Price Analysis for BTC, ETH, SOL, BNB, XRP, DOGE, TON

Bitcoin recently encountered a significant resistance level at $70,000 on July 29, indicating that bears are actively defending the zone between $70,000 and $73,777. Despite this bearish pressure, there appears to be a general optimism among traders regarding Bitcoin's potential to reach new all-time highs. According to a survey conducted by Santiment, many participants expect Bitcoin to achieve a new peak by October.

Strong Inflows Indicate Investor Confidence in Bitcoin

Recent data from CoinShares reveals robust inflows into Bitcoin, with $519 million invested last week alone. This contributes to a total of $3.6 billion in inflows for July and $19 billion year-to-date. The increase in investment is partly attributed to discussions about Bitcoin becoming a strategic reserve asset in the U.S., as well as expectations of a potential Federal Reserve rate cut in September, which may have boosted investor confidence.

S&P 500 Index Analysis

The S&P 500 Index fell below its 50-day simple moving average (SMA) of 5,439 on July 25, but failed to maintain lower levels. On July 26, the index managed to recover above the 50-day SMA. Bulls will now aim to push the index above the 20-day exponential moving average (EMA) of 5,508. If successful, the S&P 500 Index could potentially rise to 5,585 and retest its all-time high at 5,670. Conversely, a decline below 5,390 could signal a deeper correction, with potential drops to 5,265 and 5,192.

US Dollar Index Analysis

The US Dollar Index (DXY) has been trading within a descending channel pattern. The recent relief rally from the support line has encountered resistance at the moving averages, which may act as a barrier. A sharp decline from these moving averages could lead to a drop to 102.50. However, if the index breaks above the moving averages, it could rally toward the channel’s resistance line.

Bitcoin's Price Action

Bitcoin's price reached $70,000 on July 29 but failed to hold these gains. The long wick on the candlestick indicates strong bearish defense at the $70,000 level. If the price declines to the 20-day EMA of $65,304 and turns up, it would suggest that dips are being bought. Bulls could then attempt to push Bitcoin to $72,000 and eventually $73,777. Conversely, if bears drive the price below the moving averages, it could signal a continuation of the range-bound action.

Ether's Struggle

Ether broke below its moving averages on July 24 but failed to fall to the psychological support at $3,000, indicating buying interest at lower levels. The buyers are trying to maintain the price above the moving averages, with potential for a rally to the downtrend line. A break above this downtrend line could propel Ethereum to $4,094, while a failure to surpass the downtrend line may keep it within the current triangle formation.

Toncoin's Recent Performance

Toncoin fell below $6.77 on July 25 but showed signs of demand at lower levels. The bulls are trying to push TON’s price back above $6.77, with the next target being the 20-day EMA of $6.99. If the price rises above the 20-day EMA, it could reach the 50-day SMA of $7.32 and potentially $7.72. Failure to maintain above $6.77 may result in a further decline to $6.

Cardano's Recovery

Cardano slipped below the 50-day SMA of $0.40 on July 25 but recovered as bulls bought the dip. Both moving averages are flattening, and the RSI is near the midpoint, suggesting a loss of bearish momentum. The ADA pair may aim for $0.46, with a potential move to $0.52 if bullish momentum continues. Bears will need to drive the price below $0.38 to halt the recovery.

Solana's Price Action

Solana bounced off the downtrend line on July 25, indicating that the level has turned into support. The price of SOL surpassed the $185 to $189 resistance zone on July 29 but faced selling pressure at higher levels. If the price rebounds from the 20-day EMA of $169, it could increase the chances of breaking above $189, potentially reaching $210. However, if the bears prevail, the price may drop to lower support levels.

BNB's Price Dynamics

BNB has been trading above the 20-day EMA of $574 but struggles to break above $605. A decline below the 20-day EMA could suggest that the bulls are losing control, potentially keeping the price range-bound between $495 and $635. If buyers overcome the $605 resistance, BNB may rise to $635, with a further potential rally to $722 if this level is breached.

XRP's Market Behavior

XRP has been trading between $0.57 and $0.64, indicating a balance between supply and demand. The upsloping 20-day EMA of $0.57 and RSI near 63 suggest that the bulls have an edge. If XRP surpasses $0.64, it could gain momentum and rise to $0.74. Conversely, a decline below the 20-day EMA might lead to a drop to the 50-day SMA of $0.51.

Dogecoin's Support Levels

Dogecoin bounced off the 20-day EMA of $0.13 on July 28, indicating bullish attempts to turn this level into support. With the rising 20-day EMA and positive RSI, the path of DOGE looks least resistance. Buyers will target a break above $0.14 to push the price toward $0.18. However, if the price falls below $0.12, a decline to $0.10 could follow.