The crypto market can’t decide on a direction this week either. Bitcoin (BTC) is trending sideways, causing the trading volume on the crypto exchanges to drop further.
The summer slump in the crypto market continues. Bitcoin (BTC) volatility fell back to a new low for the year this trading week. Only cryptocurrencies from the “non-fungible token” (NFT) and decentralized finance (DeFi) sectors are currently showing their bullish side. The coming trading weeks will show whether this development is of a sustainable nature or just a flash in the pan. As long as Bitcoin cannot sustainably leave its sideways phase, the entire crypto market will also trend directionless.
Best price performance among the top 10 altcoins:
Binance Coin (BNB)
Price analysis based on the value pair BNB/USD on Binance
Binance Coin BNB stabilized above the EMA200 (blue) in the last few trading days and is rising again today, Monday, July 12, towards its previous week’s high at USD338. A dynamic rise above USD 338 activates the next price target at USD 367 and thus enables a price potential of ten percentage points.
Bullish variant (BNB)
The BNB price is trading at USD 321, not far from its sell high of July 7. This stabilizes the BNB price back above the blue support area. The moving average lines EMA20, EMA200 and MA200 (green) are thus increasingly providing support. If the Binance Coin can sustainably break through the resistance at USD338 to the upside, just above the cross-resistance of the EMA50 (orange) and the upper Bollinger band will come into investors’ focus. If this resistance cluster at USD 345 is also breached on the daily closing price, a march through towards the super trend at USD 367 is likely. If it comes If there is no clear bounce to the south here and BNB continues to show strength, a direct price rise towards USD 390 (38 Fibonacci extension) and USD 407 is also conceivable. Above these resistance levels, the BNB price should continue to rise and target the red resistance area.
In the area of USD 445, the monthly high from June 2021 as well as the 50 Fibonacci retracement can be found. Initial profit-taking needs to be considered in the current overall market situation. If the bulls can also leave the 50 Fibonacci retracement at USD 445 behind them on the daily closing price, the area between USD 480 and USD 501 will come into focus. This is where the 61 Fibonacci retracement of the overarching trend movement runs. Only if the NBB price sustainably breaks out above USD 501 will there be room for a subsequent rise to the next relevant price target at USD 579. This is where the 78 Fibonacci retracement is found. Should the overall market continue to recover in the coming trading weeks, BNB could also rise to the orange resistance zone between USD 608 and USD 624. In the medium term, a rise towards the all-time high at USD 692 would also be within the realm of possibility. However, a rise back into this area is not to be expected in the near future, as the bullish momentum on the overall market does not currently support this.
Bearishe variant (BNB)
If the BNB price bounces dynamically downwards again in the area of the previous week’s high at USD 338 and subsequently falls back below USD 315, there will be a renewed showdown between bulls and bears in the area of the blue support zone. A correction below the EMA200 (blue) at 300 USD as well as the MA200 (green) at 291 USD would open further downward-potential. In case of a dynamic break of this support-zone, BNB consolidates to at least 264 USD. Here, the lower Bollinger-band as well as a repeatedly contested price-level of the last weeks are located. If the bears manage to push the BNB price sustainably below this cross support, a correction to the last low at 224 USD is to be expected. Just below this, the low of 23 May at USD 211 awaits as a further potential price target.
If the situation on the market as a whole deteriorates further and Bitcoin once again tends towards USD 30,000, BNB is also likely to fall to the lower edge of the yellow support area at USD 186. Even a fall back to 165 USD cannot be ruled out as a consequence. The maximum correction target is found in the area of the green support zone between USD 148 and USD 124. However, in order to approach these support levels, Bitcoin would have to break away towards USD 25,000. As long as the BNB price does not sustainably abandon the blue support zone, further bullish attempts are currently more likely.
The RSI has been trending further north in recent trading days, but has so far been unable to break out of the neutral zone between 45 and 55. Only a breakout above 55 would activate a new buy signal on a daily basis. The MACD indicator is somewhat stronger. The MACD continues to have a buy signal active on a daily basis. The picture is reversed when looking at the weekly chart. Here, the MACD shows a sell signal. As the RSI indicator is also trending sideways on a weekly basis, there is a lack of bullish impulses from the larger timeframes.
Worst price performance among the top 10 altcoins:
The price of Dogecoin continues to be bearish and is trading at 0.21 USD, only marginally above the EMA200 (blue). Any attempts by the bulls to push the DOGE price
upwards out of the blue support area towards the EMA20 (red) have failed so far. Thus, the downside risks prevail this week as well, which could lead Dogecoin back into the green support area.
Bullish variant (Dogecoin)
As already mentioned in the previous week’s analysis, Dogecoin continues to trend weak. As long as the bulls can avert a price slide below the green support area, there remains hope for a rise attempt towards USD 0.24. Only if the DOGE price
can overcome the EMA20 (red) on the daily closing price, there is further upside potential towards 0.26 USD. At this multiple resistance level, the EMA50 (orange) as well as the super trend in the daily chart are selling in addition to the horizontal resist. If the DOGE price can break through this area dynamically, Dogecoin could target the 23 Fibonacci retracement at 0.30 USD. If the horizontal resistance at USD 0.31 is subsequently also sustainably overcome, the orange resistance area between USD 0.34 and USD 0.38 will come back into view. If Dogecoin subsequently rises back above the orange resistance area, a breakout to the 50 Fibonacci retracement at USD 0.45 is conceivable. If the
limits, a rise to the resistance area between USD 0.52 and USD 0.57 is also possible in the medium term. If the breakout above the 61 Fibonacci extension at USD 0.52 succeeds, the probability of a price rally to at least USD 0.57 increases. If the red resistance area is also sustainably broken through, a march through to USD 0.62 is to be planned. This is the 78 Fibonacci retracement of the current movement. For the time being, this price level is conceivable as the maximum achievable target. So that Dogecoin new
e develops upward momentum to the red resistance line at USD 0.70, the overall market must also make significant gains. Only then could a price rally to the all-time high at USD 0.74 start in the medium term.
Bearish variant (Dogecoin)
If the DOGE price gives up the blue support zone in the next couple of trading days, a pullback to the green support area is probable. An abandonment of the EMA200 (blue) at USD0.20 clouds the chart picture further. A renewed price correction to the previous week’s low at 0.16 USD must be planned for. If Dogecoin breaches the lower Bollinger band as well as the MA200 (green) on the daily closing price, the probability of a correction increases noticeably.
A price slump to the next bearish price target in the area of USD0.12 would become increasingly likely. In the medium term, the DOGE price could even fall back to the next important support at USD 0.086. If the bulls do not get back into the market here either, a correction down to USD 0.05 cannot be ruled out in perspective. At most, Dogecoin could even break away to the 0.022 USD. The support at 0.16 USD is to be seen as an important indicator. Only a sustained abandonment of this support increases the probability of a renewed correction extension.
The RSI continues to trade below the 45 this week and still has a sell signal active. The MACD indicator is also threatening to form a new sell signal if price weakness continues. The situation with the indicators coincides with the current chart situation.
Stability of the Top 10
Bitcoin is trading virtually unchanged compared to the previous week’s close. On the other hand, the majority of the top 10 altcoins are giving back their previous week’s gains almost completely. The mixed picture with no sustained price strength in either Bitcoin or the largest altcoins confirms the directionless phase in the crypto market. Once again, Dogecoin (DOGE) has the weakest performance among the top 10 altcoins, with a 13 percent drop in price.
Ripple (XRP), Ethereum (ETH) and Cardano (ADA) are also bearish again after recovery tendencies in the previous week, each losing around seven percent in value. Only the Binance Coin (BNB) with a six percent price increase and Uniswap (UNI) with a one percent price increase can buck the corrective trend and end the trading week with a price gain. Looking at the placement list, one change can be found this week. Dogecoin’s weakness costs the meme coin a spot on the leaderboard. Ripple moves past DOGE into fifth place despite another weak performance.
Winners and Losers of the Week
Looking at the overall market, we see a balanced picture at the end of the trading week. Bitcoin’s lack of direction continues to impact the price performance of many altcoins. Roughly half of all top-100 altcoins are seeing price gains. After the DeFi sector set the tone and outperformed in the previous week, this week it is cryptocurrencies from the NFT sector in particular that are romping at the top, in addition to DeFi projects. NTF play Axie Infinity (AXS) is up 103 percentage points. In second place is the exchange-owned KuCoin Token (KCS) with 83 percent price appreciation.
In third place is Flow (FLOW), another NFT coin that is up 60 percent. The list of underperformers is topped by Telcoin (TEL) with a 20 percent price drop. The decentralized exchange Waves (WAVES) is also correcting by 16 percentage points. Internet Computer (ICP), down 14 percent, and Dogecoin (DOGE), down 13 percent, are also trending weaker. Overarching the top 100 Altcoins, similar to Bitcoin, continue to be in a sideways phase. Only occasionally do cryptocurrencies like AXS reach a new all-time high and escape the trendless market phase.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are merely the analyst’s assessment.
The chart images were created with the help of TradingView to create the charts.
USD/EUR rate at the editorial deadline: 0.84 euros.