Home » Cryptocurrency Price Analysis For 7/26: ETH, BTC, ADA, BNB, XRP, DOT, DOGE, UNI, LTC & BCH

Cryptocurrency Price Analysis For 7/26: ETH, BTC, ADA, BNB, XRP, DOT, DOGE, UNI, LTC & BCH

by CryptoWordTalk
Cryptocurrency Price Analysis For 7/26 ETH, BTC, ADA, BNB, XRP, DOT, DOGE, UNI, LTC & BCH

Traders are optimistic that Bitcoin’s rebound from $29,000 to $40,000, as well as the robust rise in altcoins, indicate a resumption of the bull market.

Bitcoin (BTC) increased from $29,482.61 on July 21 to $40,000 today, reaching its highest valuation since June 16. This dramatic recovery indicates a potential shift in mood.

The bulls got a lift on Sunday when an unnamed source inside Amazon said that the business intends to accept Bitcoin payments by the end of 2021 and is investigating the creation of its own cryptocurrency by 2022.

The bears seem to have fled the news, which led to a short squeeze. According to Bybt data on Monday, $1.1 billion was sold in less than 24 hours, which is the largest since May 18. Analyst William Clemente III said that the squeeze was so intense that shorts worth $111,000,000 were sold in 10 minutes.

The daily performance of the cryptocurrency market. Source: Coin360

While institutional use of digital assets continues to grow, some continue to see crypto as a speculative asset. According to Man Group CEO Luke Ellis, cryptocurrencies are “pure trading instruments” with “no inherent value.” It is, in fact, a tulip bulb.”

Can the positive mood be sustained and new purchasers attracted? Let us examine the charts of the top ten cryptocurrencies in order to identify key levels on both the upside and downside.

BTC/USDT

On July 25, Bitcoin closed above its 50-day simple moving average ($34,396), forcing short-term traders to cover their short bets. This might have resulted in a short squeeze today, which would have pushed the price beyond the overhead resistance level of $36,670.

Daily chart of BTC/USDT. Source: TradingView

Moving averages are approaching a bullish crossing, and the relative strength index (RSI) has climbed near to overbought territory, suggesting that bulls are in control.

If buyers can maintain the price above $36,670, the BTC/USDT pair may rise to the overhead resistance zone between $41,330 and $42,451.67, where they may face strong opposition from bears.

If bulls manage to hold above $36,670, the pair may trade in the top part of the wide trading range between $30,000 and $42,451.67. A break over $42,451.67 may herald the beginning of a fresh upswing.

This bullish perspective will be rendered incorrect if the price reverses and breaks below the moving averages. If that occurs, the pair may retest the support zone between $31,000 and $28,000.

ETH/USDT

For the last two days, Ether (ETH) has battled around the $2,200 level, but the extended tail on the July 25 candlestick indicates that bulls bought the drop. Today, bulls’ sustained purchasing has pushed the price over the $2,200 mark.

Daily chart of ETH/USDT. Source: TradingView

The ETH/USDT currency pair could rise to the downtrend line, which could serve as resistance once more. If the price breaks through this resistance but then bounces off the 20-day exponential moving average ($2,081), this indicates a shift in attitude. This increases the likelihood of a break above the downtrend line.

A break and closure above the downtrend line would pave the way for a rally to the psychological barrier level of $3,000. This optimistic outlook will be invalidated if the price reverses and breaks below the 20-day exponential moving average. Such a move would imply that the bears have not abandoned their positions and would continue to sell on rallies.

ADA/USDT

The extended tail on Cardano’s (ADA) July 25 candlestick indicated that bulls were buying dips rather than closing positions around the 20-day exponential moving average ($1.24). Today’s momentum increased, and bulls pushed the price above the moving averages.

ADA/USDT daily chart. Source: TradingView

The ADA/USDT pair could test the downtrend line if bulls keep the price above its 50-day simple moving average ($1.34). This level may serve as a stumbling block, but if the bulls can halt the next drop above the 20-day EMA, the odds of a break over the downtrend line improve.

If that occurs, the pair may rise as high as $1.63 and eventually as high as $1.88. On the other hand, if the price reverses from its present level and falls below the 20-day exponential moving average, the pair may fall to $1.14 and then to $1.

BNB/USDT

Bulls have lifted Binance Coin (BNB) just above the downtrend line and now are trying to break above the 50-day simple moving average ($314).

Daily chart of ADA/USDT. Source: TradingView

The 20-day exponential moving average has flattened out and the RSI has entered positive territory, suggesting that the bulls are making a comeback effort. If they can keep the price above the 50-day simple moving average, the BNB/USDT pair may surge to $380 and subsequently to $433.

On the other hand, if the price declines from its present level, bearish will attempt to drop the pair below $280. If they succeed, the pair may resume its decline and retest the July 20 low of $254.52.

XRP/USDT

For the last three days, XRP’s recovery has stopped around the 20-day exponential moving average ($0.61), but bulls have not dumped their holdings. Today’s price surge is due to renewed buying.

Daily chart of XRP/USDT. Source: TradingView

The 20-day exponential moving average has flattened down and the RSI has climbed over 54, suggesting that bears are losing ground. If bulls can push the price over the 50-day simple moving average ($0.68), the XRP/USDT pair may reach $0.75.

A break and close above $0.75 would complete the double bottom pattern, paving the way for a rally to $1.07. In contrast to this assumption, if the price declines from its present level and falls below the 20-day exponential moving average, the pair may once again test key support below $0.50.

DOT/USDT

The bears attempted to halt Polkadot’s (DOT) relief rally at the 20-day exponential moving average ($13.92) for three days but were unable to push the price below the $13 level. This demonstrates that bulls purchased on every small drop.

Daily chart of DOT/USDT. Source: TradingView

Today, the bulls lifted the price over the 20-day exponential moving average, and the DOT/USDT pair may potentially rise to the overhead barrier at $16.93. This level may serve as strong resistance, and if the price breaks through it, the pair may drop down below $13.

On the other hand, if bulls can push the price over $16.93, this indicates that markets have rejected the lower levels. The pair may then begin its ascent to $20 and eventually to the strong overhead resistance at $26.50.

DOGE/USDT

Although bears successfully defended the 20-day exponential moving average ($0.20) over the last three days, bulls did not give up much ground. This indicates that bulls were not taking gains as they anticipated the continuation of Dogecoin’s (DOGE) relief bounce.

Daily chart of DOGE/USDT. Source: TradingView

Today, buyers have pushed the price over the $0.21 overhead barrier, but the bears are unlikely to give up quickly. The sellers will attempt to halt the rebound once again around the 50-day simple moving average ($0.24). If the market falls below this level, bulls will try to convert $0.21 into support.

If they succeed, the likelihood of a break above the 50-day simple moving average rises. This rise would certainly pave the way for a rally to $0.28 and eventually to $0.33. On the other hand, if bears manage to push the price below the 20-day exponential moving average, the DOGE/USDT pair may plummet below $0.15 once again.

UNI/USDT

Uniswap’s (UNI) rebound has approached the descending triangle pattern’s downtrend line, where bears may offer strong resistance. If the price reverses from this level and breaks below the 20-day exponential moving average ($18.17), it indicates that bears are selling aggressively at higher levels.

Daily chart of UNI/USDT. Source: TradingView

The RSI has moved into positive territory and the 20-day exponential moving average has flattened down, indicating that selling pressure is easing. Bulls must push and maintain the price above the downtrend line to invalidate the bearish pattern.

This may encourage further purchasing, paving the way for a surge to $25. If bulls overcome this obstacle, the UNI/USDT pair may rise above $30, where bears will likely mount a strong resistance.

LTC/USDT

For the last two days, the bears tried to halt Litecoin’s (LTC) relief rally around the 20-day exponential moving average ($127), but the bulls remained unfazed. They maintained their footing today, pushing the price above the 20-day exponential moving average.

Daily chart of LTC/USDT. Source: TradingView

The RSI has entered the positive territory and the 20-day exponential moving average has flattened down, suggesting that bears are losing their hold. The LTC/USDT pair could attempt a climb to $180 if bulls can keep the price above the $50-day simple moving Average ($139).

If the price declines from the 50-day SMA but does not go below the 20-day EMA, this indicates that sentiment has shifted to the bullish side and traders are buying on dips. The bears will need to push the stock below the 20-day exponential moving average in order to get the upper hand.

BCH/USDT

Bitcoin Cash (BCH) has started its comeback today after two days of struggle around the 20-day exponential moving average ($465). The cryptocurrency may now climb to the $538.11 overhead barrier, where the bears may offer a strong opposition.

Daily chart of BCH/USDT. Source: TradingView

The RSI is above 55, and the 20-day EMA has remained flattened. This suggests that supply and demand are in equilibrium.  A break and close above $538.11 would tilt the scales in favor of the bulls, completing the BCH/USDT pair’s double bottom pattern.

This bullish setup has a target price of $706.22 as its goal. Alternatively, if the price declines from $538.11, the pair may fall to the 20-day exponential moving average. If price recovers from this level, bulls will attempt to push the price above the overhead barrier once again. The stock may go below $370 if it breaks below the 20-day exponential moving average (EMA).

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