Bitcoin, Ethereum, Dogecoin, XRP and AVAX Price Analysis – 7 July

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