Crypto Market Analytics July 29th | Dex-Trade
BTC Bull Dominance, ETH Weekly Rally and OP’s 50% Daily Growth Recipe: Trading Week Results and Expert Forecasts
Just 7 days ago, we cautiously and with some skepticism looked at the growth of quotations of the main digital assets, since the protracted "crypto winter" had a strong impact on the decisions of investors and traders. However, yesterday, BTC was again trying to gain a foothold above the $24,000 level, and this intention is clearly maintained, as the price of the coin bounces up from the $23,700 area. The current trading with a clear conscience can be considered bullish not only for Bitcoin, but also for the altcoin market. It seems that the upcoming “great” update of Ethereum 2.0 with the transition of the coin to Proof-of-Stake is the most attractive “bait” for investors who are simultaneously considering investing in alternatives to crypto-silver. But do not take the current period in the crypto market as a clear bullish breakout. The Bears still hold the lead in many ways and are ready for revenge, but it’s clearly not this weekend. Now it’s worth monitoring the technical market indicators very closely and be ready for a trend reversal “out of the blue” as the financial and economic crises continue to increase their influence on the crypto market. However, if we are informed, then we are armed. So let's look at the current market condition in detail.
BTC Rally to $30,000 or Another Illusion?
Over the past few hours, Bitcoin has confidently taken a course to overcome the $24,000 mark and is trading in a range between $27,738 and $24,050 with a short-term peak at $24,110. Analysts are divided in their assessments of bulls and bears dominance, but the current rise in BTC is obvious, and the current price achievements are clear inspire bulls to create long-term positions, as all technical indicators point to further growth. Over the past three days, the BTC/USD trading pair has increased in price by 18%, which can be quite confidently called good news for the entire crypto industry. The crypto king is now aiming for $25,000. The uptrend is likely to be a difficult test for bulls as short sellers are already waiting in positions around $25,000. In this case, everything will depend on the demand for crypto-gold.
This time there is no bull trap in sight as the buyers are in full control of the hourly charts. On Friday, the bulls allowed a small rebound to $22,800, but quickly made up for lost time and returned the price above $23,000. Further profit-taking near the lower levels is possible. The upward price movement is still smooth, but not limited, as all technical indicators are in the green zone. RSI has crossed the 70 mark, which means that buyers are now feeling quite confident. MACD showed a successful cross yesterday, so as long as the bullish rally continues, buyers will be able to close the day above $24,000, and institutional investors and whales are likely to join the trend.
ATH in the Number of ETH Addresses and a Local Peak Above $1,750
ETH continued its powerful rally and for a short time even managed to overcome the psychological mark of $1,750, reaching the level of $1,771 and the number of active addresses in the coin network, making daily transactions, for the first time in history, reached 1.1 million. Many market analysts are confident that if ETH manages to close above $1,680, it will only be a matter of time before the rally to $1,800 continues, and it’s not too long. At the same time, the resistance at $1,740 continues to be a major hindrance for the bulls.
Yesterday's candle broke through the 100-day exponential moving average (EMA) and the price was poised to fix above $1,750, but it hasn't happened yet. However, the main indicators point to the continuation of the bullish momentum, which means that even a short-term touch of the $1,800 mark can be considered a successful realization of the bullish potential.
OP Returns to Its Starting Level and Grows by 45% Per Day
The Ethereum Optimism (OP) layer 2 scaling solution grew by 45% in a day, and the coin’s two-day growth rate was about 90%. One of the secrets of the sharp uptrend of the token was the increase in the total value of funds blocked in DeFi protocols. The reason for the price increase was the growing interest in the token against the backdrop of a whole set of news around Ethereum. OP launched just two months ago with a starting price of $1.59. Now the coin is trading at $1.66, while its average price from June 16 to July 16 was about $0.5.
Over the past 2 days, the rate of the coin has broken through MA-7 and MA-25, which indicates a rapid bullish momentum. According to data from DeFi Llama, the amount of OP locked in DeFi protocols has exceeded $500 million, while Velodrome Finance (a liquidity protocol) alone now holds $100 million. But, despite the “market awakening,” we strongly recommend not to become victims of FOMO and carefully set your investment priorities.
