Price Prediction 7/5: BTC, ETH, XRP, BNB, SOL, DOGE, ADA

BTC attained a new milestone a few days ago, sparking discussions of a return to its ATH. However, the speculations hit a brick wall as the asset lost momentum.

The apex coin is currently grappling with notable selling pressure. It has yet to register any significant increase in the last 24 hours. BTC may continue this trend as trading volume remains low.

Nonetheless, the crypto market is seeing a similar trend with trading volume plummeting by over 30%. The drop did not adversely affect most cryptocurrencies as the global cryptocurrency market cap remained stable.

News of a massive movement of a huge amount of BTC sparked a short-term selling frenzy. Most assets saw slight retracements following the announcement and are yet to recover.

The fear and greed index suggests growing negative sentiment among traders. It dropped to 51 from 55 in the last 24 hours.

Nonetheless, some memecoins are unaffected by the ongoing bearish trend. Bonk continues its upticks, gaining over 2%. It peaked at $0.0000188 a few hours but faced notable selling congestion, resulting in its decline.

The weekend is less exciting as many predicted. However, the market experienced massive increases a fews ago. Will it repeat?

BTC/USD

Bitcoin kicked off the week with red candles on the 1-day chart. It overturned its previous trajectory, surging to a high of $110,557 on Thursday.

However, it lost momentum, retracing to $107k on Friday. The apex coin is grappling with notable selling pressure at the time of writing, leading to its failure to surge. It prints a doji to this effect and shows no signs of an impending leap.

Nonetheless, the asset broke out of its bollinger band last Thursday. Its move out of the metric may signify the end of the uptrends. The latest retracement may be the start of a dip toward the other part of the indicator. BTC may retest the middle band around $106k.

Previous price movements points to a huge likelihood of this unfolding. The apex coin rebounds from $107k and retest a resistance. The same trend may unfold in the coming days

On the other hand, fundamentals may cause further increases, sending BTC as high as $110k.

ETH/USD

The 1-day chart shows the largest altcoin is seeing a gradual price climb. It is o the verge of registering its second day of consecutive gains.

Nonetheless, it surged by almost 3% on Tuesday, reclaiming $2,600. It continued upward a few hours ago, peaking above its three-week  high. However, ETH grapples with slight selling pressure at the time of writing.

Data from CoinMarketCap reveals that the asset is seeing an 11% increase in trading volume. The trend may indicate more buying pressure. The relative strength index is slightly up, in response to this trend.

Reading from the moving average convergence divergence support speculations of further upside. Previous price suggest that the altcoin may retest $2,800.

However, like BTC, the bollinger bands are blaring warnings. The asset faced notable selling pressure at the upper band. If previous trends persist, ETH is likely to retrace to $2,500.

XRP/USD

XRP is experiencing one of its biggest surges this week. It peaked at $2.40 for the first time in almost two months. Currently up by over 3%, it continues the previous day’s uptick that saw it gain nearly 2%.

The latest surge received notable reactions from traders. Some expressed fear over the next price action as the altcoin broke above its bollinger bands. It trades above the upper band at the time, suggesting an impending reversal.

XRP may retrace to $2.30 as it loses momentum. The wick sticking out of the candle indicates growing profit-taking. However, sustaining the uptick will see the cryptocurrency break above $2.45.

BNB/USD

Binance coin resumes its trend of low volatility. It has traded sideways over the last two days and may end Wednesday with no significant change. Nonetheless, it prints a green and edges closer to breaking its fourteen-day high.

However, trading actions over the last seven days indicate notable selling congestion around $665. BNB grapples with notable demand concentration around the same mark at the time of writing. MACD prints green signals, which may suggest that the asset will decisively flip the mark.

It is worth noting that the altcoin is seeing notable buying pressure. The gradual increase in the relative strength index supports speculations of further increases.

SOL/USD

Solana continues trades above bollinger’s middle band at the time of writing. Trading actions on Wednesday see the altcoin edge closer to the upper band. It continues its previous day’s uptick that saw it gain almost 2%.

SOL trades at $155 at the time of writing. Rising RSI suggests strong bulls’ presence that may cause the asset to maintain its upwards trajectory.  It will look to retest bollinger’s upper band at $160.

However, the wick sticking out may indicate slight corrections that may worsen as the bull’s lose their grip on the market. SOL may retrace below $150.

DOGE/USD

Dogecoin is experiencing an 18% increase in trading volume as bullish sentiment spreads across the market. It trades $0.173, over 2% higher than its opening price.

Nonetheless, the memecoin continues its uptrend after a slight increase. Comment on CoinMarketCap points to a growing hunger for a sureg to $0.20. However, the asset may experience notable selling pressure at bollinger’s upper band.

DOGE is fast approaching the mark but risks rejection at $0.175. It failed to break the mark on Monday, resulting in a notable decline. The largest may retrace to $0.165 as it previously did.

Nonetheless, rising RSI indicates growing buying pressure that may alter this prediction

ADA/USD

Cardano started Wednesday at  $0.58 and surged to a high of $0.61. It marks it first surged above $0.60 since June 18. Nonetheless, the asset is up by over 5%.

The altcoin broke above its bollinger bands. It trades above the upper band at the time, suggesting an impending reversal. Failure to sustain the momentum will see the asset plummet to the middle band at $0.57.

Conversely,  the altcoin may continue upward, edging closer to its thirty-day high at $0.65.

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