Bitcoin has recently climbed back above $60,000, creating a positive outlook for several altcoins like KAS, MKR, AR, and NOT.
After several months of sideways movement, Bitcoin’s price fell below its usual range but failed to stay there. This indicates that selling pressure is easing, attracting new buyers. According to Farside Investors, $310 million flowed into U.S.-based Bitcoin ETFs on July 12, the highest since early June. This suggests that investors believe Bitcoin has hit a short-term bottom.
Bitcoin’s recovery is likely to lift the overall cryptocurrency market. Altcoins nearing or surpassing their key resistance levels could lead the next market rally.
Bitcoin Price Analysis
On July 12, Bitcoin bounced off the $56,552 support level and moved above the 20-day moving average ($59,422) on July 14. This indicates that buyers are making a comeback. The relative strength index (RSI) shows that selling pressure is decreasing. If Bitcoin stays above the 20-day moving average, a rise to the critical level of $64,602 is possible.
However, bears may resist, trying to push the price back below the 20-day moving average. If they succeed, Bitcoin might revisit the $56,552 support level.
The bulls have managed to push Bitcoin above the downtrend line on the 4-hour chart but are struggling to hold these gains. Any pullback is expected to find support at the 20-day moving average. A bounce from this level would signal a shift from selling on rallies to buying on dips, potentially driving Bitcoin to $64,602.
If the bears force the price below the moving averages, it could drop to $56,552 and possibly $53,485.
Kaspa Price Analysis
Kaspa (KAS) bounced off the 50-day moving average ($0.16) on July 12, showing strong support at this level. Both moving averages are trending upwards, and the RSI is neutral, giving a slight edge to the bulls. If KAS rises above the 20-day moving average ($0.17), it could gain momentum and reach resistance at $0.20.
However, if the price sharply declines below the 50-day moving average, it could drop to $0.14.
The price has turned down from resistance again, suggesting strong opposition from bears. If KAS rebounds from the moving averages, it could break above the downtrend line and potentially rise to $0.18. Conversely, if the price continues to fall and breaks below the moving averages, it might slide to $0.16.
Maker Price Analysis
Maker (MKR) surged from around $2,000 on July 8, indicating strong buying interest. The moving averages are nearing a bullish crossover, and the RSI is positive, suggesting that bulls are in control. If MKR holds above $2,730, it could rise to $3,234, where resistance is expected.
On the downside, bears would need to push the price below the moving averages to drive it down to $2,000.
The rally on the 4-hour chart has pushed the RSI into overbought territory, suggesting a possible pullback. MKR is likely to find support in the $2,650 to $2,730 range. If it rebounds from this zone, the bulls might target $3,000.
If the price sharply declines and breaks below the support zone, it would indicate bearish activity. The next support levels to watch are the 20-day moving average and, if that fails, the 50-day moving average.Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
