A quiet July for altcoins, except for Ripple. The month of July has just ended, and the bitcoin price shows a decrease of 4%. If the BTC performed negatively, we will remember the very low volatility experienced in July, a sign that operators are currently deserting the market. For the altcoins, the situation is similar. Indeed, even if altcoins have a much lower capitalization than Bitcoin, they experience very low volatility, far from the standards displayed in 2021 and 2022. A few rare altcoins have managed to perform, but most have been very discreet and followed the various movements of the king of cryptocurrencies. At the moment, Ethereum’s price is stagnating below the psychological figure of $2,000. Can Ethereum finally break the resistance zone at $2,000, and show the way for altcoins? Let’s take a look at the situation on altcoins!
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Rebound ahead for altcoins capitalization at support level at $570 billion
The capitalization of altcoins evolves within a tidy between the lower limit at $440 billionand the upper bound at $660 billion. The course is currently evolving at the level of support at 570 billion dollars. A rebound could come here if buyers react. In this case, the price could then return to the level of the resistance at $660 billion :
To continue on the momentum with bottoms and rising tops, it would be necessary to close initially beyond the last peak at $620 billion. Then, it will be necessary to close above the top at 700 billion dollars to break the range to the upside. The course seems to be forming a accumulation range, but it will be necessary to break the range to calmly start rising again on the capitalization of altcoins. If the support at 570 billion of dollars gives way, the price could reach the next support at 500 billion dollars.
The RSI continues to show fragile below the bearish trendline. It will be necessary to find a momentum with troughs and ascending peaks on the other side of the trendline so that the buyers benefit from the momentum.
Bitcoin dominance is hovering around 50%
Bitcoin dominance bottomed around 40% of dominance at the end of 2022. Since then, the price has bullish momentum. The course evolves around 50% of dominance currently:
The price always shows a bullish momentumand it evolves around the institutional bias (EMA 9/EMA 18) bullish. Thus, a bounce could intervene here to join the next resistance at 53% dominance. However, the price is slow to rebound. In the event of a fall under 49.5%the price could reach the weekly support located at 47.5%. As long as dominance shows bullish momentum, the capital is heading towards the king of cryptocurrencies.
The RSI evolves under the bullish trendlinea end of dynamic is potentially forming. This will need to be confirmed by posting bottoms and ascending tops.
Ether coin may retrace to the support level at $1,750
The prince of cryptocurrencies is struggling to rise again. Indeed, for the past few weeks the price has been moving around $1,900. A return to the level of weekly support at $1,750 seems possible in the days, or weeks to come:
This is a support which already took effect a few weeks ago. Buyers should absolutely hold the last low marked at $1,625 to avoid marking a top around 2,000 dollars. Also, buyers will have to resume the level at $2,000 as support. In this case, the price could join the next resistance around $2,400.
The RSI must absolutely bounce to pass over the bullish trendline. For this, it would be necessary to keep the last trough at 39and expand above 58 of RSI.
Upcoming rebound in the ETH / BTC pair?
The ETH/BTC pair is moving within a tidy between the upper limit at 0.08 BTCand the lower limit at 0.06 BTC. As we saw in the part devoted to the dominance of Bitcoin, the king of cryptocurrencies dominates. It is not a surprise to see that the ETH/BTC pair has been falling for several monthsand that it continues to evolve below the bearish trendline :
As long as the price moves below the bearish trendline, the price will remain fragile. Buyers will have to break this trendline and go back above the resistance around 0.066 BTC. If this scenario takes place, the price could reach the top of the range. Please note, a new rejection at the level of bearish trendline is not to be ruled out, the buyers will then have to defend the support at 0.06 BTC to avoid breaking the range down.
The RSI is once again trying to break the bearish trendline. The RSI is showing solid. In the event of a break in the trendline and a close above the last peak at 61a bullish divergence would then be validated. This would show that the sellers are starting to lose momentum, and that the price could eventually start to rise again.
Ripple (XRP) is the altcoin of the week, it drops more than 7% in one week
The price of XRP rose following the announcement of its first victory against the SEC. A few weeks after this announcement, it is a hard return to reality for XRP which displays a 7% drop in one week. The price blocked against the resistance at $0.88and it is back at the level of the support at $0.65 :
THE support at $0.65 could be defended by buyers. If this is the case, the price could then return to the level of the resistance at $0.88. On the other hand, if the support gives way, the price could slide towards the next support located at $0.53. This zone has been resistance several times, it should now act as support. The RSI falls sharply, but it maintains the trend initiated in mid-2022. A return to the level of the bullish trendline is possible, the RSI will have to rebound at this level to maintain the trend.
The capitalization of altcoins is moving at the support level at $570 billion, and a rebound could be in place here. Buyers need to react quickly to avoid experiencing another drop. THE Bitcoin continues to rule the market, Bitcoin dominance remains bullish for now. The ETH/BTC pair is stagnating, but it remains below the bearish trendline. As long as the price is moving below the bearish trendline, Ethereum will remain fragile. Also, the second capitalization of cryptocurrencies is struggling to rise again. A return to the support level at $1,750 cannot be ruled out. The buyers’ objective is to get back above the psychological round number at $2,000.
The price of XRP falls by 7% in one week, it is back at the support level at $0.65. Support needs to be defended to avoid a move back to $0.53. Despite the recent drop, the momentum remains bullish on XRP at the moment.
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