Bitcoin has made a massive comeback over the past seven days, surging 12.3% to cross major resistance levels. The rally comes amid growing inflows into crypto investment products. CoinShares reported on Monday that these products have processed $1.25 billion in inflows since last Tuesday and $3.5 billion over the past three weeks.
Despite the recent rally, BTC may fail to go higher as crypto analysts anticipate significant resistance from the bears over the coming days. Let’s now explore the price charts to identify vital support and resistance levels to watch out for.
Bitcoin Price Analysis
BTC, the biggest digital asset by market cap, crossed the $65,500 resistance level late last week. However, its relief rally has met resistance at $68,488, suggesting that sellers remain strong at higher levels. But if they finally let $68,488 collapse, Bitcoin may cross $70,102 to rally toward $72,374 and even to $73,778.
Conversely, a bearish move to the $61,284 support is likely if the buyers fail to guard the 50-day Simple Moving Average of $63,687.
Ethereum Price Analysis
ETH’s price remains above the 50-day Simple Moving Average of $3,421 after crossing this mark on July 19th. However, the current price action suggests that the bulls are unable to push Ethereum higher. If they eventually allow the bears to pull the coin’s price below $3,421, then there is a possibility that the 20-day Exponential Moving Average of $3,289 could be touched.
On the positive side, if Ethereum surges above the $3,598 resistance level, the bulls could try to push the digital asset toward $4,092, where the bears are expected.
BNB Price Analysis
BNB continues to consolidate inside the $491.83 – $634.26 range, signaling that bulls are buying the dip at support levels while the bears are selling at resistance levels.
The chances of a break above $634.26 will increase significantly if BNB crosses and manages to stay above the 50-day Simple Moving Average of $590.34. As such, the Binance Coin might rally toward the $721 resistance after the bulls defeat the bears at $700.04.
On the contrary, a fall toward the 20-day Exponential Moving Average of $548.11 seems likely if the support at $570.39 collapses.
Solana Price Analysis
SOL has now crossed above the downtrend line after the bulls pushed it past $170. This scenario has boosted the possibility of a surge to $209. However, it will not be easy for the bulls, considering they must overcome the bears’ resistance at $188.87. But if Solana crosses and stays above that mark, it will be safe to assume that the bulls have turned $188.87 into solid support, thus increasing the prospects of a further rally.
Conversely, if SOL bears pull the token below the downtrend line, it’ll mean that the bears are attempting to regain control. As such, Solana may plummet toward the 20-day Exponential Moving Average of $148.74.
XRP Price Analysis
The sellers’ attempts to pull XRP below the $0.570038 breakout level have yet to succeed, suggesting an increased demand at higher levels. We now wait to see if the buying pressure will be enough to push the Ripple-issued token above $0.641032. If the bulls succeed, a move toward the $0.678802 resistance and later to $0.741930 could happen.
On the downside, if the sellers let $0.570038, then XRP could slip below the $0.540833 support to head toward $0.500108.
Toncoin Price Analysis
Despite the growing interest in the Toncoin ecosystem, TON has yet to break above the $7.721 crucial resistance level, signaling that the sellers are in control of the market. Notably, it is the only top ten cryptocurrency by market capitalization that has shed value over the last seven days.
Toncoin is priced below the $7 resistance as of this writing. If it drops below $6.76, a double-top pattern will complete, fueling a downtrend toward $6.33. From a bullish point of view, TON could touch $7.8 if the 20-day Exponential Moving Average of $7.28 is crossed.
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