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BTC, ETH, XRP, BNB, AVAX and DOT Price Analysis for July 16

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Sat, 16/07/2022 - 15:49
BTC, ETH, XRP, BNB, AVAX and DOT Price Analysis for July 16
Cover image via www.tradingview.com

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 Bears have become active on the weekend as the majority of the coins are in the red zone.

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Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has dropped by 1.63% over the last 24 hours.

BTC/USD chart by TradingView

Despite a slight decline, Bitcoin (BTC) has not renewed the bearish trend as the price remains above the vital $20,000 mark. In addition, the selling volume has declined, confirming the bears' weakness.

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In this case, the more likely scenario is sideways trading between $20,000 and $21,000, so the coin could get more energy for further growth.

Bitcoin is trading at $20,611 at press time.

ETH/USD

Ethereum (ETH) has lost more than Bitcoin (BTC) as the price has dropped by almost 2%.

ETH/USD chart by TradingView

On the daily chart, Ethereum (ETH) has once again made a false breakout out of the resistance level at $1,281. Thus, the rate is below the $1,200 mark, which means that bears might seize the initiative if buyers cannot restore the lost position. Such a scenario is relevant until the end of the current week.

Ethereum is trading at $1,195 at press time.

XRP/USD

XRP has followed the drop of BTC, losing 1.38% of its price share.

XRP/USD chart by TradingView

Despite the fall, XRP is looking much better than other coins, as the rate is on the way to testing the $0.3434 level again. This means that bulls might be more powerful than bears as the price has not gone down after a false breakout. Thus, the volume has increased, which is locally a bullish signal. All in all, one can see the rise to the $0.35 mark if buyers can hold the gained initiative.

XRP is trading at $0.3382 at press time.

BNB/USD

The price of Binance Coin (BNB) has gone down by 1.17% over the past 24 hours.

​BNB/USD chart by TradingView

Binance Coin (BNB) has continued a decline after a false breakout out of the $240 mark. However, at the moment, one needs to pay close attention to yesterday's low at $235. If buyers can keep the price above that level, there are chances to see it bounce back shortly.

BNB is trading at $236.4 at press time.

AVAX/USD

Avalanche (AVAX) has suffered the worst decline today, going down by almost 5%.

AVAX/USD chart by TradingView

From the technical point of view, Avalanche (AVAX) is trading similar to BNB as there are chances to see growth after the drop below $20. Bears might seize the initiative only if they get the price back to the $18 mark.

AVAX is trading at $19.13 at press time.

DOT/USD

Polkadot (DOT) is not an exception to the rule, falling by 4% since yesterday.

DOT/USD chart by TradingView

Polkadot (DOT) has started a correction after a failed attempt to rise above the $7 mark. At the same time, there is a possibility for bulls to seize the initiative until the price is above the $6.50 mark. If that happens, one can expect it to bounce back quickly.

DOT is trading at $6.61 at press time.

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