Sunday, June 23, 2024

Bitcoin price gathers strength as SOL, AVAX and FIL prep for a breakout.

The prices of SOL, AVAX, FIL, and EOS are starting to appear appealing, particularly if Bitcoin starts the week with a fresh assault on the $31,000 mark.

In June, nonfarm payrolls increased by 209,000, less than economists’ predictions of 240,000 new jobs. Despite the fact that the data indicate a cooling labour market, market watchers were nonetheless concerned because the growth in average hourly earnings remained stable at 0.4% from May and 4.4% from a year ago.

According to the FedWatch Tool, the news did not change forecasts for a 25 basis point rate increase by the US Federal Reserve at its upcoming meeting. The U.S. equity markets remained under pressure as a result, with weekly declines in all three of the major indices. The Nasdaq fell by 0.92%, while the S&P 500 fell by 1.16%.

A study by JPMorgan managing director Nikolaos Panigirtzoglou that said a spot Bitcoin (BTC) exchange-traded fund (ETF) could not be a game-changer for the crypto industry was another tiny drawback for the market. Panigirtzoglou attributes a potential minimal influence even in the United States to the lack of enthusiasm for the spot Bitcoin ETFs in Canada and Europe.

Bitcoin bulls might reorganise and push the price above the overhead resistance. Certain altcoins may join the march upward if they do. Let’s examine the top 5 cryptocurrency charts that appear to be rising.

Bitcoin Price Analysis
Bitcoin is still unable to go over the overhead resistance of $31,000 and the 20-day exponential moving average ($29,854). This shows that both bulls and bears are unsure of the direction of the next movement.

On July 7, the BTC/USDT pair bounced off the 20-day EMA, showing that the bulls are still tenaciously holding the level. The pushback at $31,500 will be resisted by buyers. If they are successful, the pair might begin the uptrend’s next leg. The two might initially reach $32,400 and then quickly reach $40,000.

There’s a good chance the bears have other ideas. They will attempt to keep the price below the $29,500 support and defend the overhead resistance. Stops on various short-term bulls may be hit if this level loses its way. The pair can drop to the 50-day simple moving average ($28,101) as a result.

The pair is trading between $29,500 and $31,500, according to the 4-hour chart. There is typically a range expansion after a period of tight range trading, although it can be challenging to anticipate with precision which way the breakout will occur. Therefore, it is preferable to hold off on placing sizable wagers until the price breaks out of the range.

The bulls will attempt to push the pair above $31,500 if the price breaks above the 50-SMA. If they are successful, the two might begin a fresh upward movement. In contrast, a decline below $29,500 might trigger a correction in the direction of $27,500.

Solana Price Analysis
For the past few months, Solana (SOL) has been fluctuating widely between $15.28 and $27.12. An upswing that has crossed the downtrend line began when the price was unable to remain below the range’s support. This could mean that the Bulls are making a comeback attempt.

The path of least resistance is up, as the moving averages have finished their bullish crossover and the RSI is close to overbought territory. The SOL/USDT pair has a small barrier at $22, but if it is broken, it may rise to $24 and ultimately the strong overhead resistance of $27.12.

On the downside, $18.70 is a crucial support level to monitor. A break and closure below this level might pave the way for a potential decline in the area that would offer significant support, which is between $16.18 and $15.28.

On the 4-hour chart, the RSI is in the positive range, and both moving averages are sloping upward. The bulls may be in charge based on this. The price has reached the 20-EMA, but the bears have not yet given up.

The bulls will make one more try to get beyond the $22 barrier if the price strongly bounces off the 20-EMA. If they are successful, they might reach $24.

A decline below the 20-EMA will be the first indication of vulnerability. That will signify that the short-term bulls are booking profits. Next, the pair might descend to the 50-SMA.

Avalanche Price Analysis

Avalanche (AVAX) struggled for several days close to the 50-day SMA ($12.99), but on July 8, it finally crested the level.

The RSI has surged into the positive zone, and the moving averages are almost finished with their bullish crossover. This implies that bulls have the upper hand. The AVAX/USDT pair may increase to $16, at which point the bears may once again mount a formidable defence.

Following corrections may indicate the beginning of an uptrend towards $18 if they find support at the 20-day EMA ($13). $12 is a key support to keep an eye on in the downward direction. If this level is broken, the price may drop to the crucial support of $10.52.

The price has surged above the symmetrical triangle pattern on the 4-hour chart, suggesting that bulls are attempting to seize control. Bulls are anticipated to buy the dips to the 20-EMA. The upward movement may encounter selling around the strong overhead resistance of $15. The chance of a rally above $15 rises if this support holds.

The price must be promptly pulled below the moving averages if bears are to stop the ascent. That might trap the bulls and cause a drawn-out liquidation. The pair may then move to the triangle’s support line.

Filecoin Price Analysis

The inverse head and shoulders pattern that Filecoin (FIL) is attempting to construct will finish on a break and close above the neckline around $5.

The RSI is in the green zone, and the moving averages are almost finished with their bullish crossover. This suggests that bulls have a marginal advantage. The bulls will attempt to raise the price to the reversal pattern’s neckline. The FIL/USDT pair may begin a new up-move if bulls succeed in breaking through this resistance. This bullish setup’s pattern aim is $7.30.

If the price breaks and maintains a low below the moving averages, this optimistic outlook may become invalid in the near future. That might cause the pair to drop to $3.5 and then to $3.
The pair is in a corrective phase, as shown on the 4-hour chart, although buyers are attempting to raise the price above the moving averages. If they are successful, it may mean that the correction is over. A slow ascent towards the overhead resistance near $5 may then occur for the pair.

Instead, if the price reverses from the moving averages and falls below $4.20, it will indicate that traders are selling on rallies and the short-term attitude is still bearish. That might raise the cost to $4 before dropping it to $3.60.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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