|

Cryptocurrencies Price Prediction: Solana, Bitcoin & Cardano — Asian Wrap 13 July

How to navigate this Solana price breakout and market manipulation?

Solana price has ended its coiling up phase that lasted for more than a month. The sudden spike in selling pressure over the last three days, triggered a breakout, indicating that a further downswing is plausible.

Solana price breached its symmetrical triangle setup on July 11. This technical formation contains three lower highs and two higher lows, which when connected using trend lines, reveal a symmetrical triangle.

SOL/USDT 1-day chart

Bitcoin price closes below $20,000!

Bitcoin price has officially closed at $19,321 on July 12, 2022. The bearish enfgulfing candlestick provokes the idea of further decline into $18,595 to liquidate traders who partook in last week's triangle breakout thesis. Still, capitulation is unlikely to occur near the first bearish target. Therefore, liquidity under the June 18 swing low at $17,920 is now deemed unsafe.

tm/btc/7/12/22

Cardano price proves “a rising tide does not lift all ships”

Cardano price validates last week's bearish trade setup as the bears are now in profit 12% since the plummet was prophesied. An additional fall to $0.20 is now on the table. If the bulls do not show up to recover the ADA price, soon expect the latter. 

Cardano price currently trades at $0.42. Traders who partook in last week's 2.75-1 Risk-to-Reward trade setup are enjoying the ongoing calamity as the first bearish target at $0.41 is moments away from being actualized.

tm/ada/7/12/22

 

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.