July

The market could be ready for solid growth if bulls provide just a little bit of help to Bitcoin, which is actually in a better position than may seem at first sight. Meanwhile, Dogecoin and XRP are struggling to keep their important psychological targets.

Bitcoin does not need much

The price structure of Bitcoin is preparing for what might be a significant surge toward all-time highs. After a significant decline in September, Bitcoin is currently trading just above $115,000 and is in a technically advantageous position. 

• Moving averages, market structure and momentum indicators all point to the possibility that Bitcoin could spark a run toward the $150,000 mark with just steady inflows.

• Following its breakout last week, the $114,000-$115,000 range has become near-term support, and Bitcoin is currently consolidating above it. With the 50-day EMA (~$113,400) and 100-day EMA (~$111,300) converging near the price, the daily chart displays Bitcoin trading above its major moving averages.

• This support level clustering offers a solid technical foundation, lowering downside risks and promoting bullish sentiment. The 200-day EMA, which is much longer and sits at about $105,200, supports the current upward trend.

With the Relative Strength Index (RSI) at about 55, there is still opportunity for growth without running the risk of an overbought situation right now. Consistency in trading volume, as opposed to excess, points to controlled accumulation rather than speculative overheating. Crucially, there is not much of a barrier separating Bitcoin’s current levels from the $120,000-$125,000 range, and once that barrier is removed, the road to $150,000 will be comparatively clear. 

BTC/USDT Chart by TradingView

Bitcoin appears to be bullish on all fronts from a structural standpoint. It is devoid of consistent inflows, whether from retail buying pressure, institutional demand or ETF activity. Recent ETF flows have been encouraging but not particularly strong; a spike in these funds could give Bitcoin the boost it needs to start rising.

XRP loses it again

XRP has once again dropped below the crucial $3 threshold, disappointing bulls who thought the token’s recent breakout would signal the start of a more robust rally. This month, XRP briefly tested $3.20 before slipping back to trade around $2.99, casting doubt on whether its momentum can last.

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The breaking of a descending resistance line that has limited XRP’s movement since July’s highs was attempted on the daily chart. The breakout appeared promising at first, but sellers intervened near $3.20 as the move rapidly lost steam. The rejection has essentially turned XRP into resistance once more by forcing it back below the breakout line. Stronger support at the 100-day EMA (~$2.81) follows the short-term support at $2.96. XRP could decline toward $2.60, where the 200-day EMA offers longer-term structural support if these levels do not hold.

Along with declining trading volumes in comparison to the July surges, the chart also demonstrates waning bullish conviction. This lack of action highlights how flimsy XRP’s current upward trend is.

The cause was a weakness in the network. Fundamentals are exerting additional pressure beyond the technical picture. In recent weeks, network activity has been gradually decreasing, and daily payment counts have drastically decreased in comparison to August highs.

Dogecoin’s worst decline

After briefly reaching new multi-month highs, Dogecoin saw its steepest decline since July, plunging precipitously from the $0.30 level. It is unclear if this is merely a correction or the beginning of a more significant reversal, as the meme coin, which had been experiencing significant bullish momentum throughout early September, is currently finding it difficult to maintain above $0.27.

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This is the worst crash since July. DOGE has seen its largest single decline since mid-summer, when it last experienced comparable selling pressure following the steep rejection from the $0.30 resistance zone. During the pullback, trading volumes increased, suggesting that profit-taking was the main factor causing the movement. Although the setback has occurred, DOGE is still above critical moving averages, indicating that the overall upward trend is still in place.

DOGE may rebound toward $0.28 and retest $0.30 if it can hold above the $0.26-$0.27 support zone. At these prices, robust buyer interest would validate the pullback as a sound correction within a continuing upward trend. Another possible course is sideways consolidation, which would occur between $0.24 and $0.28. 

This would enable momentum indicators like the RSI, which had just entered overbought territory, to be reset and moving averages to catch up. Consolidation like this could strengthen the foundation for a future breakout above $0.30.

The token could drop toward the $0.22–$0.21 region, where the 100-day and 200-day EMAs align, if sellers push DOGE below the $0.24 support. A breakdown here might portend the end of the bullish trend that started in July and pave the way to a more significant correction.

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