Price Analysis: SPX, DXY, BTC, ETH, XRP, BNB, SOL, ADA, DOGE, MATIC
Bitcoin remains stuck within a narrow range, making it difficult to predict its next breakout. While typically Bitcoin moves in inverse correlation to the U.S. Dollar Index (DXY), the recent drop in DXY below 100 has failed to propel Bitcoin higher. It seems that Bitcoin is charting its own course in the near term.
The uncertainty surrounding Bitcoin’s next directional move hasn’t deterred the whales, though. The rise in one on-chain indicator, unspent transaction outputs, suggests that Bitcoin has room to run and the low made in late 2022 may have been a long-term bottom.
SPX (S&P 500 Index) Price Analysis
The S&P 500 Index (SPX) is currently in a strong uptrend, but it has reached resistance at 4,513. If the bulls can hold onto their ground at the current levels, it could indicate that they expect the rally to continue. The developing negative divergence on the relative strength index (RSI) has been negated, suggesting that the bulls remain in control.
If the price manages to surpass the resistance at 4,513, it could resume its uptrend and potentially reach 4,650. On the downside, the 20-day exponential moving average (EMA) at 4,420 is an important support level to watch. A breakdown below this level may signal a shift in momentum.
DXY (U.S. Dollar Index) Price Analysis
The U.S. Dollar Index broke below the moving averages on July 7 and continued its downward spiral. The recent drop below the key support level at 100.82 completed a bearish descending triangle pattern. However, the oversold territory of the RSI suggests a minor recovery may be possible.
The key level to watch for a potential recovery is 100.82. If the price fails to turn up from this level, it could indicate that the bears have turned the previous support into resistance. This could lead to a downtrend, potentially reaching 97 and then the pattern target of 93.64. To prevent the decline, the bulls will need to quickly push and sustain the price above 100.82.
Bitcoin Price Analysis
Bitcoin bulls have been defending the 20-day EMA ($30,173) for the past few days, but there hasn’t been a strong bounce off this level, suggesting a lack of aggressive demand. The flattening of the 20-day EMA and the balanced RSI indicate a balance between supply and demand, potentially keeping Bitcoin within the tight range of $29,500 and $31,500 for now.
If buyers can push the price above $32,400, it could signal the start of the next leg of the uptrend, with a potential surge towards $40,000. On the other hand, a drop below $29,500 may lead to a slide towards the 50-day SMA ($28,671).
Ether Price Analysis
Ether (ETH) is currently trying to maintain its position above the 20-day EMA ($1,897), indicating that buyers are attracted to the lower levels. The key resistance level to watch is $2,000, as a break and close above it could pave the way for a rally towards the $2,141 to $2,200 zone. On the downside, the crucial support is the 50-day SMA ($1,853).
XRP Price Analysis
XRP (XRP) has found support in the zone between the 50% Fibonacci retracement level of $0.69 and the 61.8% retracement level of $0.64. If the bulls can resume the upward movement, they may face resistance at $0.83 and $0.93. Alternatively, a break below $0.64 could signal an urgency among the bulls to exit their positions, potentially sinking the pair to the 20-day EMA ($0.58).
BNB Price Analysis
BNB (BNB) turned down from the 50-day SMA ($253) and reentered the symmetrical triangle pattern. The 20-day EMA ($244) has flattened out, indicating a balance between supply and demand. The price could oscillate inside the triangle for a few more days before a breakout. A push above the overhead resistance at $265 could give the bulls control, while a break below the triangle could indicate a resumption of the downtrend.
Solana Price Analysis
Solana (SOL) has formed an inside-day candlestick pattern, suggesting short-term uncertainty about the next move. Typically, a tightening range is followed by a breakout. A thrust above $29.12 could lead to a jump towards $32.13 and potentially higher. On the other hand, if the price breaks below $26, it could signal a shift in favor of the bears.
Cardano Price Analysis
Cardano (ADA) is currently undergoing a pullback near the breakout level of $0.30. While this deep correction may delay the start of the next leg of the uptrend, the bullish crossover of the moving averages and the positive RSI indicate that the bulls have a slight edge. A turn up from the current level may lead to an attempt to break the overhead resistance at $0.38.
Dogecoin Price Analysis
Dogecoin (DOGE) is experiencing a battle between the bulls and the bears near the overhead resistance at $0.07. With the 20-day EMA turning up and the RSI in positive territory, the bulls have a slight advantage. A push to $0.08 could be the next target, but a failure to break above the resistance could keep the pair range-bound between $0.06 and $0.07.
Polygon Price Analysis
Polygon (MATIC) is currently retesting the breakout from a pattern, with a potential drop to $0.72. If the price rebounds strongly from this level, it could suggest buying at lower levels. The bulls may then attempt to push the price above the overhead resistance at $0.90, potentially beginning the next leg of the uptrend. However, a decline below the uptrend line could invalidate this positive view, potentially leading to a drop to $0.60.
Note: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research.
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