In June, nonfarm payrolls increased by 209,000, falling short of the expected 240,000 jobs, pointing to a cooling labor market. Despite this, the average hourly earnings growth remained steady at 0.4% from May and 4.4% from a year ago.
The report didn’t change the anticipation of a 25 basis point rate hike by the Federal Reserve at the next meeting, keeping U.S. equities markets under pressure as all major indices saw declines for the week. The S&P 500 dropped by 1.16% and the Nasdaq was down by 0.92%.
JPMorgan managing director, Nikolaos Panigirtzoglou, noted that a spot Bitcoin (BTC) exchange-traded fund (ETF) might not be a significant game-changer for the crypto world, referencing low interest in spot Bitcoin ETFs in Canada and Europe.
As the market waits to see if Bitcoin bulls can surpass the overhead resistance, potential altcoins might follow suit in an upward trend. Let’s review the charts of the top five cryptocurrencies indicating signs of upward movement.
Bitcoin price summary
Bitcoin’s price has been fluctuating between the 20-day exponential moving average ($29,854) and the resistance at $31,000, reflecting uncertainty among market participants.
The BTC/USDT pair has shown signs of support at the 20-day EMA, and if buyers breach the $31,500 hurdle, the pair could embark on an uptrend targeting $32,400 and potentially $40,000.
If the bears take control and pull the price below $29,500, it could trigger a correction to the 50-day simple moving average ($28,101).
In the 4-hour chart, the pair is confined within $29,500 and $31,500, signaling a potential range breakout, making it advisable to wait for a confirmed range escape to make substantial investment decisions.
A break above the 50-SMA could push the price upwards, while a fall below $29,500 might lead to a correction towards $27,500.
Solana price outlook
Solana (SOL) has been trading within a range of $15.28 to $27.12, with recent upward movement indicating a bullish comeback after overcoming the downtrend line.
Bullish crossovers in moving averages and RSI near overbought levels suggest further upside potential, with resistance at $22 and potential rallies to $24 and $27.12.
On the downside, paying attention to the $18.70 support is crucial, as a breach might lead to a decline towards $16.18 and $15.28 support levels.
With moving averages trending upward and RSI in positive territory on the 4-hour chart, bullish sentiment prevails. However, a drop below the 20-EMA could signal profit-booking, potentially leading to a decline to the 50-SMA.
Avalanche price forecast
Following a struggle near the 50-day SMA ($12.99), Avalanche (AVAX) managed to breach the level on July 8.
With potential bullish crossovers in moving averages and RSI in positive territory, the AVAX/USDT pair might climb to $16, facing resistance at this level.
Seeking support at the 20-day EMA ($13) during corrections could indicate an upward move towards $18, while $12 remains a key support level, a break below which might lead to a decline to $10.52.
The symmetrical triangle pattern breakout on the 4-hour chart suggests bullish momentum, with potential resistance at $15, but a bounce off the 20-EMA might signify an opportunity for bulls to resume control.
Quickly pulling the price below moving averages may indicate bearish pressure, potentially leading to a drop to the triangle’s support line.
Filecoin price projection
Filecoin (FIL) is forming an inverse head and shoulders pattern, with a potential breakout above the $5 neckline.
Anticipated bullish crossovers in moving averages and positive RSI levels hint at bullish sentiment. Breaking above the neckline could lead FIL/USDT to initiate an upward move with a target around $7.30.
Monitoring support and resistance levels during price movements is essential for assessing potential trends.
The possibility of a short-term downturn exists if the price falls below the moving averages. This could lead to a decrease in the pair’s value to $3.5 and eventually to $3.
The 4-hour chart indicates that the pair is currently undergoing a corrective phase, with buyers attempting to push the price above the moving averages. A successful push would signal the end of the correction, potentially propelling the pair towards the $5 resistance level.
However, if the price reverses from the moving averages and drops below $4.20, it would indicate ongoing negative sentiment in the short term, with traders selling during price increases. This could cause the price to drop to $4 and potentially to $3.60.
EOS Price Analysis
EOS is displaying a pattern of forming higher highs and higher lows, indicating a possible shift in trends in the near future.
The 20-day Exponential Moving Average (EMA) at $0.73 has stabilized, and the Relative Strength Index (RSI) is close to the midpoint, suggesting a decrease in selling pressure. To indicate a potential end to the downtrend, buyers would need to push the price above the resistance level at $0.79. In that case, the EOS/USDT pair could rise towards $0.93.
On the other hand, a rejection from the overhead resistance would signal continued bearish activity at higher levels. This could result in the pair trading within a range between $0.60 and $0.79 for some time.
The 4-hour chart reveals a gradual upward movement in the pair. If buyers manage to surpass the 50-SMA, the pair could retest the resistance at $0.79. Breaking through this obstacle could potentially send the pair soaring to $0.83 and eventually to $0.90.
However, if the price declines and breaches the uptrend line, it would indicate a resurgence of bearish momentum. The pair might then decline to $0.67 and later to $0.64.
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