Back

BTC, BNB, XLM, XTZ, MKR Price Analysis for July 29

article image

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

If yesterday mostly Bitcoin (BTC) was growing, then today the situation has changed. Altcoins from the top 10 list have outperformed the leading crypto, while the top gainer is XRPrising by almost 9% over the last day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key data for Bitcoin (BTC), Binance Coin (BNB), Stellar (XLM), Tezos (XTZ) and Maker (MKR):

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$202,925,760,178

$11,001.24

$26,065,274,977

1.96%

Binance Coin

BNB

$2,887,280,858

$19.99

$246,337,692

0.93%

Stellar

XLM

$1,989,709,578

$0.097166

$287,089,983

2.11%

Tezos

XTZ

$2,117,994,518 $2.87 $155,271,768 1.88%

Maker

MKR

$533,262,399 $530.31 $10,984,835 5.66%

BTC/USD

The past week was a positive one for the entire cryptocurrency market. Bitcoin (BTC) broke through the $11,000 mark, but the growth in altcoins was much more significant: Ethereum (ETH) added more than 40%, and this is not even a record among all coins.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

The leading crypto has finally emerged from its long accumulation zone. It took the market almost three months to overcome the sideways range of $8,600-$10,000. And the fact that the breakout took place just upward of that range may indicate rather strong subsequent price growth. An analogy can be drawn with an accumulation zone of a similar length and width. It follows from this that the potential price movement could be about $3,000.

👉 MUST READ John Bollinger on Bitcoin Price: "We Need to See Follow-Through or We'll Be Setup for Real Trouble, a Head Fake"related article image

Based on this information, the first target mark for BTC may be $13,000. Intermediate targets are $12,300 and $13,100. As for support levels, for now they are only $10,000 and $10,500, which were resistance and were broken earlier. Given the price breakout from the channel, it is highly likely that the coin will continue to rise to $13,000.

Bitcoin is trading at $11,043 at press time.

BNB/USD

Binance Coin (BNB) has not risen that much over the last 24 hours; however, the bullish trend remains relevant. The price change over the previous 7 days has constituted +14.11%.

BNB/USD chart by TradingView
BNB/USD chart by TradingView

On the daily chart, Binance Coin (BNB) is trading within the rising channel against the increasing trading volume. The long wicks confirm that growth potential remains and the coin is not going to enter the "short" zone. The only factor that may concern traders is the low liquidity level above. However, if volume stays at the same position, the nearest target of $22 may be achieved in August.

Binance Coin is trading at $20.09 at press time.

XLM/USD

Stellar (XLM) is one of the slowest growing coins. The altcoin has risen by only 2% over the last week.

XLM/USD chart by TradingView
XLM/USD chart by TradingView

If other altcoins are in the bullish trend, the situation with Stellar (XLM) is completely different. The trading volume is declining and bears have begun to prevail over bulls based on the candle analysis. The high liquidity in the area of $0.09 suggests a possible correction. If that happens, Stellar (XLM) can reach $0.088 by mid-August 2020.

Stellar is trading at $0.0980 at press time.

XTZ/USD

From the technical point of view, Tezos (XTZ) is also more bearish than bullish. The coin has lost 3.26% over the last 7 days.

XTZ/USD chart by TradingView
XTZ/USD chart by TradingView

Tezos (XTZ) has formed a double top pattern on the daily time frame. The MACD indicator has entered the bearish zone, having confirmed the presence of sellers. In this case, the ongoing decline is the more likely option. The drop may continue to the $2.65 mark, which serves as a vital support.

Tezos is trading at $2.87 at press time.

MKR/USD

Maker (MKR) is today's top gainer. The coin has rocketed by 5.66% since yesterday.

MKR/USD chart by TradingView
MKR/USD chart by TradingView

After a decline from the peak of $600, Maker (MKR) has found a support at $500, confirming the presence of buyers. At the moment, the growth scenario remains recent until bears push the coin below $500. In this case, sellers will seize the initiative. Unless that occurs, bulls may get the rate of the altcoin to the yellow range of $550-$580 in August 2020.

Maker is trading at $526 at press time.

Cover image via www.tradingview.com

Join our Telegram channel to get news even faster!

article writer image
Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com