Price analysis 7/29: SPX, DXY, BTC, ETH, SOL, BNB, XRP, DOGE, TON, ADA
Bitcoin ( BTC ) turned down from $70,000 on July 29, indicating that the bears are defending the zone between $70,000 and $73,777. However, the traders do not seem to be worried about Bitcoin hitting a new all-time high. Santiment said that a survey it conducted on X revealed that the majority of the participants expect Bitcoin to hit a new all-time high by October.
Investors have been buying Bitcoin, anticipating a breakout from the sideways price action. According to the latest CoinShares report, Bitcoin witnessed healthy inflows of $519 million last week. That takes the July inflows to $3.6 billion and the year-to-date inflows to $19 billion. The firm believes that talks of Bitcoin becoming a strategic reserve asset in the United States and a likely September Federal Reserve rate cut may have boosted confidence.
Another bullish voice was that of Global Macro Investor founder and CEO Raoul Pal who said in a X post that macro conditions are improving, which should start a rally in Bitcoin . He expects the rally to “ last at least for the rest of 2024 and into 2025.”
Could Bitcoin turn up from the current level and break above $70,000? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index fell below the 50-day simple moving average (5,439) on July 25, but the bears could not sustain the lower levels.
The bulls pushed the price back above the 50-day SMA on July 26. Buyers will try to strengthen their position further by pushing the index above the 20-day exponential moving average (5,508). If they do that, the index could rise to 5,585 and later retest the all-time high at 5,670.
Conversely, if the index turns down from the overhead resistance and breaks below 5,390, it will suggest the start of a deeper correction. The index may drop to 5,265 and thereafter to 5,192. A sharp fall could delay the start of the next leg of the uptrend.
US Dollar Index price analysis
The US Dollar Index (DXY) has been trading inside the descending channel pattern for the past few days.
The relief rally from the support line has reached the moving averages, which are likely to act as a strong barrier. If the price turns down sharply from the moving averages, the bears will make another attempt to sink the index below the channel. If they can pull it off, the index could tumble to 102.50.
This negative view will be invalidated if the price breaks above the moving averages. The index could then rally to the channel’s resistance line.
Bitcoin price analysis
Bitcoin reached $70,000 on July 29, but the bulls failed to sustain the higher levels. The long wick on the candlestick shows that bears are fiercely defending the $70,000 level.
The bears will try to pull the price to the 20-day EMA ($65,304). If the price turns up from the current level or the 20-day EMA, it will suggest that the dips are being bought. The bulls will then make another attempt to kick the BTC/USDT pair to $72,000 and eventually to $73,777.
If bears want to prevent the upside, they will have to swiftly drag the price back below the moving averages. If they do that, it will suggest that the range-bound action may continue for a few more days.
Ether price analysis
Ether ( ETH ) broke below the moving averages on July 24, but the bears could not sink the price to the psychological support at $3,000.
That shows the bulls are buying at lower levels. The buyers are attempting to maintain the price above the moving averages. If they succeed, the ETH/USDT pair could rally to the downtrend line. This level is likely to act as a formidable hurdle. If the price turns down from the downtrend line, it will signal that the pair may remain inside the triangle for a while longer.
On the other hand, a break and close above the downtrend line will invalidate the negative setup. That may catapult the price to $4,094.
Solana price analysis
Solana ( SOL ) bounced off the downtrend line on July 25, indicating that the bulls have flipped the level into support.
The bulls pushed the price above the $185 to $189 resistance zone on July 29, but the long wick on the candlestick shows the bears are selling at higher levels. The bears will try to pull the price to the 20-day EMA ($169), which is likely to act as a solid support.
If the price turns up from the current level or rebounds off the 20-day EMA, it will increase the possibility of a close above $189. The SOL/USDT pair could then travel to $210, where the bulls are expected to face solid selling from the bears.
BNB price analysis
BNB ( BNB ) has been trading above the 20-day EMA ($574) for the past few days, but the bulls are struggling to push the price above $605.
If the price turns down and breaks below the 20-day EMA, it will suggest that the bulls have given up. That is likely to keep the price range-bound between $495 and $635 for some more time.
Alternatively, if buyers clear the obstacle at $605, the BNB/USDT pair may climb to $635. This is an important level for the bears to defend because a break above it could clear the path for a rally to $722.
XRP price analysis
XRP ( XRP ) has been stuck between $0.57 and $0.64 for the past few days, indicating a balance between supply and demand.
The upsloping 20-day EMA ($0.57) and the RSI near 63 suggest that the bulls have the edge. The XRP/USDT pair could rise to $0.64, which is an important level to watch out for. If buyers clear this hurdle, the pair may pick up momentum and surge to $0.74.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will signal that the bears have seized control. That may start a slide to the 50-day SMA ($0.51).
Related: Why is Ether (ETH) price up today?
Dogecoin price analysis
Dogecoin ( DOGE ) bounced off the 20-day EMA ($0.13) on July 28, suggesting that the bulls are trying to flip the level into support.
The rising 20-day EMA and the RSI in the positive zone suggest that the path of least resistance is to the upside. Buyers will try to drive the price above $0.14 and start the journey to $0.18.
The bears are likely to have other plans. They will try to pull the price below the solid support at $0.12. If they manage to do that, the selling could pick up, and the DOGE/USDT pair may plunge to $0.10.
Toncoin price analysis
Toncoin ( TON ) fell below $6.77 on July 25, but the bears could not extend the decline. This suggests demand at lower levels.
The bulls are trying to push the price back above $6.77. If they do that, the TON/USDT pair could reach the 20-day EMA ($6.99), where the bears are likely to sell aggressively. If the price turns down from the 20-day EMA, the bears will strive to start a downward move to $6.
Contrarily, if buyers kick the price above the 20-day EMA, it will signal that the markets have rejected the lower levels. The pair could climb to the 50-day SMA ($7.32) and subsequently to $7.72.
Cardano price analysis
Cardano ( ADA ) slipped below the 50-day SMA ($0.40) on July 25, but the bears could not sustain the lower levels.
The bulls purchased the dip and pushed the price above the moving averages. Both moving averages are flattening out, and the RSI is near the midpoint, suggesting that the bears are losing their grip.
The ADA/USDT pair may reach $0.46, where the bears will again try to stall the up move. However, if the bulls prevail, the next stop could be $0.52. If bears want to prevent the up move, they will have to tug the price below $0.38.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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