Price Analysis 07/12: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS (EOS), Litecoin (LTC), Stellar (XLM)


Here is the daily price analysis of the top crypto assets as they look to consolidate above key support areas. The bulls are also trying to rally to stop further price declines.

Early European trading hours saw the entire top 10 suffer declines of between 3 and 9 percent. However, that could be reversed if bulls have their way.

Bitcoin Price Analysis

The top crypto is trending downwards, 3 percent in the red over the last 24 hours. At the moment, it is trading around $6,200 and below yesterday’s range $6,400. This seems to have opened up a bearish near-term outlook.

BTC/USD continues on the downside and is likely to break below another support level. The coin has already broken below the $6,200 support level and is exchanging hands at around $6,170.

If it dips below the immediate support area, then we could see its value break lower to test recent lows at $5,876.

The 100 SMA is below the longer-term 200 SMA, signaling that a downtrend is more likely to present the least resistance. RSI, however, is beginning to climb out of oversold territory to suggest the bulls may have staying power.

A reversal may happen following the extensive intraday declines, preventing further price massacres. That will only happen if the bulls rally and hold above $6,200.

Ethereum Price Analysis

Ethereum experienced a slight tint above yesterday’s major support area when trending at an intraday high of $445.75.

However, it ran into resistance and sellers have since pushed back below and currently, are exchanging hands just above $430.

ETH/USD is trending 3 percent in the red and has tested a low of $426, though the bulls have fought to see it continue to hold above a clear bearish zone once prices break below $421.

Due to the resilience of the buyers, ETH/USD will likely stay within July 11 price zones. On the upside, resistance remains at $448 and $455. A downtrend will see it rely on support at the immediate zone at $432, and below that at $425 and $421.

The 100 SMA is below the 200 SMA to signal a possible bear run. However, RSI is pointing north, and buyers may yet take positions to stop any further price decay.

Ripple Price Analysis

Ripple prices remain under huge selling pressure as it trades below $0.5000 and could hit new lows near $0.4200.

XRP/USD is exchanging hands just above $0.430 and is down by nearly 4 percent in the last 24 hours. Its decline over the week is now into double digits.

The pair will likely face a significant resistance at $0.4580 should an upside materialize. However, there’s no sign of an uptrend on the hourly charts

A sharp decline saw it break below a key support area above $0.449 and is likely to fall into selling pressure at the 1.236 Fib retracement level of the last wave from $0.5194 high to $0.4243 low.

Any upward movement is capped at the 50 SMA near $0.4600. However, if the market sentiment shifts north, it could retest a key level at $0.485

However, there’s likely to be some risk in the offing as the RSI is stuck in oversold territory.

The shorter-term MA is below the longer-term to suggest sellers are poised for extended control. That means there could be more damage close to $0.4243.

EOS Price Analysis

Some great news of a high profile individual joining the EOS team hasn’t been able to stem price declines for the 5th ranked coin.

James Mendes, a former employee of Citibank is joining to take up the role of the Chief People’ Officer.

EOS/USD is trending in a downtrend, about 7 percent lower in the last 24 hours. Its decline over 7 days is now above 25 percent.

EOS has gradually slid below $7.00 to currently trade close to $6.70 as bearish pressure continues.

The pair declined to reach a new low at $6.55, which is at par with the lows experienced around April 11.

If the sellers don’t move off, then prices may test lows of $6.00 and $5.80, to signal a return to bearish momentum. The EOS/USD pair has sustained trading below all moving averages on the hourly charts.

Even though the shorter-term 100 SMA cuts below the 200 SMA, the RSI is climbing out of the oversold area and suggests buyers are likely to take up the initiative.

If it happens, then you can take up a short position.

Litecoin Price Analysis

LTC/USD could be headed below the key price level at $76.00 with the attempts to break above $80 fizzling out despite great news involving Litecoin Foundation and TokenPay.

Litecoin is trading in a downtrend, nearly 4 percent in the red as it remains range bound on the daily charts.

The pair broke below the pivotal level above yesterday’s key support area to reach a low of $74.28. LTC, however, broke above the 38.2% Fib retracement level of the last decline from the $86.03 high to $74.50 low.

The pullback to $78.24 ran out of momentum and saw prices decline to current levels.

RSI is heading north though, suggesting hope for the buyers. Despite a green candle on the hourly chart, LTC remains under pressure and further declines are very much in line.

The upside trend is capped by the 100 SMA trending on the 4h charts near $79.05, and the 50 SMA close to $81.55. On the other hand, a downside will take prices to $74.50 and $72.58.

The bulls must consolidate above $78 and look to break above $80.00 for there to be any meaningful uptrend. Otherwise, prices are likely to remain range-bound near-term.

Stellar (XLM) Price Analysis

Stellar’s resilience has been tested as the crypto declined by about 3 percent during early European trading hours.

Price Analysis 07/12: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS (EOS), Litecoin (LTC), Stellar (XLM)The XLM/USD pair failed to sustain momentum above $0.19 and has seen its value test the key support area at $0.180. In the process, the pair refused the highlighted bullish run depicting its early July price gains.

XLM/USD is exchanging hands above $0.182 and may yet test the immediate resistance area at $0.191.

There’s selling pressure mounting, but like we pointed out yesterday, the bulls retain some momentum which is likely to prevent any further price decay near-term.

The RSI is heading towards the oversold territory to suggest an upside is unlikely, and that the path of least resistance is on the downside.

Prices are further capped by the 100 SMA at $0.1987 and the 200 SMA at $0.2030.

On the downside, XLM will rely on the support provided at the current $0.180 and below that, $0.1789.

The positive sentiment injected by recent fundamental news could still play a big role as the market continues to anticipate the onset of a recovery.

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