By James Davis
A week ago, asset manager BlackRock applied for a Bitcoin ETF (Exchanged-traded Fund). The move motivated other asset management firms to follow suit. On Tuesday, WisdomTree submitted its ETF application to the US Securities and Exchange Commission. Then Invesco followed.
These applications caused investor sentiment to turn positive, and as a result, the market began rallying. Bitcoin, in particular, crossed above $30,000, with its market dominance reaching 50.25% on Wednesday.
Whether the rally will continue or it’s time for traders to book profit remains the big question. But taking a look at some price charts will help us answer that.
Bitcoin Price Analysis
BTC has been rising since it went above the 20-day EMA (Exponential Moving Average) of $26,874 last Saturday. On Wednesday, the coin hit $30,000 for the first time since April. However, it has dropped to $29,983 as of this writing. The bulls are looking to get Bitcoin above $31,000 to begin a strong rally to $32,750, where the bears could exact massive selling pressure.
On the contrary, if Bitcoin drops below $26,874 again, it may plummet toward the $24,800 support level.
Ethereum Price Analysis
ETH rebounded from the $1,702 strong support level on Monday, indicating increased buying interest at that level. The following day, the token crossed above the 20-day EMA of $1,784. It’s now trading at $1,879. The bulls want to thrust Ethereum above the $2,010 resistance level. If this is achieved, the price may increase to $2,050.
Conversely, we are looking at ETH sliding to $1,702 if the bears pull its price below the 20-day EMA.
BNB Price Analysis
After losing significantly earlier this month due to lawsuits leveled by the Securities and Exchange Commission, BNB has recouped some losses over the last few days. The token tried to break above the 20-day EMA of $258 on Wednesday, but the bears were strong enough to resist the attempts. It currently trades at $244, above the $230 important support level. If the bulls succeed in pushing BNB above $258, a rally to $281 becomes possible.
XRP Price Analysis
XRP crossed below the 20-day EMA of $0.494 on Tuesday but quickly bounced back, suggesting buying interest from the bulls. As of this writing, the Relative Strength Index is in the middle, signaling a balance between demand and supply. But if the bulls sustain the crypto asset above $0.494, it may surge to $0.568. On the negative side, XRP could hit the 20-day Simple Moving Average of $0.472 if it plummets below $0.494.
Cardano Price Analysis
This week, the bulls have not let ADA slide below the $0.252 support level because they understand that if the token trades below this level, it may take a while before they stage a recovery. Cardano is priced at $0.293 as of Thursday evening. The buyers may drive its price toward the $0.307 resistance level, where the bears are waiting to mount selling pressure. ADA’s price could reach $0.342 if the bulls overcome the bears’ challenge.
However, there is a possibility of the token sinking to $0.226 if the bulls allow bears to bring the price below $0.252.
Dogecoin Price Analysis
DOGE finally went above the 20-day EMA of $0.065 on Wednesday, signaling that the selling pressure may be declining. The next stop for the dog-themed token is at the $0.072 resistance level. Crossing above this price presents the possibility of a rally to $0.083. Conversely, a downturn that leads to Dogecoin plunging below $0.065 may cause the token to retest the $0.061 support level.
Solana Price Analysis
SOL reached the 20-day EMA of $17.05 yesterday but could not break above the level. It’s now valued at $16.94. The immediate support is at $16.12. If the crypto asset sinks below this price, it may head toward the $15.33 and $14.03 support levels. On the positive side, if bulls thrust Solana above $17.05, it may rise to face resistance at the 50-day Simple Moving Average of $19.28.