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New Week, New Expectations? Here Is What May Be Anticipated on Bitcoin, Ethereum, XRP, and HBAR Price

Bitcoin

Sunday, July 18 marked the date of the largest in a series of unlockings at the Grayscale Bitcoin Trust ($GBTC). An event anticipated with nervousness by many, while projecting further downside moves for the largest cryptocurrency. On spot markets, Monday began with hope for the future rather than confidence in current price events. At the time of writing, Bitcoin was seen plunging to lows of $30,718.

What May Be Expected?

Bitcoin
The weekend saw Bitcoin price fluttering around mid $31,000, still unable to beat resistance at $32,000 or higher. Analysts say Bitcoin might be prepping for a price breakout – higher or lower – after trading in a range. However, with the RSI biased bearish, the possibility of further selling seems likely. Analysts note that Bitcoin’s current sideways trading is similar to the June-November 2018 range between $5,900 and $7,400, which preceded further selling as the bear market advanced.

Despite Bitcoin’s lackluster trading, popular trader Michaël van de Poppe affirms “It’s time for a green week for Bitcoin,”. Therefore, the most likely outcome for Bitcoin remains that of consolidation as this recent drawdown marks the second-longest wait ever within a bull cycle.

Bitcoin’s weekly time frame chart projects a risk of $29,000 level in case of further downside. Lark Davis @TheCryptoLark believes a better outcome will play out for Bitcoin while speaking along the lines of the July 18 unlock event ”Grayscale just had the biggest GBTC unlock today and nothing exploded. One more big unlock on the 20th and then the whole GBTC crashing #bitcoin narrative will be over”.

On July 18, the Bitcoin network posted its fourth consecutive negative adjustment of mining difficulty, dropping 4.8% to the lowest level recorded since June 2020, according to data from Bitcoin explorer BTC.com.

Ethereum
Ethereum has been largely reflective of Bitcoin price moves lately. A Twitter analyst, MT crypto believes Ethereum is trading near a make or break zone, stating, ”Ethereum is trading close to the lower range. #Ethereum has formed a wedge and now we should watch it for a clear breakout. In case if we break downwards we might see a retest of the lower-range”

Ethereum’s next major upgrade is the London hard fork, although it’s difficult to pinpoint exactly when it will be released. Still, Aug. 4 seems more likely. Ethereum was trading at $1825 as of press time.

XRP Price
XRP’s price chart is set to complete the first “death cross” in five months, signal analysts consider to be bearish. While in theory, the pattern implies a further sell-off, historical data indicates otherwise. Most occurrences save for May 2014 proved otherwise, as those in early February 2021, March 2020, August 2019, April 2018, January 2017, and May 2016 marked major or interim price bottoms.

However, the possibility of the death cross producing further downside cannot be ruled out. Immediate support is the June 22 low of $0.51, followed by $0.43. The June 29 high of $0.73 remains a bullish target.

XRP price could potentially have another play in store, given the progress that it has made in the SEC case. Willian Hinman, a former agency official, is scheduled for a deposition on July 27. He will face questioning by the blockchain firm of his previous statement that indicates Ethereum is not a security. If XRP price can leverage on the positive sentiment, Ripple bulls could ignore the bearish death cross.

Hedera Hashgraph (HBAR)
Many blockchain projects have been working on solving scalability and high latency issues, but the DLT landscape has been expanding in other directions, too. One of the most prominent projects that seek to expand DLT beyond blockchain is Hedera Hashgraph while announcing a recent partnership with Limechain.

With Bitcoin’s lackluster trading, Hedera Hashgraph and other Altcoins are taking a hit. The most likely outcome for Hedera Hashgraph price will be a sideways consolidation in a range between $0.15-$0.18.

Image Credit: Shutterstock

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