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BTC, SOL and AVAX Price Analysis for July 2

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Sat, 2/07/2022 - 20:00
BTC, SOL and AVAX Price Analysis for July 2
Cover image via www.tradingview.com

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The first weekend of July has begun with the continued bounceback of the cryptocurrency market.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) is almost unchanged since yesterday.

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

Bitcoin (BTC) has bounced off the $19,000 mark on the daily chart; however, the bears' pressure is still on. Thus, the buying trading volume is low, which means that buyers are not powerful enough for a trend change.

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In this case, if the rate cannot come back to the $20,000 mark within the next few days, there is a chance to see a further drop below $18,000.

Bitcoin is trading at $19,229 at press time.

SOL/USD

Solana (SOL) is the biggest gainer today, rising by 2.88% over the last 24 hours.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

Despite the rise, Solana (SOL) is trading sideways in the middle of the channel between the support at $26.05 and the resistance at $37.37. The rate is above the mark of $30, which means that bulls are more powerful than bears locally. In addition, the price is closer to the upper level, confirming buyers' strength.

SOL is trading at $32.99 at press time.

AVAX/USD

Avalanche (AVAX) has also followed the rise of other coins, going up by 1.88%.

AVAX/USD chart by TradingView
AVAX/USD chart by TradingView

Even though Avalanche (AVAX) may not have accumulated enough power for continued growth, the price is far from the resistance level at $21.35. If the buyers cannot bring the rate back to the $18 mark, the fall may continue to the $15 zone until mid-July.

AVAX is trading at $16.32 at press time.

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