After the sudden spike of the previous two days, Bitcoin and a few other cryptocurrencies are taking a break, but the overall trend is still strong.
The United States Securities and Exchange Commission lost the lawsuit against Ripple Labs, which significantly benefits the cryptocurrency sector. In addition to helping XRP and Ripple
Analysts predict that the decision would undermine the regulator’s case against Binance and Coinbase, causing the XRP ticker to decline by $0.70.
The U.S. Dollar Index (DXY) finished a bearish head-and-shoulders pattern on July 12 and then dropped below the psychological barrier of 100 on July 13. This was a favorable development for the cryptocurrency market. Usually, the DXY and Bitcoin move in opposite directions.
BTC’s weakening is a good omen for the bulls of the cryptocurrency market because its ticker is down $30,101.
According to Philip Swift, the founder of LookIntoBitcoin, rising on-chain spending activity indicates that the market for Bitcoin is now in the early stages of a bull run.
Following Ripple’s triumph, there was a significant increase in XRP and a number of other cryptocurrencies, signaling a resurgence of the crypto bulls.
What crucial barriers must be broken before the next leg of the upward movement can begin for Bitcoin and other cryptocurrencies? Examining the top 10 cryptocurrency charts will provide the answer.
Price analysis of Bitcoin
On July 13, Bitcoin breached and closed above the $31,000 barrier, but the bulls are finding it difficult to capitalize on this momentum. This shows that the bears are still actively selling at higher levels and have not yet given up.
The relative strength index (RSI) is establishing a negative divergence, indicating that the bullish momentum may be waning despite the upward-sloping moving averages favoring buyers.
The bears will attempt to bring the price back down under the $31,000 breakthrough barrier. In the event that they carry out that, the BTC/USDT pair may fall to the $30,244 level of the 20-day EMA. This is still the most important level to monitor.
On the other side, the price might drop below $29,500 if it breaks and closes below the 20-day EMA. For the short term to be in their favor, the bears must break through this support.
Price analysis of Ether
Strong bullish purchasing may have resulted from the bears’ recent failure to drive Ether ETH tickers below the 50-day simple moving average (SMA) by $1,913. On July 13, this caused the price to reach the overhead barrier of $2,000 per unit.
Near $2,000, the bulls and bears may engage in a difficult struggle, but the rising 20-day EMA ($1,895) and the bullish RSI indicate that the bulls now hold a little advantage. If buyers go through the $2,000 barrier, the ETH/USDT pair can revisit the overhead resistance range between $2,142 and $2,200.
Another scenario is that the price declines and touches the 20-day EMA. The bulls will attempt to clear the overhead barrier once more if the price bounces off of this level.
To slow the momentum of the bulls, the bears will need to push the price below the 50-day SMA ($1,850).
Price analysis of BNB
On July 13, BNB tickers down $245 began to rise from the 20-day EMA ($245) and crossed above the resistance line of the symmetrical triangle formation.
On July 14, the bulls maintained the upward trend and drove the price over the 50-day SMA ($257); nevertheless, the bears are providing a significant threat close to the overhead barrier at $265. It will imply that the most recent breakout could have been a bull trap if the price reverses and enters the triangle. Afterward, the duo might fall to the 20-day EMA.
The price will indicate that the bulls have turned the level into support if it bounces off the resistance line, on the other hand. A rally over $265 will have better chances as a result. After then, the duo may begin their ascent to $280 and eventually to $300 in the north.
Price analysis of XRP
On July 13, the downward-moving $0.70 barrier level for XRP tickers was smashed. This indicated that the $0.30 to $0.56 range had settled in favor of the bulls. Although the price exceeded this mark, $0.82, this breakout’s pattern aim.
Near $0.94, the XRP/USDT pair is seeing profit booking. A dramatic correction and a few days of consolidation typically come after a strong surge. The area between the 38.2% Fibonacci retracement level of $0.75 and the 50% retracement level of $0.70 is where the bulls will attempt to halt any decline.
The pair may retest the overhead barrier at $0.94 if the price remains above this level. On the other hand, a break below $0.70 may send the pair down to the $0.64 level of the 61.8% retracement. Such a steep decline can put off the beginning of the uptrend’s subsequent phase.
Price analysis of Cardano
On July 13, Cardano ADA tickers below $0.322 saw ferocious purchasing by the bulls, which sent the price over the near-term barrier of $0.30 and the 50-day SMA ($0.31).
That may have struck multiple bearish bets’ stops, resulting in short covering. On July 14, the price rocketed in the direction of the $0.38 goal objective, but the lengthy wick on the candlestick indicates that the bulls were taking profits. The 50% Fibonacci retracement level of $0.33 is where the initial support on the downside is located.
The bulls will try to clear the $0.38 barrier once more if the price bounces off of this level. The ADA/USDT pair might increase to $0.42 if they are successful.
In contrast, a break below the $0.32 level of the 61.8% retracement may signify a slowing of momentum.
Price analysis of Solana
Solana SOL tickers down $26 made a strong rise on July 13 after trading near the $22.30 barrier for a few days. The price was driven up to the significant overhead resistance at $27.12 as a result.
On July 14, the bulls continued to buy, pushing the price beyond $27.12. As a result, the RSI was greatly overbought, suggesting that the rise would continue in the foreseeable future. This can lead to a quick correction or consolidation.
The breakthrough level of $27.12 is a crucial milestone to keep an eye on. The SOL/USDT pair might begin a powerful rebound to $39 if bulls turn this level into support. On the other hand, if bears succeed in keeping the price below $27.12, the pair may fall to $22.30.
Price analysis of dogecoin
On July 13, Dogecoin DOGE tickers down $0.07 made a significant reversal and broke beyond the moving averages. This demonstrates that the bulls are trying to make a return.
The upward resistance of $0.07 is being pushed higher by the bulls. The DOGE/USDT pair may begin a fresh uptrend if they are successful in doing that. The bears may next attempt to stop the surge as the pair rises above $0.08, perhaps.
Contrary to what is often believed, a price decline and a breach below $0.07 might trap numerous aggressive bulls. After that, the pair can fall to the moving averages. This action will imply that the pair may stay range-bound for a few more days.
Price analysis of Litecoin
On July 12, the bulls were able to hold the 20-day EMA ($96), showing that traders are now buying on dips and that the attitude for Litecoin LTC tickers down $93.22 has improved.
The rise has come close to $106, where the bulls will likely encounter strong resistance. The chance of a break over $106 will grow if buyers do not retreat much from their present positions. The significant barrier of $115 might potentially be tested again by the LTC/USDT pair. The pair may increase to $134 if this level is reached.
If the price declines and closes below the 20-day EMA, this optimistic outlook will become worthless in the near future. The 50-day SMA ($90) might potentially be reached by the pair.
Price analysis of Polygon
On July 12, the bears attempted to drag the Polygon MATIC tickers back down to $0.72, the breakthrough level, but the bulls resisted.
On July 13, that drew a lot of purchasing, which drove the price up to $0.89, barely missing the pattern objective of $0.94. The RSI is close to the overbought zone and the moving averages are about to cross in a positive direction, suggesting the bulls are in charge. The psychological level of $1 may be reached by the upward movement, where the bears are anticipated to put up strong opposition.
The 20-day EMA ($0.72) is a crucial support level to keep an eye on. Its breach and subsequent closing will signal a waning of the bullish momentum.
Price analysis of Polkadot
On July 13, the moving averages served as support, and on July 14, the overhead resistance of $5.64 was achieved by the Polkadot DOT tickers down $5.34.
The RSI has surged into positive territory and the 20-day EMA ($5.20) has slightly turned up, indicating that bulls are in control. If the DOT/USDT pair breaks through $5.64 and closes above it, a bullish inverse head-and-shoulders pattern will be completed. With a pattern goal of $7.06, it might initiate a fresh upward movement.
Bears must drag and maintain the price below $5.64 if they want to stop the rebound. It’s possible that this may cause the pair to remain range-bound between the 50-day SMA ($5.05) and $5.64 for some time.
