Weekly Analysis of BTC, ETH, and Altcoin Markets, July 22, 2024
An overview of BTC, ETH, SOL, DOT, NEAR, XMR charts, and the current cryptocurrency market dynamics.
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Bitcoin (BTC)
Since last week, Bitcoin has been on an upward trajectory, appreciating by 9% over the past seven days and marking a new local high at $68,470.
The cryptocurrency is currently navigating through a resistance zone between $67,600 and $69,000, where it has lingered for several days. Should buyers successfully breach this range, the next likely targets are between $70,900 and $72,700, potentially setting the stage for an attempt at surpassing the previous all-time high (ATH).
The likelihood of a reversion to a corrective phase seems slim at the moment. If a downturn were considered, Bitcoin might retest support levels at $63,300–$64,700 and $59,100–$60,700, although such movements would still align with the overarching bullish trend.
BTC H4 Chart
Ethereum (ETH)
Following encouraging news regarding the potential launch of an Ethereum ETF, the coin has shown positive performance. ETH is trading between a support zone of $3,320–$3,390 and a resistance zone of $3,580–$3,650.
The continuation of the upward trend appears probable. If Ethereum breaks through the current resistance, the next barrier lies at $3,760, beyond which it could potentially reach a new all-time high.
While a temporary pullback to the $3,193 support level is possible, the overall trend is expected to remain bullish as long as Bitcoin continues its upward trajectory.
ETH H3 Chart
Solana (SOL)
Solana’s growth has been more measured and cautious, yet it still benefits from the overall positive market sentiment. The coin is presently approaching a resistance level of $180–$190.
If it overcomes this hurdle, the next resistance zone will be at $202–$210. Surpassing this level would bring Solana close to its all-time high—a level not seen in three years. The prospect of reaching a new ATH is increasingly plausible, especially with potential developments like the launch of a Solana ETF.
Should the price fall, Solana might find support in the $140–$155 range.
SOL D1 Chart
Polkadot (DOT)
Unlike some altcoins, Polkadot is slow to exit its downward trend. DOT's price is confined between a support zone of $4.92–$5.70 and a resistance zone of $7.00–$7.75. Additionally, there's an intermediate seller's level at $6.60 that must be surpassed to initiate an upward trend.
If DOT buyers gain momentum, the coin might reach the resistance zone of $8.52–$9.05. However, further upward movement is challenging to forecast as the prevailing trend is still bearish.
The $4.92–$5.70 zone serves as a critical support for considering potential further declines.
DOT D1 Chart
Near Protocol (NEAR)
Over the past two weeks, the price of Near Protocol has increased by 43%. The coin has shown promising potential, with buyers actively pushing the asset upward. NEAR is currently sandwiched between a buyer’s zone of $5.55–$5.90 and a seller's level of $6.45.
Reaching the all-time high, which is over 200% away, could be possible if it breaks through the seller’s zone of $6.9–$7.3.
Local pullbacks to the support zones of $4.77–$5.05 and $4.50 could be considered.
NEAR H4 Chart
Monero (XMR)
Despite its age, relative unpopularity, and recent delistings from some cryptocurrency exchanges, Monero has been outperforming many “fundamental” assets. The price of XMR currently lies between a buyer's zone of $130–$144 and a resistance zone of $174–$185.
Notably, Monero reached a new yearly high at the beginning of July 2024. The positive momentum of this privacy-focused altcoin seems to be influenced by Bitcoin's rise.
If this correlation persists, Monero might aim for the next significant level of $200. Considering corrections below the current buyer's zone is currently not advisable.
XMR D1 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
The Bitcoin Dominance Index increased by 0.75% last week, reaching 55.48%. This rise is attributed to altcoins lagging behind Bitcoin's growth.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index has remained steady at 24 points. Altcoins continue to lack significant interest from investors, who prefer Bitcoin.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index has shifted from a neutral stance to a positive trend, now standing at 70 points, categorized as “Greed.” This shift indicates renewed interest in crypto assets and a reduction in investor fear.
Fear and Greed Index. Source: alternative.me
Economic News
The macroeconomic environment this week is characterized by the following key events:
- U.S. existing home sales (Tuesday, July 23);
- U.S. new home sales and crude oil inventories (Wednesday, July 24);
- U.S. GDP data for the second quarter and initial jobless claims (Thursday, July 25);
- U.S. core personal consumption expenditures price index (Friday, July 26).
Although these events are unlikely to significantly affect cryptocurrency prices directly, they may induce temporary fluctuations in the price volatility of some coins. Traders should take this into consideration before placing trades.
Check out The Coinomist for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from The Coinomist:
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