The top coins are trending towards the bearish zone as enthusiasm fades and negative news push sentiment south.
Daily Price Analysis July 11, 2018
Even though we expect to see a series of upsides, the current market shows that sellers could be poised to take control. Here is the price analysis for July 11 for BTC, ETH, XRP, EOS, and XLM.
Bitcoin prices are capped at $6,500 as it struggles to recover having declined sharply to hit a low of $6,286 against the US Dollar. Momentum was lost after the weekend coincidentally with the Bancor hack.
The top coin is exchanging hands in the region of $6,420 and has seen its market dominance rise to 43.3% as most other coins continue to lose value.
It has a market cap of 109 billion and has seen about $3.96 billion worth of BTC traded in the last 24 hours according to Coinmarketcap.
BTC/USD is consolidating around the $6,400 price level as it looks to retest yesterday’s bullish trend line. Nevertheless, it remains weak and could see a reversal to break below $6,300 and open up a bearish outlook.
Bitcoin price analysis
BTC/USD continues to face sell-off pressure now that it has broken below the key support level at $6,500.
Its sharp decline to a low of $6,286 saw it lose about $250. However, a slight upside has seen it recoup about $120.
The bulls will need to sustain the pressure if it has to break above $6,500 and open up to resistance at the 23.6% Fib retracement of the previous loss from a $6799 high to a low of $6,286.
The RSI is moving higher suggesting an upside could follow and close near the immediate resistance area at $6,550. On the downside, if the pair breaks below the major support at $6,280, we could see it test $6,200.
Ethereum prices have experienced a sharp decline in the last couple of days. It has dropped from a high of $487 on July 9th, to a low of $424 today. It’s a major support zone and has resisted further loses.
In fact, ETH/USD has gained by about $20 since, though it retains a near-term bearish outlook, capped at $450
It’s a while since ETH moved independently, and the expectation is that short-term, market sentiment and BTC movements will play a big role. It has a cap of $44 billion and an intraday trading volume of about $1.6 billion.
Ether (ETH) price analysis
ETH prices are trending below the 50 SMA and the 21 EMA, and are likely to experience more declines in coming days.
There’s huge resistance forming up at the 23.6% Fib retracement level of the last decline from $487 high to $424 low.
ETH/USD currently trades above $442 and could witness upside efforts. That is confirmed by the RSI that is pointing higher.
The pair has immediate support at $441 and will run into opposition at $448 and above it $455. On the downside, the pair can test a low of $419 and $410 if momentum is lost to selling pressure.
On the downside, a drawback takes the price below $438 and could open up declines towards $421, and then $410.
ETH/USD will continue having a bearish outlook, as it trades below $448 and the 100 SMA on the hourly charts.
Ripple’s prices have remained within July 10 price ranges and are showing growing resilience.
However, the general outlook is still bearish in the short term. XRP/USD is currently exchanging hands just below $0.449.
The 3rd ranked coin has a market cap of 17.6 billion and an intraday trading volume of 207 million.
XRP/USD remains under considerable selling pressure and could hit a snag if it drops below $0.440 again.
Ripple (XRP) price analysis
Ripple is range bound and has failed to break above $0.50 so many times this week. The pair has declined below major support zones at $0.485, $0.47, and $0.455.
Prices fell to a low of $0.439 before a slight pullback took it back above $0.44.
However, the upside has been curtailed at the 23.6% Fib retracement level of the last decline from $0.485 high to $0.439 low.
If Ripple (XRP) gets an upside momentum, it could clear multiple supply zones and break above $0.465. Nevertheless, the bulls need to wary of sellers larking near the key resistance area above $0.485.
On the downside, XRP/USD must stay above the key support areas at $0.4393 or at $0.4250. The RSI is moving lower to suggest further declines are possible.
EOS price analysis shows that the crypto is down nearly 6% in the last 24 hours and overall over 20 % in the last one week. The current decline ties in with the July 10 bearish outlook.
The growing pressure is partly due to revelations of possible secret key vulnerability. EOS user could be a worried lot with fears of their accounts being exposed to risks of security breaches.
EOS (EOS) price Analysis
EOS/USD currently trades just above $7.00 after dropping to a low of $6.750.
The pair has broken below a number of support levels and is firmly into bearish territory. EOS has seen its prices break below $8.29, $7.65, and $7.59.
EOS is hugging support at $7.10 and must consolidate above $7.30 to prevent any further declines. At the moment, there’s no clear price action, though buyers should watch the market trend keenly.
RSI points lower and the pair has crossed below both moving averages to suggest a downtrend is on the cards.
On the downside, the pair may touch new lows at $6.74 and later $6.45 if sellers sustain the pressure.
On the upside, EOS will run into key resistance at $8.00 and $9.00. Above that, the 200SMA at $10.19 presents a major price cap. Given the market sentiment, it’s unlikely EOS will test any of the major resistance areas.
Stellar has continued to hold strongly amid market-wide price dips. This follows a series of great news including the partnership with IBM and a new exchange listing.
The coin has gained slightly over the last 24 hours, rising from a dip of about 3 percent during the Asian trading hours. Lumens have a market cap of $3.6 billion and have seen a total of about $39 million worth of XLM traded over the last 24 hours.
Stellar (XLM) Price Analysis
XLM/USD currently trades at about $0.191 and is looking to test a major resistance line at $0.1950.
There was a sharp decline from a high of $0.193 to a low of $0.182. However, the bulls have rallied to break above the key support area.
It’s looking like XLM/USD will replicate the early July bullish run that pushed prices above the trend line. Sellers are poised to pounce, but the bulls are holding strong and we can expect some gains near-term.
The RSI is pointing north to signal overbought conditions, and the gap between the MA is narrowing. If the momentum is sustained, XLM can break above $0.20 and even test $0.21.
However, given the overriding market sentiment, a pullback is possible and the pair could break below the trend line.