TokenDices

  • Market Cap: $2,557,472,604,373.55
  • 24h Vol: $74,179,919,189.52
  • BTC Dominance: 51.52%
July 21 Price Analysis: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), Polkadot (DOT)

July 21 Price Analysis: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), Polkadot (DOT)

Several Bitcoin price indicators suggest that BTC’s narrow trading range could soon come to an end, leading to a volatile price move in BTC and altcoins. Glassnode’s latest weekly newsletter highlighted that Bitcoin’s consolidation has shrunk the Bollinger Bands, indicating a potential increase in volatility. However, it is difficult to predict the direction of the breakout with certainty. Despite the near-term uncertainty, the long-term outlook for Bitcoin remains bullish, with the potential for institutions to put Bitcoin on their balance sheets.

In terms of specific cryptocurrencies, Bitcoin has been sustaining below the 20-day exponential moving average (EMA), indicating a lack of aggressive buying at current levels. Ether has been trading near the 20-day EMA, suggesting a state of equilibrium between bulls and bears. XRP experienced a temporary breakout above overhead resistance but failed to maintain strength. BNB continues to trade inside a symmetrical triangle pattern, indicating indecision between bulls and bears. Cardano’s bounce off the 20-day EMA fizzled out, suggesting selling on relief rallies. Solana failed to rise above overhead resistance, potentially leading to a deeper correction. Dogecoin successfully defended the 20-day EMA, indicating buyer interest at lower levels. Polygon turned up from the 20-day EMA, suggesting bullish momentum. Litecoin has been stuck between moving averages, indicating indecision. Polkadot bounced off strong support but faces resistance at higher levels.

In summary:

– Bitcoin’s narrow trading range could soon end, leading to increased volatility.

– The long-term outlook for Bitcoin remains bullish.

– Specific cryptocurrencies are experiencing mixed price action, with some showing potential for bullish moves and others facing resistance.