In a recent analysis, the cryptocurrency space remains under an interesting phase of price movements. Notably, some altcoins showed indications of breaking from their respective resistance levels. But, the broader market, led by BTC seems to linger within its consolidated range. Here’s a snapshot of the scenario.
The analysis starts with Bitcoin, where higher prices consistently attract sellers. This scenario indicates bears gaining a slight edge. The expected downward move could hint at an extended stay of the ‘digital gold’ within its entrenched territory of $24,800 to $31,000. However, any breakthrough above the resistance level could boost prices towards $31,000.
Ethereum is another interesting case, currently stuck between moving averages. A bullish shove above the 20-day EMA could propel ETH to $2,000. However, plunging below the 50-day SMA indicates bearish presence, and in this scenario, further wavering within the defined range is expected.
XRP, after the July 13 rally, may enter a consolidation phase with boundaries oscillating between $0.67 and $0.85, while BNB experiences intense turbulence as the race for supremacy heats up.
Cardano rebounds from the breakout level, with the bulls rigorously defending their terrain, while Dogecoin showcases selling at higher levels, indicating a possible dip to the 20-day EMA level.
On the optimistic side, Polygon shows considerable composure between moving averages, hinting at a probable recovery if bulls overpower the bears. Moreover, Solana, bouncing off key support levels, signifies the preservation of range-bound action.
Conversely, Litecoin shows some signs of recovery, albeit with stiff resistance from the bears. In case of a price dip beneath the critical $87 mark, further decline is expected in the near future. Lastly, Polkadot demonstrated inadequate strength to cross the 20-day EMA, bearish signs that affirm significant selling at minor rallies.
Standard Chartered’s head of crypto research, Geoff Kendrick, offered a bright outlook, viewing the evergreen crypto tale from a long-term perspective. Kendrick predicts the high possibility of Bitcoin ranging between $100,000 to $120,000 by the end of 2024.
As Bitcoin continues with consolidation, select altcoins may shake off their slumber, indicating that beneath the turbulence lay opportunities of substantial gain. The market’s convoluted patterns call for greater scrutiny. Despite the near-term price action baffling traders, the bigger picture consistently depicts a narration of growth and transformative potential. Henceforth, the current stagnation might be a good opportunity for investors to strategize their positions.
Source: Cointelegraph
