As a seasoned cryptocurrency analyst with years of experience under my belt, I’ve seen my fair share of market fluctuations and price movements. I’ve watched Cardano (ADA) rise steadily from its humble beginnings to reach new heights, only to face a setback that threatens to push it back down to its support level of $0.40.
Last week, Bitcoin (BTC) experienced a minor setback, causing its price to dip down to $65,117. However, it bounced back robustly and, barring some intense volatility on Saturday, continued its advance towards the psychologically important level of $70,000.
BTC’s rally could be the result of several developments over the weekend, notable being former president Donald Trump’s supportive remarks for the asset during the 2024 Bitcoin conference. Trump also proposed allocating a portion of BTC currently held by the US Department of Justice to the country’s strategic reserves. Speculations are also rife about potential US rate cuts, which have given a further boost to the BTC market.
Bitcoin (BTC) Resumes March To $70,000
Following a setback last week, Bitcoin (BTC) appears poised to surpass the substantial $70,000 threshold. As per CryptoQuant CEO Ki Young Ju’s analysis, Bitcoin’s swift rebound post-pullback signals that investors are actively purchasing dips, regardless of their size. Notably, data reveals that large Bitcoin holders, referred to as whales, have been on a buying spree in July, increasing their BTC reserves by a substantial 358,000 coins. According to CryptoQuant’s CEO, the current market behavior indicates that Bitcoin is undeniably in an accumulation phase.
“Bitcoin is currently experiencing an accumulation stage. Approximately 358,000 Bitcoin units have transferred to long-term storage wallets over the last month.”
Marathon Digital, the globe’s leading Bitcoin mining corporation, announced recently the acquisition of approximately $100 million in Bitcoins within the past month. Consequently, the company now holds more than 20,000 BTC in its reserves. As stated by Marathon Digital’s CEO and Chairman, Fred Thiel, the organization intends to adopt a ‘HODL for life’ strategy and maintain Bitcoin as their primary treasury asset.
Today, Marathon is thrilled to disclose that we have boosted our Bitcoin holding strategy by investing a total of $100 million in the past month. Moving forward, we are fully committed to “hodling” or keeping this digital asset in our treasury reserve.
Caution Advised
Many people in the financial world are very optimistic about Bitcoin’s future value. However, Charles Edwards from Capriole Investments has urged caution in the short term. He believes that the introduction of Ethereum spot ETFs during a weak market could lead to Bitcoin sell-offs if large institutional holders of Bitcoin ETFs decide to diversify their investments.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) hovers close to retaking the $70,000 milestone, yet sellers are anticipated to put up a strong fight at this level and the resistance above at $72,000. The swift bounce back from intra-week lows reflects optimistic feelings towards the digital currency, with investors capitalizing on the dips. In the immediate future, traders forecast Bitcoin to surpass $70,000 and establish a new peak. Nevertheless, in the long run, there is immense bullishness surrounding Bitcoin among traders and analysts. Notably, Anthony Scaramucci, founder of SkyBridge Capital, has speculated that Bitcoin’s market capitalization could eventually surpass gold’s, which currently ranges from $15 to $16 trillion, whereas Bitcoin presently stands at approximately $1.3 trillion.
Last week, I noticed a decline in Bitcoin’s price that took it down to $65,142 by the end of Wednesday. Sellers were relentless, pushing BTC even lower on Thursday, dipping below $65,000 and reaching a daily low of $63,486. However, smart investors saw an opportunity in this dip and started buying. By Friday, Bitcoin had made a remarkable recovery, climbing back above $65,000 with a 0.69% increase and settling at $65,845. The bullish trend continued on Friday as Bitcoin rose by 3.12%, breaking the resistance at $67,500 to reach $67,899.
Over the weekend, Bitcoin experienced intense selling activity on Saturday, causing a struggle between buyers and sellers to dominate the market. The cryptocurrency underwent considerable price swings, reaching a low of $66,610 and a high of $69,332 before ending the day at $67,833. On Sunday, bulls regained control, propelling Bitcoin up by 0.62%, surpassing $68,000 and closing at $68,254. As of now, Bitcoin is trading above $69,500, with bulls aiming to push the price above $70,000. Nevertheless, the candlestick indicates that sellers are putting up resistance at higher levels.
The 20-day Simple Moving Average (SMA) is presently trending upward, while the Relative Strength Index (RSI) shows positive values, suggesting robust bullish momentum. With bulls aiming to surpass the $70,000 mark and potentially reach $72,000 if successful, a shift in sentiment could lead Bitcoin (BTC) to experience a substantial decline, possibly causing the price to dip towards $65,000 or even lower.
Ethereum (ETH) Price Analysis
Over the past 24 hours, Ethereum (ETH) has bounced back with a nearly 5% growth. Yet, it encountered setbacks at significant resistance levels like $3,500 and more recently at its 20-day Simple Moving Average (SMA). Earlier in the week, ETH experienced declines of 4.25% on Wednesday and 4.82% on Thursday. These drops caused the cryptocurrency to slip beneath not only its 20-day SMA but also its 50-day and 200-day SMAs. The price touched a low of $3,089 on Thursday before buyers intervened, lifting it to $3,175. Ethereum rebounded on Friday as investors returned, gaining 3.20%. Despite this, it couldn’t surpass the 20-day SMA and closed at $3,277.
The weekend initiated with a 0.83% decrease, causing ETH to dip to $3,250. Following this decline, buyers managed to slightly raise the price to $3,272. In the current trading session, buyers have gained significant control, with ETH experiencing a nearly 3% growth. The bulls aim to propel the value beyond $3,400 and reevaluate the resistance at $3,500. Let’s examine some indicators for potential price trends. The Relative Strength Index (RSI) has surpassed its midpoint, suggesting a potential uptrend in ETH’s price throughout this week. If ETH succeeds in breaching $3,400, it may challenge the resistance at $3,500. Overcoming this barrier could potentially pave the way for an upward swing towards $3,700. However, a shift in investor sentiment could lead to a pullback to $3,200.
Solana (SOL) Price Analysis
Over the past week, Solana (SOL) experienced a remarkable turnaround after hitting a low of $165. On the weekend following this decline, SOL demonstrated impressive resilience, aiming for a stable position above $200. Although SOL dipped under the crucial support level of $170 on Thursday, buyers’ strong demand at lower prices enabled a price rebound, with SOL ending the week at $171.87. The buying momentum intensified on Friday, causing a shift in sentiment from bearish to bullish and resulting in a 6.56% increase, pushing the price of SOL to $183.15.
On Saturday, Solana (SOL) experienced considerable price fluctuations as buyers tried unsuccessfully to drive the token above the $185 mark. Despite heavy selling activity, SOL’s price saw a slight uptick but failed to surpass $185, instead ending the day at $183.96. However, on Sunday, SOL managed to breach the $185 barrier following a 0.60% increase, reaching a closing price of $185.06. At present, buyers hold the reins with SOL up nearly 4%, trading above $190. If SOL can maintain this upward trend and close above $190, it could potentially push past $200 and target $210. However, it is crucial for bulls to keep their momentum going, as sellers are anticipated to challenge the $200 mark.
If the sentiment shifts and Solana’s price falls below $185, this might be a sign that demand is weakening at higher price points, with selling forces taking control. In this case, Solana could potentially slide down to $170 or even reach $160.
Ripple (XRP) Price Analysis
In mid-July, XRP experienced a remarkable rise, breaking through the $0.60 mark. However, the pace of this growth has since decelerated, with XRP trading between $0.55 and $0.65. Bulls made a significant effort to push the price above $0.65, reaching a peak of $0.63. Yet, due to substantial selling pressure at higher levels, the price plummeted to $0.61. On Thursday, sellers gained dominance, causing XRP to drop by nearly 3%. Despite this setback, buyers managed to prevent the price from falling below $0.60.
As an analyst, I observed that XRP experienced a rollercoaster weekend with a 1.16% decline on Saturday, causing the price to slip beneath $0.60 and closing at $0.69. Yet, buyers managed to regain control on Sunday, pushing the price back above $0.60. Currently, XRP is surging by nearly 1% in the ongoing session as bulls strive to break past $0.60. The Relative Strength Index (RSI) indicates a positive trend, granting bulls the upper hand for now. A successful push beyond $0.65 could pave the way for gains towards $0.70 and beyond. Conversely, a downward turn and a drop to the 20-day Simple Moving Average (SMA) might signal profit-taking, potentially leading to a fall to $0.50.
Cardano (ADA) Price Analysis
Last week, Cardano (ADA) predominantly traded in the red territory, experiencing notable selling pressure following its rejection at the $0.45 mark. By Thursday, ADA dipped below both the 20-day and 50-day moving averages as well as its support at $0.40, hitting a low of $0.38. However, as demand resurfaced at lower levels, ADA managed to halt its decline and gained approximately 6%, reclaiming the $0.40 mark and reaching $0.41. Despite encountering resistance from the 20-day moving average on Saturday, ADA slipped back into the red on Sunday due to selling pressure that drove down its price by 2.63%. Currently, ADA is up by 3.44% in this session, with buyers aiming to push past the 20-day moving average and potentially advance towards $0.45.
If ADA manages to surpass the $0.45 mark, this could indicate a shift in sentiment towards the positive. Subsequently, a push towards $0.50 may follow. However, a downturn could lead ADA back to its support at $0.40.
Dogecoin (DOGE) Price Analysis
Last week, Dogecoin (DOGE) experienced substantial bearish pressure, causing its price to plummet to a low of $0.120 on Thursday. This level served as a crucial support for the asset, signifying that buyers were actively stepping in to prevent further decline and maintain demand at lower prices. The price closed the week at $0.124. On Friday, DOGE experienced a considerable surge of 7.21%, reaching $0.133, as buyers attempted to push the price above $0.140. However, sellers remained active at higher levels, causing DOGE to retreat and close the day at $0.131. On Sunday, there was a slight dip in price that pushed DOGE below $0.130, ending the week at $0.129.
In the present trading scenario, DOGE has gained approximately 4% during this session, as investors strive to surpass the 200-day Simple Moving Average (SMA). For a potential advance toward $0.140 to materialize, DOGE needs to breach and sustain above its current 200-day SMA. This bullish action could pave the way for further growth beyond $0.150. Conversely, if sellers regain control, the price may revert back to its underlying support of around $0.120.
Polkadot (DOT) Price Analysis
As an analyst, I’ve observed Polkadot (DOT) experiencing difficulty in regaining momentum since it dropped below the crucial $6 mark. Consequently, DOT experienced a setback, losing over 6% of its value within the past week, reaching a low of $5.66 on Wednesday. The selling pressure intensified on Thursday, causing the price to plummet further to $5.54. However, buyers stepped in and managed to mitigate the losses, resulting in a closing price of $5.76 on Thursday – a slight uptick. This minor recovery indicates robust demand at lower levels, but the demand at higher price points appears to have waned.
On Friday, DOT experienced a 1.91% rise, but then slipped into negative territory over the weekend. Specifically, it declined by 0.51% on Saturday and 2.05% on Sunday, bringing its weekend closing price down to $5.72. Currently, DOT is trading at $5.85 during this session, marking a 2.27% increase. However, the question remains: What’s next for DOT? So far, it has failed to surpass the key resistance level of $6. A successful recovery would depend on its ability to break above this barrier. On the other hand, there is solid support at $5.50. If demand picks up, we might observe DOT making another attempt to break through the $6 barrier. Conversely, if it fails to do so, we could witness a price slide back towards $5.50, with the token trading between these two levels for some time.
Uniswap (UNI) Price Analysis
Since hitting a peak of $12 in June, Uniswap (UNI) has seen its value decrease significantly. The asset dropped nearly half its worth, reaching a low of $7.04 the previous week. UNI spent most of that time in the red and lost a vital support level on Wednesday. However, there was a small recovery on Friday when the price surged by 5.40%, reclaiming the support level at $7.50, ending the day at $7.67. On Saturday, buyers tried to push UNI up to $8 as it climbed to a high of $7.95. Yet, with the 20-day Simple Moving Average acting as a resistance line, sellers managed to drag the price back down, and UNI finished the day slightly higher at $7.69.
On Sunday, sellers made efforts to drive UNI‘s price down to under $7.50 but were unsuccessful. The stock eventually closed at $7.53 following a 2% decline. In the current trading session, buyers have pushed UNI up by more than 4%, aiming for a break above $8. A successful breach of this level could potentially propel UNI to its next resistance point at $8.80.
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2024-07-29 15:14