By James Davis
BTC bulls are once again trying to break the barrier at $31,000. The coin began rallying yesterday after the United States Bureau of Labor Statistics announced that the country’s inflation rate was slowing down. This shows that the Fed’s monetary policies have so far been effective, opening up the possibility of suspension of rate hikes in the coming days.
With macroeconomic factors appearing to favor cryptocurrencies, institutional investors have continued pouring money into the industry. According to a report from CoinShares released Thursday morning, crypto investment products have collectively seen $135 million in net inflows in the last 24 hours.
Additionally, the report suggests that Bitcoin’s market capitalization could hit $1 trillion if the United States Securities and Exchange Commission (SEC) decides to approve the multiple spot Bitcoin ETF (exchange-traded fund) applications submitted in June by various heavyweights in the traditional finance sector.
Now, will these positive factors trigger a bullish run in the coming days? Studying various price charts is the only way to find out.
Bitcoin Price Analysis
BTC’s price has been above the 20-day EMA (exponential moving average) of $30,056 since Tuesday. And with the Relative Strength Index at 59, the coin still has room to surge further. Bitcoin is currently valued at $30,914. If the bulls push its price past $31,000, the crypto asset could reach $32,460 and even rally to $40,670.
On the downside, we anticipate a sharp drop to the 50-day SMA (simple moving average) of $27,964 if Bitcoin falls below $30,056.
Ethereum Price Analysis
ETH has been rising in value since crossing above the 50-day SMA of $1,843 on Monday. Yesterday, the bulls sent the token above the 20-day EMA of $1,875, causing a rally to its current price of $1,936. With more buying pressure, Ethereum could retest the $2,000 overhead resistance. However, if the token reverses toward $1,843 and drops below this level, it will likely continue to collapse, reaching $1,765 in the process.
BNB Price Analysis
BNB has finally broken the barrier at $252. It trades for $255 as of this writing. The bulls are now seeking to thrusts the crypto asset above the 50-day SMA of $259. If they achieve this objective, BNB could rally to $265.40 and later to $293.50. On the contrary, If the bears tug the Binance coin below the 20-day EMA of $242.80, we predict a further drop to $220.54.
XRP Price Analysis
XRP becomes Thursday’s top gainer after rising by more than 60%. The token started rallying a few minutes after a US court ruled that it was not a security as previously deemed by the SEC. XRP has crossed above the $0.5674 key resistance level to change hands for $0.7671 at press time. The positive sentiment around this crypto asset could fuel a further rally to $0.9050.
Conversely, if the bulls fail to sustain XRP above $0.5674, the token’s price may collapse to the 20-day EMA of $0.4789 and subsequently to $0.4184.
Solana Price Analysis
SOL’s current price ($26) means the bulls have successfully overcome the major barrier at $22. They are now looking to thrust Solana above the $27.35 minor resistance level. If this materializes, the digital currency could rally to $32. On the downside, it is possible that SOL could hit $16.79 if the token slide below the 20-day EMA of $19.64.
Polkadot Price Analysis
The bulls have been attempting to push DOT above the $5.65 overhead resistance level since Monday, but they have yet to succeed. Nonetheless, the crypto asset is priced above the 20-day EMA of $5.12, and the Relative Strength Index is at 56, meaning the bulls still have an advantage. Now, if they manage to get Polkadot about $5.65, a rally to $6 becomes possible. Conversely, if DOT drops below $5.12, it may continue sliding to reach $4.78.
Litecoin Price Analysis
On Wednesday, LTC touched the 20-day EMA of $95.67, a level the bulls found suitable to buy the dip. The buying pressure caused the token to rally to $103 after breaking the barrier at $100.29. The next resistance is at $116. But if Litecoin falls below $95.67, it may reach the 50-day EMA of $89.35.