Bitcoin rushes back to 63,000! Analysts named 4 other coins that are also trending strongly
Bitcoin briefly fell below the $60,000 mark last week, but has also begun to rebound and recover. "Cointelegraph" senior analyst Rakesh Upadhyay pointed out that Bitcoin's current wide fluctuation range is still between $56,552 and $73,777. Since the direction of the breakthrough is difficult to predict, traders are now either trading within the range or waiting for the breakthrough to occur. Then make a large bet.
Upadhyay pointed out in the early hours of this morning (1st) that if Bitcoin closes above $62,500 at the daily close, it means that bulls are trying to make a comeback, and may then rise to the key resistance level of $64,602 and then challenge $70,000.
Source: Cointelegrpah
Bitcoin (BTC/USDT) daily trend
In addition to Bitcoin, Upadhyay also named four other cryptocurrencies that appear to be performing the strongest, and provided short-term support and resistance level analysis for reference only and not as an investment basis.
Toncoin ($TON) Price Analysis Prediction
Upadhyay noted that Toncoin ($TON) is struggling to hold above $7.67, and one bullish sign is that the 20-day EMA ($7.43) is relatively reliable support.
Currently, $TON’s daily moving average is up, and the relative strength index (RSI) is also in the buy zone, indicating that the most likely future trend is upward. If the daily close can hold above $7.67, the ensuing rally could retest key resistance at $8.29. If this level is breached, $TON could attempt a move towards $10.
On the other hand, if $TON suddenly drops sharply and falls below $6.6, then the short-term bullish view will be invalidated. Because a bearish head and shoulders pattern is about to form, the downside price target for the pattern is $4.91.
Image source: Cointelegrpah
Toncoin (TON/USDT) daily trend
Upadhyay pointed out that looking at the 4-hour trend, bulls are buying dips from the 50 EMA. A breakout of $7.67 could see an $8.29 price target. However, bears are unlikely to give up easily and investors may keep an eye on the $7.87 and $8.1 resistance levels.
If the 4-hour line of $TON breaks below and closes below the 50 EMA, it means that short-term traders are selling, and it may subsequently fall to $7 and $6.77. Bulls are expected to actively defend the range between $6.66 and $6.77. area.
Source: Cointelegrpah
Toncoin (TON/USDT) four-hour trend
Avalanche ($AVAX) Price Analysis Forecast
Upadhyay pointed out that bulls pushing Avalanche ($AVAX) above the $29 resistance level will likely usher in a strong rebound, which may then challenge the resistance of the 50-day moving average ($32.78).
However, if $AVAX suddenly reverses and falls rapidly from its current level and falls below $29, it would mean that $29 has been turned into resistance by the bears. Subsequently, $AVAX may retest the June 24 intraday low of $23.51.
Source: Cointelegrpah
Avalanche (AVAX/USDT) daily trend
Upadhyay pointed out that from the 4-hour trend, $AVAX is trying to form a head and shoulders bottom pattern, and it will form when it breaks and closes above $29, with a target price of $34.5.
However, if $AVAX suddenly turns lower and breaks below the 20 EMA (near $27.73), short-term traders are advised to take profits. Because the outlook is likely to drop to the 50 EMA (near $26.42) and eventually to $23.51.
Image source: Cointelegrpah
Avalanche (AVAX/USDT) four-hour trend
Kaspa ($KAS) Price Analysis and Predictions
Upadhyay pointed out that on June 29, U.S. time, Kaspa ($KAS) suddenly surged and closed above the $0.19 resistance level, completing a cup-and-handle pattern.
Currently, $KAS’s daily moving averages are rising, while the RSI has entered overbought territory, indicating that bulls are taking control of the market. If the market outlook can remain above $0.19, it may usher in the next phase of the rally. The first price target sees $0.24, followed by a cup-and-handle pattern target of $0.28.
However, if $KAS declines significantly from current levels and falls below $0.19, it would indicate that the recent breakout may be a bull trap and could drag the price down to the 20-day EMA ($0.16).
Image source: Cointelegrpah
Kaspa (KAS /USDT) daily trend
Upadhyay pointed out that from the 4-hour trend, although the bears tried to pull the price below $0.19, the bulls still stood firm. The bulls will try to take advantage and push the price towards $0.22 and then $0.24.
If the bears want to make a comeback, they must quickly pull the price down to the $0.19 level, and then the 20 EMA (near $0.1825), which may trigger a liquidation by the bulls and bring the price back to the 50 EMA (near $0.1677).
Image source: Cointelegrpah
Kaspa (KAS /USDT) four-hour trend
Monero ($XMR) Price Analysis Predictions
Upadhyay pointed out that Monero ($XMR) rebounded from the 20-day moving average ($165), indicating that market sentiment is turning bullish and traders are buying on dips.
Currently, $XMR’s 20-day EMA is trending flat, while the RSI is just above neutral territory, indicating that the bears are losing control. After a break above $172, a rally to strong resistance at $180 and then towards $190 is likely.
However, if $XMR suddenly falls from its current level and falls below the 20-day EMA, it would mean that the bears have not given up yet and a drop to the 50-day EMA ($155) may follow. If the daily line breaks below and closes below the 50-day EMA, bears will regain the advantage.
Image source: Cointelegrpah
Monero (XMR/USDT) daily trend
Upadhyay pointed out that from the 4-hour trend, the two moving averages of $XMR have completed a golden cross, and the RSI is also in the buy zone, indicating that bulls have the upper hand. $XMR quickly broke above the minor resistance at $172, and a move towards $180 is likely next.
However, if $XMR suddenly declines and falls below the 50 EMA (near $165.02), the short-term bullish view will be invalidated. Subsequently, the bears will attempt to pull the price below the $160 to $156 support zone.
Source: Cointelegrpah
Monero (XMR/USDT) four-hour trend
[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.