The United States Bureau of Labor Statistics published the July Consumer Price Index (CPI) report earlier today. As per the report, consumer prices surged 0.3% last month, growing to 3.2% over the past 12 months.
Surprisingly, the CPI report has not caused wild price swings in the crypto market. Many Bitcoin traders thought the data would help the coin get out of the current trading range to provide a clear price direction.
Meanwhile, crypto company ARK Invest says BTC’s volatility hit a 6-year low last month. And if history repeats itself, we could see the crypto asset rise by only 0.74% in August since it is considered a ‘washout’ month.
While huge price movements are not expected in the short term, a number of crypto players are optimistic about the long term. For instance, Galaxy Digital boss Mike Novogratz recently predicted that the US Securities and Exchange Commission will approve the first Bitcoin spot ETF (exchange-traded fund) in the next five months. According to him, this move will cause BTC to skyrocket toward $50,000.
In the meantime, let’s find out the roadblocks the bulls need to overcome to increase the possibility of a rally.
Bitcoin Price Analysis
The rebound from the $28,807 level earlier this week suggests that the bulls haven’t given up on holding Bitcoin at higher levels. The coin is now trading at $29,377. Buyers must first thrust it above the 20-day EMA (Exponential Moving Average) of $29,432, then push it above the 50-day SMA (Simple Moving Average) of $29,976 to enhance the chances of a rally to $31,943.
Conversely, if BTC continues declining and falls below $28,807, it could reach the second support level at $28,267.
Ethereum Price Analysis
On August 8, ETH hit the $1,815 support level, where the buyers bought the dip, causing an upward move to its current price of $1,847. The bulls’ attempts to continue pushing ETH’s price higher will meet resistance at $1,882.74. However, if they manage to overcome the challenge, Ethereum may rise toward the 50-day SMA of $1,931.20.
Another possibility is that the token could slide to $1,803.08 if it reaches $1,882.74 and reverses.
BNB Price Analysis
As predicted on Tuesday, BNB continues to trade within the $237.57 and $246.57 range. The bulls must push its price above the downtrend line for a breakout on the upside to be possible. If this happens, BNB may touch $267.41 or even $286.89.
On the contrary, if the token crosses below the uptrend line, a downside breakout becomes likely. BNB could then head toward $222.86 and then to $216.40.
XRP Price Analysis
XRP is still on a downtrend after the buyers failed to defend the $0.6893 support level. Data from CoinGecko shows the token is trading at $0.6329 as of this writing. The bears will now try to tug XRP to the 50-day SMA of $0.5998. In case this level cracks, another downside move toward $0.5539 is likely. However, if the buyers buy the dip at $0.5998, the token could rise again to retest the $0.6873 level, which is now a newly formed resistance.
Dogecoin Price Analysis
Buyers bought the dip at $0.072781 on Monday, propelling DOGE to $0.076043 as of Thursday evening. The bulls have now cleared the obstacle at the 20-day EMA of $0.074528. Their next goal is to push Dogecoin’s price toward the $0.081536 resistance level. But the sellers are likely to come in to book profits at this point, so we do not anticipate a further rally.
Litecoin Price Analysis
LTC crossed below the $81.32 support level on Monday to reach $80.51, a price that attracted demand. Buyers have managed to push the token to $83.13 at press time. The brief recovery could encounter strong resistance at the 20-day EMA of $87.92. Thrusting Litecoin above this level opens doors for a rally to the 50-day SMA of $92.67.
On the negative side, a drop below the newly formed support ($80.51) could lead to LTC reaching $73.37, a level it hasn’t touched for nearly two months.
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