The cryptocurrency market had a bullish week not seen since before the FTX bankruptcy. jThere are over 7 consecutive days of appreciation and with cryptocurrency recording over 10% in less than 24 hours.
Bitcoin (BTC) price was one of the catalysts for the bull market. With gains of 15% in the past seven days, the bulls took advantage of the release of the US Inflation Index to deliver The market encouraged and pushed bitcoin price from $16,600 to $19,500, again seeking the psychological $20 million level.I am.
Lendel Lucas, co-CEO of iVi Technologies, notes that the next resistance to be broken is $21,300, which is the pre-crash value for FTX. The expert points out that if this is overcome, it will give Bitcoin a lot of power, not only in terms of price, but also in terms of market sentiment, and with that, Bitcoin can gain more power to search for higher values around the US. $25,000.
“One of the main reasons for the price hike was the release this week of US inflation figures for December 2022 (CPI) that show weakness, yet a larger expectation from the Federal Reserve (US central bank) to be less stringent in raising interest rates, and perhaps start to cut rates. interest later this year.
However, leading the week’s rally is Gala Games’ metaverse cryptocurrency GALA, which posted a staggering 139%, bringing back the spark in the eyes of investors who remembered the 2020/21 bull market times.
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The rise in GALA has been driven by an important partnership announced by Gala Games with Dwayne Johnson, popularly known as The Rock. According to a statement from GALA, users will be able to scan a QR code to purchase movie tickets and win select digital prizes even on Netflix.
“A break above this 50-day moving average could push Gala price first to the 100-day moving average at $0.08716 and then to $0.20 all-time high at $0.87. Super Trend just issued a buy signal On the same 3. Daily time frame chart, analyst John Izeg said buyers are in power, so the path of least resistance remains to the upside.
The other cryptocurrency that posted gains of over 70% for the week was Aptos (APT) with a 7-day cumulative gain of over 74%. Analyst Trent Rudd says the RSI for APT at 81.30 indicates that it could be overbought now.
It also highlights that the MACD indicator for APT is also indicating an uptrend. The MACD line is currently at 0.4660 while the signal line is at 0.0997. The histogram is also positive at 0.3663, which indicates a significant distance between the MACD and the signal line.
“APT is currently trading at $7.04 and is rapidly approaching significant resistance in the range of $7.1620-$7.2234. If the resistance is not broken, there is a strong support level at $5.1847 and $5.3922. If APT can break the current resistance Crucially, moving to $10 is a real possibility.”
In third place among the most gaining cryptocurrencies is Decentraland (MANA) with an increase of 66% per week. The rally is linked to the launch of an index, based on MANA, on the world’s largest derivatives exchange, CME Group. In addition, the development team announced Metaverse news in the week, which encouraged investors.
“In general, Decentraland price analysis shows a strong bullish trend and strong buying pressure that sets it up to break the $0.5 resistance level and continue its upward journey soon. The support is at $0.35 and $0.4 and the main resistance levels are at $0.45, 0.5 and $0.68, respectively,” he highlighted. On analysis by Coin Edition.
Zilliqa and Curve Dao
Ranking fourth and fifth, with an increase of more than 51% and 45% are Zilliqa (ZIL) and Curve Dao (CRV), respectively. In the case of ZIL, the increase was driven by the recent announcement that the platform will now support the Ethereum Virtual Machine (EVM).
Thanks to EVM compatibility, everyone in the Zilliqa ecosystem will be able to seamlessly communicate with other EVM compatible chains on different networks. The Zilliqa blockchain is about to become more open and functional, with huge potential to explore areas such as decentralized finance (DeFi) and more.
“Negative Moving Average Convergence Divergence (MACD) shows that ZIL is still showing a sell signal, although the asset’s Relative Strength Index (RSI) 48.33 shows that it is not yet overbought,” said Jimmy Ackie.
In the case of CRV, its rally was driven by optimism around the DAO, which was announcing protocol news.
Brian Bollinger notes that the sharp increase in the daily slope of the RSI reflects the growing positive sentiment among investors and if this divergence indicator maintains its bullish position, the CRV may soon break the general trend line and further consolidate on the cryptocurrency.
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