If the bulls fail to propel the eighth-ranked cryptocurrency on CoinMarketCap above $46, the bears will make another attempt to drag the price to $39. A break below this support could start a new downtrend.
Currently, both moving averages have flattened out and the RSI is close to the midpoint, which suggests that the LTC/USD pair might extend its stay inside the range for a few more days.
Crypto.com Coin (CRO) is facing resistance at $0.1462 but the bulls do not seem to be in a hurry to book profits, which has resulted in a tight consolidation, instead of a pullback to the 20-day EMA ($0.138).
CRO/USD daily chart
CRO/USD daily chart. Source: TradingView
There is a small ascending triangle that has formed, which will complete on a breakout and close (UTC time) above the overhead resistance at $0.1462. The pattern target of this setup is $0.15416.
However, if the ninth-ranked cryptocurrency on CoinMarketCap fails to breakout or sustain above $0.1462, it could result in profit booking that could drag the price down to the 20-day EMA. A break below this support will signal a deeper correction to the 50-day SMA ($0.124).
Chainlink (LINK) is currently attempting to bounce off the 20-day EMA ($6.9). Although the bulls purchased the dip to this level on July 21, the rebound was not very encouraging because the bulls could not sustain the higher levels, which suggests that the bears are selling on minor rallies.
LINK/USD daily chart
LINK/USD daily chart. Source: TradingView
If the tenth-ranked cryptocurrency on CoinMarketCap plummets below the 20-day EMA, it will signal a deeper correction. The next support on the downside is the 61.8% Fibonacci retracement level of $6.3298.
The first sign of strength will be a breakout and close (UTC time) above the downtrend line. This will indicate that the short-term correction might be coming to an end. The next uptrend is likely to start after the LINK/USD pair breaks out of $8.9080.
Binance Coin (BNB) is facing stiff resistance at the $18.20–$19 zone but the positive thing is that the bulls have not allowed the price to sustain below the 20-day EMA ($17.23), which indicates demand at lower levels.
BNB/USD daily chart
BNB/USD daily chart. Source: TradingView
The 11th-ranked crypto-asset on CoinMarketCap had formed an inside day candlestick pattern on July 21, which suggests indecision among the bulls and the bears. However, with the 20-day EMA sloping up and the RSI in the positive zone, the advantage is with the bulls.
They will make another attempt to scale the price above the resistance zone. If successful, the BNB/USD could start a new uptrend that can reach $22.93 and then $24. There is a minor resistance at $21.50 but that is likely to be crossed.
Contrary to this assumption, if the bulls again fail to push the price above the $18.2–$19 zone, it could attract profit booking from the short-term bulls, which can result in a break below the moving averages.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Litcoin (BTC) has covered a considerable amount of ground over the past few years. Initially considered as an asset mostly used for unlawful activities, it has finally received the approval of the Office of the Comptroller of the Currency. This means banks in the U.S. will now be able to provide crypto custody services to their clients.
This move could further encourage institutional investors to enter the crypto space because they are likely to trust their banks more than the other custody services on offer. However, funds are unlikely to start flowing immediately as institutions are known to tread cautiously.
In the short-term, investor sentiment is likely to be swayed by the performance of gold and the U.S. equity markets. As gold is backed by momentum, the institutional investors are likely to remain invested in it.
At the same time, if the U.S. equity markets enter a correction as anticipated by a few stock market veterans, then the top-ranked asset on CoinMarketCap might show weakness due to its strong correlation with the S&P 500.
Bitcoin (BTC) broke above the $9,500 level on July 22 and followed it up with another positive close on July 23. However, the lack of momentum following the breakout of $9,500 is a mild negative as it suggests that the bulls are in no urgency to buy at these levels because they are not confident that the rally will pick up steam.