SAND, SOL, and ETH Rise as Inflation Talks Continue
According to Wu Blockchain, the Fed did not mention a recession in its June FOMC meeting, but mentioned inflation 90 times. As the second quarter approaches, the FOMC believes that the US economy will improve and the overall trend remains hawkish.
BTC Volatility Will be Experienced Soon
The top ten cryptocurrencies were up during the Wednesday session. Bitcoin (BTC) continued to rise and last visited $21,000 on June 28. SAND, SOL and ETH were the strongest support groups.
According to a Wall Street analyst, Bitcoin is expected to signal that a macro bottom is in place this month. In a Twitter thread on July 6, Wolf noted that key moving averages suggest that the price action will not go lower. Despite calls for the Bitcoin/USD pair to revisit its recent lows, a simple historical trend has pointed out that it has already seen its latest lows.
According to Wolf, the 100-day moving average (MA) will act as a key support level as the market enters a bear market in the coming weeks. He noted that the negative 3d MA100 would likely cross the positive 3d MA200 by July.
The crossover of the two MAs will likely trigger the next major move in Bitcoin. This move is expected to happen on or around July 15. Should the price of Bitcoin avoid a major downside move, $17,600 will likely remain as its long-term bottom.
The concerns about a potential European recession and the ongoing war in Ukraine kept investors on edge. However, the markets could still maintain their resilience as positive US economic data supported the crypto and equity markets.
Despite the historical precedent, it is still impossible to predict what will happen next. However, given the current macro-environment, the market is expected to experience significant volatility before the July 15 deadline. On July 13, June’s Consumer Price Index (CPI) data will be released, which will be of particular interest to market participants.
Ethereum Price Rises Steadily
Ethereum maintained its position above the $1,120 resistance level despite the minor price decline. It initiated the increase in price above the resistance zone.
The bulls were able to drive the price above the $1,160 and $1,150 levels. Ether then broke the $1,185 level and continued to trade as high as $1,194 earlier this week. However, a minor correction below the $1,180 level led to a drop. The price is now trading below the 23.6% Fibonacci level of the recent up move.
The price is currently trading above the $1,150 and the 100 simple moving averages. However, it is expected to face resistance near the $1,160 area in the coming days.
The price is currently trading near the $1,190 level and is expected to continue rising. The next major resistance is around the $1,120 area, which could lead to a stronger move higher. If the bulls maintain their actions, the price could reach the $1,250 resistance.
SAND Major Indicators Showing Positive Values
According to data collected by Santiment, the major indicators of the SAND movement improved over the past day. In the previous 24 hours, a significant amount of the tokens were sent to exchanges, while folks withdrew a small amount. It suggests that a further price increase is likely due to occur.
The resistance level at $1.35 is the midpoint of a range established in late May when prices were trading at around $1.50. A break above this level would trigger a significant move up. The 14-day relative strength index, a measure of price strength, would also need to surpass its boundary to confirm its presence.
Avalanche (AVAX), Solana (SOL), FTX Token (FTT), and Sandbox (SAND) are among Thursday’s top gainers. Over the last 24 hours, these tokens have gained 2.04%, 2.28%, 2.72%, and 1.91%, respectively. According to CMC, these coins are $36.84, $19.30, $26.08, and $1.25, respectively.
