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BTC, ETH, XRP, ADA and BNB Price Analysis for July 16

Price Predictions
Fri, 07/16/2021 - 15:23
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Denys Serhiichuk
Is the cryptocurrency market going to continue its fall?
BTC, ETH, XRP, ADA and BNB Price Analysis for July 16
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The last working day of the week is shaping up to be rather bearish than bullish as all of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, buyers could not form a pulse for a downlink breakthrough. The pressure of the bears forced the price of Bitcoin (BTC) to update the July minimum to the area of $31,121. Late in the evening, the onslaught of sellers weakened and, over the past night, the couple was able to recover to the level of $32,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

The Stoch RSI indicator lines approached the zero mark in the oversold zone by forming a signal to rise in price. However, overnight, the restoration of the pair has not yet been supported by large volumes. It is quite possible that bears aim to test the level of $30,000.

Bitcoin is trading at $31,817 at press time.

ETH/USD

Yesterday morning, the Ethereum (ETH) price could not break through the two-hour EMA55. In the first half of the day, trading volumes decreased, and sellers started to push the price below the psychological level of $2,000.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

By the end of the day, they could not update the monthly minimum and, at night, buyers intercepted the initiative in the area of ​​the $1,880 mark, trying to return ETH to the region of medium prices.

Related
BTC, XRP, YFII, DOGE and ADA Price Analysis for July 15

This morning, shopping volumes are still very small. But if buyers will grow the volume, then during the day the Ether price might be able to return to the level of $2,000.

Ethereum is trading at $1,895 at press time.

XRP/USD

Yesterday morning, the regeneration of the XRP price restricted the two-hour EMA55. Buyers could not break through this moving average and retreated to the level of $0.588. The bears could not update the monthly minimum.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

Because of minor volumes, further growth is still difficult. But if buyers are able to form a bullish impulse, the price may be able to gain the top of the point of control line ($0.621).

XRP is trading at $0.5963 at press time.

ADA/USD

XRP is also located in the bearish zone, falling by 1%.

ADA/USD chart byTrading View
ADA/USD chart byTrading View

Cardano (ADA) has tested the liquidity zone around $1.16 and bounced off. The selling trading volume has decreased today, which means that bears are losing their power. In this case, the more likely price action is a restest of the recently formed mirror level at $1.28 soon.

ADA is trading at $1.20 at press time.

BNB/USD

The rate of Binance Coin (BNB) has showed a more profound decline, going down by 1.16% over the past day.

BNB/USD chart byTrading View
BNB/USD chart byTrading View

Binance Coin (BTC) is trading near the vital support level around $300. At the moment, neither bulls nor bears are dominating. However, the breakout may be a prerequisite for a sharp drop to the nearest area of $289.

BNB is trading at $310 at press time.

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About the author

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.