Why are Crypto Prices Down? Consolidation or Major Breakout Soon!

By CryptoTicker July 29, 2023 In Bitcoin, BNB, Cardano, Ripple

As we move through the second week of July 2023, cryptocurrency prices continue to consolidate. Despite multiple news and events from the cryptoverse, the market seems to be largely indifferent. With marginal movements across the board, investors are in anticipation of a definite trend. In this article, we analyze the top cryptos from a technical perspective.

Bitcoin Price Analysis

Bitcoin, the market’s leader, is trading at $29,320, marking a decline of approximately 1.88% over the past week. Despite the pullback, the price stays above key support levels. However, the overall bearish sentiment in the market and regulatory concerns continue to exert pressure. The question remains whether Bitcoin will take a leap and break the resistance or continue to hibernate.

Ethereum Price Analysis

Ethereum, the second-largest cryptocurrency by market cap, stands at $1,873. With a moderate drop of 0.74% over the past week, it has proven resilient despite regulatory scrutiny and market uncertainties. It seems as if Ethereum is simply moving in tandem with Bitcoin prices.

XRP Price Analysis

Ripple’s XRP experienced a significant pullback of 7.90% from last week, standing now at $0.71. Despite Ripple’s recent legal victory, the XRP token has been struggling to maintain its upward momentum, largely due to the consolidation phase in the broader market.

BNB Price Analysis

BNB is slightly down by 0.30%, currently trading at $242. However, Binance Coin’s prospects look promising, given the platform’s extensive ecosystem and constant innovations, although concerns around regulatory scrutiny could play a significant role in influencing the price. BNB has been consolidating for the past month between $230 and $260.

Dogecoin Price Analysis: Biggest Gainer

In contrast to the overall market trend, Dogecoin registered a surprising 8.80% increase over the past week, with its current price standing at $0.078. This surge was largely fueled by Twitter’s recent rebranding to ‘X’, leading to speculation about Dogecoin becoming a potential payment method on this “everything platform”.

Cardano Price Analysis

Cardano (ADA) currently trades at $0.31, a minor dip of 0.51% over the week. Despite this, the community continues to be bullish about ADA’s future, especially with the upcoming smart contracts feature. The next few weeks could be crucial for Cardano as it formed a strong support around the price of $0.30.

Solana Price Analysis

Solana, priced at $25, has seen a slight decrease of 1.69% in the past week. Despite the small setback, the future remains bright for Solana, as it continues to gain attention in the DeFi and NFT spaces.

You might also like More from Altcoin

Published on


View the full article

You may also like