Bitcoin continues to trade within a range, but altcoin traders see this as a positive sign for the rest of the crypto market.
Analysts are projecting bullish targets for Bitcoin, with one report suggesting a target of $45,000 by the end of the year and $125,000 by the end of 2024.
Bitcoin’s price is currently stuck between the 20-day EMA of $29,523 and horizontal support at $28,861. A break above $30,000 could signal a comeback by the bulls.
Ether has slumped below the 50-day SMA of $1,871, indicating a lack of aggressive buying. The downside path remains likely if the price falls below $1,816.
BNB turned down from the resistance line of a symmetrical triangle pattern, suggesting bearish pressure. A break above the triangle could tilt the balance in favor of the bulls.
XRP tumbled below the 20-day EMA and strong support at $0.67. If it breaks down further, it may collapse to $0.56.
Dogecoin turned down and broke below the 20-day EMA, indicating selling pressure. A break above the downtrend line could signal a strong up move.
Cardano broke below the 20-day EMA and 50-day SMA, suggesting bears are trying to seize control. A quick recovery above moving averages and resistance at $0.32 could indicate a comeback by the bulls.
Solana rebounded off strong support at $22.30, suggesting bullish strength. A break above the 20-day EMA could signal a potential new uptrend.
Polygon has been sliding since hitting a local high and is now testing support near $0.65. A rebound from this level could lead to a rise to $0.80.
Litecoin’s range resolved to the downside, but bulls are trying to protect support at $81.36. A break below this level could lead to a further decline.
Polkadot has been range-bound between $5 and $5.65, with the price currently testing support. A break above the 20-day EMA could signal the range remains intact.
Summary:
– Bitcoin continues to range trade, with bullish projections for the second half of the year.
– Altcoins like Ether, XRP, Dogecoin, Cardano, Solana, Polygon, Litecoin, and Polkadot are facing various levels of bearish pressure.
– Key levels to watch include support and resistance levels for each cryptocurrency.