Amid the sluggish Crypto Market, significant cryptocurrencies are trying to recover and post positive gains. In the last 24 hours, the overall crypto market cap has soared by over 1.46% and currently stands at $915.52 billion.
Here’s a look at what’s next for Bitcoin, Ethereum, Dogecoin, XRP, and AVAX and what support and resistance levels to look out for planning your trading strategy
BTC/USD Analysis
Bitcoin has soared in value in the last 24 hours. BTC is currently trading upwards, slightly above the $20,000 level. According to Coinmarketcap, the trading volume is down by 20% in the last 24 hours, followed by a 2% surge in the market cap. The current market dominance is 40.83% and the technical recommendation (1- hour) is Neutral
As per the daily chart the Bitcoin price analysis for July 7, 2022 hints at a Neutral Outlook for the next few hours
- At the current price action, the BTC holds support at the $20208 level and faces resistance at the $ 20370 level.
- The RSI indicator reads a value below 57, which indicates a stronger buying power in the market.
- The MACD indicator shows that the MACD line is moving away from the signal line, indicating increased buying pressure.
- The google search trend is Lower as compared to yesterday
ETH/USD Analysis
ETH has surged by almost 3% and is currently changing hands at around $1170. According to Coinmarketcap, the trading volume has been down by 20% in the last 24 hours, followed by a 2.91% surge in the market cap. The current market dominance is 15.03% and the technical recommendation (1- hour) is Buy.
As per the daily chart the ETH/USD price analysis for July 7, 2022, hints at a Bullish Outlook for the next few hours
- At the current price action, the ETH holds support at the $1160 level and faces resistance at the $ 1171 level.
- The RSI indicator is trying to move above 70, hinting at a possible bullish trend.
- The MACD indicator shows that the MACD line is currently above the signal line, indicating bulls are driving the price action.
- The google search trend has remained steady for the last 24 hours.
DOGE/USD analysis
DOGE is up by 1% and is currently trading at $0.06836. According to Coinmarketcap, the trading volume has been down by 9% in the last 24 hours, followed by a 1.23% surge in the market cap. The current market dominance is 0.95% and the technical recommendation (1- hour) is Buy.
As per the daily chart the Dogecoin price analysis for July 7, 2022 hints at a Bullish Outlook for the next few hours
- At the current price action, the DOGE holds support at the $0.067 level and faces resistance at the $0.068 level.
- The RSI indicator reads a value below 57, which indicates a stronger buying power in the market
- The MACD indicator shows that the MACD line is parallel with the signal line.
- The google search trend is Higher as compared to yesterday
XRP/USD Analysis
XRP is trading northwards and is currently trading at $0.33. According to Coinmarketcap, the trading volume has been down by 12% in the last 24 hours, followed by a 3% surge in the market cap. The current market dominance is 1.60% and the technical recommendation (1- hour) is Buy.
As per the daily chart the XRP price analysis for July 7, 2022 is as follows:
- At the current price action, the XRP holds support at the $0.32 level and faces resistance at the $0.33 level.
- The RSI indicator reads a value below 60, which indicates a stronger buying power in the market
- The MACD indicator shows that the MACD line is moving away from the signal line, indicating increased buying pressure.
- The google search trend is Lower as compared to yesterday
AVAX/USD Analysis
AVAX is following the upward market trend and changing hands at around $19.53. According to Coinmarketcap, the cumulative market cap has surged by 5%. The current market dominance is 0.58% and the technical recommendation (1- hour) is Buy.
As per the daily chart the AVAX price analysis for July 7, 2022 is as follows:
- At the current price action, the AVAX holds support at the $18.9 level and faces resistance at the $19.7 level.
- The RSI indicator reads a value below 40, meaning that bears currently dominate the AVAX price action.
- The MACD indicator shows that the MACD line is parallel with the signal line.
- The google search trend is Higher as compared to yesterday
