Bitcoin surged back to 63,000! Analyst: 'These 4 coins' are very strong, could continue to rise sharply this week?

Market - 2024.07.01 - By Ariel
Bitcoin broke through $63,000 this morning! Analysts pointed out that Bitcoin is currently oscillating between $56,552 and $73,777, and also mentioned the strong performance of 4 other cryptocurrencies, for reference only, not as investment basis.
Contents

01
Bitcoin rebounds to 63,000! Analyst points out strong trends for 4 other coins
02
Toncoin ($TON) Price Analysis and Forecast
03
Avalanche ($AVAX) Price Analysis Forecast
04
Kaspa（$KAS）price analysis forecast
05
Monero ($XMR) Price Analysis Forecast
Bitcoin rebounds to 63,000! Analyst points out strong trends for 4 other coins

Bitcoin fell below $60,000 last week, but it has also started to rebound. According to senior analyst Rakesh Upadhyay from Cointelegraph, Bitcoin's current range of volatility is still between $56,552 and $73,777. Since the direction of the breakout is difficult to predict, traders should either trade within the range or wait for a breakout before making large bets.

Upadhyay pointed out in the early hours of today (1st) that if Bitcoin closes above $62,500 on the daily chart, it means that the bulls are trying to make a comeback and may rise to the key resistance level of $64,602, and then challenge $70,000. In addition to Bitcoin, Upadhyay also mentioned another 4 cryptocurrencies that appear to be performing the strongest, and provided short-term support and resistance level analysis for reference only, not as an investment basis.

Toncoin ($TON) Price Analysis and Forecast

Upadhyay pointed out that Toncoin ($TON) is striving to maintain above $7.67, with a bullish sign being that the 20-day moving average ($7.43) is a relatively reliable support.

Currently, the moving averages on the daily chart of $TON are trending upward, and the relative strength index (RSI) is also in the buy zone, indicating that the most likely future trend is a pump. If the daily closing price can still maintain above $7.67, the next rebound may retest the key resistance at $8.29. If this level is breached, $TON may attempt to rise to $10.

On the contrary, if $TON suddenly falls sharply and falls below $6.6, the short-term bullish view will be invalidated because the head and shoulders bearish pattern will be formed, and the target price of the pattern's decline is $4.91. Upadhyay pointed out that from the 4-hour trend, the bulls bought on dips from the 50-moving average. The target price of $8.29 can be seen after breaking through $7.67. However, the shorts are unlikely to give up easily, and investors should pay more attention to the resistance levels of $7.87 and $8.1.

If the 4-hour chart of $TON falls below and closes below the 50-period moving average, it means that short-term traders are selling, and it may subsequently fall to $7 and $6.77 in sequence. It is expected that the bulls will actively defend the area between $6.66 and $6.77. Avalanche ($AVAX) price analysis prediction.

Upadhyay pointed out that if the bulls push Avalanche ($AVAX) above the $29 resistance level, it may see a strong rebound and may challenge the 50-day moving average ($32.78) resistance next.

However, if $AVAX suddenly reverses and quickly falls below $29 from the current level, it means that $29 has turned into a resistance level for shorts. Subsequently, $AVAX may retest the intra-day low of $23.51 on June 24. Upadhyay points out that from the 4-hour trend, $AVAX is trying to form a head and shoulders pattern, and when it breaks and closes above $29, the target price for this pattern is $34.5.

However, if $AVAX suddenly falls below the 20-day moving average (near $27.73), it is advisable for short-term traders to take profits, as the price may fall to the 50-day moving average (near $26.42) and eventually to $23.51. Kaspa ($KAS) price analysis prediction

Upadhyay pointed out that on June 29th, US time, Kaspa ($KAS) suddenly experienced a big pump and closed above the $0.19 resistance level, completing the cup and handle pattern.

Currently, the moving averages on the daily chart of $KAS are trending up, while the RSI has entered the overbought zone, indicating that the bulls are in control of the market. If the price can stay above $0.19 in the future, it may usher in the next stage of the upward trend. The first target price is to look at $0.24, followed by the handle target price of $0.28.

However, if $KAS falls sharply from the current level and breaks below $0.19, it would indicate that the recent breakout could be a bull trap, potentially pushing the price down to the 20-day moving average ($0.16). Upadhyay pointed out that although the shorts have attempted to push the price below $0.19, the bulls are still holding their ground. The bulls will attempt to leverage their advantage and push the price to $0.22, followed by $0.24.

If the shorts want to make a comeback, they must quickly push the price down to the $0.19 level, followed by the 20 EMA (around $0.1825), which may trigger liquidations, bringing the price back to the 50 EMA (around $0.1677). Monero ($XMR) price analysis forecast

Upadhyay pointed out that Monero ($XMR) rebounded from the 20-day moving average ($165), indicating a shift in market sentiment towards bullishness, with traders buying the dips.

Currently, the 20-day moving average of $XMR is flat, while the RSI is slightly above the neutral zone, indicating that the shorts are losing control. After breaking above $172, there may be a rebound to the strong resistance level of $180, and then rise to $190.

However, if $XMR suddenly falls from the current level and breaks below the 20-day moving average, it means that the shorts have not given up yet, and it may fall to the 50-day moving average ($155). If the daily chart falls below and closes below the 50-day moving average, the shorts will regain the advantage. Upadhyay pointed out that from the 4-hour trend perspective, the two moving averages of $XMR have completed the golden cross, and the RSI is also in the buying zone, indicating the bullish advantage. $XMR quickly broke through the small resistance at $172, and it may pump to $180 next.

However, if $XMR suddenly falls and breaks below the 50 moving average (near $165.02), the short-term bullish view will become invalid. Subsequently, shorts will attempt to pull the price below the support area of $160 to $156.