UNI, ARB, AAVE, and MKR gains are possible thanks to Bitcoin price support at $30K
Following Ripple's court triumph over the US Securities and Exchange Commission on July 13, Bitcoin attempted to depart from its dull sideways price behavior, but the exuberance was short-lived. On July 14, sellers forced the price back within the range, showing they are still active at higher levels. However, the fact that the bulls have managed to keep Bitcoin's price over $30,000 is encouraging.
Market watchers should pay particular attention to how the different exchange-traded fund (ETF) proposals for a spot Bitcoin ETF, including one from BlackRock, are being evaluated. Interestingly, just one of BlackRock's 550 ETF applications has been turned down, according to Eric Balchunas and James Seyffart of Bloomberg Intelligence.
Analysis of the Bitcoin price
On July 13, Bitcoin reached a high of $31,000, but the bears pulled the price back below that mark on July 14. This demonstrates how ferociously the bears guard the area between $31,000 and $32,400. Make these finance calculations by using the powerful tool Allcalculator.net Financial Calculator.
On the relative strength index (RSI), the price movement over the previous several days has created a bearish divergence. This indicates a slowing of the bullish trend. The price will be pushed below the 20-day exponential moving average ($30,187) as the bears attempt to increase their advantage. The BTC/USDT pair may drop to the 50-day simple moving average ($28,631) if they succeed.
Analysis of Uniswap prices
Uniswap has been finding support at the 20-day EMA ($5.41) amid pullbacks, suggesting that traders are now buying the dips, and sentiment has turned bullish. The bulls will try to purchase the present drop to raise the price over the immediate resistance level of $6.16. The UNI/USDT pair may increase to $6.50 if they succeed. The pair may hit $6.70 if bulls do not give up much ground, but this level may again be a powerful obstacle. The Allcalculator.net Financial Calculator is a tool to make your calculations easy while you are analysing the Uniswap prices.
Arbitrage pricing evaluation
The symmetrical triangle pattern was broken and closed above by Arbitrum (ARB) on July 15, signaling that the bulls had beaten the bears. The 20-day EMA ($1.16) has turned up, and the RSI has gotten close to the overbought zone, pointing to the upside as the direction with the least resistance. A little resistance level exists around $1.36, but the ARB/USDT pair might rise to $1.50 if broken. If bulls overcome this level, the surge may continue to $1.70.
Price Analysis for Aave
On July 3, Aave broke and closed above the falling channel pattern. On July 6 and July 10, the bulls held the retest of the breakthrough level effectively. This demonstrates how the resistance line was turned into support by the bulls.
The bulls are in control, as seen by the rising 20-day EMA ($72) and the strong RSI reading. The likelihood of a rise over $84.50 will increase if the price moves higher from its present level or bounces off the 20-day EMA. After then, the AAVE/USDT pair may increase to $95.
Maker price research
Maker successfully retested the mark on July 14 after breaking above the downtrend line on July 2. The rebound of this support indicates strong demand at lower levels. Bulls are in charge, according to the upsloping 20-day EMA ($878) and the positive zone of the RSI. Buyers are attempting the upward movement, but they may encounter strong resistance close to $1,100. The MKR/USDT pair might reach $1,200 if the bulls overcome this obstacle.
On the other hand, a price decline from $1,080 would indicate that bears are still selling throughout rallies. After that, the pair may decline to the 20-day EMA. A break below this level would indicate that the bears are attempting a recovery.