Follow CriptoFacil on
Google News CriptoFacil

As the cryptocurrency market faces significant swings, analyst Rakesh Upadhyay has shared his predictions for four major cryptocurrencies: BNB, Dogecoin, XRP, and Solana. According to Upadhyay, these digital assets show mixed signals, with potential opportunities and challenges ahead.

Before we get into specific analysis, it’s crucial to understand the bigger picture. Bitcoin (BTC) has been facing both buying and selling pressure.

On July 8, bears attempted to resume the downtrend, but bulls bought the dip. According to data from Farside Investors, US-listed Bitcoin ETFs have witnessed an inflow of over $650 million since July 5, indicating solid demand at lower levels.

However, the selling pressure may not end anytime soon. Data from Arkham Intelligence reveals that the German government wallet appears to be preparing to sell another 6,000 Bitcoins. Additionally, the market is keeping an eye on the extent of the sell-off by creditors of failed cryptocurrency exchange Mt. Gox after receiving their payments.

He points out that BNB has faced recent challenges, with bears pulling the price below the $495 support on July 8. However, the bulls successfully defended the $460 support.

“If the price breaks and closes above the 20-day EMA ($548), it will signal that the corrective phase may be over. The BNB/USDT pair could rally to the 50-day SMA ($593) and subsequently to the resistance at $635,” Upadhyay explained.

Conversely, if the price turns down from the 20-day EMA, the bears will again try to sink the pair below $460, which could indicate a downward move.

Cryptocurrencies

Solana (SOL) has been showing positive signs recently as the bulls pushed the price above the 20-day EMA ($141) on July 10. According to him, the SOL/USDT pair could rise to the 50-day SMA ($151) where the bears are likely to mount a strong defense. If the price turns down from the 50-day SMA, the bears will attempt to pull the pair to $116,” Upadhyay noted.

If the price breaks and closes above the 50-day SMA, it will suggest demand at higher levels, potentially taking the pair to the descending trendline.

For XRP, he highlights that the crypto asset is also facing a battle between bulls and bears. The analyst explained that the bears again tried to sink XRP below the $0.41 support on July 8, but the bulls held their ground. The XRP/USDT pair could rise to $0.46, where the bears are likely to sell aggressively.

With both the moving averages sloping down and the RSI in negative territory, the bears appear to have the upper hand. If the price turns down and breaks below $0.41, it will suggest the start of a downward move to $0.38 and eventually to $0.30.

Finally, Dogecoin (DOGE) has been trading below the breakout level of $0.12, but the bears have failed to initiate a significant downtrend.

“The DOGE/USDT pair could rally to $0.12 where the bulls and bears are likely to put up a tough battle. If the price turns down sharply from $0.12, the pair could again decline towards $0.09,” Upadhyay said.

If buyers push the price above $0.12, it will suggest that the market has rejected the breakout. The pair could then attempt a rally to the 50-day SMA ($0.14), which may act as a hurdle.

Follow CriptoFacil on
Google News CriptoFacilGoogle News CriptoFacil

Source: https://www.criptofacil.com/analista-indica-criptomoedas-que-podem-subir-com-a-recuperacao-do-btc/



Leave a Reply