The article provides a price analysis of various cryptocurrencies and traditional financial indicators, discussing their recent performance and potential future trends. The focus is on Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC). It also examines the S&P 500 Index (SPX) and the U.S. Dollar Index (DXY) as key market indicators.
According to Standard Chartered, Bitcoin has the potential to reach $50,000 this year and even reach $120,000 by the end of next year. Large investors are accumulating Bitcoin, with sharks and whales increasing their holdings by 71,000 Bitcoin since mid-June.
In the short term, macroeconomic indicators, such as second-quarter earnings and inflation data, will likely influence the U.S. equities market. The article suggests that the S&P 500 Index may experience a minor correction or consolidation in the coming days, depending on these factors.
The weakness in the U.S. Dollar Index is seen as favorable for Bitcoin and altcoins. The article analyzes the charts of Bitcoin, Ethereum, Binance Coin, XRP, Cardano, Dogecoin, Solana, and Litecoin to assess their current positions and possible price movements.
For Bitcoin, breaking above the resistance zone between $31,000 and $31,500 could lead to a rally towards $40,000. Conversely, a decline below the 20-day exponential moving average ($29,886) may result in a deeper correction.
Ethereum’s price struggles to surpass the 20-day EMA ($1,871), indicating continued bearish pressure. If the price drops below the 50-day SMA ($1,841), it could reach a vital support level at $1,626.
Binance Coin shows signs of reduced selling pressure, and if the price sustains above the 20-day EMA ($241), it may attempt a rally towards the overhead resistance zone between $257 and $265.
XRP remains below the 20-day EMA ($0.48) with bears dominating the market. A break below the $0.45 support may deepen the correction to $0.41, while a sustained move above the moving averages could initiate a relief rally.
Cardano faces a challenge in sustaining higher levels above the 20-day EMA ($0.29). The article highlights the importance of protecting the uptrend line for the bullish ascending triangle pattern to remain intact.
Dogecoin struggles to surpass the 20-day EMA ($0.07), suggesting strong defense by bears. The price range is likely to continue until a breakout above $0.07 or a breakdown below $0.06 occurs.
Solana encounters resistance at $22, and a correction to the 20-day EMA ($19.15) is possible. A breakout above $22 could trigger a bullish head and shoulders pattern, while a decline below the 50-day SMA ($18.44) may lead to further selling.
Litecoin faces selling pressure, and a break above the 20-day EMA ($95) is necessary for a potential recovery towards $106 and $115. On the downside, a drop below the 50-day SMA ($89) may indicate a continuation of the downtrend.
The article concludes by emphasizing that it does not provide investment advice and advises readers to conduct their own research when making decisions.