Crypto roundup: Bitcoin keeps banging at the door; market fear takes a break
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Once again, Bitcoin put a foot in the $US40K door today. And once again, it was swiftly shut out. But as long as it keeps on knocking, there’s a chance it’ll be allowed to come on through and make itself comfortable again.
At the time of writing, BTC was having a smoko, after briefly popping as high as US$40,798. It’s currently changing hands for US$39,795 and looking like it might be ready to join the party again. If it can find itself a wristband, that is. In the past week, the no.1 crypto is up 25.2%.
It’s still currently above the 200-day EMA (exponential moving average) it recently reclaimed. That’s a line of support and resistance reactive to short-term price movements, so cracking the 200-day SMA (simple moving average) will be the bigger deal. And that line is currently closer to $US45K.
If Bitcoin is swiftly rejected by US$40K again, then it might need to find solace somewhere else for awhile, if not at the last-chance saloon, then perhaps at a bar around $US36,000, which several crypto analysts are looking at right now.
A few minutes ago, though, full-time chart watcher Rekt Capital was looking slightly further ahead to the end of the week…
— Rekt Capital (@rektcapital) July 28, 2021
Ethereum, meanwhile, was up 2.01% since this time yesterday, killing time before its EIP-1559 protocol upgrade on August 4, and trading at US$2,303.
Scouting about for “expert price predictions” can feel like watching a darts game in a pub at 1am, so with that in mind, here’s a frothy recent one from another respected analyst and trader, Arcane Bear.
I am just gonna start saying outlandish price things.
This seems to work well
— ArcaneBear.eth🔺 (@arcanebear) July 27, 2021
If you need a bit more context on why people seem so bullish on ETH right now, though, have a quick read of this to get somewhere up to speed.
We’ve been keeping tabs on the cryptoverse’s Fear & Greed Index sentiment chart all week. Was going to give it a break today, but… it moved. All the way up to Neutral. Look out, Greed, it’s got your name on it.
It’s been a lush, green day across the board so far. Some notables in the positive double-digit action include curated NFT platform Blind Boxes (BLES) – up 43.9% on the day; another NFT player SuperFarm (SUPER), +28.9%; XRP, +15.4%; and ThorCHAIN (RUNE), making a bit of a comeback after copping a few hammerings this month. It’s up 11.9% on the day and trading at US$4.29.
There’s been some news of interest for the XRP Army, which helps explain why their token of choice is doing so well today. The coin’s parent company, Ripple Labs, has formed an agreement with SBI Remit – Japan’s largest money-transfer provider – to create a remittance path from Japan to the Philippines.
The news has helped XRP surge to a one-month high of US$0.759. At press time, it was trading at US$0.715. Its July price action so far has been as low as $0.514, down there just a week ago.