7.39, TON dipped back below the 50-day SMA to $7.12. Despite the heavy selling pressure at higher levels, I managed to keep TON above $7 thanks to some savvy investors buying the dip and propping up its trading range. On Sunday, the price breached the 20-day SMA, climbing by 3% to $7.34. But on Wednesday, sellers stepped in and halted my attempt to push past the resistance at $7.50, resulting in a 2.01% drop to $7.19. Currently, TON is still in the red as bears aim to drag its price beneath the 50-day SMA.

As a researcher studying the price movements of TON, I’ve noticed that if the selling pressure manages to push the price below $7, there’s a possibility of further decline towards $6.50. Should this support level give way, we might see the price slide down to $6. However, if buyers step in and counteract the selling pressure, preventing TON from dropping below $7, and successfully breach the resistance at $7.50, we could witness a bullish trend towards $8. Nevertheless, it’s important to note that sellers are expected to put up a strong defense at these resistance levels.

Polkadot (DOT) Price Analysis

Last week, Polkadot (DOT) experienced a significant setback when its price dropped by 8.40% to $5.56 on Thursday, breaching the crucial support level of $6. In response, DOT bounced back strongly, gaining nearly 10% on Saturday and reclaiming the $6 mark along with the 20-day Simple Moving Average (SMA), closing at $6.25. However, sellers regained control on Sunday, causing a decline of 5.44%, bringing DOT down to $5.91. To begin this week, buyers attempted to push DOT up towards $6.50 but were met with resistance. Sellers then took over, forcing DOT back down to its current price of $5.95.

As a researcher studying the cryptocurrency market, I observed that on Tuesday, DOT experienced a significant surge, gaining nearly 3% to reach a new high of $6.12. However, this growth was short-lived as DOT dipped slightly on Wednesday, resulting in a current trading price of $6.12, which represents an increase of 0.33%.

Cosmos (ATOM) Price Analysis

The universe of cryptocurrencies has witnessed a consistent climb above the $6 threshold over the past week, having spent most of the preceding time in the red. Conversely, ATOM dipped beneath this mark on Friday, reaching a low of $5.09. Despite this setback, there was notable demand around the $5 price point, enabling a partial recovery. As a result, ATOM experienced a decrease of 4.73%, ending its week at $5.70. Over the weekend, ATOM regained ground and surged back above $6, peaking at $6.07. However, investor sentiment soured on Sunday, causing ATOM to lose 4.59% of its value, settling at $5.79.

On Monday, buyers made efforts to raise the price of ATOM toward its 20-day Simple Moving Average (SMA), but were met with resistance from sellers, causing a minimal gain to $5.82. The following day, Tuesday, brought a steady advancement of 1.82%, propelling the price to $5.92. Wednesday witnessed an uptick that surpassed $6, resulting in a closing price of $6.03. In the present trading session, ATOM has climbed by 1.27% as buyers accumulate and aim for another attempt at the 20-day SMA. Analyzing the chart, it is evident that ATOM possesses solid support at the $5 mark. If it manages to remain above $6, we may observe newfound support emerging at this level.

The resistance level of $6.40, which is where the 20-day Simple Moving Average lies, presents an immediate challenge for the price. Overcoming this hurdle could lead to further advancement towards $7 and encroaching on the 50-day SMA at $7.31.

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2024-07-11 13:14