The Crypto Sector Picks Up
• The crypto sector picked up 1% on July 20th following Bitcoin’s move above $30,000 and XRP’s explosive rally.
• Several altcoins followed suit, including Ethereum’s Ether (ETH), Binance coin (BNB), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), and Polkadot (DOT).
• However, it is too early to celebrate as Bitcoin is unlikely to close the week above $30K.
Bitcoin Price Prediction
Bitcoin attempted a 2% recovery in the previous 48 hours after losing 7% of its valuation the week prior. Despite the uptick, BTC fell below its 20-day exponential moving average (EMA-20) and trading volumes declined. The MACD oscillator was also still in the bearish zone, predicting more losses ahead, along with the relative strength index (RSI). Thus, Bitcoin is likely to target $29,000 before the week’s end on July 23rd.
Ether Price Prediction
Ether reached over $1,910 on July 20th after a 1% upward correction; however it slipped below its EMA-20 suggesting no substantial uptrend before the week ends. Ethereum’s RSI has been printing lower highs since January 2023 and ETH may retest or breach support at $1,860 by the end of this week if trading volume continues to decline.
XRP Price Prediction
XRP coin price gained 6% to $0.81 on July 20th due to Ripple’s major win against SEC in a lawsuit. XRP has seen an explosive 75%-plus surge since July 13th. Although momentum has slowed down slightly, XRP continues to stay strong above 80 cents as investors remain bullish about its potential for further growth this coming week.
The crypto sector began climbing again following Bitcoin’s move above $30K and XRP’s massive surge last week but despite some positive signs from several altcoins like Ether and Binance coin there are still many uncertainties about where prices will go from here. Investors should keep an eye out for further updates from these coins as well as how Bitcoin’s price action develops throughout this coming week for a better indication of what could be expected over the next few days ahead of Friday’s market close!