Bitcoin (BTC) and the majority of altcoins have been on an uptrend in recent weeks, buoyed by positive investor sentiment stemming from the recent hype around potential launches of spot Bitcoin exchange-traded funds (ETFs).
Although the US Securities and Exchange Commission (SEC) described the ETF applications as “inadequate,” the statement had no major impact on the crypto market, as most cryptocurrencies are still in the green on daily and weekly charts.
To provide insights into their current and potential future price action, on July 4, Finbold conducted a thorough technical analysis of popular cryptocurrencies such as Bitcoin, Ethereum (ETH), XRP (XRP), Binance Coin (BNB), Dogecoin (DOGE), and Cardano (ADA).
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Bitcoin price analysis
At the time of writing, BTC was trading at $31,027, up 1.23% in the past 24 hours.
The leading cryptocurrency gained more than 14% on a monthly chart, after the likes of BlackRock, Fidelity, and Invesco all filed with the SEC to roll out a spot BTC ETF.
Bitcoin is testing an important resistance of $31,000. The world’s largest digital asset has struggled to clear this resistance zone for over a year. If successful, the next resistance is located at $32,500, where the 100-weekly moving average (WMA) comes in. The 38.2% Fibonacci retracement is located at nearly $36,000. A failure to clear this zone would pave the way for BTC to retreat below $30,000.
Ethereum price analysis
Ethereum was changing hands at $1,959 at press time, after slipping 0.1% on the day.
The second-largest crypto asset gained over 4% in the past week, though its monthly gains remain muted at just 3%.
Ethereum secured a bullish break after clearing the descending trend line that facilitated resistance around $1,800 – $1,850. Moreover, ETH/USD cleared the 100-daily moving average (DMA) around $1,860, a zone that now acts as support. On the upside, the next resistance levels are $2,000 and $2,150, with the latter acting as key resistance in the near term.
XRP price analysis
At the time of publication, XRP’s price stood at $0.49, up around 0.5% on the 1-day chart.
The crypto token rose 1.6% in the past week but lost nearly 7% on the month, in contrast to other major altcoins.
XRP has continued to trade mostly sideways, hovering around 100-daily moving average. After three failed attempts to clear the $0.55 resistance, the token is now
trying to get above the $0.50 and have the fourth run at this important technical level. However, the bulls will have to clear the 200-weekly moving average first before having a go at $0.55 and $0.60, where the 100-WMA is located.
BNB price analysis
BNB, the fourth-biggest cryptocurrency by market cap, was trading at $245.66 at the time of writing, down 1.1% on the day.
The crypto coin advanced around 2.8% over the past week; however, it lost almost 20% on the month, likely due to the SEC charging Binance and its founder for multiple misdeeds last month.
Binance coin is trying to recover after plunging over 21% in June. However, the situation doesn’t look promising as the price action fell below the ascending trend line, which now acts as resistance around the $260 mark. On the downside, the $220 level offers support.
DOGE price analysis
The biggest meme coin in the world followed BTC’s latest upward trajectory, climbing over 1.2% to $0.07 in the past 24 hours.
DOGE rose more than 4.5% in the past week, though it fell around 6% over the last 30 days.
Dogecoin is also trading mostly sideways as bulls try to regain control. A confluence of resistance is located above the $0.07 mark, consisting of the 100 and 200-daily moving averages and the falling trend line that connects former swing highs. On the downside, the horizontal support around $0.055 continues to provide support.
ADA price analysis
At press time, ADA’s price stood at $0.30, edging 1.13% higher on the day.
While it rose about 4.5% on the weekly chart, Cardano remains deeply in the red on the monthly chart. The crypto token fell almost 22% over the past 30 days, likely due to being delisted from multiple trading platforms after the SEC added it to its list of unregistered securities.
Cardano is also stuck at the resistance. It could be that the ADA price action is waiting for Bitcoin to break higher so it can clear its resistance located around $0.3. A break of this important level would open the door for a test of the confluence of resistance around $0.35. On the downside, the zone around $0.25 is providing support if bulls are unable to secure a breakout.
Final words
Overall, Bitcoin and major altcoins have experienced an uptrend, with positive investor sentiment fueled by the potential launch of spot Bitcoin ETFs.
Despite regulatory challenges, most cryptocurrencies are still performing well. While BTC remains the key driver of crypto markets, investors should also keep an eye on the altcoin market ahead of the upcoming alt season.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
