Price analysis 7/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Crypto exchange Kraken said in a July 24 X post that it had distributed all the funds to the Mt. Gox creditors. However, that has not boosted Bitcoin’s ( BTC ) volatility, suggesting that the recipients of the repayments are not rushing to book profits as anticipated by a few analysts.
Similarly, the launch of spot Ether ( ETH ) exchange-traded funds (ETFs) failed to start any fireworks in Ether, suggesting that the markets are in a wait-and-watch mode. A minor positive is that the Ether ETFs witnessed net inflows of $106.6 million on the first day, even after $485 million in outflows from Grayscale’s freshly converted Ethereum Trust.
Bitcoin and select major altcoins have been consolidating for some time, indicating indecision between the bulls and the bears about the next directional move. The longer the range, the stronger the trigger needed for the price to break out from it.
Will Bitcoin continue its range-bound action, or could buyers propel the price above the range? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin remains stuck in sideways price action between $56,552 and $73,777, indicating buying on support and selling near resistance.
The upsloping 20-day simple moving average ($61,887) and the relative strength index (RSI) in the positive territory indicate that the short-term trend favors the buyers. The bulls will try to propel the price to $73,777 but may encounter stiff resistance at $70,000 and again at $72,000.
On the downside, if the $65,000 support cracks, the BTC/USDT pair could drop to the moving averages. This is an essential support for the bulls to defend because a break below it could open the doors for a fall to $60,000.
Ether price analysis
Ether turned up from the 50-day SMA ($3,411) on July 23, but the bulls are struggling to sustain the bounce. This suggests that the bears are active at higher levels.
If the price skids below the 50-day SMA, the ETH/USDT pair could drop to the 20-day SMA ($3,272). This is an important level to watch out for because if this support breaks down, the selling could pick up, and the pair may plummet to $3,000.
Contrarily, if the price turns up from the current level and breaks above $3,563, it will suggest that the short-term trend remains positive. The pair could rally to $3,722 and thereafter to $4,000. Sellers are expected to fiercely defend the $4,000 to $4,094 zone.
BNB price analysis
The bulls attempted to push BNB ( BNB ) toward the overhead resistance at $635, but the bears pulled the price back to the 50-day SMA ($583).
If the price rebounds off the 50-day SMA with strength, it will indicate that the bulls are buying on every minor dip. That will improve the prospects of a break above $635. If that happens, the BNB/USDT pair could rally to $722.
Conversely, if the price breaks and closes below the 50-day SMA, it will suggest that the bears are trying to keep the price inside the $495 to $635 range for some more time. The pair could then tumble to the 20-day SMA ($552).
Solana price analysis
Solana ( SOL ) turned down from $185 on July 22 and is retesting the breakout level from the descending triangle.
The upsloping 20-day SMA ($154) and the RSI in the positive territory suggest that the bulls are in command. If the price turns up from the current level and breaks above $185, the SOL/USDT pair could reach $210.
This positive view will be invalidated in the near term if the price re-enters the triangle. The bears will gain strength after they sink the price below the moving averages as it will signal the recent breakout may have been a bull trap.
XRP price analysis
The bears tried to pull XRP ( XRP ) below the $0.57 support on July 23, but the bulls held their ground.
The buying picked up on July 24, and the bulls are trying to overcome the barrier at $0.64. If they succeed, the XRP/USDT pair is likely to pick up momentum and surge toward the formidable resistance of $0.74.
Time is running out for the bears. If they want to prevent the up move, they will have to successfully defend the $0.64 level and then yank the pair below $0.57. If they do that, the pair may slide to the 20-day SMA ($0.52).
Dogecoin price analysis
Dogecoin ( DOGE ) pulled back to the 50-day SMA ($0.13) on July 23, which is likely to attract buyers.
The 20-day SMA ($0.12) has started to turn up, and the RSI is in the positive territory, indicating that the bulls have a slight edge. If the bounce off the 50-day SMA sustains, the bulls will try to kick the DOGE/USDT pair to $0.15 and then to $0.18.
Instead, if the 50-day SMA cracks, it will signal that the bears have overpowered the bulls. The pair may then slump to the 20-day SMA, which is again likely to act as a support. A break below this level will tilt the advantage in favor of the bears.
Toncoin price analysis
Toncoin ( TON ) dropped to the support of the range at $6.77, which is an important level to watch out for.
A weak rebound off the current level will signal a lack of aggressive buying, increasing the likelihood of a break below $6.77. If that happens, the TON/USDT pair will complete a double-top pattern. That may start a decline to $6 and subsequently to $5.50.
Alternatively, if the price turns up sharply from the current level, it will signal solid demand from the bulls. The pair may then climb to $7.72, where the bears are expected to mount a strong defense.
Related: BTC price to retest $72K as Bitcoin sets up $7B liquidation showdown
Cardano price analysis
Cardano ( ADA ) dropped to the moving averages on July 23, where the buyers are expected to step in to arrest the decline.
If the price turns up sharply from the current level, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then try to propel the price above $0.46, starting a move to $0.52.
Contrary to this assumption, if the price breaks below the moving averages, it will suggest that the bears are trying to assert their supremacy. The ADA/USDT pair could drop to the strong support near $0.35.
Avalanche price analysis
Avalanche ( AVAX ) turned down from $33 on July 21 and reached the moving averages on July 24, indicating a lack of demand at higher levels.
The flattish 20-day SMA ($27.55) and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. If the price breaks below the 20-day SMA, the AVAX/USDT pair may drop to $24 and eventually to $21.80.
On the contrary, if the price rebounds off the moving averages, it will signal that the bulls are trying to form a higher low. The bulls will have to push and sustain the price above $33 to suggest the start of a stronger recovery toward $37 and then $42.
Shiba Inu price analysis
Shiba Inu ( SHIB ) has been trading between the moving averages for the past few days, but this tight-range trading is unlikely to continue for long.
If the price maintains below the 20-day SMA, it will open the doors for a fall to $0.000015 and then to $0.000013. A bounce off this level will keep the price stuck between $0.000013 and $0.000020 for some time.
The SHIB/USDT pair is likely to gain strength after buyers drive the price above $0.000020. Such a move will suggest that the markets have rejected the lower levels. The pair could then attempt a rally to $0.000026.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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