Welcome to our latest crypto market outlook for July 1st!
July is finally here, and historically, July and August tend to be bullish months. Are you ready for the next big bullish wave? Here are 5 interesting altcoins currently hovering around key rejection levels this week: DOGE, HBAR, LPT, RENDER, and XLM.
Today, we will cover the following topics:
– BTC Analysis
– 5 Altcoins Analysis
– Quotes / Advices
– Closing Remarks
BTC analysis
As per our last roundup article, BTC rejected the $100,000 round number and has been trading higher with strong momentum.
Currently, BTC is retesting the upper boundary of its falling channel marked in red.
For the bulls to stay in control, a breakout above the red trendline and the $112,000 all-time high is needed.
In parallel, if the last low marked in green at $106,250 is broken, a bearish correction toward the $103,000 demand zone would be highly likely.
5 Altcoins Analysis
DOGE has been bearish from a medium-term perspective, making new lows over the past couple of months.
However, it is currently retesting a strong support zone around the $0.15 round number.
For the bulls to take over again and ignite a strong impulse toward the $0.30 round number, a break above the last major high at $0.185 is needed.
Meanwhile, DOGE could still dip lower to retest the lower bound of the support at $0.12.
As per our last altcoins article, HBAR is still rejecting the $0.15 demand zone and round number marked in red.
As long as this zone holds, we can expect a potential long-term bullish movement to kick in from here.
For the overall momentum to shift back to bullish, a break above the inverse head and shoulders neckline marked in red at $0.1635 is needed.
As per our last LPT analysis, it broke above the falling channel marked in red, shifting the bias from bearish to bullish.
As long as LPT continues to trade within the flat rising channel marked in green, we will be looking for trend-following long setups on every bearish correction.
Just like HBAR, XLM has also been rejecting a strong support zone between $0.20 and $0.225.
For the bulls to take over long-term and ignite the next major bullish wave, a break above the last major high at $0.252 is needed.
Meanwhile, XLM remains bearish and could still dip deeper into the blue support zone before trading higher.
RENDER has been rejecting a massive weekly support zone between $2 and $3.
As long as the $2 round number holds, we will be looking for long opportunities targeting the $7 round number, which aligns perfectly with the upper bound of the falling channel marked in red.
From a medium-term perspective, RENDER has been hovering within a range forming an inverse head and shoulders pattern.
For the bulls to take control, a break above the neckline marked in blue at $3.5 is needed.
Quotes / Advices
Markets are never wrong – opinions often are.
~ Jesse Livermore
Closing Remarks
In summary, with July and August historically leaning bullish, the crypto market may be on the verge of its next major rally.
DOGE is retesting the $0.15 support zone, with a break above $0.185 needed to target the $0.30 round number.
HBAR continues to reject the $0.15 demand zone and needs to break $0.1635 to confirm a bullish reversal.
LPT has flipped bullish after breaking above its falling channel and remains attractive for long setups within its rising channel.
XLM is holding a strong support between $0.20 and $0.225, but needs to break $0.252 to validate a long-term bullish shift.
RENDER is bouncing off weekly support between $2 and $3, with $3.5 as the key neckline for a breakout toward the $7 target.
