Technical Analysis on 29/7: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE

Bitcoin (BTC) continues to be sold off around $120,000, but the continuous retesting of the resistance level tends to weaken this asset. If the buyers maintain their position and do not allow the price to fall deeply, BTC still has the potential to reach a new peak above $123,218.

In an interview with CNBC, the head of research at Fundstrat, Tom Lee, stated that BTC could soar to $200,000 to $250,000 in the coming months, equivalent to 25% of the size of the gold market.

Daily crypto market data overview | Source: Coin360While BTC accumulates, capital flows are pouring into Ether (ETH), with the ETH spot ETF recording 16 consecutive sessions of inflows, raising the total net value from 4.25 billion USD (on January 2nd) to 9.33 billion USD (on January 26th).

Will BTC be able to break through the upper resistance level, or will it remain within the range? Can some altcoins continue their strong growth momentum? Let's analyze the charts of the top 10 crypto assets with Bitcoin Magazine.

Technical Analysis S&P 500

The S&P 500 index (SPX) continues to move towards the target of 6,500 points, indicating that demand remains strong at higher levels.

The daily chart of SPX | Source: TradingViewThe upward sloping moving averages indicate that the bulls are still in control of the market, but the relative strength index (RSI) in the overbought zone suggests that the momentum may be getting too hot. This increases the risk of accumulation or a short-term correction.

If the price falls but bounces back from the 20-day simple moving average (SMA) around 6.283, this indicates that market sentiment remains positive, thereby increasing the likelihood of moving towards 6,500 points. The sellers need to pull the price down below the 50-day SMA around 6.099 to gain an advantage.

Technical Analysis U.S. Dollar Index (DXY)

The US Dollar Index (DXY) is trying to maintain above the 50-day SMA (97.68), indicating that the bulls are attempting to create a higher low.

DXY Chart – 1 Day | Source: TradingViewIf successful, the index could surge to 100.54 and then to 102. The sellers are expected to create a significant challenge at 102.

On the contrary, the inability to maintain the price above the 50-day SMA indicates that the bears are still in control, and DXY risks sliding below 97.10, even testing the important support level at 96.37.

Bitcoin Technical Analysis

BTC has fallen below the 20-day SMA at $117,867 on Friday, but the long candle wick indicates strong buying pressure at lower levels.

BTC/USDT Chart – 1 Day | Source: TradingViewThe bulls are trying to push the BTC/USDT pair above the resistance area from $120,000 to $123,218. If successful, the top asset is likely to accelerate to $135,728 and then target the model at $150,000.

If the bears want to come back, they will have to pull the price down below the support level of $110,530, causing a series of Long positions to be liquidated. If this happens, the selling pressure could cause BTC to slide back to the psychological support level at $100,000.

Technical Analysis of Ether

Ether surged above the resistance level of $3,745 on Sunday, but the bulls are struggling to maintain higher levels.

ETH/USDT Chart – 1 Day | Source: TradingViewThe sellers will try to pull the price below $3,745. If they succeed, the ETH/USDT pair could slide down to the 20-day SMA at ($3,423). The buyers are expected to defend the 20-day SMA fiercely as a drop below this level signals the start of a deeper correction.

Conversely, if the price strongly rebounds from $3,745 or the 20-day SMA, ETH will target $4,094. If it surpasses $4,094, this trading pair could soar to $4,868.

Technical Analysis of XRP

The pullback of XRP from $3.66 has found support at the 20-day SMA ($3.10) on Thursday, indicating buying pressure.

XRP/USDT Chart – 1 Day | Source: TradingViewThe bulls have tried to push the price up to $3.66 but are facing strong resistance from the bears. If the price continues to fall and goes below the 20-day SMA, this indicates the start of a deeper correction. The XRP/USDT pair may return to $3 and then to $2.80.

Conversely, if the price recovers from the 20-day SMA, this signals that the bulls are vigorously defending this level, thus pushing XRP towards $3.66. A breakout and close above $3.66 could drive the price up to $4 and then to $4.86.

BNB Technical Analysis

BNB has reversed and fallen from the $809 level on Wednesday, but the bears could not pull the price down below $761. This indicates that the bulls have successfully flipped this level into a support level.

BNB/USDT Chart – 1 Day | Source: TradingViewBuyers have pushed the price back above $809 on Sunday, initiating the next bullish phase. The BNB/USDT pair could rise to $900 and then reach the psychological level of $1,000.

Although the upward trend continues, the RSI indicator falling into the overbought zone indicates that there will be a correction or consolidation in the short term.

The first sign of weakness is when BNB slips down and closes below $793. This indicates profit-taking at higher levels. The price may then return to $761, where buyers are expected to step in.

Technical Analysis of Solana

The pullback of Solana from $209 on Wednesday has stalled at the 20-day SMA ($176) on Friday, indicating demand at lower levels.

SOL/USDT Chart – 1 Day | Source: TradingViewThe bulls are trying to push the price up to $209 but are facing selling pressure at higher levels. If they break the $209 barrier, the SOL/USDT pair could aim for $240 and even $260.

A small resistance level appears around $220, but it is likely to be surpassed.

A positive outlook will be invalidated in the short term if the price reverses and falls below the 20-day SMA line. If this occurs, SOL could slide below the 50-day SMA line ($160), indicating the price may fluctuate within the range of $110 to $209.

Technical Analysis of Dogecoin

Dogecoin (DOGE) has bounced off the 20-day SMA ($0.22) on Friday, indicating demand at lower levels.

DOGE/USDT Chart – 1 Day | Source: TradingViewThe recovery has faced selling pressure near $0.26, indicating that bears are active at higher levels. If the price drops sharply below the 20-day SMA, the DOGE/USDT pair may remain in a wide range from $0.14 to $0.29 for a few more days.

Buyers need to push the price above $0.29 to take control of the market. If successful, DOGE could begin a new price increase towards $0.35 and then the model target at $0.44.

Technical Analysis of Cardano

Cardano bounced up from the 20-day SMA ($0.78) but is currently facing selling pressure at the resistance level above ($0.86).

ADA/USDT Chart – 1 Day | Source: TradingViewThe 20-day SMA is sloping upward and the RSI indicator is in the positive region, indicating an advantage for the bulls. Breaking above $0.86 could push the ADA/USDT pair up to $0.94. If the buyers prevail, this trading pair could even surge to $1.02 and then to $1.17.

However, the short-term advantage will lean toward the bears if the price continues to fall and slips below the 20-day SMA. This indicates profit-taking behavior during price rallies. If this scenario occurs, ADA could drop to the 50-day SMA ($0.67).

Hyperliquid Technical Analysis

Hyperliquid (HYPE) has bounced from the support line of the ascending channel model on Friday, indicating that buying pressure is falling.

HYPE/USDT – 1 day | Source: TradingViewResistance is around the 20-day SMA ($45,06), but if the bulls can surpass this level, the HYPE/USDT pair may rise to $48 and then $50 before facing strong defensive pressure from the bears.

On the contrary, if the price falls from the 20-day SMA, the bears will try to pull HYPE below the support line. If successful, the price may start a deeper correction towards $36 and then $32.

Vincent