- The resurgence of Bitcoin above $53,500 could potentially trigger a bullish trend in these four altcoins.
- Investors are keenly watching certain resistance levels that need to be overcome for the upward movement to materialize.
- Noted financial analyst Rakesh Upadhyay provides an in-depth analysis of Bitcoin and these promising altcoins.
Discover the essential resistance levels and market indicators that could drive Bitcoin and four altcoins towards a bullish trend. Stay informed with expert insights and detailed technical analysis.
Bitcoin (BTC) Analysis: Eyeing the Key $56,552 Support
Bitcoin experienced a decline below the $56,552 support level on July 5. However, buyers stepped in, managing to defend this crucial level on a closing basis. While bearish forces are expected to make another attempt to breach this support, a successful defense could mean the continuation of a range-bound movement between $56,552 and $73,777. The 20-day Exponential Moving Average (EMA) sloping downwards at $61,231 gives bears an edge, but a positive divergence on the Relative Strength Index (RSI) indicates a potential slowdown in bearish momentum. Buyers need to push BTC above the 20-day EMA to signal potential upward movement.
Solana (SOL): Potential Rally if Bulls Capitalize
Solana has been forming a descending triangle pattern, typically a bearish setup, with a breakdown level at $116. A slight advantage for bulls is indicated by the RSI showing signs of positive divergence. If the price breaks above the 20-day EMA at $141, SOL might target the 50-day Simple Moving Average (SMA) at $153 and subsequently the downtrend line. Conversely, failure to hold above $116 could lead to a sharper decline towards $80.
Polkadot (DOT): Overcoming Resistance at $6.54
Polkadot displayed resilience by rebounding from $4.91 on July 5, suggesting strong buying at lower levels. Continuation of buying on July 6 resulted in DOT rising above its 20-day EMA at $6.08, indicating that the bearish grip is weakening. Should buyers pierce through the 50-day SMA at $6.54, the altcoin might rally to $7.29 and potentially $7.77. Failure to sustain above the 50-day SMA, however, might imply that bears are still active at higher levels.
NEAR Protocol (NEAR): Targeting $5.63 Amid Optimism
NEAR Protocol has been trading within the range of $4.28 to $8.58 for several days. Although bears managed to dip the price below the support on July 5, they couldn’t sustain the lower levels. Falling moving averages suggest bearish dominance, yet positive RSI divergence implies waning selling pressure. An initial positive sign will be a break and close above the 20-day EMA at $5.17. NEAR could then target $5.63, which if breached, may complete a short-term double bottom formation, pushing the altcoin up to $6.11. A drop below $4 could signal the beginning of a new downward trend, heading towards $3.50 and below to $3.
Kaspa (KAS): Eyeing $0.19 for Potential Upside
Kaspa’s effort to break above the $0.19 resistance on June 29 was met with selling pressure, pushing prices down on June 30. Support was found just below the 50-day SMA at $0.15 on July 5, suggesting strong defense by bulls. If buyers manage to push KAS above the 20-day EMA at $0.17 and maintain it, the correction could be deemed complete, and KAS might climb to $0.19. Should the price fall below the 50-day SMA, it could drag KAS down to $0.13 and eventually to $0.10.
Conclusion
The potential rise in Bitcoin above the $56,552 mark could signal bullish moves for several altcoins, including SOL, DOT, NEAR, and KAS. Traders and investors should watch for key resistance levels and market indicators to gauge the likelihood of these bullish trends sustaining. With critical insights from experienced analysts, staying informed will be crucial for making strategic investment decisions in this volatile market.
