Crypto Price Analysis 7-24 BTC, ETH, SOL, UNI, TON, WIF, SEI

As a seasoned crypto trader with years of experience under my belt, I’ve seen my fair share of market volatility and price movements that defy logic. TON‘s recent decline has been disheartening for many investors, including myself. However, I’ve learned to keep a level head and look for signs of potential bullish rebound.

Bitcoin (BTC) dipped below the significant price level of $66,000 on Tuesday, indicating a possible short-term market correction. Nevertheless, the overall outlook for BTC and other cryptocurrencies remains optimistic, with bullish predictions persisting. Investors seem to be taking advantage of this dip by purchasing more assets, but markets are anticipated to experience volatility throughout the week.

In a noteworthy turn of events, Ethereum ETFs recorded an inflow of $107 million in their debut day. Contrastingly, Grayscale’s Ethereum Trust experienced outflows totaling $485 million on the same day.

Is A Short-Term Correction Coming?

Bitcoin (BTC) dipped below the $66,000 mark as investors braced for a temporary market correction. However, considering the long-term perspective, BTC has performed admirably with a growth of more than 6% over the last month. The downturn notwithstanding, BTC’s performance remains commendable, as evidenced by its price chart. Furthermore, open interest in Bitcoin perpetual contracts experienced a considerable surge (15%), generating approximately $1.7 billion in new positions. These indicators, along with an escalating underlying value, fewer liquidations, and a favorable funding rate, suggest that most market players anticipate a price rise for BTC.

After Mt. Gox transferred approximately $2.8 billion in Bitcoin to two distinct wallets as reported by Arkham Intelligence, a slight decrease in BTC‘s value ensued. The first wallet held around $340 million, while the second one contained roughly $2.5 billion.

Based on my extensive experience in the cryptocurrency industry and having closely followed the Mt. Gox saga, I can tell you that this morning, Mt. Gox transferred a staggering $2.85 billion worth of Bitcoin to new wallets. An astonishing 5110 Bitcoins, equivalent to approximately $340.1 million, were then sent to four different Bitstamp addresses. This event is significant as it marks another step forward in the long-running process of redistributing the stolen funds from the infamous Mt. Gox hack.

Approximately a week ago, Kraken, a cryptocurrency exchange, announced it had received funds from the Mt. Gox trustee and intended to distribute them to creditors prior to the month’s end. Similarly, Bitstamp, another exchange handling such funds, declared its intention to initiate disbursements before July concluded.

Spot Ethereum ETFs Post $107M Net Inflows On Day 1

Despite significant outflows from Grayscale’s Ethereum Trust totaling $485 million, other newly launched Ethereum ETFs experienced positive net inflows. BlackRock’s iShares ETF attracted $266.5 million, Bitwise’s Ethereum ETF reported $204 million in net inflows, and Fidelity’s Ethereum Fund saw inflows of $71.3 million. Collectively, these inflows neutralized the $484 million worth of outflows from Grayscale’s trust.

Bitcoin (BTC) Price Analysis

Bitcoin’s price dipped below $66,000 this week as Mt. Gox, a defunct cryptocurrency exchange, transferred a large sum of Bitcoin worth approximately $2.85 billion to a new wallet. This transaction occurred during the Asian market hours on Thursday, causing BTC‘s value to plummet to a low of $63,260 before rebounding by 4.10% and climbing back above $65,000 on Friday, settling at $66,652. The bullish trend continued over the weekend, with BTC reaching a high of $67,087 on Saturday and $67,654 on Sunday, ending the weekend on an optimistic note.

On Sunday, Bitcoin (BTC) experienced notable selling pressure, resulting in a low of $65,730 as indicated by the price chart. The beginning of this week saw Bitcoin registering a minimal decrease, with sellers taking charge on Tuesday and causing a 2.52% drop to $65,894. Currently, buyers and sellers are engaged in a struggle for control, with buyers aiming to push the price above $66,000. The BTC price chart suggests some consolidation at higher levels, potentially leading to a temporary halt in the ongoing uptrend. Buyers will endeavor to keep Bitcoin above $66,000 and attempt to surpass $68,000 once demand strengthens. This situation could pave the way for a push towards $70,000 and a possible new all-time high.

If the selling pressure pushes Bitcoin’s price above $66,000, there could be a decline towards the 50-day Simple Moving Average (SMA). However, as investors jump in to buy at these lower prices, we may witness a robust recovery from this point. If the downward trend persists, it would indicate a shift in market sentiment, making sellers the dominant force. At present, the Relative Strength Index (RSI) stands at 59, implying significant potential for Bitcoin to surge further.

Ethereum (ETH) Price Analysis

Ethereum has garnered significant attention recently, as evidenced by the launch and strong inflows of over $107 million into Ethereum-based ETFs. The trading volume for these ETFs exceeded $1 billion, with most experiencing positive gains. In contrast, Bitcoin ETFs recorded an impressive trading volume of $4.5 billion on their first day and attracted net inflows of approximately $600 million. Analysts anticipate a moderate increase in Ethereum’s price based on these developments, with potential values ranging between $3,740 and $4,675. As we move forward, it will be interesting to observe the market’s reaction to these ETF launches and their impact on Ethereum’s price trends.

After the introduction of Ethereum ETFs, there might be a slight adjustment in Ethereum’s price, potentially pushing it up to $3,400. It is essential for this level to be maintained as signs of increasing staking inflows and growing long positions suggest that investors anticipate further growth following the launch of these ETFs. Currently, ETH trades above both its 20-day Simple Moving Average (SMA) and 50-day SMA, implying a bullish trend in the short and medium term. Nevertheless, it is important for buyers to prevent sellers from breaking through the $3,400 support, as this level plays a significant role in preserving ETH’s uptrend momentum. So far, this support has remained robust, enabling ETH to stabilize.

If Ethereum (ETH) manages to hold its ground above the current level, it may have the potential to surge past $3,500 and reach the next significant resistance point at $3,700. A successful breakthrough could even propel ETH towards $3,800. However, Ethereum has yet to sustain a position above $3,500. On Sunday, ETH peaked at $3,537 but retreated on Monday, dropping by 2.67% to $3,443. Buyers stepped in on Tuesday, pushing ETH up by 1.21% to $3,484. In the present trading session, ETH is experiencing a decline of more than 1%, with sellers aiming for the $3,400 mark. The Relative Strength Index (RSI) currently stands at 59, suggesting it is in a neutral territory.

Solana (SOL) Price Analysis

Despite significant selling pressure in the previous trading sessions, Solana (SOL) held steady above $170. Notably, whale transactions have surged, leading to a nearly 7% rise in SOL’s 24-hour trading volume. Although highly bullish until the weekend, SOL failed to breach the resistance at $185. On Friday, SOL experienced a 6.30% growth, ending the day at $169.29. Subsequently, on Saturday, SOL rose by 2.32%, reaching $173.73, and on Sunday, it climbed by an additional 6.20%, just falling short of the resistance level at $185 with a closing price of $184.50.

Sellers had set a resistance at the current price level, causing SOL to retreat on Monday, losing nearly 3% to reach $170.04. The bearish trend continued on Tuesday as sellers tried to force SOL below $170. However, they were unsuccessful and SOL closed at $173. With a solid support at $170, SOL is currently experiencing gains during this trading session and is priced at $176.91. If buyers sustain their bullish momentum, SOL may challenge the $185 mark again. A break above this level could lead to potential advancement towards $200. Nevertheless, sellers will remain vigilant and aim to push SOL back down to $170 or even below. The Relative Strength Index (RSI) is hovering close to the overbought threshold at 62, while expanding Bollinger Bands suggest SOL may encounter volatility in the near future.

Uniswap (UNI) Price Analysis

Uniswap (UNI) has been on a downward trend since it surpassed the $8 mark during the weekend, with sellers aiming to push the price under $7.60. Following a decline to $7.83 on Thursday, UNI experienced a 2% rise and reached $7.99, just short of the $8 threshold. Despite encountering significant selling pressure, UNI managed to incite a minor increase on Saturday, which enabled it to surpass the $8 mark momentarily. However, the price encountered fierce selling pressure on Sunday as sellers endeavored to pull UNI back below $8. Nevertheless, robust demand at lower levels facilitated an uptick of 1.39%, allowing UNI to conclude trading at $8.12.

On Monday, sellers seized the opportunity to take charge and drove UNI‘s price below $8. The cryptocurrency eventually closed at $7.81 after a decline of nearly 4%. Negative sentiment continued into Tuesday as buyers failed to push UNI above $8. Sellers gained momentum, causing UNI’s price to drop an additional 1.27% to $7.71. Currently, bears are back in control, aiming to drive UNI below its support level. If UNI falls beneath $7.50, it may slip further down to around $7 before finding equilibrium. However, buyers are anticipated to protect this level, leading to potential price fluctuations between $7.50 and $8.

Toncoin (TON) Price Analysis

Over the last week, Toncoin (TON) experienced a 4.25% decrease in value. Yet, this setback hasn’t diminished TON’s ability to bounce back positively. Throughout July, TON fluctuated between $7 and $7.60. At the start of the preceding week, TON reached $7.62, but a steep decline followed, taking it down to $7.14 by mid-week. A recovery saw TON rise to $7.30 by Friday, only to experience another bearish spell over the weekend, dropping back to $7.17. However, the broader crypto market witnessed a significant downturn on Monday, causing TON to plummet further, losing 2.60% of its value and falling below the crucial $7 mark. Sellers then pushed the price even lower, taking it down to $6.87.

As an analyst, I’ve observed that despite strong demand at lower price levels, the price of TON was pushed down during this session. However, buyers have managed to regain some ground, resulting in a current increase of 1.71%. At the moment, these buyers are attempting to drive the price back up towards $7. Over the past couple of months, I’ve noticed that TON has been trading between two converging trend lines. These lines have served as significant levels of both support and resistance for TON’s price movement. Additionally, TON’s total value locked (TVL) has seen substantial growth, largely due to DeDust and Telegram’s over 900 million users.

Dogwifhat (WIF) Price Analysis

Last week saw a remarkable rise in Dogewhats (WIF), fueled by escalating interest in meme coins. This uptrend could persist in the future given the positive outlook for the market. Additionally, WIF being built on the Solana platform is another potential catalyst, considering SOL‘s goal of reaching $200. Consequently, WIF may experience another growth spurt as a result. However, the recent advancement of WIF to $2.82 has encountered resistance for the time being. Despite buying efforts, sellers have managed to stall the token’s upward momentum.

After experiencing a decrease of 2.89% on Monday, landing at $2.73, WIF continued to slide on Tuesday due to heightened selling activity. The price plummeted nearly 7%, reaching $2.55. Despite this downward trend, buyers managed to prevent the stock from dipping below $2.50. Presently, WIF is rebounding with a near 4% increase in value. However, it remains uncertain where the stock will head next.

If WIF stocks resume their upward trend following the broader market’s recovery and surpass the resistance levels of $2.85 and $3, a potential advance toward $3.50 may ensue. Conversely, should the price take a downturn, sellers could potentially push the stock back down to the support level of $2.50.

SEI Price Analysis

SEI’s progress has been hindered by a stubborn resistance between $0.35 and $0.38, resulting in substantial selling pressure within this range. After experiencing robust growth during the preceding week, reaching a peak of $0.38 on Friday with a 10% gain, SEI’s price has taken a downturn in the current week, plunging into the red territory. The bulls made an attempt to surpass the $0.40 mark but were unable to do so, as evidenced by the price chart.

On Sunday, SEI encountered strong resistance from sellers, causing the stock to plummet to a low of $0.37. Despite this, buyers managed to regain some ground, resulting in a 0.77% decrease for SEI. The ensuing day brought intense volatility as buyers tried unsuccessfully to surpass $0.40 while sellers aggressively pushed prices lower. Ultimately, sellers took control, leading to a near-5% decline on Tuesday, leaving SEI at $0.37. Currently, SEI is experiencing a 1.34% loss and is under heavy selling pressure.

If the SEI stock keeps its position above the 50-day Simple Moving Average (SMA), there’s a good chance for a price recovery and an attempt to reach $0.40 again. On the other hand, if the bearish sentiment persists, the price may fall as low as $0.33. The stock might then find stability at this level, with the 20-day SMA serving as a supportive foundation.

2024-07-24 14:06