Bitcoin’s Price Surge to $70K May Attract Buyers to XRP, KAS, STX, and JASMY

July 29, 2024 04:54 PM AEST | By Team Kalkine Media

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Bitcoin’s Price Surge to $70K May Attract Buyers to XRP, KAS, STX, and JASMY — Image source: shutterstock

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Bitcoin (BTC) is showing strong potential to reach the $70,000 mark, creating a ripple effect that could positively influence other cryptocurrencies such as XRP, Kaspa (KAS), Stacks (STX), and JasmyCoin (JASMY). Despite recent fluctuations, Bitcoin has demonstrated a resilient recovery from intra-week lows, with market sentiment growing increasingly bullish. According to Santiment, positive sentiment towards Bitcoin has surged to its highest level since March 2023, signaling robust investor confidence.

Bitcoin Price Analysis and Resistance Levels

Bitcoin attempted to push through the $70,000 resistance level on July 27, but faced selling pressure at higher levels. The current uptrend is supported by the 20-day exponential moving average (EMA) at $64,945 and a positive relative strength index (RSI). If Bitcoin can rebound from its current level or maintain above the 20-day EMA, it could test the $72,000 to $73,777 resistance zone. Conversely, a dip below the 50-day simple moving average (SMA) at $63,422 may signal a drop to $60,000.

XRP’s Consolidation and Potential Breakout

XRP has been trading within a range of $0.57 to $0.64, reflecting market indecision. The upsloping 20-day EMA at $0.57 and a positive RSI suggest a bullish edge. A sustained move above $0.64 could lead XRP towards $0.74, although a drop below the 20-day EMA would indicate prolonged consolidation between $0.41 and $0.64.

Kaspa’s Price Action and Resistance

Kaspa (KAS) recently struggled to break through the $0.19 resistance level but remains bullish above key moving averages. A bounce from these averages could propel Kaspa (KAS) towards $0.24. However, a decline below the moving averages might push the price down to $0.14. The formation of a bullish ascending triangle on the 4-hour chart suggests potential for an upward move if Kaspa breaks and closes above $0.20.

Stacks’ Recovery and Resistance Levels

Stacks (STX) broke above its downtrend line on July 15, indicating a potential end to the downtrend. The completion of a bullish crossover in moving averages and a positive RSI signal further upside potential. If STX maintains above the neckline of an inverse head-and-shoulders pattern, it could rise to $2.50 and eventually $2.65. A failure to sustain above the moving averages could result in a drop to $1.65.

JasmyCoin’s Recent Performance and Outlook

JasmyCoin (JASMY) recently tested the $0.027 level but managed to rebound, supported by the 20-day EMA and a positive RSI. If JasmyCoin surpasses $0.033, it may gain momentum towards $0.039. However, if it fails to hold above $0.033 and dips below $0.027, the price may remain within this range or decline further.As Bitcoin continues its bullish trajectory, the performance of these altcoins could be positively impacted, making them potential candidates for investors to watch closely.

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