US consumer price index (CPI) data readings this week, expected to surpass projections, to some extent helped the dollar strengthen as investors continue to look for a safe-haven.
The string, the cryptocurrency market is forecast to remain gloomy as risk-off sentiment hit exacerbated by lockdown reports in China.
Even so, the Cointelegraph report states the number of Bitcoin (BTC) holders is increasing in a bearish market and this signals investors are taking the opportunity to step up.
With the short -term outlook still skewed for a bearish market while the long -term outlook extends to bullish, below are some of the crypto assets that are the focus to monitor this week.
Bitcoin (BTC)
On July 8, the BTC slipped from the $ 20,000 level and broke the 20 -day exponential moving average (EMA) indicator line at $ 21,000.
Investors are watching for the price to pass the 20 -day EMA barrier and push the BTC to the $ 23,000 level.
A break and close above the 50 -day moving average (SMA) at $ 24,000 will indicate BTC is likely to reach its lowest point.
On the other hand if it breaks below the support line, then the decline is in control and investors will expect the BTC to fall to the $ 18,000 and $ 17,000 support zones.
Ethereum (ETH)
On July 8, ETH pushed the $ 1,280 resistance marking an aggressive decline with investors seeing the price below the 20 -day EMA of $ 1,192 on July 10.
If successful, the bullish pattern is seen to fail and could sink ETH at $ 988.
It is important to note the chart at this level as a breakout and closing below it could result in a retest at $ 881.
In contrast if the price bounces from the support line, then the price rises accumulated on the decline and the investor will push the price above $ 1,280 in the near term.
Then ETH will try to rise to the 50 -day SMA at $ 1,422 and rally to the $ 1,679 target.
Ripple (XRP)
On July 8, XRP failed to cross the triangular resistance line that signified the downside price was being sold on the rally while the sale on July 10 pulled back to that line.
Looking at the relative strength index (RSI) momentum is in favor of decline.
If investors drop below the support line, XRP will fall to $ 0.30 and retest the critical support of $ 0.28.
If it exceeds that level, XRP will continue to be in a downtrend.
However, if the price rebounds from the support line it suggests the price increase continues to buy on the decline.
Investors will try to push the price above the triangle zone to gain an advantage and if successful then the XRP will increase to $ 0.41.
Cardano (ADA)
The ADA remained in decline after failing to break the 20 -day EMA at $ 0.47, however investors were seen pulling the price to support at $ 0.44.
The 20-day EMA is gradually declining and the RSI is in negative territory indicating the decline is expected to remain for a while.
If investors pull the price below $ 0.44, the ADA will retest the important $ 0.40 support and may increase sales for the asset to remain in its downtrend.
On the other hand, the bull is expected to defend the zone between $ 0.40 and $ 0.44 with a bounce on that zone signaling investors will try to overcome the overhead barrier.
Polkadot (DOT)
The DOT’s repeated failure to push the price above resistance saw its value at $ 7.30 during July 10th.
Although the moving average is down in favor of the bears, the positive divergence on the RSI indicates the bearish momentum could be weak.
The longer price will remain stuck between $ 6.36 and $ 7.30.
If the price plunges below $ 6.36, then the DOT will continue its downtrend and reach $ 5.
On the other hand, the DOT will enter a rally when the price rises or breaks $ 7.30 to the 50 -day SMA at $ 8.20 next marking the end of the downtrend.
