Crypto Price Analysis 7-8 BTC, ETH, SOL, DOT, ADA, TRX, XRP

In summary, DOT has broken above its 20-day Simple Moving Average (SMA) and is currently trading around $6.15. Buyers are expected to face resistance at the next level of $6.50. If buyers fail to hold above this level, there is a possibility of another drop towards $5.

As a crypto investor, I’ve noticed that Bitcoin (BTC) took a downturn over the weekend despite a brief recovery on Saturday when it managed to surpass the $58,000 threshold. However, the selling pressure intensified once again, causing BTC’s price to plummet and trade around $55,600 as of now.

The unexpected decrease in Bitcoin’s value can be explained by several significant causes that triggered mass selling, but the price rise on Saturday suggests robust buying interest at lower costs.

A Market In Panic 

As a crypto investor, I’ve noticed that Bitcoin (BTC) has dipped to prices last seen back in February. The entire crypto market seems to be taking a hit right now. This sudden downturn suggests some panic selling among investors. However, I believe we should remain calm and consider buying the dip, as Adam Beck, founder of Blocktream, suggests. In his recent post on X, he pointed out that this market drop is a common occurrence during a typical bull market cycle.

“Keep in mind that historical bull markets have experienced several 30% declines numbering around half a dozen. Our current situation stands at approximately a 26% (-27% previously) drop. It’s important to remember that recent market downturns may not reach the depths of past ones, but this knowledge is often overlooked. Try not to worry and consider purchasing during these dips, or think about investing in $CMSTR with Bitcoin.”

The widespread market fear might have arisen from the rumor that the German government sold off its Bitcoin stash. Additionally, there’s anticipation that numerous Mt. Gox creditors will cash out their BTC rewards, leading to increased selling pressure. According to financial experts, these former creditors are expected to dispose of their Bitcoins. Data from Coinglass indicates that approximately $116 million in Bitcoin have been liquidated in the last 24 hours. If this trend persists, Bitcoin’s price could drop further below its current value.

Bitcoin (BTC) Price Analysis 

As a researcher studying the cryptocurrency market, I’ve observed that the Bitcoin (BTC) price has taken a downturn, reaching levels last seen in February 2024. On Thursday, BTC experienced a significant decline, dropping by more than 5% and falling below $60,000 to close at $57,097. This drop also resulted in BTC losing the 200-day Simple Moving Average (SMA), which is an essential level during bull runs. The bearish pressure intensified on Friday, causing BTC to hit a low of $53,591. However, despite this dip, strong demand emerged at lower levels, allowing BTC to bounce back and rise to $56,742, representing a 0.62% increase. To begin the weekend, buyers entered the market, pushing BTC above $58,000 to reach $58,309, marking an almost 3% growth.

As a researcher studying the cryptocurrency market, I’ve observed that the bitcoin (BTC) price encountered resistance from the 200-day Simple Moving Average (SMA), resulting in a 4.12% decline on Sunday. The previous week concluded bearishly, with BTC settling at $55,909. In the current session, the price dipped to a low of $54,337 but then rebounded, reaching its present level of $55,673. This rebound is reminiscent of the recovery on Friday and suggests that investors are actively purchasing at lower prices, indicating strong demand in the market.

So, what’s in store for BTC? There are some signs that indicate that it’s not all doom and gloom on the horizon. Thanks to demand, sellers are finding it difficult at lower levels, and bulls are trying their best to reclaim $56,000. With BTC recovering from $54,000 twice, it could act as a level of support, allowing buyers to enter the market. If buyers can control the session, we could see them retest the resistance at the 200-day SMA. If it can close above this level, we could also see a push toward $60,000. The RSI is also close to the oversold zone, indicating that we could see a relief rally.

If sellers persist in pushing the price down and surpassing the $54,000 mark, a decline towards the $50,000 threshold cannot be ruled out.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has been hovering between $2,800 and $4,100 since March, as indicated by its price chart. Last week, there was significant selling action that caused ETH to decline by 3.65% on Wednesday, ending the day at $3,291. The downward trend continued on Thursday when ETH dropped by more than 7%, reaching a low of $3,059 and falling below its 200-day Simple Moving Average (SMA). On Friday, ETH dipped further below the important $3,000 mark, hitting a low of $2,983. This happened due to heavy selling pressure that pushed the price down to $2,824 before buyers managed to push it back up.

On Saturday, Ethereum (ETH) experienced a notable rise, gaining nearly 2% and surpassing the $3,000 mark to settle at $3,069. However, selling pressure above this level emerged on Sunday, causing ETH to plummet and record a loss of approximately $248, bringing the price down to $2,931. At present, Ethereum is experiencing minor losses as sellers aim to drive the price below the $2,800 threshold. The price chart reveals that ETH reached its lowest point on Sunday at $2,827 before buyers intervened and lifted the price back up. This pattern suggests robust demand among buyers even at lower prices, which was also observed on Friday.

The significance of $2,800 cannot be overstated; it serves as a pivotal support level for Ethereum (ETH). A successful breach below this level by sellers might trigger a substantial drop, potentially bringing ETH down to around $2,500. However, if the price recovers, it could surge past the $3,000 mark and encounter resistance at $3,100. For a robust uptrend, ETH must surpass its 200-day Simple Moving Average (SMA), which might lead to a climb towards $3,300, where the 20-day SMA could act as the subsequent resistance level. The Relative Strength Index (RSI) currently indicates oversold conditions, suggesting potential buying interest and a short-term price recovery.

Solana (SOL) Price Analysis

As an analyst, I’ve been closely monitoring Solana (SOL) over the past week, and I must admit that its price action has been quite erratic. On Wednesday, SOL experienced a notable decline of 8.53%, which caused it to dip just above the 20-day Simple Moving Average (SMA) at $140.74. The selling pressure intensified on Thursday when the cryptocurrency plummeted by over 9%, causing it to slip beneath both the 20 and 200-day SMAs, reaching a low of $127.07.

As an analyst, I’ve observed that on Saturday, Solana (SOL) displayed robust optimism, with its price surging by more than 6% to reach a value of $143. This figure marked a successful rebound above both the 20-day and 200-day Simple Moving Averages (SMAs). However, this bullish trend was disrupted on Sunday when SOL experienced a significant decline of 7.99%, bringing its price down to $131.66. Currently, Solana is trading at around $131 during this session, with buyers and sellers engaging in an intense battle for control. Several determinants could influence the future trajectory of SOL’s price movements. A crucial support level lies at $120, a threshold that has been tested previously. The bulls will strive to preserve this level by making defensive efforts. Should this support be compromised, there is a strong possibility for the price to plunge further towards $100.

As a crypto investor, if the price of Solana (SOL) continues to rise, there may come a point where buyers encounter resistance at around $140. At this price level, sellers might start entering the market in larger numbers due to the 20-day and 200-day Simple Moving Averages (SMAs) converging. This could potentially lead to a pullback in the price of SOL.

Polkadot (DOT) Price Analysis 

Over the past few days, there have been significant advancements in the Polkadot (DOT) project. However, the value of this asset has dropped by more than 10% over the last month. The primary reasons for this downturn include growing concerns about Polkadot’s treasury expenditures. According to a recent report, if the current spending rate continues, Polkadot will only have enough funds left for two years. This revelation sparked intense criticism from the community. Tommi Enenkel, the head ambassador of Polkadot’s treasury, made these findings known in the report.

As a crypto investor, I’d put it this way: “Given the current trend in spending, the U.S. Treasury has approximately two years’ worth of funds left before exhausting their resources. However, due to the inherent volatility of cryptocurrencies used for these treasuries, it’s challenging to forecast with certainty.”

Recent price instability for DOT has caused anxiety within the cryptocurrency community. Last Friday, DOT dipped below its support level, reaching a daily low of $4.94 as it dropped below $5. However, solid buying at this price point propelled DOT back above $5, resulting in a 2.34% increase. On Saturday, DOT experienced a nearly 10% surge, climbing past $6 and the 20-day moving average to reach $6.25. But selling pressure at that level caused DOT to slide back into negative territory on Sunday, losing 5.44% and settling at $5.91. Currently, buyers are attempting to regain control of $6 and lift DOT above the 20-day moving average.

If DOT manages to surge past the $6 mark, it may push the price up to around $6.50. At this point, DOT might encounter significant resistance. Nevertheless, if selling pressure regains control during this session, the price could slide back down to around $5.

Cardano (ADA) Price Analysis

Over the past weekend, Cardano (ADA) experienced fluctuating fortunes. After experiencing a significant decline of more than 11% on Thursday, pushing its price down to $0.36 – below the 20-day Simple Moving Average (SMA), selling pressure continued into Friday. The cryptocurrency reached a low of $0.317 before recovering slightly to close at $0.350. However, on Saturday, ADA rallied, gaining 6.29% and reaching $0.372. Yet, the upward trend was short-lived as it fell back by nearly 7% on Sunday to $0.347 – once again dipping below the support level. Currently, ADA is showing a modest increase of 1.44% during the ongoing trading session, with buyers aiming to lift the price back up towards the 20-day SMA.

In simpler terms, the price of ADA may hold steady around the marks of $0.30 and $0.25 due to buyer support. If ADA rises again, it will first encounter resistance at its 20-day moving average, which is presently situated at $0.381.

Tron (TRX) Price Analysis

As a crypto investor, I’ve noticed an impressive rally from Tron (TRX) since the beginning of June. The token jumped from $0.111 on May 31 to hit $0.127 by July 1, representing over a 10% gain in just one month. However, this upward trend faced some resistance around the $0.130 mark, leading to a brief slump. Specifically, TRX experienced red days on Wednesday, Thursday, and Friday last week due to considerable selling pressure. The token even dipped as low as $0.120 on Friday, dropping below its 20-day Simple Moving Average (SMA). Nevertheless, determined buyers managed to push the price back up to $0.126 by the end of the week.

As an analyst, I’ve observed that TRX experienced a 2.38% growth on Saturday, reaching a price of $0.129. However, it failed to surpass the $0.130 mark and dipped 4% on Sunday, resulting in a price decrease to $0.124. Currently, the session shows a minimal increase in price, with TRX trading at $0.125. The bulls are actively purchasing during this dip, keeping the price above the Simple Moving Average (SMA) of 20 days. If they manage to initiate a rally, we may witness another attempt to breach the resistance level of $0.130. Should that barrier be broken, TRX could potentially reach a high of $0.135.

Ripple (XRP) Price Analysis

As an analyst, I’d rephrase the given text as follows:

As a crypto investor, I observed that XRP dipped to a daily low of $0.40 during this session before buyers stepped in to buy the dip. Consequently, the price rebounded and is now at $0.430, representing an approximately 2% growth. The Relative Strength Index (RSI) had fallen into oversold territory on Friday. If XRP continues its upward trend, we might see the price climb towards the 20-day Simple Moving Average (SMA), which stands at $0.47 at present. Nevertheless, if sellers regain control, they could potentially push XRP below $0.40 once more.

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2024-07-08 13:05