Major cryptocurrencies started the day positively, with the global market cap rising by 2.13 percent to $920.79 billion. During the last 24 hours, the total volume of all cryptocurrencies traded was $68.50 billion, a 6% drop.
Bitcoin Price Gains Momentum
Bitcoin’s price started to rise from its base of $19,000. It then moved above the resistance zone of $20,000 to reach the positive territory. The price moved above the 23.6% Fibonacci level of the downward movement from the $22,500 high to the $18,916 low. It then turned around and tested the resistance zone of $19,600. However, the bulls were still active, and the price was able to bounce back.
BTC continued to rise and tested the resistance zone of $20,500. It is now trading above the 200 and the 100 simple moving averages. On the other hand, support is around $20,400, and this area is expected to act as a support.
The price is expected to test the resistance zone of $20,750 in the coming days. It is also near the 50% Fib level of the downward movement from the $22,500 high to the $18,916 low. The next resistance level is around $21,000. If the price closes above the $21,000 resistance zone, it could test the next major resistance level at $21,650. This area is expected to act as a support.
APE is Trying to Recover
The native coin of the Bored Ape Club collection, APE, has been falling since the beginning of the year. It is currently trading at around $4.7, which is 7% higher than yesterday. APE reversed its declining trend on the 4-hour chart during the previous month.
However, it encountered various obstacles at the $5.5 and $5.3 levels, which caused it to lose steam. It is now looking to test the $4 support.
Can AVAX Sustain The Positive Noise?
The price of Avalanche, a native token, has risen significantly this week. According to data from Coingecko, it is currently trading at around $19.95, which suggests that altcoin is gaining traction.
The token’s value rose by more than 4% in the past 24 hours. It also experienced a swift recovery from its recent losses. The volume of trade in AVAX increased significantly during the day. It indicates that the token is being bought, and its buyers are actively trading it.
The price of AVAX rose after the stock tested its June support levels. It’s believed that altcoin’s price movement is related to breaking out of its wedge formation.
If the price continues to rise, we can expect a minor uptick in the coming weeks. We can also predict that it will establish resistance. The support level of $18.26 has been transformed into a resistance base, and the 200 and 50 Exponential Moving Averages are also important factors that will determine the future direction of the token.
Any Hopes for Polkadot Recovery?
The price of Polkadot has continued to fall since the beginning of the month. It has now established a support level of $6.30. However, it has been trading close to this level and breaking below. The coin then spiraled downwards.
The altcoin price has been testing the support level of $6.30. However, it has been trading in a tight range between the $6.30 and $6.58 levels in the last trading sessions. The coin has also faced rejections at the $7 level, which has exhausted the bulls on the chart.
The weakness in the market is also contributing to the price action of the coin. In the start of July, it briefly fell below the support line of $6.30. However, the indicators indicate that the buyers are regaining their strength. If the price of the coin can break above the resistance mark of $6.30, it could continue to rise.
Source: https://crypto.news/bitcoin-btc-gains-momentum-ape-traces-price-recovery-path-avax-on-positive-price-trend/