Bitcoin rebound meets resistance! Analyst: But “these 4 coins” have bullish signs
Bitcoin recently fell to a low of $53,485 and rebounded slightly. It challenged the high of $58,449 during the day, which is the 200-day exponential moving average (EMA) point. Unfortunately, it did not break through. As of this morning (8th), it fell back to $55,000. Vibration nearby.
Rakesh Upadhyay, a senior analyst at Cointelegraph, a foreign media outlet in the currency circle, pointed out this morning that from the Bitcoin daily line, the 20-day EMA is downward but the relative strength index (RSI) has a bullish divergence, which means that the decline may be slowing down.
Bitcoin's recent decline triggered a sell-off in the altcoin market, but some strong currencies still managed to hold on to key support levels. Upadhyay named 4 altcoins with bullish signs, predicting that they may fail in the Bitcoin rebound, but still It rebounded as it held above $53,500. Upadhyay shared short-term support and resistance levels for reference only and not as an investment basis.
Solana ($SOL) Price Analysis and Predictions
Upadhyay noted that Solana ($SOL) is forming a bearish descending triangle pattern that will complete on a break below $116.
But a small advantage in favor of the bulls is that the daily RSI is currently showing signs of bullish divergence, indicating that selling pressure may be easing. If the bulls push the price above the 20-day EMA ($141), $SOL may attempt a bounce back to the 50-day EMA ($153) before challenging the Downtrend Line resistance.
On the other hand, if $SOL declines from the 20-day EMA and breaks below $116, the descending triangle pattern will be completed and a plunge to $80 is possible.
Upadhyay pointed out that from the 4-hour trend, $SOL is facing a strong rebound near $121, indicating that bulls are actively defending the $116 support level. If $SOL can recover from current levels and rise above $145, the next stop could be $155. This point may once again become a strong short-term resistance, but if it is broken, it will have the opportunity to challenge the downward trend line.
However, if $SOL breaks below $130 on the 4-hours line, the bears will gain the upper hand and put the $121 support at risk of being broken, with a possible drop to $116.
Polkadot ($DOT) Price Analysis Prediction
Upadhyay pointed out that on July 5, U.S. time, Polkadot ($DOT) plummeted to $4.91, but a long lower shadow appeared on the daily line, indicating that there was strong buying at a lower point.
On July 6, the bulls continued to buy and pushed the price above the 20-day EMA ($6.08), indicating that the bears were losing control. If there is a break above resistance at the 50-day EMA ($6.54), $DOT may attempt to rebound to $7.29 and then to $7.77.
On the other hand, if $DOT pulls back near the 50-day moving average and breaks below the support area between $5.38 and $4.91, it means that bears are still selling on the rally and the selling may intensify in the future.
Upadhyay pointed out that from the 4-hour trend, $DOT made a V-shaped rebound at the low of $4.92, while the 20 EMA began to rebound and the RSI also rose to the buy zone, indicating that the bulls are trying to make a comeback. If the market outlook can break through $6.6, the rise may accelerate towards $7.29.
On the other hand, if $DOT declines and breaks below the 20 EMA, it would mean that the bulls are running out of momentum and could fall below $5.6, which could lead to a retest of strong support at $4.91.
Near Protocol ($NEAR) Price Analysis and Prediction
Upadhyay noted that Near Protocol ($NEAR) has been trading between $4.28 and $8.58 recently. On July 5, US time, $NEAR fell below the support level, but did not fall further.
Although the current daily moving average is moving downwards, indicating that bears have the advantage, the RSI is showing a bullish divergence, indicating that selling pressure may be waning.
If the daily line can break through and close above the 20-day moving average ($5.17), a stronger rebound is expected in the future. The first stop is $5.63, which may act as short-term resistance, but if broken, it will complete a short-term double bottom pattern, with a target price of $6.11.
On the other hand, if $NEAR falls and falls below $4, it would indicate the beginning of a new downward trend and may fall to $3.5 and then $3.
Upadhyay pointed out that looking at the 4-hour trend, the 20 EMA is flattened and the RSI is also slightly below the midpoint, representing a balance between supply and demand in the market. A move back above the 50 EMA could lead to a move to $5.63. This level could act as strong resistance, but if broken, $NEAR could revisit the $6.71 high.
Conversely, if $NEAR falls quickly from current levels and falls below $4, bears will seize control and risk a drop to $3.5.
Kaspa ($KAS) Price Analysis and Predictions
Upadhyay pointed out that on June 29, US time, Kaspa ($KAS) closed above the $0.19 resistance level, but the bears failed to continue to build on this basis.
In the United States, $KAS began to decline on June 30, but found support below the 50-day moving average ($0.15) on July 5. Bulls are trying to push and sustain the price above the 20-day EMA ($0.17). If the bulls succeed, it means the short-term pullback may be over and $KAS could climb to $0.19.
On the other hand, if $KAS falls below the 50-day EMA, the short-term bullish view will be invalidated and the price may fall back to $0.13 and eventually to $0.1.
Upadhyay pointed out that looking at the 4-hour trend, the bears are trying to prevent $KAS from rebounding at the 50 EMA. If $KAS can rebound from current levels or at $0.16, it will hopefully make another attempt to overcome the 50 EMA barrier. If there is a successful breakout, $KAS could rise towards $0.19.
On the other hand, if the $0.16 support breaks down, it would mean that the bears have not given up yet and are selling on the rallies. This could push $KAS towards strong support at $0.14, where bulls are expected to vigorously protect this level.
[Disclaimer] There are risks in the market, so investment needs to be cautious. Analysts' opinions are for reference only. Users should refer to more diverse indicators to judge whether to invest and consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
