Technical Analysis on July 31: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI

Bitcoin continues to fluctuate around the resistance zone of $120,000, clearly reflecting the persistent pressure from the bulls. While it is in a solid position, the growth momentum of BTC may face cyclical resistance. According to Axel Adler Jr., over the past 13 years, Bitcoin has only recorded an average profit of 2.56% in August – a sign that stagnation may occur.

Nevertheless, short-term fluctuations or negative seasonal factors do not deter large organizations. Recently, Strategy announced that it has purchased an additional 21,021 BTC at an average price of $117,256 each, bringing the total holdings to 628,791 BTC – a move that demonstrates strong long-term confidence.

While Bitcoin is temporarily moving sideways, speculative capital shows signs of shifting direction. According to data from Glassnode, the trading volume of Ether perpetual futures (ETH) has surpassed Bitcoin – the "largest volume deviation ever recorded." This is viewed by analysts as evidence of a significant shift of capital towards altcoins, especially ETH and BNB.

Can Bitcoin break out of the current accumulation zone? And which altcoins have the potential to lead the upcoming bullish wave? Let's follow the charts of the top 10 cryptocurrencies to look for clues.

Technical Analysis of BTC

BTC continues to trade in a narrow zone from $115,000 to $120,000. The longer the price stays within this narrow accumulation zone, the stronger the breakout will be afterwards.

BTC/USDT daily chart | Source: TradingViewThe simple moving average (SMA) 20 days ($118.313) is trending up and the relative strength index (RSI) is in the positive zone indicating that the path of least resistance is upward. If buyers push the price above $120,000, the BTC/USDT pair could accelerate and reach a new all-time high above $123,218. Thereafter, this pair could move towards $135,000.

On the contrary, if the price breaks and closes below $115,000, it indicates that the bears have gained the upper hand. At that point, the price could drop to $110,530 – a key support level to watch, as if broken, BTC could fall to the $100,000 mark.

Technical Analysis of ETH

ETH is trying to maintain above the breakout zone of $3,745, indicating that the bulls are not in a hurry to take profits as they expect the price to continue rising.

ETH/USDT daily chart | Source: TradingViewIf the price bounces from the support level of $3,745, the ETH/USDT pair could move towards the upper resistance zone at $4,094. Sellers are expected to exert significant pressure at this level, but if the bulls prevail, the price could break out strongly to $4,868.

On the contrary, if the price reverses and breaks below $3,745, it indicates that the bulls have given up their position. At that point, the price could be pulled back to the 20-day SMA ($3,516), where buyers are likely to return. If the price bounces strongly from the 20-day SMA, the bulls will again attempt to break through the resistance above.

Technical Analysis of XRP

XRP is witnessing a fierce tug-of-war between buyers and sellers at the 20-day SMA line ($3.16).

XRP/USDT daily chart | Source: TradingViewIf the price drops below the support level of $3.05, the next stop could be $2.95. Buyers are expected to strongly defend this zone, as a breach could initiate a deep correction down to $2.65.

Conversely, if the price strongly rebounds from the $2.95 level, it indicates that buying demand at lower zones is quite strong. The 20-day SMA may act as resistance when the price rises again, but if the bulls overcome it, the XRP/USDT pair could climb to $3.33 and then to $3.66.

Technical Analysis of BNB

BNB has adjusted to the breakout zone of $794 – an important support level to watch.

BNB/USDT daily chart | Source: TradingViewIf the price bounces strongly from $794, it indicates that the bulls are trying to turn this zone into support. If successful, the BNB/USDT pair could retest the all-time high of $861. A breakout and close above $861 could initiate a new uptrend towards $900.

Conversely, if the price breaks and closes below $794, that is a signal indicating profit-taking pressure from short-term buyers. At that point, the price may retreat to the 20-day SMA ($751), where buying power is expected to emerge. To gain control, the bears need to pull the price below the 20-day SMA.

Technical Analysis of SOL

Solana (SOL) has adjusted to the 20-day SMA ($178) – the level expected to serve as strong support.

Daily chart of SOL/USDT | Source: TradingViewIf the price strongly bounces off the 20-day SMA, the bulls will again try to push the SOL/USDT pair towards the resistance zone $209. If the price breaks out and closes above $209, the door to a rise towards $240 will be wide open. The $220 level may act as minor resistance, but it is likely to be surpassed.

Conversely, if the price breaks and closes below the 20-day SMA line, Solana could be pulled down to the 50-day SMA line ($160). This indicates that the currency pair may continue to trade within a wide range from $110 to $209 for a few more days.

Technical Analysis of DOGE

Dogecoin (DOGE) reversed from the $0.25 mark on Monday and broke the 20-day SMA ($0.22) on Tuesday, indicating selling pressure as the price rose.

Daily DOGE/USDT Chart | Source: TradingViewThe next support level is at $0.21. If the price bounces up from this zone and gets back above the 20-day SMA, the bulls may try to push the DOGE/USDT pair up to $0.26 and then to $0.29. However, the bears are expected to fiercely defend the $0.29 zone, as if the price closes above this level, the currency pair could rise to $0.35 and further to $0.44.

Conversely, if DOGE breaks and closes below $0.21, the pair may drop to the 50-day SMA at ($0.19). This indicates that DOGE may continue to trade sideways in a broad price zone from $0.14 to $0.29 for some more time.

Technical Analysis of ADA

Cardano (ADA) has slipped below the 20-day SMA ($0.79) on Tuesday, indicating that the bears are attempting to regain control.

Daily ADA/USDT chart | Source: TradingViewThere is a support level at $0.76, but if this level is broken, the ADA/USDT pair may continue to adjust to $0.73 and then to the 50-day SMA at $0.67. This decline implies that ADA may fluctuate within the zone of $0.50 to $0.86 for some time.

The first signal of recovery will be a breakout and close above the 20-day SMA line. This indicates that selling pressure at lower price levels is decreasing. At that point, the bulls may attempt to push the price above the resistance level of $0.86.

HYPE Technical Analysis

Hyperliquid (HYPE) is stuck between the support line of the uptrend channel and the 20-day SMA ($45,13).

Daily chart HYPE/USDT | Source: TradingViewThe inability of the bulls to push the price above the 20-day SMA increases the risk of a breakdown below the support line. If this happens, the HYPE/USDT pair could adjust to $36 and then $32.

This negative scenario will be invalidated in the short term if the price bounces back and surpasses the 20-day SMA line. At that point, the currency pair could rise to the upper resistance zone from $48 to $49.87.

Technical Analysis of XLM

Stellar (XLM) plunged below the 20-day SMA ($0.44) on Monday, and the bears successfully defended this level when the price returned to test it on Tuesday.

Daily XLM/USDT Chart | Source: TradingViewThe bears will attempt to strengthen their position by pulling the price below the $0.40 mark. If successful, the XLM/USDT pair may drop to the 50% Fibonacci retracement level at $0.37, followed by the 61.8% Fibonacci retracement level at $0.34.

However, the bulls are likely not to remain idle. They will look for ways to recover by pushing the price above $0.46. If they achieve this, the pair may test the resistance level at $0.52. The next upward momentum to $0.64 could start if the price closes above $0.52.

Technical Analysis of SUI

Sui (SUI) has surpassed the resistance level of $4.30 on Sunday, but this breakout turned out to be a bull trap as the price sharply reversed down on Monday.

Daily SUI/USDT Chart | Source: TradingViewCurrently, the bears are trying to keep the price below the 20-day SMA ($3.85). If successful, the SUI/USDT pair could drop to $3.51. The bulls are expected to actively defend the zone from $3.51 to the 50-day SMA ($3.27).

If the price rebounds from $3.51 and moves back above the 20-day SMA, it indicates a potential formation of a sideways trading zone. At that point, the currency pair could fluctuate within the range of $3.51 to $4.30 for a while. A breakout and close above $4.30 could trigger a new upward trend towards the $5 mark.

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