Crypto Market Analysis Today [2024.07.04] – Top Coins to Watch: BTC, ETH, BNB, ADA, SOL, LINK Insights

Hello, Welcome to Crypto Market Analysis Today!

• Cardano (ADA): Trending down, at the support level. Watch for a potential pullback or a break below.
• Solana (SOL): Selling pressure with support around 120. On the 1-hour chart, moving to next support at 124. Watch for breakouts.
• Chainlink (LINK): Strong support at 12. On the 1-hour chart, consolidating. Expect a pullback or a break below. Watch for breakouts.

Key Events Today

These events encompass important global news that could affect cryptocurrency market, macroeconomic reports, and economic indicators. For more details, you can check the CoinMarketCal & Crypto Craft

• It’s July 4th, Independence Day in the United States, which is a public holiday. Therefore, we can anticipate low liquidity.

BTC

Looking at Bitcoin (BTC), it’s on a downtrend. It has broken the major support near 60,000, and the next support level is around 56,500.

Looking at the 1-hour chart, the price is close to the support level. We might see a pullback there, or it could drop below that level and continue down to the 50,000 major support level.

ETH

Looking at Ethereum (ETH), it’s also trending downward. Currently, the price is at a support level of 3,200.

Looking at the 1-hour chart, you can see that the price is right at the support. We might expect a pullback at this level, or it could break below and continue down to the next support around 2,900.

BNB

Looking at Binance Coin (BNB), it’s also trending downward. Currently, the price is near the support level of 508.

Looking at the 1-hour chart, you can see that after the consolidation phase, the price broke below the support and is now at a support level. We might expect a pullback here, or it could break below the 508 level and continue to go down.

Cryptos to Watch Today

Cardano (ADA):

Looking at Cardano, it’s trending down, and currently, the price is at the support level. and its pulling back.

Looking at the 1-hour chart, you can see that the price is pulling back up with the trend, and it’s currently at the trendline. If the price breaks below this level, we can expect it to drop. Alternatively, it could pull back and continue to rise, so watch out for breakouts.

Solana (SOL):

Looking at Solana, there is selling pressure coming in, while buyers continue to support the price around the 120 level.

Looking at the 1-hour chart, you can see that the price has broken one support level and is moving down to the next around 124. We can expect the price to continue dropping and potentially pull back from the 124 level, or it could break below that level and keep dropping. Watch out for breakouts.

Chainlink (LINK):

Looking at Chainlink, there is strong support around the 12 level, and the price is at that level right now.

Looking at the 1-hour chart, you can see that the price is consolidating at the support level. We can expect the price to pull back up from this level, or it could break below and continue dropping. Watch out for breakouts.

Conclusion & Disclaimer

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These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing price action market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

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