November 12, 2024

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Price analysis 7/21: BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOT

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Price analysis 7/21: BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOT

Bitcoin continues to test investors’ patience, as it remains stuck inside a tight range. Although the near term is boring, traders need to be on their toes because narrow ranges are generally followed by a sharp increase in volatility. The only problem is that it is difficult to predict the direction of the breakout with certainty.

Glassnode’s latest weekly newsletter highlighted that Bitcoin’s (

Polygon price analysis

Polygon (MATIC) turned up from the 20-day EMA ($0.74) on July 20, indicating that the bulls are trying to flip the level into support.

MATIC/USDT daily chart. Source: TradingView

The 20-day EMA is moving up and the RSI is in the positive zone, indicating that bulls have the upper hand. If buyers clear the overhead hurdle at $0.80, the MATIC/USDT pair could climb to $0.90. This level may again act as a minor obstacle, but if bulls overcome it, the pair may rise to $1.04.

Contrary to this assumption, if the price turns down and plummets below the 50-day SMA ($0.71), it will signal that bears are back in the game. The pair could then slide to $0.60.

Litecoin price analysis

Litecoin (LTC) has been stuck between the moving averages for the past few days, indicating indecision between the bulls and the bears.

LTC/USDT daily chart. Source: TradingView

The bulls tried to push the price above the 20-day EMA ($94) on July 19 and 20, but the bears held their ground. This shows that the bears are trying to flip the 20-day EMA into resistance. The 20-day EMA has started to turn down and the RSI has slipped into negative territory, giving a slight edge to the bears.

If the price breaks and closes below the 50-day SMA ($90), the selling could pick up and the LTC/USDT pair may slump to $80. Alternatively, a break and close above the 20-day EMA could open the doors for a relief rally to $106.

Polkadot price analysis

Polkadot (DOT) bounced off the strong support at $5.15 on July 19 and reached the overhead resistance at $5.64 on July 21, indicating that lower levels continue to attract buyers.

DOT/USDT daily chart. Source: TradingView

The long wick on the July 21 candlestick shows that the bears are aggressively selling the rallies to $5.64. This suggests that the DOT/USDT pair could remain stuck between $5.15 and $5.64 for a while longer.

A minor advantage in favor of the bulls is that the RSI has stayed in positive territory and the 20-day EMA ($5.25) is moving up gradually. Buyers need to overcome the barrier at $5.64 to start the next leg of the uptrend toward $7.