Altcoins continues to rise as Bitcoin trades in a predictable range.
The weekend rally in crypto currencies was led by Bitcoin (BTC) but was not supported by huge trading volumes. According to on-chain analysts at Crypto Quant, the low trading volume suggests that “whales are staying low without much action.”
Bitcoin despite that has successfully held the $30,000 support for two weeks, which suggests that accumulation is taking place at lower levels.
BTC/USDT
The bulls pushed Bitcoin above the 20-day exponential moving average ($34,851) on July 4 but they could not clear the hurdle at the 50-day simple moving average ($36,338). This suggests that bears continue to sell on rallies.
ETH/USDT
Ether (ETH) is stuck between the moving averages. This shows that bears are attempting to defend the 50-day SMA ($2,410) and the bulls are trying to sustain the price above the 20-day EMA ($2,196).
BNB/USDT
Binance Coin (BNB) is facing stiff resistance at the 20-day EMA ($308) but the positive sign is that the bulls are not giving up much ground. This suggests that buyers anticipate the altcoin to make an upward dash.
ADA/USDT
Cardano (ADA) broke above the 20-day EMA ($1.39) on July 3 but the bulls could not drive the price above the 50-day SMA ($1.51). This suggests that bears are in no mood to relent and they continue to sell on rallies.
DOGE/USDT
Dogecoin (DOGE) had been trading near the 20-day EMA ($0.26) for the past few days but the bulls could not push the price above it. This suggests that bears aggressively defended this resistance.
