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Bitcoin's Current Stance and Potential Future Moves
Bitcoin (BTC) continues to hold steady in recent days, with its price moving in a relatively narrow range. However, it's encouraging to see the stability developing near the coin's most recent high-value point. This could imply that investors remain hopeful for upcoming positive price action, rather than panic selling.
Unchanged for a while now, Bitcoin's existence has seen its market dominance dwindle from over 50% at the end of June to 48%. This could suggest a slight shift in investor interest from Bitcoin to certain standout altcoins beginning to show positive movement.
But it's important to remember that any altcoin recovery could be short-lived if Bitcoin shows significant strength. If Bitcoin experiences a sharp decline, a massive sell-off in altcoins is likely. When looking for trading opportunities in various altcoins, it's advisable for investors to keep a watchful eye on Bitcoin’s price movements.
So, what are the significant levels of support and resistance for Bitcoin to look out for? Let's explore a few cryptocurrencies that may show promising price actions down the line.
Examining Bitcoin's Price Performance
Despite lingering above the 50-day simple moving average ($29,377) for a while, bulls have struggled to push Bitcoin above the 20-day exponential moving average ($29,670). Bears could seize the opportunity to solidify their hold by driving the price beneath the immediate support level of $28,861. If successful, it would suggest that the pair, BTC/USDT, might wander between $24,800 and $31,000 for an indeterminate period. The 20-day EMA's gradual downward slope and the RSI drifting into undesirable territory suggest bears have the upper hand.
On the other hand, this bearish outlook might be nullified if bulls manage to steer the price over the 20-day EMA. After surmounting this hurdle, the pair might aim for the overhead resistance zone existing between $31,000 and $32,400. To start a new uptrend towards $40,000, bulls will first need to break through this resistance.
Tracking Dogecoin
Despite recent resistance above the $0.08 mark, Dogecoin (DOGE) holders appear unwilling to offload their shares.
Participants picked up the drop on July 28, indicating continued positive sentiment and ongoing buy-ins on dips. If the bulls push the price beyond the intraday high of July 25, the DOGE/USDT pair could achieve significant momentum with potential to rise to $0.10, and later to $0.11.
Studying Maker
Maker (MKR) broke free from its months-long prison below $1,200 on July 29. As is common, once a stiff overhead resistance is breached, the price often revisits the breakout level. Accordingly, the MKR/USDT pair may see a new uptrend from $1,600 to $1,900, if it can surge from the support at $1,200.
Optimism's Potential Uptrend
Optimism (OP) has begun to show initial signs of a new uptrend after spending several days in a downtrend. With the 20-day EMA ($1.46) now rising in value and the RSI existing in positive territory, bulls seem to have the upper hand.
XDC Network's Solid Surge
From July 11 to July 25, the XDC Network (XDC) made a considerable leap from $0.03 to $0.06, signifying a robust uptrend. However, caution should be exercised as a correction is possible to the 38.2% Fibonacci retracement level of $0.05 and then to the 20-day EMA ($0.05), which is a crucial zone to look out for.
