ETH closed the week with a 4% price increase and is currently sitting comfortably above $2,500. This is impressive considering that only two weeks ago it was at $2,100.
With buyers returning, optimism is increasing across the market which may finally allow it to test and break the resistance at $2,800. As long as the price is above $2,500, bulls have the advantage and higher price levels are likely.
Looking ahead, ETH shows a clear bullish bias across momentum indicators such as the MACD and RSI which are making higher lows. The only missing piece to make a breakout possible is buy volume which still lags behind and has not made higher highs yet.
Bulls had a good week and tested the resistance at $2.3 again. While they did not have the strength to break this level yet, the price still managed to increase by 6%.
With clear higher highs and lows, XRP is found in an uptrend which may eventually break the key resistance. If successful, the buyers may aim to initiate a rally towards $2.6 next, which is a key target as soon as $2.3 falls.
This long consolidation above $2 indicates that this cryptocurrency may experience a sharp increase in volatility as soon as it leaves its current range. The bias is bullish and a quick rally to $2.6 and beyond is likely if buy volume explodes later.
After a difficult period in June, ADA appears to have finally found a local bottom above 50 cents. Most recently, the price made a higher high and managed to close the week with a 5% increase. This is encouraging and may allow it to reverse its downtrend.
With buyers in control, theh altcoin has a good chance to test the resistance at 64 cents which used to act as a key support in the past. To turn the bias bullish, ADA will have to move its price above $0.64.
This cryptocurrency has a difficult road ahead since it has been making lower lows for over six months. To reverse this, buy volume has to increase significantly. A first step towards that is to reclaim $0.64.
Solana managed to return above $150 which is a key psychological level. This allowed the price to close the week 6% higher. While this is encouraging, buyers have to keep the price above this level if they want to maintain control.
Considering the recent rally, the price action may be forming an inverted head and shoulders reversal pattern on the daily timeframe. However, to confirm it, SOL has to move above $170 and secure a higher high.
Moreover, the volume has to increase since it has been flat for months. Right now, the momentum indicators are bullish, but without increasing volume it will be hard for buyers to push this cryptocurrency higher. As long as $150 holds, bulls still have the upper hand.
HYPE had a good week and increased by 5%. However, the price action shows buyers are becoming exhausted. Every time it tried to reclaim and stay above $40, sellers returned to push it lower.
With weakening momentum and volume, HYPE appears to struggle right now and is not able to make higher highs. On the contrary, if the price cannot move above $40, sellers will have an opening to push it lower.
Looking ahead, HYPE could be establishing a complex local top formation that may prolong its current correction after its most recent ATH at $46. Based on this, it is unlikely for this cryptocurrency to make new price records any time soon.
The post Crypto Price Analysis July-04: ETH, XRP, ADA, SOL, and HYPE appeared first on BitcoinLinux.
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Author: NixCoin
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