Price analysis 7/17: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin (BTC) has been conquering overhead resistance levels one by one, signaling that the bulls are gaining confidence. Farside Investors data shows $422 million in inflows into the United States-based spot Bitcoin exchange-traded funds (ETFs) on July 16. 

BlackRock’s iShares Bitcoin Trust (IBIT) once again crossed $20 billion in assets under management after its latest purchase of 4,004 Bitcoin. The fund had earlier surpassed $20 billion in AUM in late May. Looking at the massive inflows, ETF Store president Nate Geraci said in a post on X that it is not only the retail investors; even advisers and institutional investors have been buying.

Bitcoin’s recent rise has improved sentiment, and analysts are speculating how soon a new all-time high could be achieved. While anything is possible in the markets, the current up move is expected to face solid selling between $70,000 and the all-time high near $74,000. Expect markets to remain volatile in the near term as some of the creditors of the defunct Mt. Gox exchange sell their repayments.

Could Bitcoin’s strength trigger further buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin climbed above the 50-day simple moving average ($63,926) on July 15, indicating that the bulls are on a comeback.

The bears pulled the price back below the 50-day SMA on July 16, but the long tail on the candlestick shows solid buying at lower levels. If the price sustains above the 50-day SMA, a rally to $70,000 is possible.

On the contrary, if the price turns down and breaks below the 50-day SMA, it will signal that demand dries up at higher levels. The bears will then try to sink the BTC/USDT pair to the 20-day SMA ($59,952).

Ether price analysis

Ether (ETH) rallied to the 50-day SMA ($3,454) on July 15, indicating that the sideways movement between $2,850 and $4,094 remains intact.

The bulls will try to strengthen their position further by pushing the price to $3,730 and later attempt a rally to the overhead resistance of $4,094. Sellers are expected to fiercely defend the zone between $4,000 and $4,094.

This positive view will be invalidated in the near term if the price turns down from the current level and plummets below the 20-day SMA ($3,228). The ETH/USDT pair may then retest the crucial support at $2,850. A break below this support will complete a bearish head-and-shoulders pattern.

BNB price analysis

The bears are protecting the 50-day SMA ($586) in BNB (BNB), but they are struggling to pull the price below the 20-day SMA ($544). The long tail on the July 16 candlestick shows that the bulls are buying on minor dips.

A break and close above the 50-day SMA will open the doors for a rally to the overhead resistance of $635. This level may pose a strong challenge to the bulls, but if the buyers do not give up much ground, the BNB/USDT pair may start its climb toward $722.

If bears want to prevent the upside, they will have to swiftly drag the price below the 20-day SMA. If they do that, it will indicate selling at higher levels. The pair may then drop to the $495 to $460 support zone.

Solana price analysis

Solana (SOL) has been trading inside a descending triangle pattern for several days. The bulls have pushed the price to the downtrend line, where the bears are expected to mount a strong defense.

If the price turns down sharply from the downtrend line but bounces off the 20-day SMA ($143), it will suggest a change in sentiment from selling on rallies to buying on dips. That will increase the likelihood of a break above the downtrend line. If that happens, the SOL/USDT pair could rise to $189 and subsequently to $210.

Contrary to this assumption, if the price turns down and breaks below the 20-day SMA, it will signal that the pair may remain inside the triangle for a while. A break below $116 will complete the bearish pattern, starting a move to $100.

XRP price analysis

XRP (XRP) has made a strong comeback in the past few days, putting the bulls back in the driver’s seat.

The bears tried to stall the rally at $0.57, but the buyers bulldozed their way above the resistance on July 16. The moving averages are on the verge of a bullish crossover, and the RSI is in the overbought zone, indicating that bulls are in charge.

However, a short-term pullback could not be ruled out. The first support on the downside is at $0.57. If bulls flip the level into support, the XRP/USDT pair could surge to $0.67 and subsequently to $0.74. The bullish momentum will weaken if the price breaks and maintains below $0.57.

Dogecoin price analysis

The bulls pushed Dogecoin (DOGE) back above the breakdown level of $0.12 on July 15, signaling that the markets rejected the lower levels.

The bears are trying to halt the up move at the 50-day SMA ($0.13). If the price turns down but finds support at the 20-day SMA ($0.11), it will suggest that the bulls are buying the dips. That will improve the prospects of a break above the 50-day SMA. The DOGE/USDT pair could then climb toward $0.15 and later $0.18.

Contrarily, if the price turns down and breaks below the 20-day SMA, it will indicate that the bears are active at higher levels. The pair may then slump to $0.10.

Toncoin price analysis

Toncoin (TON) rose above the 20-day SMA ($7.43) on July 15 but turned down from the $7.72 overhead resistance.

If the price remains below the 50-day SMA ($7.32), the bears will try to pull the TON/USDT pair to $6.77. This is an essential level for the bulls to defend because if they fail to do that, the pair will complete a double top pattern. That may start a downward move to $6 and later to $5.50.

The flattish 20-day SMA and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. The bulls will have to drive the pair above $7.72 to start a rally to the overhead resistance of $8.29.

Related: Why is XRP price up today?

Cardano price analysis

Cardano (ADA) has been maintaining above the moving averages for the past few days, indicating a lack of aggressive selling by the traders.

The 20-day SMA ($0.40) has started to turn up, and the RSI is in the positive zone, indicating that the path of least resistance is to the upside. Buyers will try to push the price to the overhead resistance of $0.51.

Contrary to this assumption, if the ADA/USDT pair turns down and breaks below the moving averages, it will indicate that the bears have not given up. That could result in a range-bound action between $0.32 and $0.45 for some time.

Avalanche price analysis

Avalanche (AVAX) has reached the overhead resistance of $29, where the bears are expected to mount a strong defense.

The 20-day SMA ($26.84) has flattened out, and the RSI has risen into positive territory, indicating a balance between supply and demand. The advantage will tilt in favor of the bulls if they push and sustain the price above $29. If that happens, the AVAX/USDT pair could jump to $34 and later to $37.

If the price turns down from the current level and breaks below the 20-day SMA, it will suggest that the pair may remain stuck between $21.80 and $29 for a while longer.

Shiba Inu price analysis

Shiba Inu (SHIB) reached the breakdown level of $0.000020 on July 16, where the bears are trying to halt the rally.

A positive sign in favor of the bulls is that they have not ceded ground to the bears. This suggests that the bulls are holding on to their positions as they anticipate another leg higher. If the price rises above $0.000020, the SHIB/USDT pair could reach $0.000026.

Instead, if…