Price analysis 7/24: SPX, DXY, BTC, ETH, XRP, BNB, ADA, DOGE, SOL, MATIC
2 min read
Bitcoin plunged to $29,000 on July 24, signaling that bears are trying to seize control. It looks like the failure to hold on to the higher levels may have tempted short-term bulls to book profits and aggressive bears to initiate short positions.
Although the near term looks bearish, long-term investors remain unfazed, and they continue to hold on to their positions. Glassnode data shows that Bitcoin’s (
Dogecoin price analysis
The bears tried to pull Dogecoin (DOGE) back below the breakout level of $0.07 on July 22, but the bulls held their ground.
The 20-day EMA ($0.07) has started to turn up and the RSI is in the positive zone, indicating that the path of least resistance is to the upside. There is a minor resistance at $0.08, where the bears are expected to mount a strong defense.
If buyers do not allow the price to skid below the 20-day EMA, the likelihood of a rally to $0.10 increases. This positive view will invalidate in the near term if the price declines and sustains below $0.07.
Solana price analysis
Solana (SOL) continues to witness profit booking by short-term traders. That pulled the price below the 20-day EMA ($23.73) on July 24.
The bulls will try to arrest the downward move at $22.30. If the price rebounds off this support, the bulls will again try to clear the overhead hurdle at $27.12. If they can pull it off, the SOL/USDT pair may retest the July 14 high of $32.13.
On the other hand, if the price dives below $22.30, it will suggest that the break above $27.12 may have been a bull trap. The pair could then tumble to the 50-day SMA ($19.80). Such a move will suggest that the pair may continue to swing inside the large range between $14 and $27.12 for some more time.
Polygon price analysis
Polygon (MATIC) has been trading near the 20-day EMA ($0.74) for the past few days. This shows that the bulls are protecting the level, but they have failed to start a recovery. This indicates that the bears are maintaining their pressure.
The 20-day EMA is flattening out and the RSI has descended below 50, indicating a balance between supply and demand. This equilibrium could tilt in favor of the bears if the price plummets below the 50-day SMA. The MATIC/USDT pair could then slide to $0.60.
Contrarily, if the price turns up from the current level and rises above $0.80, it will signal solid buying at lower levels. The pair may then retest the local high at $0.89. A break above this level could indicate the resumption of the uptrend.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
