The cryptocurrency market has displayed a weak price action since the month started, indicating an increase in the selling pressure within the crypto space. Moreover, the global crypto market capitalization has recorded a drop of 10.27% in valuation, from $2.53 Trillion on 1st June to $2.27 on 30th June.
Furthermore, the elite cryptocurrencies continue hovering close to their crucial support levels, highlighting increased bearish sentiment in the crypto market.
With the rising volatility in the cryptocurrency market, will the top three tokens record a bullish reversal this July or plunge toward their new lows? Dive in as, in this article, we have covered the price analysis and targets of Bitcoin, Ethereum, and XRP for the upcoming week.
BTC Price Forms A Channel Pattern:
The Bitcoin (BTC) price has formed a parallel channel pattern in the 1D time frame, suggesting a weak price action for the star crypto in the market. Furthermore, the BTC price is hovering close to its crucial support level of $60,819.50, the outcome of which is unpredictable.
TradingView: BTC/USDT
The Simple Moving Average (SMA) is on the verge of recording a bullish crossover in its price chart. This highlights an increase in the buying-over-selling pressure and a high possibility of a bullish reversal for the Bitcoin price in the cryptocurrency space.
On the other hand, the technical indicator, RSI has successfully retested its oversold range. This resulted in the BTC token experiencing a positive convergence.
If the market holds the Bitcoin crypto price above its crucial support level of $6,819.50, the bulls will head toward its resistance level of $67,775. Conversely, if the bears continue to dominate the market, the BTC price will plunge toward its lower support trendline.
ETH Coin Price Displays Increased Bearish Action:
Amid ongoing cross-border market correction, the Ethereum price has formed a descending channel pattern and has been trading within it since the start of June. Moreover, the altcoin leader has lost 3.37% within the past seven days and 9.40% over the past 30 days.
TradingView: ETH/USDT
The EMA 50-day constantly acts as a resistance to the ETH price chart in the 1D time frame, suggesting a weak bullish price action for it in the crypto market.
Moreover, the Moving Average Convergence Divergence (MACD) has displayed a constant decline in the red histogram. Furthermore, the averages display a high possibility of a bullish convergence, suggesting a potential positive reversal in the coming time.
If the bulls regain momentum, the ETH price will break out of its resistance trendline and prepare to test its resistance level of $3,730 during the upcoming week. However, if the bears gain control, the Ethereum crypto will plunge toward its lower support level of $3,000.
Ripple Price On The Verge Of Testing Its Crucial Support:
The XRP price has formed a symmetric triangle pattern in the 1D time frame and has continued to trade within it since mid-April. Moreover, with a drop of approximately 3% within the past seven days, the altcoin has plunged close to its crucial support trendline.
TradingView: XRP/USDT
The technical indicator, MACD, displays a constant flatline in its price chart, suggesting weak buying and selling pressure within the crypto space. Moreover, the averages show a neutral trend, highlighting uncertainty in future price action for the XRP crypto.
If the market regains momentum, the Ripple price will prepare to retest its resistance trendline of the symmetric triangle pattern during the upcoming week. Negatively, bearish price action could pull the XRP coin price toward its low of $0.420 in the coming time.
The cryptocurrency market has displayed a weak price action since the month started, indicating an increase in the selling pressure within the crypto space. Moreover, the global crypto market capitalization has recorded a drop of 10.27% in valuation, from $2.53 Trillion on 1st June to $2.27 on 30th June.
Furthermore, the elite cryptocurrencies continue hovering close to their crucial support levels, highlighting increased bearish sentiment in the crypto market.
With the rising volatility in the cryptocurrency market, will the top three tokens record a bullish reversal this July or plunge toward their new lows? Dive in as, in this article, we have covered the price analysis and targets of Bitcoin, Ethereum, and XRP for the upcoming week.
BTC Price Forms A Channel Pattern:
The Bitcoin (BTC) price has formed a parallel channel pattern in the 1D time frame, suggesting a weak price action for the star crypto in the market. Furthermore, the BTC price is hovering close to its crucial support level of $60,819.50, the outcome of which is unpredictable.
TradingView: BTC/USDT
The Simple Moving Average (SMA) is on the verge of recording a bullish crossover in its price chart. This highlights an increase in the buying-over-selling pressure and a high possibility of a bullish reversal for the Bitcoin price in the cryptocurrency space.
On the other hand, the technical indicator, RSI has successfully retested its oversold range. This resulted in the BTC token experiencing a positive convergence.
If the market holds the Bitcoin crypto price above its crucial support level of $6,819.50, the bulls will head toward its resistance level of $67,775. Conversely, if the bears continue to dominate the market, the BTC price will plunge toward its lower support trendline.
ETH Coin Price Displays Increased Bearish Action:
Amid ongoing cross-border market correction, the Ethereum price has formed a descending channel pattern and has been trading within it since the start of June. Moreover, the altcoin leader has lost 3.37% within the past seven days and 9.40% over the past 30 days.
TradingView: ETH/USDT
The EMA 50-day constantly acts as a resistance to the ETH price chart in the 1D time frame, suggesting a weak bullish price action for it in the crypto market.
Moreover, the Moving Average Convergence Divergence (MACD) has displayed a constant decline in the red histogram. Furthermore, the averages display a high possibility of a bullish convergence, suggesting a potential positive reversal in the coming time.
If the bulls regain momentum, the ETH price will break out of its resistance trendline and prepare to test its resistance level of $3,730 during the upcoming week. However, if the bears gain control, the Ethereum crypto will plunge toward its lower support level of $3,000.
Ripple Price On The Verge Of Testing Its Crucial Support:
The XRP price has formed a symmetric triangle pattern in the 1D time frame and has continued to trade within it since mid-April. Moreover, with a drop of approximately 3% within the past seven days, the altcoin has plunged close to its crucial support trendline.
TradingView: XRP/USDT
The technical indicator, MACD, displays a constant flatline in its price chart, suggesting weak buying and selling pressure within the crypto space. Moreover, the averages show a neutral trend, highlighting uncertainty in future price action for the XRP crypto.
If the market regains momentum, the Ripple price will prepare to retest its resistance trendline of the symmetric triangle pattern during the upcoming week. Negatively, bearish price action could pull the XRP coin price toward its low of $0.420 in the coming time.
Ripple’s (XRP) price action has consistently disappointed its investors, with the altcoin noting declines since the beginning of the month
Going forward, the crypto asset could see a period of consolidation as the investors exhibit mixed signals.
Ripple Investors Seem Unsure
XRP price is noting mixed signs as whales try to initiate recovery while retail investors continue to pull back. The addresses holding between 1 million and 10 million XRP have bought over 100 million XRP in the last 48 hours.
This $47 million accumulation is crucial in initiating recovery, given that the XRP price has been trending lower and lower every day.
However, retail investors do not seem to share this optimism as they remain bearish. Their participation on the network remains minimal visible in the declining active addresses.
Investors are likely to refrain from conducting transactions on the network because of the lack of profits. This price and daily active addresses (DAA) divergence is flashing a “sell” signal.
If Ripple holders continue to pull back, the altcoin might face considerable resistance in initiating recovery. This could invalidate the attempts made by the whales to pull the price back up.
This would keep the crypto asset restricted between $0.473 and $0.516. The latter coincides with the 23.6% Fibonacci Retracement, which is known as a bear market support floor. The chances of reclaiming it are minimal, but if this happens, the XRP price could reinitiate recovery.
On the other hand, if the $0.473 support is lost, the altcoin could end up testing the critical support at $0.460. Losing this support would invalidate the bullish-neutral thesis, resulting in further drawdown.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP’s price looked set to hit $0.46 after the number of realized profits increased
Downswing could continue if traction on the network continues to fall
Over the last 24 hours, XRP hit its highest levels of daily on-chain transaction volumes in profit, since 26 May. This was evident from the ratio of transactions in volume to loss.
When the reading is below 1, it means that there are more transactions in loss than in profit. At press time, the ratio was 2.016. This means that for every transaction that ended in a realized loss, there were two more in realized profits.
Price hike foreshadows profit-taking
The hike was a result of XRP’s price performance. On 28 June, the price of the token hit $0.48 on the charts. However, at press time, the token had dropped to $0.47 again.
Though the rise in profit-taking is a good thing for holders, it is not the same for the price. This, because an increase in gains booked could halt a cryptocurrency’s price from going higher.
As can be seen in the image below, almost every time the metric spiked, the price fell soon after. This time, it might not be different. If this is the case, the value of the altcoin might drop to $0.46 within a few days.
Source: Santiment
Furthermore, AMBCrypto examined the Market Value to Realized Value (MVRV) ratio. This metric also measures holders’ profitability. However, it also helps in spotting prices to accumulate and when to distribute.
At press time, XRP’s 30-day ratio was -5.45%. Usually, a negative ratio means that the average XRP holder is at a loss. Therefore, if all holders decide to sell, the average return would be -5.45%.
The downtrend is not yet over
Historically, good buying opportunities appear when the metric is between -8.59% and -18.63%. As such, the price of the token could go lower before a rebound happens.
Thus, the prediction to $0.46 seems feasible. However, it is important to note that invalidation might occur if a broader altcoin rally begins. If this is the case, the value of the crypto could retest $0.48.
In a highly bullish scenario, XRP could climb as high as $0.50.
We also looked at the project’s Network Growth. As the name implies, Network Growth measures traction on a network. It also measures the adoption of a token. If the number of new addresses making their first transaction increases, Network Growth hikes.
Source: Santiment
However, when there is a dearth of new addresses, the metric falls. At the time of writing, this metric had declined, indicating that adoption of the token has been underwhelming.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Buyers have failed to seize the initiative, according to CoinStats.
ADA chart by CoinStats
ADA/USD
The rate of Cardano (ADA) has declined by 0.71% since yesterday.
On the hourly chart, the price of ADA is looking bearish as the rate has come back to the support of $0.3852. If the situation does not change by the end of the day, there is a chance to see a breakout, followed by a move to $0.38.
On the bigger time frame, traders should pay attention to the interim zone of $0.40. If it breaks out, the accumulated energy might be enough for a further rise to the $0.41-$0.42 range.
The rate of Cardano (ADA) has declined by 0.71% since yesterday.
Image by TradingViewOn the hourly chart, the price of ADA is looking bearish as the rate has come back to the support of $0.3852. If the situation does not change by the end of the day, there is a chance to see a breakout, followed by a move to $0.38.
Image by TradingViewOn the bigger time frame, traders should pay attention to the interim zone of $0.40. If it breaks out, the accumulated energy might be enough for a further rise to the $0.41-$0.42 range.
Image by TradingViewFrom the midterm point of view, neither buyers nor sellers are dominating. Such a statement is also confirmed by low volume.
All in all, sideways trading between $0.36 and $0.40 is the more likely scenario for the next few days.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
The price of XRP has increased by 1.15% over the last 24 hours.
Image by TradingViewOn the hourly chart, the rate of XRP has made a false breakout of the local resistance of $0.4802. If the daily bar closes far from that mark, the correction may continue to the $0.4750 area tomorrow.
Image by TradingViewOn the bigger time frame, the price of XRP keeps growing after yesterday’s bullish closure. However, if the candle closes far from its high, bears may again seize the initiative, which might lead to a drop to the $0.47 range soon.
Image by TradingViewFrom the midterm point of view, none of the sides is dominating as the rate is far from the support and resistance levels.
If the weekly bar closes around the current prices, ongoing sideways trading in the zone of $0.47-$0.48 is the more likely scenario.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
Solana (SOL), currently the fifth-largest cryptocurrency by market capitalization, has experienced a notable price jump in the past 24 hours.
This rise is fueled by VanEck, a well-known New York investment management firm, filing an S-1 registration statement for its “VanEck Solana Trust,” marking the first attempt to launch a spot Solana exchange-traded funds (ETFs) in the U.S.
In addition, Canadian firm 3iQ Corp recently filed a preliminary prospectus to introduce the Solana Fund (QSOL) in Canada. These filings have generated substantial interest and speculation about Solana’s future price trajectory.
Bloomberg’s Senior ETF Analyst, James Seyffart, predicts that a Solana ETF could hit the market as early as 2025.
First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed. https://t.co/I1yoWNpdd4
Before these announcements, Solana was already on a recovery path, bouncing back from a dip to $123 on June 24 and stabilizing between $135 and $140. This stability shifted short-term indicators from bearish to bullish, making Solana appealing to day traders. The recent news pushed Solana’s price past the $140 resistance, signaling a promising outlook.
ChatGPT-4o price prediction on Solana prediction
To provide a balanced prediction on Solana’s price trajectory, Finbold sought insights from ChatGPT 4-o, which considered the potential impact of Solana ETFs under three scenarios: cautious, balanced, and optimistic. These scenarios take into account the potential impact of Solana ETFs based on expected market conditions, regulatory environment, and adoption rates.
Cautious Scenario
In this scenario, significant regulatory challenges could limit the approval and adoption of Solana ETFs, with ongoing scrutiny and potential delays from the United States Securities and Exchange Commission (SEC) restricting the flow of institutional funds.
Investors may remain cautious due to regulatory uncertainties, leading to moderate inflows. Consequently, Solana ETFs could attract only modest investments, reflecting a wary market sentiment. This cautious approach might result in a potential price increase of 1.3 times the current price, reaching approximately $195.
Balanced Scenario
In this scenario, a stable and moderately favorable regulatory environment could facilitate the approval of Solana ETFs.
Growing interest from institutional investors, driven by Solana’s technological advantages and market potential, could lead to significant capital inflows. Consequently, Solana ETFs might capture a substantial portion of the inflows seen by Bitcoin ETFs, potentially resulting in a price increase of three times the current value, reaching approximately $525.
ChatGPT4-o price prediction on SOL price trajectory. Source : Finbold / ChatGPT-4o
Optimistic Scenario
In the optimistic scenario, significant positive regulatory changes, such as new leadership at the SEC, could expedite the approval of Solana ETFs.
Major institutional players might invest heavily in Solana ETFs, attracted by the blockchain’s performance and potential. This scenario anticipates substantial inflows, with Solana ETFs capturing a significant share of the inflows seen by Bitcoin ETFs, potentially leading to an eightfold increase in price to approximately $1,200.
ChatGPT4-o price prediction on SOL price trajectory. Source : Finbold / ChatGPT-4o
The recent price surge of Solana reflects the growing anticipation and confidence in the potential launch of Solana ETFs. With significant filings from both VanEck and 3iQ Corp, the market’s response has been notably positive.
As regulatory landscapes evolve, the approval and adoption of Solana ETFs could dramatically influence Solana’s price trajectory. Investors should closely monitor regulatory developments and institutional interest to gauge the future potential of Solana in the cryptocurrency market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
The price of Binance Coin (BNB) has gone down by almost 1% over the last 24 hours.Image by TradingView
On the hourly chart, the rate of BNB is trying to rise after a false breakout of the local support level of $568.7.
However, there are low chances to see a test of the resistance by tomorrow, as not enough energy has been accumulated yet. Image by TradingView
On the bigger time frame, the price of BNB is far from the main levels. But if the rate gets back to the $550-$560 zone, one can expect a test of the $540 mark within the next few days.Image by TradingView
From the midterm point of view, the picture is quite similar, however, one should wait until the bar’s closure. If it happens around the current prices, sideways trading in the area of $540-$580 is the more likely scenario.
Solana (SOL) has indisputably ruled the current cryptocurrency market by showing stellar price action and ascent. The token managed to scale past $180 and briefly touch the $250 mark before plummeting to trade at $130 at press time. The token shows promising signs of gradual ascension; however, the critical price barriers may hinder the token’s smooth sailing to claiming $180.
Solana Blinks Launch: Can It Help SOL Achieve $180?
Source – CoinLoan
Solana recently took to X to announce that they have launched Solana Blinks, an exclusive product offering that allows smooth SOL payments via shareable links. The firm later shared how, through Solana Blinks, users can initiate any transaction anywhere by simply sharing a link on any platform.
Blinks bring Solana Actions to any website or app.
Solana Actions are APIs that return Solana transactions, making it simple to sign & send using:
→ Native app & mobile buttons → Scannable QR codes → Sharable blinks
The new launch has already started discussions on how it can bring in a new wave of change for SOL. With SOL dominating the payment scene, it can significantly help Solana reclaim some of its lost fortunes, provided it continues to leverage the current market onset.
Solana June End Prediction
The launch of Solana Blinks is the current market obsession, and a large number of crypto analysts were noted praising Solana for ushering in a new product specification.
Notable crypto analyst Marty Party shared how Solana Blinks is truly a revolutionary transactional concept.
“Why is Solana Blinks changing the whole internet today? Currently, when you want to sell or trade something on social media, you need to send the user to another website. With Blinks, you don’t need marketplaces or any other website anymore. You just post your product or offer, and the user interacts and transacts with the post. They never leave your timeline. This makes OnlyFans, eBay, Facebook Marketplace, and everything else redundant. Only on @solana.”
Why is Solana Blinks changing the whole internet today?
Currently when you want to sell or trade something on social media you need to send the user to another website. With Blinks you dont need marketplaces, or any other website anymore. You just post your product or offer and…
According to CoinCodex, Solana may spike by 0.82% to trade at a price high of $137 by July 4.
“The Solana price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Solana projections, SOL will be changing hands at $137.50 on July 4, 2024, gaining 0.82% in the process.”
At the same time, the token can reclaim its $158 price spot by July 28, as predicted by CC.
“According to our current Solana price prediction, the price of Solana is predicted to rise by 16.15% and reach $158.41 by July 27, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 40 (fear). Solana recorded 12/30 (40%) green days with 9.41% price volatility over the last 30 days.”
