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  • Mathew Jacob

Market Analysis (July 20): SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC

On July 19th, Bitcoin faced a decline as it failed to sustain above the resistance of its narrow range, falling near a key support level. Glassnode's Bitcoin Accumulation Trend Score indicated that the consolidation observed in recent days may be an accumulation phase, similar to previous ones between November-December and March-April.

Institutional investors continued to invest in digital asset investment products, with total investments rising to $742 million in the past four weeks. Bitcoin remained the most favored choice, with $140 million in inflows just last week.

Mark Yusko, the chief investment officer and founder of Morgan Creek Capital, mentioned in an interview with Cointelegraph that Bitcoin's fair value is $55,000, and the markets are likely to gradually trend towards that level. He also anticipates a speculative blow-off top sometime in 2024 after crossing the $55,000 level.

Now, let's examine the important support levels in Bitcoin and other top 10 cryptocurrencies to prevent a deeper decline:

Bitcoin (BTC) Price Analysis:

On July 19, Bitcoin slid below the 20-day exponential moving average (EMA) of $30,124 and tested the crucial support of $29,500 on July 20. The long tail on the candlestick indicates that lower levels are attracting buyers. If buyers push the price above the 20-day EMA, the BTC/USDT pair could rally to $31,000 and then to $31,805. The $32,400 level or the drop below $29,500 could signal the next trending move. A range break below $29,500 could lead to a decline to $27,500 and later $26,000, while a break above $32,400 might start a rally towards $40,000.

Ethereum (ETH) Price Analysis:

Ethereum saw a long tail on July 19 and 20 candlesticks, indicating that bulls are buying the dips to the 50-day simple moving average (SMA) of $1,853. The ETH/USDT pair may remain range-bound between the 50-day SMA and $2,000. A break above $2,000 could initiate the next leg of the uptrend to $2,141, while a breakdown below the 50-day SMA might cause the pair to fall to $1,700 and eventually $1,626.

Ripple (XRP) Price Analysis:

XRP might be entering a consolidation phase after a vertical rally, with the possibility of the XRP/USDT pair tumbling to $0.66 if it fails to breach $0.83. On the other hand, breaking above $0.94 could trigger a rally towards $1.40.

Binance Coin (BNB) Price Analysis:

BNB encountered resistance near the 20-day EMA ($244), and a drop below the symmetrical triangle's support could challenge the vital support at $220. A break above the 20-day EMA might pave the way for a rise towards $265.

Cardano (ADA) Price Analysis:

The ADA/USDT pair is likely to face strong resistance near $0.30. A move above $0.34 could suggest the correction is over and lead to a climb to $0.38, while a decline below $0.30 might lead to further downside targets at the uptrend line and $0.26.

Solana (SOL) Price Analysis:

SOL/USDT pair might correct to the 20-day EMA ($23.15) before another attempt to breach $27.12. A break below the 20-day EMA might indicate further selling pressure, leading to a slump to the 50-day SMA ($19.44).

Dogecoin (DOGE) Price Analysis:

DOGE/USDT pair needs to maintain a price above $0.07 to avoid a drop below the 50-day SMA ($0.07). Holding above $0.07 could lead to a rise to $0.08 and $0.10.

Polygon (MATIC) Price Analysis:

MATIC/USDT pair bounced off the 20-day EMA ($0.73) on July 19 but faced selling pressure at higher levels. If the bears sink the price below the 50-day SMA ($0.71), it could slide to $0.60. On the upside, clearing $0.80 might lead to a retest of $0.89 and signal the start of a new uptrend.

Litecoin (LTC) Price Analysis:

The LTC/USDT pair turned down from the overhead resistance at $106, and if bulls fail to maintain the price above the 20-day EMA ($94), it might decline to $80. Pushing and holding the price above the 20-day EMA could lead to a retest of the resistance zone between $106 and $115.

Polkadot (DOT) Price Analysis:

DOT/USDT pair has been trading between the overhead resistance of $5.64 and the 50-day SMA ($5.03) for the past few days. A break below the 50-day SMA might lead to a decline to $4.74, while a breakthrough above $5.64 could initiate a rally to $7.



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