Crypto Bulls Back: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, LTC, MATIC, DOT Rally16. July 2023
• Ripple’s victory in the case against the U.S. Securities and Exchange Commission gives a boost to the crypto industry.
• The U.S. Dollar Index (DXY) completed a bearish head-and-shoulders pattern and dropped below 100, which is positive for Bitcoin (BTC).
• Increased on-chain spending volume signals that Bitcoin is in the first stage of a bull market.
Price Analysis: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, LTC, MATIC & DOT
The past few days have seen Bitcoin (BTC) and several altcoins take a breather after their sharp rally over the last two days; however, the general trend remains bullish. Ripple Labs’ success in its legal battle with the United States Securities and Exchange Commission (SEC) has given an uplift to the entire crypto sector, while weakening the regulator’s case against exchanges like Binance and Coinbase. Additionally, a bearish head-and-shoulders pattern on July 12 in DXY has pushed it below 100 – indicating strength in Bitcoin prices going forward. Moreover enhanced on-chain spending points to BTC being at initial stages of a bull market run.
Bitcoin Price Analysis
Bitcoin managed to break through and close above $31000 resistance level on 13th July; however further gains are yet to be made as bears remain relentless in pushing back higher levels of prices. The upsloping moving averages shows buyers still hold some advantage but RSI forming bearish divergence indicates waning bullish momentum – hence bears will try pulling back price below $31000 breakout level which could push it down towards 20 day EMA at $30244 – this should be monitored closely since if bounce occurs here then sentiment will remain bullish with traders buying dips and potentially leading price up towards $40000 if successful breach of $32400 is achieved otherwise breaking below 20 day EMA could drag price down towards $29500 level again..
Altcoin Price Analysis
The strong performance of XRP following Ripple’s court victory is indicative that bulls are making a comeback across other cryptocurrencies too – key resistance levels that need to be broken for any further upside include Ethereum (ETH) breaching above $2440 mark , Binance Coin (BNB) crossing over $580 , Cardano(ADA) surpassing beyond $1.35 , Solana(SOL) holding firmly above current support at 0.44 , Dogecoin(DOGE) passing through its current resistance around 0.45$ , Litecoin(LTC) striving hard for breakout at 140$, Polygon/Matic Network(MATIC ) managing upwards movement above 1$ & finally Polkadot(DOT ) fighting hard for gaining traction above 37$.
Overall cryptocurrency markets have been exhibiting strength with Bitcoin leading from front following DXY’s bearish pattern break & Ripple winning its legal battle against SEC – though further gains may not come easy due to stiff resistances presently faced by top 10 cryptos but once these are broken then another leg up can be expected .