Today’s price analysis sees cryptocurrencies continue their positive start to July with more moves into the green.
Bitcoin leads Ethereum and Litecoin in seeing positive rebounds. It follows massive sell-offs in June, occasioned by hackings and regulatory sentiments.
However, July is looking up and buyers seem to return to shoulder further price gains.
Bitcoin’s price surge seen on Monday has continued once more this Tuesday.
There’s a nice bullish trend on the hourly charts and has seen its value rise by over 5 percent over the last 24 hours.
BTC/USD traded sharply and rose from just under $6,280 to hit a high of $6687. There is a positive sentiment and we could see the coin break above $6,700 if the bulls sustain an upside.
The 100 SMA is above the 200 SMA, which signals an upside rally. It means that BTC will likely break above the immediate resistance levels than retrace below. Prices have also moved beyond both moving averages to indicate that buyers are in control.
The RSI is turning higher towards overbought conditions. The Stochastic is also pointing up to indicate that buying pressure is building up. If bulls keep the bears away, it could experience higher gains.
Ethereum is trading just above $475 after it rose sharply from $451 to reach a high of $479. The bulls have managed to maintain the momentum above the $470 demand zone.
The ETH/USD pair has broken the triangle of resistance to set up nicely for a break above $480.
The pair has traded in an upside range between $443 and $483, gaining over $40 in one sharp rise. It’s trading 6 percent higher on the intraday charts.
Ethereum remains in a bullish short-term trend and if a solid upside develops, it could have a run towards higher gains. Buyers are looking to re-enter the market and if they keep off the sellers, expect it to test $487 and $490 resistance levels.
Ethereum needs to consolidate above the key support zones to avoid retracing below into a bearish decline.
Ripple’s price has surged on the hour-to-hour charts as well as over the 24h period. However, it remains weak and could see its price break below the current support zone.
After recovering above $0.4248 on July 1, the XRP/USD pair traded higher and broke above another major resistant level at $0.47.50.
It reached a high of $0.484, but it failed to settle above $0.48. The bulls have however fought to prevent a break below $0.47, a critical support area.
The pair must break above $0.4850 and $0.49 resistance levels if it has to see further upside moves.
The XRP price has a slight bullish outlook and needs to stay above the $0.475 zone to avoid a downtrend. At the moment, the coin has moved above $0.483.
LTC/USD is rebounding upwards as it continues to benefit from the recovery in BTC prices.
Litecoin prices traded 5 and 6 percent higher over its prices in the hourly and intraday charts.
In the Asian hours, the pair broke above the $82 resistance level. However, momentum could not be sustained and prices corrected lower to hit $78.18.
At the moment, LTC/USD is trading above $84.50 and could look to test the immediate resistance level at $87. The pair is likely to continue and break above $90 once again. It’s a critical zone that can see sellers try to retake control.
If bulls surrender, however, there’s a possibility the prices will retrace to the major support zone at $80. Below that, $78 may be key to avoid further damage.
EOS is one of the best performers today after seeing an average of 9 percent growth in the hourly and intraday charts.
EOS/USD broke above the $8.00 after a great weekend and has gone on to break consecutive resistances to reach a high of $8.89. At the moment, the pair is trading in an upside range between $7.90 and $8.89 on the daily charts.
EOS bulls have put up a great shift today and short-term outlook is bullish. However, it must find support above $9.00 to avoid retracing to the $8.45 and $8.25 support levels.
The 100SMA crosses above the longer term 200 SMA, which means we could see more upside moves. If an upside is consolidated, then $10 could become a new demand zone.