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BTC, ETH, ADA, BNB and DOGE Price Analysis for July 24

Mon, 07/24/2023 - 16:57

How long is cryptocurrency market correction going to last?

BTC, ETH, ADA, BNB and DOGE Price Analysis for July 24

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Sellers remain more powerful than buyers at the beginning of the week.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has fallen by 2.66% over the previous 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the daily chart, the rate of Bitcoin (BTC) has broken the support level at $29,508. Until the price is below that mark, the drop is likely to continue.

Ethereum (ETH) Price Analysis for July 23

The closure near $29,000 might be a prerequisite for a further downward move to the $28,000-$28,500 zone. Such a scenario is relevant until the end of the week.

Bitcoin is trading at $29,047 at press time.

ETH/USD

Ethereum (ETH) is feeling better than Bitcoin (BTC) as its rate has dropped by just 1.47%.

ETH/USD chart by TradingView

Image by TradingView

On the daily time frame, the rate of Ethereum (ETH) is on its way to test the support level at $1,827. If the bar closes near it or even below, the decline is likely to continue to the $1,800 range. Thus, the selling volume is high, which means that buyers are not ready yet to get back in the game.

Ethereum is trading at $1,844 at press time.

ADA/USD

The rate of Cardano (ADA) has declined by 2.63% since yesterday.

ADA/USD chart by TradingView

Image by TradingView

From the technical point of view, Cardano (ADA) is trading similarly to Ethereum (ETH) as the rate is also about to test the support level at $0.2996. If buyers lose the vital zone of $0.30, the decline may lead to the test of the $0.28 range shortly.

ADA is trading at $0.3024 at press time.

BNB/USD

The rate of Binance Coin (BNB) is no exception to the rule, going down by 1.78%.

BNB/USD chart by TradingView

The rate of Binance Coin (BNB) is trading in the middle of the wide channel, between the support at $220 and the resistance at $260. As none of the sides has seized the initiative yet, ongoing consolidation around the $235 mark is the more likely scenario until the end of the month.

BNB is trading at $237 at press time.

DOGE/USD

Unlike other coins, the rate of DOGE has risen by more than 4%.

DOGE/USD chart byTradingView

Image by TradingView

The price of DOGE has tested the resistance level at $0.07756. At the moment, one should pay attention to the daily closure. If it happens around that mark, traders can expect a breakout, followed by a blast to the $0.08 zone tomorrow.

DOGE is trading at $0.075 at press time.

#Bitcoin Price Prediction #Ethereum Price Prediction #Binance coin price prediction #Cardano Price Prediction #Dogecoin Price Prediction

About the author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.