Shiba

Cardano

Bitcoin

Toncoin

Shiba Inu

Bitcoin bounced off the $56,500 support on July 12, indicating demand at lower levels.&nbsp;Institutional investors are viewing the dips in Bitcoin as a buying opportunity. According to the onchain analytics platform CryptoQuant, <a href="https://cointelegraph.com/news/buying-the-dip-bitcoin-institutional-investors-add-100k-btc-week">institutional investors have acquired 100,000 Bitcoin</a> in new purchases in a week.
A positive sign for the bulls is that much of the <a href="https://cointelegraph.com/news/german-government-bitcoin-sales-3200-btc-transferred">German government’s Bitcoin selling is over</a>. Traders will next <a href="https://cointelegraph.com/news/bitcoin-price-cpi-gains-last-1-hour-mt-gox-sell-off-fears">keenly watch the selling by the creditors</a> of the Mt. Gox exchange after they receive their repayments. Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;may start a recovery if the selling is subdued, but if the creditors dump their holdings, the price may remain under pressure for some more time.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0162edfd-3db5-4ac0-a751-bb42f9513033.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 Crypto market data daily view. Source: <a href="https://coin360.com/" target="_blank" rel="noopener nofollow">Coin360</a>
 </figcaption>
</figure>
Bitcoin’s failure to start a strong relief rally has halted the recovery in several altcoins, but the bulls have not ceded much ground to the bears. This suggests that the buyers are holding on to their positions as they anticipate the upmove to continue.
Will the selling pressure in Bitcoin and altcoins reduce? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
<h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
The bulls tried to push Bitcoin above the 20-day simple moving average ($59,650) on July 11, but the bears held their ground. This shows that the sentiment remains negative, and traders are selling on rallies.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/f879d4a4-b700-4c89-904d-ef1acc9c981b.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 BTC/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABTCUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The onus is on the bulls to guard the zone between $56,552 and $53,485. If the price turns up sharply from the support zone, it will signal solid buying on dips. The bulls will have to overcome the barrier at the 20-day SMA to reduce the selling pressure. The BTC/USDT pair could then rise to the 50-day SMA ($64,532).
This optimistic view will be invalidated in the near term if the price continues lower and breaks below $53,485. If that happens, it will signal the start of a downtrend. The pair could plummet to $50,000, where the bulls will try to arrest the decline.
<h2 id="ether-price-analysis">Ether price analysis</h2>
The long wick on Ether’s (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) July 11 candlestick shows that the bears are selling the rallies to the 20-day SMA ($3,239).
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/8fb92a51-0bb4-4a71-87c8-23236082f7f1.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 ETH/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The bears will try to pull the price to $2,850, which is an important level to watch out for. Buyers are expected to defend the level with vigor. If the price rebounds off $2,850, the bulls will make another attempt to clear the hurdle at the 20-day SMA. If they succeed, it will suggest the start of a sustained recovery to the 50-day SMA ($3,499).
If bears want to strengthen their position, they will have to yank the price below $2,850, which might be a difficult task. If this level cracks, the selling could intensify and the ETH/USDT pair may plunge to $2,200.
<h2 id="bnb-price-analysis">BNB price analysis</h2>
BNB (<a href="https://cointelegraph.com/binance-coin-price-index">BNB</a>) turned down from the 20-day SMA ($547) on July 11, indicating that the bears are aggressively defending the level.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/866bc71b-4dd2-44b8-a4c9-2a244f840ca6.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 BNB/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABNBUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The bears will try to pull the BNB/USDT pair to $495, which is an important level to keep an eye on. If the price rebounds off $495 will suggest that the bulls are trying to put in a higher low. That will improve the prospects of a break above the 20-day SMA.
Contrary to this assumption, if the price breaks below $495, it will suggest that the bears are maintaining their pressure. The pair could then drop to $460, which is likely to attract strong buying by the bulls.
<h2 id="solana-price-analysis">Solana price analysis</h2>
The bulls are finding it difficult to push Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) above the 50-day SMA ($150), indicating that the bears are unwilling to give up.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/2011a1d1-9e00-4c86-aa34-179c9b2199bd.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 SOL/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ASOLUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The SOL/USDT pair could remain stuck between $116 and the 50-day SMA for some time. If the price skids below $116, it will complete a bearish descending triangle pattern. That may start a downward move to $100 and later to $80.
Instead, if the price turns up and breaks above the 50-day SMA, it will signal the start of a relief rally to the downtrend line. The bears will try to stall the recovery at the downtrend line, but if the buyers bulldoze their way through, it will invalidate the bearish setup.
<h2 id="xrp-price-analysis">XRP price analysis</h2>
XRP’s (<a href="https://cointelegraph.com/xrp-price-index">XRP</a>) pullback reached the 50-day SMA ($0.49) on July 12, where the bears sold aggressively, as seen from the long wick on the day’s candlestick.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/044edd96-8b2c-4ff4-8511-51cc1444da13.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 XRP/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AXRPUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
If the price rebounds off $0.46, it will suggest a change in sentiment from selling on rallies to buying on dips. That will enhance the prospects of a break above the 50-day SMA. The XRP/USDT pair could then attempt a move to $0.53.
Conversely, if the price slips and maintains below $0.46, it will signal that the bears remain active at higher levels. The pair may then gradually decline toward the crucial support at $0.41. The bulls are expected to aggressively defend the $0.46 to $0.41 zone.
<h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2>
Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) is consolidating in a downtrend. The price is stuck between the breakdown level of $0.12 and the psychological support at $0.10.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/04f00429-7237-46f5-b54f-5c419d903667.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 DOGE/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ADOGEUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The downsloping moving averages and the RSI in the negative territory indicate advantage to bears. A break and close below $0.10 will embolden the bears who will try to sink the DOGE/USDT pair to $0.08.
The $0.12 resistance is the crucial level to watch out for on the upside. If this level is scaled, it will suggest the start of a strong recovery. The 50-day SMA ($0.14) may act as a hurdle, but it is likely to be crossed. 
<h2 id="toncoin-price-analysis">Toncoin price analysis</h2>
Toncoin (<a href="https://cointelegraph.com/toncoin-price-index">TON</a>) has been trading near the 20-day SMA ($7.48), indicating that the bulls are maintaining their buying pressure.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/da5ec8c6-3d90-41b1-8027-7cb41b7be81a.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 TON/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=OKX%3AtonUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
If bulls propel the price above the 20-day SMA, the TON/USDT pair could rise to $7.72 and thereafter attempt a rally to $8.29. This level is expected to attract strong selling by the bears who will try to keep the price inside the $6.77 to $8.29 range.
Contrarily, if the price turns down from the 20-day SMA, it will signal that the bears are fiercely defending the level. A break and close below $6.77 will complete a double top pattern, opening the gates for a drop to $6 and then to $5.50.
Related: <a href="https://cointelegraph.com/news/key-btc-price-levels-bitcoin-58k-sticky-us-ppi">Key BTC price levels emerge as Bitcoin hits $58K on 'sticky' US PPI</a>
<h2 id="cardano-price-analysis">Cardano price analysis</h2>
Cardano (<a href="https://cointelegraph.com/ada-price-index">ADA</a>) has reached the resistance line of the descending channel, indicating that the bulls are attempting a comeback.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/a2b460f3-a1a1-4103-aa32-7006b061c99a.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 ADA/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AADAUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The 20-day SMA ($0.39) is flattening out, and the RSI is just above the midpoint, signaling that the selling pressure is reducing. If buyers push the price above the 50-day SMA ($0.41), it will signal a short-term trend change. The ADA/USDT pair could then attempt a rally to $0.50.
This positive view will be negated if the price turns down sharply from the resistance line and breaks below the 20-day SMA. That could pull the price down toward the support line of the channel. 
<h2 id="avalanche-price-analysis">Avalanche price analysis</h2>
Avalanche (<a href="https://cointelegraph.com/avalanche-price-index">AVAX</a>) has been trading between $27.50 and $24.50 for the past few days, but this tight range trading is unlikely to continue for long.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/b1ee4bfa-a379-401c-89c6-d829e0b04147.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 AVAX/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AavaxUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
If buyers kick and sustain the price above the 20-day SMA, the AVAX/USDT pair could rise to the 50-day SMA ($30.39). This level may offer resistance, but if the bulls prevail, the pair could surge to $34 and subsequently to $37.20.
Alternatively, if the price turns down and breaks below $24, it will signal that the bears are in command. The pair may retest the July 5 low of $21.80. If this level cracks, the pair could plummet to $19.
<h2 id="shiba-inu-price-analysis">Shiba Inu price analysis</h2>
The bears have not allowed Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index">SHIB</a>) to rise above the 20-day SMA ($0.000017), indicating selling on rallies.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/fc933984-fc92-4fb3-9f20-fbe01117c11d.png" alt="Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB ">
 <figcaption style="text-align: center;">
 SHIB/USDT daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AshibUSDT" target="_blank" rel="noopener nofollow">TradingView</a>
 </figcaption>
</figure>
The downsloping moving averages and the RSI in the negative territory suggest that the bears have the edge. A break below $0.000015 will open the doors for a possible drop to $0.000012 and eventually to $0.000010.
The bulls are likely to have other plans. They will try to drive the price above the 20-day SMA and start a rally to the breakdown level of $0.000020. This level may again witness a tough battle between the bulls and the bears.
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.

Price analysis 7/12: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Inhoudsopgave

Cointelegraph

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