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BTC, ETH, XRP, BNB and ADA Price Analysis for July 31

Price Predictions
Sat, 07/31/2021 - 14:14
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Denys Serhiichuk
Can altcoins grow against Bitcoin (BTC) in August?
BTC, ETH, XRP, BNB and ADA Price Analysis for July 31
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 weekend has begun with the growth of the market as all coins are again under the bulls' influence.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is one of the biggest gainers over the last day. The growth has made up 8.23% while the price change over the last week has been +23%.

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

On the daily chart, Bitcoin (BTC) is approaching the resistance at $43,700. From the technical point of view, it has accumulated enough power for a breakout.

Related
Bitcoin (BTC) Price Analysis for July 30

If that happens, there is a good chance of seeing a test of $48,000-$50,000, where most of the liquidity is focused. Such a scenario is relevant for the upcoming month.

Bitcoin is trading at $41,637 at press time.

ETH/USD

Ethereum (ETH) is not rising as fast as Bitcoin (BTC), as the growth has accounted for 5.51% over the last 24 hours.

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

Ethereum (ETH) has already passed the area of the most liquidity around $2,300, which means that traders may have accumulated enough energy for the continued growth. At the moment, one needs to pay close attention to the level of $2,555. If bulls can break and fix above it, the next resistance at $2,950 may be attained shortly.

Ethereum is trading at $2,456 at press time.

XRP/USD

XRP is also not an exception from the rule, rising by 4.18%.

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

XRP is trading similarly to Ethereum (ETH) as it is has also almost reached its resistance of $0.80. However, the rise may continue as the trading volume keeps going up. In this case, the next stop at which bears may again seize the short-term initiative is the $0.92 mark.

XRP is trading at $0.75 at press time.

BNB/USD

Binance Coin (BNB) cannot grow the same way as XRP or Bitcoin (BTC) as the growth has constituted 6% over the past seven days.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

Unlike other coins, Binance Coin (BNB) might not have accumulated enough energy so far as the native exchange coin is still located in the zone of the most liquidity. In addition, the buying trading volume is going down, which means that the altcoin needs more time to keep the rise going. That is why the more likely price action for the upcoming days is trading in the range between $300 and $320.

Binance Coin is trading at $323 at press time.

ADA/USD

Cardano (ADA) has gained more than Binance Coin (BNB) with a rise over the past week of 8%.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

Cardano (ADA) is trading around the $1.31 level where most traders' positions are located in the liquidity zone. If the breakout of this zone occurs, the level of $1.47 can be attained by mid-August. In this case, the trading volume can show sharp growth.

Cardano is trading at $1.31 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.