Friday, July 30, 2021
Altcoins Can any of the perspective altcoins outperform the rise of Bitcoin (BTC)?

Can any of the perspective altcoins outperform the rise of Bitcoin (BTC)?

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Bulls keep dominating the cryptocurrency market as all top 10 coins remain in the green zone.

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Top‌ ‌coins‌ ‌by‌ ‌CoinMarketCap‌

BTC/USD

Yesterday afternoon, the bulls managed to strengthen the onslaught and overcome the resistance of $40,000. The daily high was fixed at the point $41,050. By the end of the day, the volume of purchases decreased and the price again rolled back below $40,000.

BTC

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BTC/USD chart by TradingView

Over the past night, buyers fully restored the bitcoin price to the zone of yesterday’s high, and today it is possible to continue to grow to the level of $42,500.

If buyers are able to increase volumes again, then the price might consolidate above the 50% fibo level in short-term consolidation. 

Bitcoin is trading at $40,286 at press time.

ETH/USD

Yesterday in the morning, the Ethereum price consolidated in the area of $2,500. After lunch, the volume of purchases increased slightly and the pair tested the level of $2,600. At the end of the day, sellers pushed the price out of the daily high, and this morning the pair has renewed its weekly high to the level of $2,625.

ETHUSD

With such small buying volumes, it will be quite difficult for the price to break through to the $2,800 area, however, if the pair gains a foothold above the four-hour EMA55, then in the second half of the week it may rise to the psychological level of $3,000.

Ethereum is trading at $2,592 at press time.

ADA/USD

The rate of Cardano (ADA) has risen by 1.67% since yesterday.

ADA

ADA/USD chart by TradingView

Despite today’s growth, the rise may continue as the altcoin has fixed above the support at $1.54. It is too early to consider about the new peaks as the growth is not accompanied by large trading volumes which means that bears might seize the initiative in the zone of $1.84.

Cardano is trading at $1.5787 at press time.

BNB/USD

Binance Coin (BNB) is less of a gainer than Cardano (ADA) as its rate is unchanged over the last day.

BNB

BNB/USD chart by TradingView

The native exchange coin is about to break the resistance level as there was no reaction from sellers after a false breakout. If that happens, there are chances for Binance (BNB) to come back to the resistance at $426 soon.

BNB is trading at $269 at press time.

XLM/USD

Stellar (XLM) is the only coin from the list trading in the red zone.

XLM

XLM/USD chart by TradingView

At the moment, Stellar (XLM) is neither bearish nor bullish as it keeps trading in the narrow range. However, the selling trading volume is going down which means that the approach to the resistance at $0.36 might provoke a breakout and further rise.

XLM is trading at $0.33 at press time.

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