Bitcoin (BTC) has been trading within a narrow range recently, but its impressive 84% rally in 2023 continues to attract attention. The surge in Bitcoin’s price has also benefitted several altcoins, such as Litecoin (LTC), Monero (XMR), Aave (AAVE), and Maker (MKR), which have shown strength and potential for further upward movement.
As the second half of the year begins, investors are questioning whether the rally will persist. Historical data from CoinGlass indicates that July has typically seen positive monthly closes for Bitcoin, suggesting a favorable environment for bullish sentiment.
A significant factor contributing to the recent rally in Bitcoin and altcoins is the hope for approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission. However, any negative news on this front could reverse market sentiment and trigger a sharp sell-off.
Bitcoin Price Analysis
Bitcoin’s price analysis reveals that it is trading near a crucial resistance level at $31,000. The presence of a rising 20-day exponential moving average ($29,278) and a positive relative strength index (RSI) suggests that the path of least resistance is upwards. If BTC/USDT can sustain a breakout above $31,000, it may embark on the next leg of its uptrend, potentially reaching $40,000.
Litecoin Price Analysis
Litecoin’s price analysis shows that it has broken above a descending channel and surpassed the overhead resistance level at $106. Although bears attempted to pull the price below the breakout level, buyers emerged to support the dip. Sustaining the price above $106 increases the likelihood of a continuation in the rally, with potential targets between $134 and $144.
Monero Price Analysis
Monero experienced a short squeeze after surging above the downtrend line and invalidating the descending triangle pattern. The consolidation between $171 and $160 demonstrates the bulls’ strength, as they anticipate another upward move. A breakout above $171 would signal the start of the next leg higher, potentially reaching $187.
Aave Price Analysis
Aave has been trading within a descending channel pattern but recently showed signs of a sentiment shift, with buyers stepping in at the 20-day exponential moving average ($61.69). The rising 20-day EMA and positive RSI suggest a favorable outlook, with a potential move towards $84 if the price breaks above the channel.
Maker Price Analysis
Maker is attempting an up-move after finding demand at lower levels. Holding ground near the downtrend line increases the chances of a rally above it, potentially driving the MKR/USDT pair towards $979. However, a drop below $772 would indicate weakness and could lead to a deeper correction.
Overall, Bitcoin’s consolidation has prompted bullish momentum in altcoins such as Litecoin, Monero, Aave, and Maker. These cryptocurrencies show potential for further upward movement, but investors should conduct their own research and exercise caution when making investment decisions.
Note: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and analysis before making any investment decisions.