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Essential points:
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Bitcoin’s constricting range trading hints at a potential range extension in the upcoming days.
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Certain altcoins also encounter selling pressure but remain above their short-term support thresholds.
Bitcoin (BTC) persists in declining at the $120,000 mark, yet the repeated testing of a resistance level generally diminishes it. Should buyers maintain substantial ground against the bears, it enhances the likelihood of BTC reaching a new all-time peak beyond $123,218.
Fundstrat’s head of research, Tom Lee, stated in a CNBC interview that BTC might surge to $200,000 to $250,000 in the forthcoming months. At that valuation, Lee posits BTC would represent 25% of the gold market’s size.
The consolidation of BTC appears to have attracted investors to Ether (ETH), which is advancing upward. Spot ETH exchange-traded funds have achieved a 16-day inflow streak, raising the total net inflows from $4.25 billion on July 2 to $9.33 billion as of Friday.
Will BTC overcome the resistance above, or is it destined to remain in a range? Can specific altcoins sustain their robust performance? Let’s examine the charts of the top 10 cryptocurrencies to uncover the truth.
S&P 500 Index price forecast
The S&P 500 Index (SPX) has continued its ascent toward the targeted objective of 6,500, indicating persistent demand at elevated levels.
The ascending moving averages suggest that bulls remain dominant, but the overbought indication on the relative strength index (RSI) implies the rally may be becoming excessive. This heightens the risk for potential consolidation or correction in the near future.
If the price declines but rebounds from the 20-day simple moving average (6,283), it signifies that sentiment stays positive. This elevates the probability of a surge toward 6,500. Sellers will need to drag the price below the 50-day SMA (6,099) to gain an advantage.
US Dollar Index price forecast
The US Dollar Index (DXY) is attempting to hold above the 50-day SMA (97.68), indicating that the bulls are trying to create a higher low.
If successful, the index could ascend to 100.54 and subsequently to the 102 level. Sellers are anticipated to provide a formidable challenge at 102.
Conversely, failing to sustain the price above the 50-day SMA indicates that bears maintain control. The bears will then aim to solidify their position by pulling the price below 97.10. If they achieve this, the index risks a retest of critical support at 96.37.
Bitcoin price forecast
BTC dipped below the 20-day SMA ($117,867) on Friday, but the long tail on the candlestick reveals substantial buying at lower levels.
The bulls are attempting to push the BTC/USDT pair past the resistance zone of $120,000 to $123,218. If successful, the pair is likely to accelerate towards $135,728 and eventually to the target of $150,000.
Time is running out for the bears. To mount a comeback, they must quickly pull the price below the $110,530 support. This may ensnare aggressive bulls, leading to a significant liquidation. The pair might then plunge to psychological support at $100,000.
Ether price forecast
Ether surpassed the $3,745 resistance on Sunday, yet the bulls are finding it challenging to maintain higher levels.
Sellers will attempt to drag the price below $3,745. If successful, the ETH/USDT pair could decline to the 20-day SMA ($3,423). Buyers are expected to defend the 20-day SMA because a breach below it hints at the onset of a more profound correction.
Conversely, if the price rebounds sharply from the $3,745 level or the 20-day SMA, it indicates strong buying on dips. The bulls will then try to propel the pair to $4,094. If the $4,094 level is exceeded, the pair could soar towards $4,868.
XRP price forecast
XRP’s (XRP) downturn from $3.66 found support at the 20-day SMA ($3.10) on Thursday, indicating dip buying.
The bulls endeavored to push the price towards $3.66 but confront considerable resistance from the bears. If the price continues to drop and falls beneath the 20-day SMA, it may signal the beginning of a more significant correction. The XRP/USDT pair could drop to $3 and subsequently to $2.80.
On the flip side, if the price rebounds from the 20-day SMA, it shows that the bulls are vigorously defending the level. The pair could then surge to $3.66. A break and close above $3.66 could propel the pair to $4 and then to $4.86.
BNB price forecast
BNB (BNB) declined from $809 on Wednesday, but the bears were unable to maintain the price below $761. This indicates that the bulls have turned the level into support.
Buyers propelled the price above $809 on Sunday, initiating the next phase of the uptrend. The BNB/USDT pair could advance toward $900 and thereafter approach the psychological milestone of $1,000.
Even though the trend remains upward, the significantly overbought condition on the RSI suggests the rally is due for a consolidation or correction soon. The first signal of weakness will be a break and close below $793, indicating profit-taking at higher levels. The pair may then retreat to $761, where buyers are anticipated to re-enter.
Solana price forecast
Solana’s (SOL) retreat from $209 on Wednesday stalled at the 20-day SMA ($176) on Friday, suggesting demand at lower levels.
The bulls are attempting to elevate the price to $209 but encounter selling pressure at higher ranges. If purchasers surpass the obstacle at $209, the SOL/USDT pair might surge to $240 and eventually reach $260. There exists slight resistance at $220, yet it is probable to be surpassed.
This optimistic outlook will be invalidated in the near term if the price declines and breaches below the 20-day SMA. The pair may then fall to the 50-day SMA ($160). This indicates a potential sideways movement between $110 and $209.
Related: XRP price to $4 next? ‘Most profitable phase’ likely here, remarks analyst
Dogecoin price forecast
Dogecoin (DOGE) rebounded from the 20-day SMA ($0.22) on Friday, signifying demand at lower points.
The relief rally is facing resistance near $0.26, indicating that the bears are active at elevated levels. Should the price drop below the 20-day SMA, the DOGE/USDT pair may remain within the larger $0.14 to $0.29 range for several more days.
Buyers will need to push the price above $0.29 to regain control. Should they achieve this, the pair could embark on a new upward trend towards $0.35 and eventually to the target of $0.44.
Cardano price forecast
Cardano’s (ADA) rebound from the 20-day SMA ($0.78) is facing selling at the overhead resistance of $0.86.
The ascending 20-day SMA and the RSI within the favorable zone indicate an advantage for the bulls. A breakout above $0.86 could propel the ADA/USDT pair to $0.94. Sellers will attempt to halt this upward movement at $0.94; however, if the bulls prevail, the pair might soar to $1.02 and then to $1.17.
The short-term momentum will shift in favor of the bears if the price continues to decrease and falls below the 20-day SMA. This suggests profit-taking on rallies. The pair may then decline to the 50-day SMA ($0.67).
Hyperliquid price forecast
Hyperliquid (HYPE) bounced off the support line of the ascending channel pattern on Friday, indicating purchases on dips.
There exists resistance at the 20-day SMA ($45.06), but if the bulls conquer it, the HYPE/USDT pair could rise to $48 and subsequently to $50. Sellers are anticipated to mount a robust defense at $50.
Conversely, should the price decline from the 20-day SMA, the bears will attempt to pull the pair below the support line. If they succeed, the pair may initiate a deeper correction towards $36 and then $32.
This article does not contain investment advice or recommendations. Each investment and trading action carries risk, and readers should conduct their own research when making decisions.
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