On Thursday, a US court ruled in favor of blockchain company Ripple in a case brought against the firm in 2020 by the Securities and Exchange Commission (SEC). In its ruling, the court declared that XRP did not qualify as a security. The development caused the entire crypto market to rally, with the Ripple-issued token surging 80% by Friday morning. Now, the analysts are convinced that the court will side with Coinbase and Binance in the lawsuits leveled by the SEC a few weeks ago.
Meanwhile, the US Dollar Index (DXY) has been on a bearish momentum, dropping below 100 on Thursday. And since Bitcoin has an inverse correction with DXY, the index weakening signifies a positive sign for the bulls.
LookIntoBitcoin has also noticed increased buying activity on the blockchain since June 16, suggesting that it could be the start of a bull market.
So what are the major resistance points to watch for in case Bitcoin and other Crypto assets enter a bullish run? Let’s examine the price charts of five top cryptocurrencies to find out.
Bitcoin Price Analysis
On Thursday evening, a few minutes after the court delivered its ruling in favor of Ripple, Bitcoin broke the $31,000 barrier to trade at $31,414. However, the buyers struggled to strengthen their position, suggesting that the sellers still found a price above $31,000 perfect for profit booking. The coin is currently priced at $30,315, just above the 20-day EMA (Exponential Moving Average) of $30,241. If Bitcoin reaches this level and then bounces off, it would mean that sentiment around crypto remains positive, and this may cause a rally to $31,500 and later to $39,987. On the negative side, a decline to $29,600 is possible if bears tug BTC below $30,241.
Ethereum Price Analysis
Bears’ failure to pull ETH below the 50-day SMA (Simple Moving Average) of $1,850 may have motivated the bulls to buy the dip, thrusting the token above $2,000 on Thursday. But as of this writing, Ethereum has dropped to $1,932. This price is still above the 20-day EMA of $1,897. And since the Relative Strength Index is at 63, an upward movement is still possible. Therefore, the bulls may try to thrust the crypto asset above $2,000 again. If it happens, ETH could retest the $2,146 and $2,210 resistance levels.
On the contrary, we anticipate a drop to $1,850 if the bulls fail to defend $1,897.
BNB Price Analysis
Before a rally on Thursday, BNB had been trading between $233 and $245 since July 4. The bulls briefly sustained the token above the 50-day SMA of $257.24 before the bears pulled it to its current price of $250. If BNB declines further to $245 and the bulls do not buy the dip, the token could once again trade within the previous range for the next couple of days. Conversely, if the buyers mount buying pressure at $245, BNB may rise to retest the $265.38 resistance level after overcoming the barrier at $257.24.
XRP Price Analysis
XRP is up 54% this week. The terrific rally helped the token break the barrier at $0.5673 on Thursday, reaching $0.9412 the following day. However, the bears began booking profits at this level, causing the token to decline to $0.7459 at the press. If XRP’s price stays above the $0.70 key resistance level, the bulls may try to push the token past $0.9412 to $1. Conversely, the token may go back to trading between $0.3125 and $0.5673 if it crosses below $0.70.
Cardano Price Analysis
ADA is closing the week with an 11% gain. The bulls have finally thrust the crypto asset above the tough hurdle at $0.3084. It has even crossed the 50-day SMA of $0.3125 to trade at $0.3221 as of this writing. Increased buying pressure could help Cardano reach $0.3820, a level we expect the sellers to book profits. On the negative side, a drop to $0.2867 is likely if the bears sink ADA below $0.3084.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.