Bitcoin, Ethereum, Iconomix, Aenco and Luna are all cryptocurrencies that have been highly in the news recently, and for good reason. With all of these different digital currencies, there is a lot of excitement and interest around crypto, which is why we decided to create a blog dedicated to all things cryptocurrency.
I’m a security engineer who loves Bitcoin, Ethereum and other cryptocurrencies. I believe in the future of decentralized technologies and their ability to change the world.
Bitcoin is the star performer of this year’s crypto market, having increased by more than 1,800% since the start of the year. But there are some other important players in the blockchain space, namely Ethereum, Ripple, Litecoin and Bitcoin Cash. Here’s what you need to know about the top five cryptocurrencies you may not have heard of.. Read more about will ethereum crash 2023 and let us know what you think.
The rebound of Bitcoin (BTC) is encountering strong resistance around the $35,000 level, but Bloomberg Intelligence senior commodities analyst Mike McGlone remains optimistic. According to McGlone’s newest research, the likelihood of Bitcoin reaching $60,000 is higher than the price falling to $20,000.
Institutional investors seem to be taking advantage of Bitcoin’s slump to increase their holdings. In the last week, Cathie Wood’s Ark Invest purchased more than 450,000 shares of Grayscale Bitcoin Trust in two separate purchases, bringing their total holdings to more than 9 million shares. GBTC shares were also added to the portfolios of Edge Wealth Management and Rothschild Investment Corp.
View of the cryptocurrency market on a daily basis. Coin360 is the source of this information.
However, not everyone is a Bitcoin believer. Bitcoin is challenging support around the 12-month moving average, according to Delphi Digital analysts, and a breach below it may lead to more losses. A breach below $30,000, according to Kevin Kelly, a licensed financial analyst at Delphi Digital, may be negative for Bitcoin.
If Bitcoin stays range-bound, traders will likely turn their attention to a few altcoins that have the potential to surprise to the upside. Let’s take a look at the top-5 cryptocurrencies’ charts to see whether they can continue to draw purchasing interest in the near future.
On July 23, Bitcoin rebounded and closed above the 20-day exponential moving average ($32,974), suggesting that selling pressure has eased. Bulls are trying to push the price over the 50-day simple moving average ($34,301) at the moment.
Daily chart of BTC/USDT. TradingView is the source of this information.
The BTC/USDT pair may test the key short-term resistance level of $36,670 if buyers succeed. If this resistance is broken, further buying may come in, paving the way for a rise to the $41,330 to $42,451.67 resistance zone.
The 20-day exponential moving average (EMA) has begun to climb, and the relative strength index (RSI) has gone over 54, suggesting a little bullish edge.
If the price falls below the 50-day SMA but then rises above the 20-day EMA, it indicates that sentiment has shifted to the positive side. The buyers will next try once again to break through the 50-day SMA barrier.
A break below the 20-day EMA, on the other hand, indicates that bears are continuing to sell at greater levels. The pair may next retest the $31,000 support level.
4-hour chart of BTC/USDT. TradingView is the source of this information.
Bears are fiercely defending the overhead barrier around $35,000 on the 4-hour chart. The pair may now fall below the 20-EMA, where buyers are expected to enter. If the price bounces off the 20-EMA, it indicates that short-term sentiment has shifted to the positive side.
The purchasers will next attempt to pass the $35,000 barrier once again. If they succeed, the pair may rise to $36,670, where the bears could still pose a threat. If the bulls don’t give up much ground against this barrier, it means short-term traders aren’t taking profits at this point.
This increases the chances of a break over $36,670. If the price falls below the 20-EMA, this bullish view will be invalidated.
Because the bears halted the last rise at this resistance on July 7, Ether (ETH) has hit the 50-day SMA ($2,165), which is expected to serve as a significant barrier.
Daily chart of ETH/USDT. TradingView is the source of this information.
If the price drops from its present level but finds support at the 20-day EMA ($2,046), it indicates that sentiment has shifted to the positive side. A significant recovery from the 20-day EMA will improve the chances of a 50-day SMA breakout.
The bulls will attempt to drive the price to the downtrend line if this occurs. A break and closure above this resistance level would indicate a potential trend shift. The 20-day EMA is steadily increasing, and the RSI is above the midpoint, indicating that buyers are making a strong return.
Bears pulling the price below the 20-day EMA, contrary to popular belief, will indicate that they are not willing to surrender. The pair may then fall to $1,728.74, which is a solid support level.
4-hour chart of ETH/USDT. TradingView is the source of this information.
The bears are defending the psychological level of $2,200 with vigour. The pair may now correct to the 20-EMA, where buyers may enter the market. If the price bounces off the 20-EMA, the bulls will try to push the pair over $2,200 once again.
A breakthrough and closure over this overhead resistance level may lead to a surge to $2,400. In contrast to popular belief, if bears push the price below the 20-EMA, the drop may reach the $2,000 support level. A break below the 50-day moving average may lead to a drop to $1,728.74.
On July 20, Internet Computer (ICP) fell below the $28.31 support, but the bears were unable to take advantage of this weakness. Bulls are accumulating at lower levels, implying that bulls are accumulating at lower levels.
Daily chart of ICP/USDT. TradingView is the source of this information.
On July 24, the bulls used the rebound from $26.92 to take the price above the 20-day EMA ($38.53). This is the first sign that the negative trend may be coming to an end. The 20-day exponential moving average has flattened down, and the RSI has climbed to the middle, indicating that selling pressure may be lessening.
The ICP/USDT pair may climb to the overhead barrier of $59.42 if bulls push the price over the 50-day SMA ($47.33). A break and closure above this resistance will complete the double bottom pattern, signaling the beginning of a fresh uptrend.
On the upside, the pattern goal is $90.53. If the price falls below $26.92 and breaks below the present level, this bullish view will be invalidated.
4-hour chart of ICP/USDT. TradingView is the source of this information.
On the 4-hour chart, both moving averages have moved higher, and the RSI is in the positive zone, indicating that bulls are in charge. On the downside, buyers are expected to defend the 20-EMA.
The pair may climb to the psychological threshold of $50 if the price bounces off the 20-EMA. This level may serve as resistance, but if bulls don’t give up much ground, the uptrend could continue, and the pair could reach $59.42. A break below the 20-EMA, on the other hand, may push the price down to the 50-SMA.
Aave climbed over the horizontal barrier at $280 on July 23 after rebounding from $212.54 on July 20, indicating significant purchasing at lower levels. Currently, the price is trapped within a symmetrical triangle.
Daily chart of AAVE/USDT. TradingView is the source of this information.
The moving averages are about to cross in a positive direction, suggesting that bulls are trying to make a return. If the price bounces off the moving averages, it indicates that attitude has shifted from sell on rallies to buy on falls.
The symmetrical triangle pattern will be completed if the breakout and closing above the downtrend line. After that, the AAVE/USDT pair may rise to $347.53, and ultimately to $400.
On the other hand, if bears push the price below the moving averages, the pair may revert to the triangle’s support line. A breach below the triangle may tip the scales in bears’ favor.
4-hour chart of AAVE/USDT. TradingView is the source of this information.
The bulls are up against strong resistance at $300, but if they don’t let the price to stay below the 20-EMA, they’ll have a better chance of breaking above the downtrend line. If this occurs, the pair may rise to $347.53 in the near future.
Alternatively, if the price remains below the 20-EMA, the pair may fall to $268 before reaching the 50-SMA. A big rebound off of this level indicates that purchasing on dips is a good idea. The bulls will next attempt to drive the price down to the downtrend line once again. A breach below the 50-SMA indicates that the bears have gained the upper hand.
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The LUNA token of the Terra system has risen rapidly from $5.58 to the overhead resistance zone of $7.96 to $8.72. On July 11, the bears stopped the bulls’ earlier effort to rebound in this zone.
Daily chart of the LUNA/USD currency pair. TradingView is the source of this information.
The momentum may build up if bulls push the price over $8.72. The 20-day EMA ($7.03) is steadily increasing, and the RSI is above 59, indicating that the path of least resistance is to the higher. After that, the LUNA/USDT pair may rise to the downtrend line.
This level may serve as resistance once again, but if bulls do not give up much ground, the pair may try to break above the downtrend line.
If the price falls below the 20-day EMA and breaks below the present level, this bullish view will be invalidated. Such a move would suggest that purchasing at higher levels has dried up. The price of the pair may then fall to $5.58.
4-hour chart of the LUNA/USD currency pair. TradingView is the source of this information.
On the 4-hour chart, both moving averages are sloping upwards, and the RSI is in positive zone, indicating that bulls have the upper hand. If bulls can keep the price above $7.96, there’s a chance of a retest of $8.72.
If bulls can push the price over $8.72, the short-term upswing may gain traction, allowing the pair to reach $10. This level may serve as resistance, but the upswing may continue if bulls can convert $8.72 to support.
Bears pulling the price below the 20-EMA, contrary to popular belief, will signal short-term weakness. After that, the pair may drop to the 50-SMA.
The author’s thoughts and opinions are entirely his or her own and do not necessarily represent those of Cointelegraph. Every investing and trading choice has risk, so do your homework before making a decision.
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