Cryptocurrency Price Analysis for July 31st

Bitcoin bulls have managed to hold the $65,000 support level. However, indicators suggest that it may still be premature for traders to anticipate a short-term trend reversal.

Bitcoin Price Analysis

Bitcoin (BTC) faced significant resistance around the $70,000 mark on July 29, showcasing that bears are actively protecting the upper limits of the current trading range between $55,724 and $73,777. Analysts are particularly observing the $69,000 level, believing it to be essential for bulls to convert it into a support level prior to targeting $72,000 and possibly breaking the all-time high near $74,000.

Bitcoin will require a strong trigger to escape its five-month trading range. Some analysts are optimistic about the potential for Bitcoin to surpass the $100,000 threshold, although some forecasts suggest this may not occur until 2025.

Ether Price Analysis

Ether (ETH) has faced selling pressure at the 50-day Simple Moving Average (SMA) of $3,348 but continues to show some resilience. Buyers are making another move to surpass this SMA. A successful break could see ETH rise toward $3,563, although the resistance between that level and the downtrend line is expected to be heavily contested.

BNB Price Analysis

BNB demonstrated a positive outlook after rebounding from the moving averages on July 30. A short-term resistance lies at $606, but overcoming this level could propel the BNB/USDT pair toward $635. However, a pullback from the latter level could place the pair in a narrower range between $495 and $635.

Solana Price Analysis

Solana (SOL) showed positive sentiment by bouncing off $175 on July 30. The bulls aim to triumph over the $194 resistance level, which could lead to a rally toward $210 if successful. Conversely, a sharp retreat from this resistance could indicate a continued range-bound movement between $116 and $210.

XRP Price Analysis

XRP appreciated significantly on July 30 and exceeded the $0.64 resistance level on July 31. Maintaining this level could initiate a move towards $0.74, which has previously acted as a strong barrier. On the downside, the 20-day EMA at $0.58 serves as critical support.

Dogecoin Price Analysis

Dogecoin (DOGE) is approaching solid support at $0.12, where buying interest is likely to increase. A rebound from this support could lead the DOGE/USDT pair to the overhead resistance at $0.14. If sellers break below $0.12, however, the price may sink to $0.10.

Toncoin Price Analysis

Toncoin (TON) is attempting to hold above the breakdown point of $6.77, suggesting minimal selling pressure at lower levels. If it can overcome resistance at the 20-day EMA of $6.94, the next stop may be at the 50-day SMA of $7.30. A failure to maintain above this level could lead to a slide down to $6.36, with further drops to $6 and $5.50 possible.

Cardano Price Analysis

Cardano (ADA) has struggled to surpass the 20-day EMA of $0.41, but it hasn’t fallen below the 50-day SMA of $0.40. A close above the 20-day EMA may lead to a rise to $0.46. However, a drop below $0.38 could result in a decline to the key support of $0.35.

Avalanche Price Analysis

Avalanche (AVAX) is currently trading below the $29 mark, indicating bearish pressure. The AVAX/USDT pair might drop to the robust support at $24, where buyers are anticipated to step in. A significant move could follow a break above $29 or below $24.

Shiba Inu Price Analysis

Shiba Inu (SHIB) dropped from the 20-day EMA of $0.000017, highlighting selling activity during minor rallies. A push below the support at $0.000015 could trigger a steeper decline to $0.000013. To prevent further downside, bulls must lift the price above the moving averages, targeting a climb toward $0.000018 and possibly $0.000020.

This analysis does not constitute investment advice. It is advisable for readers to conduct their own research before making investment decisions.