Digital Asset Insights
Digital Asset Insights #76
Know when to expect the next bullish run and when to remain on the sideline in the volatile crypto market. This weekly report is a formidable guide to help you leverage the right digital currency.
Bitcoin price, on July 19, auctions at $22,662. The bulls successfully invalidated the persistent triangle formation to start the third week of July. There was noticeable congestion amidst the 9% incline since the weekend for the BTC price, which raised questions about the market's overall strength.
On Wednesday, July 20, 2022, Bitcoin price made a significant move with a select few altcoins, including Ripple price. Bitcoin price did the impossible, it flipped the 200-week Simple Moving Average (SMA) at $22,631 into a support level by producing a daily candlestick close above it. This development was a bullish trigger, and it caused many investors to pivot their capital from altcoins to BTC.
On 21 July 2022, Bitcoin price breached the ascending parallel channel. Bitcoin price auctioned at $22,500 and it maintained a bullish stance the following day. Bitcoin price traded at $23,608 on Thursday. The peer-to-peer digital currency maintained a macro bullish stance and proved that more short-term gains were underway.
Going into the new week, the Bitcoin price showed a lack of bullish momentum as it bounced off the previously created range. This development could result in a bearish outlook if the immediate support cluster is breached. In such a case, Ethereum and Ripple price are likely to follow suit and drop.
However, bulls have another chance to recover as BTC hovers around the 30-day Exponential Moving Average (EMA) at $22,010 and above the 100 four-hour Simple Moving Average (SMA) at $21,562. If BTC squanders this opportunity and produces a daily candlestick close below $21,710, it will invalidate any possibility of a bullish outcome. In such a case, market participants can expect the Bitcoin price to drop 10% and retest the range’s midpoint at $19,657.
On the other hand, if the Bitcoin price bounces off the $21,710 support confluence, there is a good chance the June 13 rally will continue. Under these circumstances, BTC could retest the $25,000 psychological level.
On Monday, July 18, 2022, Ethereum rose as much as 10% in 24 hours and nearly 30% since last Monday. The asset traded at just over $1,500 in the early European hours of that day– setting a one-month high – after breaking out of the $1,000 to $1,200 price range, price charts show.
Ethereum price was in profit following Monday's bullish trade setup. The bulls experienced a 10% profit as the ETH price continued to ascend in stair-step fashion. On Tuesday, Ethereum price was auctioned at $1,528. The third bullish target was at $1,780, but the invalidation level remained at $1,304.
On Wednesday, Ethereum price swept the $1,284 hurdle and grappled with the $1,543 resistance barrier. Although ETH flipped the latter level into a support floor, it lacked bullish momentum to trigger a run-up.
Going into the weekend, Ethereum price traded at $1,580, just above Ethereum's first target zone from the July 17 bullish thesis. Traders were in profit 1x their risk. There is an uptick in bearish volume on intra-hour time frames, which could be a hopeful indicator for sidelined investors.
At the start of the new week, Ethereum price came close to tagging the $1,700 hurdle on July 24 but fell short of momentum. As a result, ETH is currently hanging by an edge off the $1,543 support level. A successful flip of the aforementioned level into a resistance barrier could trigger an 8% drop to flip the price inefficiency at $1,383.
In some cases, Ethereum price might retest the range high at $1,284. While this downswing might seem bearish, it is a bullish retracement and is likely to trigger a bounce from ETH price. While things are looking up for Ethereum price, a daily candlestick close below the $1,284 support level will invalidate the bullish outlook. In such a case, ETH could revisit the $1,080 support level.
Although, Ripple price opened the week on a scary note, during the mid of the week, Ripple price bounced off the declining trend line at $0.353 and triggered a rally. Ripple price ascends 23% in one week amidst smart contracts launch. Ripple price retests a 21-day simple moving average on Thursday. Invalidation of the bearish trend remained above $0.47. XRP price market sentiment accompanied the most recent upswing. However, from a technical standpoint XRP price still faces strong resistance.
Ripple’s XRP price is running high on hope as the digital remittance token consolidates in the mid $0.35 range. The profit taking display comes after a modest 23% incline in price this week. The rally accompanies optimistic market sentiment changes.
However, on July 22, 2022, Ripple price had an unclear mid-term trajectory. Ripple price breached a short-term ascending trend line. The digital remittance token had not displayed clear evidence to warrant a favorable bullish trade setup.
At the beginning of the new week, Ripple price was at an inflection point. It retraced its moves seen since June 18, indicating the lack of strength among buyers. This move has not only undone the gains but is threatened to go lower if the support confluence at $0.340 is breached.
In the case of a breakdown, Ripple price could revisit the liquidity pool, extending from $0.301 to $0.311. Regardless of the bearish outlook, if Bitcoin price recovers, Ripple price will follow suit. In such a case, a bounce off the $0.340 level is likely to propel the XRP price to $0.380. If the momentum is high, a sweep of the double top at $0.387 seems plausible.
Cardano’s price showed promise after liquidity run below the June 18 swing low at $0.419. Cardano’s price triggered a potentially bullish signal as it swept an important swing low on Monday. Cardano’s price bounced off the $0.435 support level multiple times since June 13 but failed to establish a trend. As each bounce reduced in magnitude, ADA weakened and finally broke.
This downswing swept the June 18 swing low at $0.419, triggering a liquidity run. Subsequently, Cardano price recovered 13% to where it traded - $0.457.
On Wednesday, Cardano price came close to retesting a resistance level. Cardano price produced a lower low relative to the swing low from June 18 at $0.419 and recovered quickly, suggesting that this was a liquidity run. As a result, ADA embarked on an upswing that aimed to retest the $0.550 hurdle.
If Cardano price witnesses a massive spike in selling pressure that pierces the $0.442 to $0.466 demand zone, investors should be extremely cautious. If Cardano price produces a four-hour candlestick close below $0.442, it will invalidate the demand zone and hence the bullish thesis. Such a development could see ADA return to $0.435 or the weekly support level at $0.380.
Going into the new week, Cardano price is ready to run to the $0.55 level in the current uptrend. Cardano hit a new milestone, 1760 days without an outage. In a watershed moment for the Cardano community, the blockchain functioned smoothly, with no outages for 1760 days. Cardano is one of the most actively developed blockchains in the whole industry, with one of the highest numbers of GitHub commits, 350 in June 2022. Analysts predict Cardano will run up to $0.55.
Solana price rose in stair-step fashion to start the third trading week of July. Solana price traded at $41 as the bulls rallied 25% over the weekend. Additionally, the bulls have arisen while consistently relying on an ascending parallel channel.
On Tuesday, 19 July 2022, Solana price showed an interesting outlook that could be interpreted as exhaustion of the bullish regime and the potential start of a bearish reign. Solana price rallied a whopping 45% between July 13 and July 19 after tagging the $31.66 support level for the third time. This run-up spiked above the $44.37 intermediate resistance barrier and the June 6 swing high at $44.90, collecting the buy-stop liquidity resting above it.
Solana price traded at $42.70 on Wednesday. The bears were eyeing a short position due to the breach of the ascending trend channel. Solana price managed to rally 19%, forcing a bearish capitulation into the anticipated $47 zone.
By Friday, Solana price fell in free-fall fashion as expected from last week’s bearish outlook. Solana price had more wiggle room to fall; However, strong support was within the $37 region. Traders who missed last week’s opportunities to short the digital asset should remain side-lined for now. Placing an entry to aim for the supportive barrier is ill-advised as a sharp rebound could resolve the free-fall decline.
Solana price on Friday was $40.65. Traders looking to catch a knife can look for a buying opportunity in the $37 zone with an invalidation level of $33.95.
In the past seven days, Tether's price has risen by 0.02%. In the last 24 hours, the price increased by 0.01%. Within the last hour, the price grew by 0.02%. There is a price of $1.000085 per USDT at the moment. The price of Tether is 18.03% below its all-time high of $1.22.
This week, BNB has declined.
During the past seven days, the price of BNB has decreased by 1.41%. There has been a decline of 2.11% in price over the last 24 hours. Prices have risen by 0.26 percent in the past hour. Currently, BNB costs $257.074115. A total of 62.79% of BNB is below the all-time high of $690.93.
The price of Dogecoin has fallen by 2.95% in the past 7 days. The price declined by 4.97% in the last 24 hours. In just the past hour, the price shrunk by 0.22%. The current price is $0.065285 per DOGE. Dogecoin is 91.18% below the all time high of $0.74.
Over the past week, Polkadot has dropped by 5.41%. In the last 24 hours, the price declined by 4.68%. Within the last hour, the price has dropped by 0.45%. Per DOT, the price is currently $7.1575. At $55.00, Polkadot is 86.99% below its all-time high.