Mainstay crypto platforms led a market surge this week even as more crypto companies buckled under the effects of crypto contagion. The amount of Bitcoin outflows from exchanges continued to break records as Ethereum successfully merged another testnet and Reddit joined forces with Polygon to build an NFT marketplace.
EVMOS +33.9%
AAVE +23.0%
RUNE +22.1%
ATOM +21.8%
MATIC +20.5%
KCS -7.7%
AMP -6.8%
XAUT -5.0%
PAXG -4.9%
LTC -2.1%
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We saw bullish pressure begin to build mid-week and Bitcoin gained strength, finally moving into the neutral zone of the Fear and Greed index after months of signaling extreme fear. The amount of BTC leaving crypto exchanges continued to break records as liquidation events force many to maneuver their assets to cover losses.
Last week, we reported on the 2-hour chart that Bitcoin was caught in a triangle.
Early morning on July 8th, we saw Bitcoin break out of the chart with strong volume. Expect price volatility for the next few days as we figure out where the market currently stands.
On the BTC 1-Day chart with sentiment shifting in Bitcoin near-overnight.
We must proceed with caution before claiming Bitcoin will moon with long-term resistance that dates back to March 2020.
Altcoins felt a nice surge this week, with many top 100 coins posting double-digit gains, led by ThorChain (RUNE), Aave (AAVE), and Polygon (MATIC).
On the 2-hour Ethereum chart, we can see that a new level of resistance has been building over the last four weeks.
The price was again denied at around the $1280 mark early morning on July 8th. If the market is doing well and we see overall sentiment improve, we could see a breakthrough in this $1280 resistance. Keep an eye out for this resistance and the overall state of the market.
We saw bullish pressure begin to build mid-week and Bitcoin gained strength, finally moving into the neutral zone of the Fear and Greed index after months of signaling extreme fear. The amount of BTC leaving crypto exchanges continued to break records as liquidation events force many to maneuver their assets to cover losses.
Last week, we reported on the 2-hour chart that Bitcoin was caught in a triangle.
Early morning on July 8th, we saw Bitcoin break out of the chart with strong volume. Expect price volatility for the next few days as we figure out where the market currently stands.
On the BTC 1-Day chart with sentiment shifting in Bitcoin near-overnight.
We must proceed with caution before claiming Bitcoin will moon with long-term resistance that dates back to March 2020.
Altcoins felt a nice surge this week, with many top 100 coins posting double-digit gains, led by ThorChain (RUNE), Aave (AAVE), and Polygon (MATIC).
On the 2-hour Ethereum chart, we can see that a new level of resistance has been building over the last four weeks.
The price was again denied at around the $1280 mark early morning on July 8th. If the market is doing well and we see overall sentiment improve, we could see a breakthrough in this $1280 resistance. Keep an eye out for this resistance and the overall state of the market.
Polygon’s Layer-2 platform has been at the forefront of Ethereum scaling solutions since 2017. With a team flush with (Ethereum) engineers and backed by major investors and advisors like Mark Cuban, Polygon has been able to build out a secure solution for lightning speed transactions, with an internal testnet achieving 7000 tps.
Read our full Polygon Coin Profile as we dig into the project's fundamentals, tokenomics, traction, and much more.
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