Bitcoin’s price inactivity sparks interest in LINK, FIL, SNX, and THETA.

Bitcoin's price inactivity sparks interest in LINK, FIL, SNX, and THETA.

The Blockchain Industry: An In-depth Analysis

The blockchain industry has been witnessing some interesting developments in recent times. Bitcoin (BTC), the leading cryptocurrency, is currently facing resistance at the $31,000 level. Bulls have managed to hold the price above the $29,500 support, indicating that a catalyst may be needed for a breakout from the current range. One important event to keep an eye on is the Federal Reserve’s meeting, scheduled for July 25 and 26. According to the FedWatch Tool, there is a 99.2% probability of a 25 basis point rate hike during the meeting. While the market seems to have already priced in this hike, any surprise move by the Fed could potentially push the price of Bitcoin out of its current range.

Analysts have differing opinions on the direction of the breakout from the current range. Should the price break below the range, a significant downside is expected, with some projecting a fall towards $20,000. On the other hand, if Bitcoin manages to move higher, select altcoins could attract buyers. In the following sections, we will look at the charts of the top 5 cryptocurrencies that could potentially turn positive in the coming days.

Bitcoin Price Analysis

Bitcoin has been struggling to break above the 20-day exponential moving average (EMA) of $30,036. However, a positive sign is that the bears have failed to push the price down to the 50-day simple moving average (SMA) of $28,979. This indicates that the bulls are not giving up and are buying on every minor dip. If the price manages to break above the 20-day EMA, a rally towards the overhead resistance of $31,000 could be on the cards. A clear charge above this level could pave the way for a possible rally towards $40,000.

Conversely, if the price turns down and breaks below the 50-day SMA, it would suggest a comeback by the bears. In such a scenario, the price may slump towards the support at $24,800. The 4-hour chart shows that the moving averages are flattening out, indicating the possibility of range-bound action for some time. However, if bulls manage to push the price above the 50-SMA, the pair could attempt a rally towards $30,500 and then to $31,000, with a crucial support level at $29,500.

Chainlink (LINK) has been trading within a large range between $5.50 and $9.50 for several months. While the bears briefly pulled the price below the range on June 10, they failed to capitalize on this advantage. The bulls pushed the price back into the range on June 21 and are currently attempting to drive the LINK/USDT pair towards the overhead resistance of $9.50.

Both moving averages have turned upwards, and the relative strength index (RSI) is in positive territory, indicating that the bulls are in control. If buyers manage to bulldoze their way through the zone between $8.50 and $8.80, the pair could soar to $9.50. On the downside, important support levels to watch are $7.50 and the 20-day EMA ($7.05). The 4-hour chart shows that the correction has reached the 20-EMA, a crucial level to watch for a rebound. If the price rebounds off the 20-EMA with strength, the pair could surge to $8.46 and potentially reach $8.80.

Filecoin Price Analysis

Filecoin (FIL) is currently attempting to form an inverse head and shoulders pattern, which would complete on a break and close above the neckline. The 20-day EMA ($4.36) has started to turn upwards gradually, and the RSI is in positive territory, indicating that the path of least resistance is to the upside. If buyers manage to thrust the price above the neckline, the FIL/USDT pair could attempt a rally to $6.50 and eventually target the pattern target of $7.30.

On the other hand, a sharp downturn from the neckline, breaking below the 50-day SMA ($4.12), would suggest that the bulls have lost their grip. In this case, the pair may plummet to $3.50 and later to $3.29. The 4-hour chart shows that the 20-EMA is sloping upward, with the RSI in positive territory, indicating the upper hand for the bulls. A minor resistance level exists at $4.74, but a break above this level could increase the likelihood of a rally above the neckline.

Synthetix Price Analysis

Synthetix (SNX) is currently attempting to break out from a basing pattern, facing solid resistance in the zone between $3.40 and $3.56. During the pullback, bulls managed to hold the price above the 20-day EMA ($2.56), indicating that dips are being bought. Buyers will again attempt to clear the overhead zone, with a potential rally towards the next resistance level at $4.50.

However, bears are likely to try and stall the relief rally in the overhead zone, pushing the price below the 20-day EMA. In such a scenario, the pair may tumble to the 50-day SMA ($2.19). On the 4-hour chart, it can be observed that bears have pulled the price below the 20-EMA, but bulls are guarding the 50-SMA, suggesting that lower levels are still attracting buyers. If bulls manage to propel the price above $3.15, the pair may retest the resistance at $3.30, potentially reaching $3.82. Conversely, a break below the moving averages could pull the pair down to $2.52.

Theta Network Price Analysis

The recovery in the Theta Network (THETA) is currently facing resistance near the 38.2% Fibonacci retracement level of $0.83. However, bulls have managed to hold the price above the 20-day EMA ($0.77), indicating a positive sentiment with traders buying on dips. A break and close above $0.83 could lead to further upside towards the 50% retracement level of $0.91 and eventually the 61.8% retracement level of $0.99.

However, if the price turns down and falls below the moving averages, the THETA/USDT pair could descend to $0.66. On the 4-hour chart, the price is trading inside an ascending channel pattern. Bulls are trying to support the pullback at the moving averages and push the price above $0.85. If successful, the pair may climb towards the resistance of the channel near $0.90. Conversely, a break below the 50-SMA could shift the advantage in favor of the bears.

In conclusion, the blockchain industry is currently witnessing interesting developments. Bitcoin’s price movement and the performance of other altcoins show potential for both upside and downside movements. Traders should closely monitor key support and resistance levels to make informed investment decisions.