Bitcoin and altcoin traders focused on all-time highs after BTC price surpassed $63,000. Can Bitcoin continue its recovery and surpass the $64,500 resistance level? In this case, it may trigger purchases in altcoins such as XRP Coin. Experienced technical analyst Rakesh Upadhyay takes a look at the charts to evaluate this situation.
BTC, ETH, BNB and SOL Price Predictions
Bitcoin (BTC) Price Analysis
Bitcoin broke above the 20-day SMA ($59,522) on July 14, indicating that bearish momentum is weakening. The bulls will struggle to push the price above the overhead resistance at $64,602. If they succeed, there are increasing chances of BTC reaching the resistance zone between $72,000 and $73,777. However, if the price declines from $64,602, it could indicate that the bears are selling during the rally. BTC may then return to the 20-day SMA. If the price turns up from the 20-day SMA, this would indicate that selling will turn into buying on dips and increases the possibility of a breakout of $64,602.
Ethereum (ETH) Price Analysis
Ethereum has been fluctuating between $2,850 and $4,094 for the last few months. The failure of the bears to push the price down from $2,850 started a move towards $4,094. The bears may try to stop the recovery at the 50-day SMA ($3,469), but the uptrend may continue if the bulls do not put pressure. If the bears manage to make a comeback, they will need to quickly push the price below the 20-day SMA.
Binance Coin (BNB) Price Analysis
BNB broke above the 20-day SMA ($543) on July 15, indicating that selling pressure has eased. The bulls will try to push the price above the 50-day SMA ($587). If they are successful, it could reach $635. If the price declines here, it could find support at the 20-day SMA. A bounce from the 20-day SMA increases the possibility of a breakout of $635. Otherwise, if the price turns down from the 50-day SMA, BNB could get stuck in the $495 to $635 range.
Solana (SOL) Price Analysis
Solana broke above the 50-day SMA ($148), indicating that the bears are losing control. There is a minor resistance at $155; if this is exceeded, SOL may reach the downtrend line. Bears are expected to maintain this level. Otherwise, a rally towards $169 and then $210 could begin. If the bears want to stop the uptrend, they will need to sink the price below the 20-day SMA ($141).
XRP Coin Price Analysis
XRP Coin broke above the 20-day SMA ($0.46) on July 12 and traded as high as $0.57. The bears are defending $0.57, but it is a positive sign that the bulls did not push the price below $0.50. If XRP recovers from $0.50, the possibility of it surpassing $0.57 increases and the price could rise to $0.62 to $0.67. However, if it breaks below $0.50, it could drop to the $0.46 support.
Analysis of Other Cryptocurrencies
Toncoin (TON) fluctuates between $6.77 and $8.29. If the price rises to $7.72, it can rise to $8.29; otherwise it could drop to $6.77. Dogecoin (DOGE) has retreated to $0.12. If it falls from this level, it can drop to $0.10. Cardano (ADA), on the other hand, may break out of the descending channel and rise to $0.50 on July 12, but this may turn into a bull trap if it falls below the 20-day SMA.
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