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BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB: Price Analysis for 7/12
Jul
Price Analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Retail and institutional traders have been buying Bitcoin on the dips, and the early-stage recovery in select altcoins suggests that the crypto market is in a bottoming stage.
- Bitcoin (BTC) bounced off the $56,500 support on July 12, indicating demand at lower levels.
- A positive sign for the bulls is that much of the German government’s Bitcoin selling is over.
- Bitcoin’s failure to start a strong relief rally has halted the recovery in several altcoins, but the bulls have not ceded much ground to the bears.
Will the selling pressure in Bitcoin and altcoins reduce? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
The bulls tried to push Bitcoin above the 20-day simple moving average ($59,650) on July 11, but the bears held their ground.
The onus is on the bulls to guard the zone between $56,552 and $53,485.
Ether Price Analysis
The long wick on Ether’s (ETH) July 11 candlestick shows that the bears are selling the rallies to the 20-day SMA ($3,239).
BNB Price Analysis
BNB (BNB) turned down from the 20-day SMA ($547) on July 11, indicating that the bears are aggressively defending the level.
Solana Price Analysis
The bulls are finding it difficult to push Solana (SOL) above the 50-day SMA ($150), indicating that the bears are unwilling to give up.
XRP Price Analysis
XRP’s (XRP) pullback reached the 50-day SMA ($0.49) on July 12, where the bears sold aggressively.
Dogecoin Price Analysis
Dogecoin (DOGE) is consolidating in a downtrend.
Toncoin Price Analysis
Toncoin (TON) has been trading near the 20-day SMA ($7.48), indicating that the bulls are maintaining their buying pressure.
Cardano Price Analysis
Cardano (ADA) has reached the resistance line of the descending channel, indicating that the bulls are attempting a comeback.
Avalanche Price Analysis
Avalanche (AVAX) has been trading between $27.50 and $24.50 for the past few days, but this tight range trading is unlikely to continue for long.
Shiba Inu Price Analysis
The bears have not allowed Shiba Inu (SHIB) to rise above the 20-day SMA ($0.000017), indicating selling on rallies.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.