The declining moving averages and the RSI below 40 suggest that bears are in command. A break and close below $0.50 will open the doors for a possible decline to $0.45 and then to $0.40.
Conversely, if the price rebounds off the current level, the buyers will make one more attempt to clear the hurdle at the 20-day EMA ($0.66). If they manage to do that, the XRP/USDT pair could rise to $0.75. A breakout and close above this level will signal strength.
Dogecoin (DOGE) broke and closed below the $0.21 support on July 12, which suggests that supply exceeds demand. The failure of the bulls to defend $0.21 clears the path for a retest of the critical level at $0.15.
DOGE/USDT daily chart. Source: TradingView
The descending moving averages and the RSI below 36 indicate that bears are in control. If bears pull the price below the $0.15 support, the selling could intensify and the DOGE/USDT pair could drop to $0.10.
However, the $0.15 level has held on two previous occasions, hence the bulls may again try to defend it aggressively. A strong bounce off it could push the price to the overhead resistance at $0.21. A breakout and close above the 20-day EMA ($0.23) will signal that bulls are trying to make a comeback.
Polkadot’s (DOT) tight consolidation between $14.50 and $16.93 ended with a breakdown on July 13, which shows that supply exceeds demand. That pulled the price down to the critical support at $13.
DOT/USDT daily chart. Source: TradingView
The downsloping moving averages and the RSI below 37 indicate that bears are in control. A break and close below the $13 support will suggest the resumption of the downtrend. The next support is the psychological level at $10.
Conversely, if the price rebounds off the current level, the bulls will try to push the price above $14.50. If they succeed, it will indicate accumulation at lower levels. The first sign of strength will be a break and close above $16.93. If this happens it could set the stage for a strong relief rally.
Uniswap (UNI) broke below the 20-day EMA ($19.81) on July 12, which indicates that bears have overpowered the bulls. There is a minor support at $16.93 but if the level gives in, the altcoin could drop to $15 and then to $13.
UNI/USDT daily chart. Source: TradingView
The 20-day EMA has started to turn down and the RSI has dropped into the negative zone, indicating the path of least resistance is to the downside. A breakdown and close below $13 will complete a descending triangle pattern, suggesting the start of the next leg of the downtrend.
Contrary to this assumption, if the price rebounds off the current level or $15, the bulls will again try to thrust the price above the downtrend line. If they succeed, the bearish setup will invalidate and the UNI/USDT pair could move up to $25 and then $27.
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The tight range trading in Bitcoin Cash (BCH) between $475.69 and $538.11 resolved to the downside on July 13. This suggests that supply exceeds demand as bulls are not confident that a bottom has been made.
BCH/USDT daily chart. Source: TradingView
Both moving averages are sloping down and the RSI is in the negative territory, suggesting an advantage to the bears. If the price sustains below $475, the BCH/USDT pair could gradually drop to $428 and then to the next major support at $370.
However, the long tail on today’s candlestick suggests that bulls are attempting to push the price back above $475.69. If they manage to do that, it will indicate buying at lower levels. A breakout and close above $538.11 will be the first sign of the start of a stronger relief rally.
Litecoin (LTC) is trading inside a descending triangle pattern that will complete on a breakdown and close below $118. The long tail on today’s candlestick suggests that bulls are attempting to defend the support.
LTC/USDT daily chart. Source: TradingView
However, both moving averages are sloping down gradually and the RSI is below 40, suggesting that bears are in control. Any relief rally is likely to face stiff resistance at the downtrend line. If the price turns down from this level and breaks below $118, the LTC/USDT pair could resume the downtrend.
The next support on the downside is the psychological level at $100 but if it cracks, the decline could extend to $70. On the contrary, if the bulls drive the price above the downtrend line, it will invalidate the pattern. The pair could then rise to the 50-day SMA ($154) and later to $180.
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Market data is provided by HitBTC exchange.