Altcoin prices are rising as Bitcoin price are continuously giving higher lows, which signals that the downtrend might be coming to an end. Bitcoin’s (BTC) range-bound action is increasing the confidence of institutional investors who are looking to continue investing in cryptocurrencies, Marshall Wace, a London based hedge fund, declared plans to invest in the digital asset space.
Altcoin prices are rising as Bitcoin price are continuously giving higher lows, which signals that the downtrend might be coming to an end. Bitcoin’s (BTC) range-bound action is increasing the confidence of institutional investors who are looking to continue investing in cryptocurrencies, Marshall Wace, a London based hedge fund, declared plans to invest in the digital asset space. Based on survey conducted on wealth managers and institutional investors shows them holding crypto, from the U.S, U.K, France, Germany and the UAE. Also, 82% of the respondents expect to increase their investments in digital assets by 2023. This research proves that only 7% of the participants plan to reduce their display, while 40% plan on “dramatically increasing their holdings.”
Some other evidences from sources shows that there is a total institutional inflow of $63 million into digital asset funds. The purchase was broad-based as every single digital asset with dedicated funds witnessed inflows for the very first time in a long time. Nonetheless, with the entrance of institutional investors we can expect a sharp upswing in crypto prices in short term. This takes place mostly due to the fact that institutions over time gather their desired exposure before increasing prices higher. Now let’s dive into the list of price analysis.
The bulls have been adamant about keeping Bitcoin on top with the trendline for the past few days. A breakout and close higher than $36,670 will lead into an ascending triangle pattern which could then end up being in a move to the overhead resistance at $42,451.67. The bulls will make an attempt on reaching higher at a resistance level of $42,451.67. if the price goes down from this level then the BTC/USDT pair could go low to $36,670 and if the buyers are capable of changing this level into support, it will then present that the sentiment has turned positive with the traders buying on dips. Which will then go higher and show the break was above $42,451.67. all of this proves that the correction has come to a conclusion and the pair is prepared to start a new uptrend. If the price goes down from the present level and breaks below the trendline the pair might drop to $31,000. This is very crucial as bears have no experience of closing before.
The bulls have managed to sustain Ether (ETH) higher than the 20-day exponential moving average ($2,219) for the past few days, which points out that the sentiment is turning bit positive. The buyers are trying to push and sustain the price above the 50-day with a simple moving average ($2,369). If they get a positive outcome out of this ETH/USDT the pairs could go ahead to rally the downtrend line where the bears may again climb higher and top the stiff resistance. But if the price doesn’t manage to reach higher but instead rebounds off the 20-day EMA then there are chances it might increase break above the downtrend line. If the price goes down from the present level to the overhead resistance and breaks under the 20-day EMA, this shows that bears are selling rallies. It could go lower to $2,000 and then $1,728.74.
Binance coin (BNB) broke more than the 20-day EMA ($312) on July 6, this points out that the demand is going higher. The bears might try to defend the 50-day SMA ($333) passionately. Nevertheless, if the flat 20-day EMA and the relative strength index (RSI) higher than 53 depicts that the bulls are back in the game. If buyers try to propel more and sustain the price above the 50-day SMA, the BNB/USDT pair could go re-group to $379.58 and then $433. Another opinion is if the price goes down from the 50-day SMA and crashes below $264.26, this proves that the bears have gotten above the bulls.
Cardano (ADA) has been trading higher than the 20-day EMA ($1.39) for the last few days but the bulls failed to challenge the 50-days SMA ($1.49). The 20-day EMA and the relative strength index (RSI) close to the midpoint points out the balance between supply and demand. The equilibrium will move for the sake of the bulls if they increase the price above the 50-day SMA. This could end up with a move to 41.60 and then move on to overhead resistance at $1.94. the bears are most probably going to defend this level with all its strength. But if bears sink and sustain the price below the 20-day EMI , there are really good chances that ADA/USDT pair could go lower and drop to $1.20. if the price rebounds off this stage, the bulls will be able to make one more try to clear the overhead hurdle. Therefore, if the $1.20 support cracks, the pair could drop to $1.