Bitcoin, Ether, Major Altcoins – Weekly Market Update July 25, 2022

The cryptocurrency market erased $3 billion from its market cap during the last seven days and now stands at $1,008 billion. The top 10 coins were all in green for the same time period with ether (ETH) and Cardano (ADA) being the biggest gainers with 13.6 and 9.9 percent of gains respectively. Bitcoin (BTC) is currently trading at $21,916 while ether (ETH) is at 1,530.

BTC/USD

Bitcoin closed the trading day on Sunday, July 17 at $20,800 on its first day in red since July 12 when it hit the $19,000-$19,500 support zone for the third time. As previously mentioned, the biggest and most popular cryptocurrency was trading in a range while also slowly building a Triple Bottom pattern on the daily timeframe chart.

BTC was trading in the wide range between $18,900 – $20,600. It successfully found it’s mid-term low and started an aggressive movement in the upward direction during the previous seven-day period.

On Monday, July 18 bulls continued to push the price of bitcoin higher. It added 7.7 percent to its market cap and climbed all the way up to $22,460, surpassing both the 21-day Exponential Moving Average (EMA) and the previous range high – $21,500.

Things did not change on Tuesday and the price rally remained uninterrupted. We could clearly see the Relative Strength Index (RSI) entering the overbought territory, but at the same time, there was a visible liquidity gap on the daily chart up to $28,000-$29,000.

The mid-week session on Wednesday came with a push to $24,300 in the morning, but bulls could not keep up with the momentum and the BTC/USDT pair ended the day in red, at $23,300.

On Thursday, July 21, bitcoin started moving in a downward direction. It headed south after failing to break back into the resistance area and the liquidity gap area mentioned above which had a lower boundary at $23,500. It closed the day at $23,094

The Friday session was no different and BTC dropped down to $22,670 in a day with higher volatility.

The weekend of July 23-24 started with a touch of the 21-day EMA at $21,800 on Saturday, but bulls still remained strong thus avoiding a big decline in the price of BTC. Then on Sunday, we saw the first green candle in a while as all losses from the previous session were erased.

What we are seeing on Monday is another day in red. The BTC/USDT pair is now at the 21-day EMA and the previous range high so at strong support which has to be re-tested successfully before the next leg up.

ETH/USD

The Ethereum project token ETH was heading North in the last couple o weeks despite falling down to $1,337 on Sunday, July 17. It rallied 36 percent in the upward direction to erase almost all losses since mid-June. The upcoming Proof of Stake (PoS) merge and the renewed bullish activity made the ether one of the best performing digital assets in the Top 10 list.

On Monday, July 18 the ETH/USDT pair formed a huge green candle to $1,584, which corresponded to an 18 percent jump. Both the short-term 21-day EMA and the range high were successfully broken to the upside.

ETH ran into a resistance zone on Tuesday and was rejected near the $1,620 mark, which resulted in a price pullback down to $1,543.

On the third day of the workweek, we saw a second consecutive day in red as bears pushed the price to $1,520.

Just like in the case of Bitcoin, there is a gap to be filled up to $1,800 for the Ethereum token, so the most probable scenario here is to see an uptrend continuation at least until the Dollar Index continues to underperform.

On Thursday, the ETH/USDT pair moved up to $1,574 in a volatile session during which it was trading in the $1,460-$1,600 range.

Then on Friday it was rejected at the entry of the next resistance zone and closed the day with a loss.

The first day of the weekend came with a relatively calm session during which the ether remained above $1,500.

It hit $1,665 in the early hours of trading on Sunday before closing at $1,600. It was more than obvious that ETH is in a consolidation phase, possibly a bullish rectangle.

The coin is hovering around $1,530 midday on Monday.

Leading Majors

• Cardano (ADA)

Cardano’s Vasil hard fork launched on testnet in early July and the community reacted by pushing the price of ADA/USDT above the 21-day EMA or 25 percent above the strong $0.40 support zone. Since then, however, the coin is struggling to maintain the bullish momentum despite the fact that Vasil’s mainnet launch is getting closer and closer (scheduled for the end of July).

Currently, ADA is trying to confirm a breakout above the June highs around $0.53 which will open the door for a further increase up to the zone above $0.60.

Hard support at the $0.40 mark. 24-hour trading volumes are weaker now compared to last week’s values and are below the average for the 14-day period.

Altcoin of the Week

Our Altcoin of the week is Fantom (FTM). The Fantom project is one of the well-known Layer 1 solutions, an Ethereum competitor that was on the rise in Q4,2021 but experienced a Double-Top rejection in January 2022 that forced it to erase more than 95 percent of its valuation before bottoming around $0.20 this July.

FTM is the native token of the Fantom asynchronous byzantine fault-tolerant Layer 1 blockchain protocol.

The FTM/USDT pair rallied 41 percent during the last seven days making it a total of 84 percent increase since finding its 10-month low a few weeks ago.

The main reason behind the surge in the price of FTM is the renewed interest in the DeFi ecosystem fueled by the upcoming Ethereum Proof of Stake (PoS) merge.

The altcoin is currently trading above its 21-day EMA, trying to confirm its breakout by stabilizing above the $0.30 support/resistance area on the daily timeframe chart. If this is successful, we can expect a bullish continuation up to the next horizontal resistance near $0.42 which is approximately 35 percent above the current price.

Fantom is ranked at #61 on CoinGecko with a market cap of approximately $827 million.