Welcome to the latest edition of our “Weekly Crypto News Alerts”, where we dive deep into the dynamic world of cryptocurrencies and provide you with a comprehensive recap of the past week’s events.
At Perseus Crypto, we are committed to keeping you informed, and in this post, we leave no stone unturned as we explore the most noteworthy developments in the crypto sphere.
From soaring altcoin performances to market trends and price analyses, our team of experts has curated the most relevant information, all for your benefit.
Join us on this exciting journey through the ever-evolving crypto landscape, as we unravel the latest happenings and provide valuable insights that matter most to you.
The crypto market continues to witness significant movements as altcoins surge to new highs and lows in week #30.
In this weekly crypto news update, we bring you a comprehensive analysis of the top-performing altcoins, shedding light on their recent price actions, market capitalizations, and trading volumes.
Join us as we get into the world of cryptocurrencies, exploring the latest developments and potential future trends.
XDC Network (XDC): Soaring Towards Resistance Levels
One altcoin that has been making notable strides is XDC Network (XDC).
Riding above the moving average lines, XDC has witnessed a remarkable surge, reaching a high of $0.071 before experiencing a minor correction.
Despite the impressive performance, caution is advised as the market approaches the overbought zone, signaling potential resistance.
A retracement candlestick has tested the 78.6% Fibonacci retracement line, indicating that XDC might witness a rise followed by a pullback at the 1.272 Fibonacci extension or around $0.067.
The cryptocurrency is currently eyeing a retest of its previous high at $0.071 and holds strong above the 75 level of the daily stochastic.
- Current price: $0.6185
- Market capitalization: $2,313,542,258
- Trading volume: $14,958,023
- 7-day gain: 62.23%
Maker (MKR): Striving for New Highs
Maker (MKR) has caught the attention of traders as it embarks on an upward trend, showcasing higher highs and lower lows.
With the altcoin hitting $1,260, the price indicator hints at the possibility of MKR surging to its previous highs.
A retracement candlestick has already tested the 50% Fibonacci retracement level of the July 3 rally, hinting at a potential rise to the 2.0 Fibonacci extension level, approximately $1,469.94.
However, caution is warranted as MKR currently resides in the overbought zone, with the Relative Strength Index (RSI) above 77 for the 14-day period.
The current rally might encounter bullish exhaustion soon.
- Current price: $1,261.97
- Market capitalization: $1,271,930,648
- Trading volume: $122,235,494
- 7-day gain: 21.58%
Chainlink (LINK): Surging Momentum with Overbought Signals
Chainlink (LINK) is another altcoin experiencing an uptrend, showcasing higher highs and higher lows.
Despite approaching the overbought territory, LINK remains poised for further growth.
With a current value of $7.96, the retracement candlestick has tested the 78.6% Fibonacci retracement level of the July 21 upswing, indicating a potential risk to the Fibonacci extension of 1.272 or around $9.38.
With a bullish momentum above the 75 levels of the daily stochastic, LINK is positioning itself as the third best-performing cryptocurrency in the market.
- Current price: $7.95
- Market capitalization: $7,966,330,249
- Trading volume: $403,321,358
- 7-day gain: 13.31%
Dogecoin (DOGE): Rebounding and Breaking Resistance
Dogecoin (DOGE) enthusiasts have reasons to celebrate as the altcoin’s price continues to rise, hitting a high of $0.083.
The cryptocurrency has shown resilience, bouncing back from the price collapse witnessed on June 10.
DOGE has risen above the moving average lines, and if buyers manage to overcome the resistance at $0.085, the current surge is expected to continue towards $0.095.
DOGE is currently trading in the positive trend zone and approaching the overbought area, with the Relative Strength Index (RSI) at 64 for the 14-day period.
- Current price: $0.07848
- Market capitalization: $11B
- Trading volume: $717.64M
- 7-day gain: 10.93%
Trust Wallet Token (TWT): Drifting Sideways with Potential Upside
Trust Wallet Token (TWT) has been observing sideways movement after breaking above the moving average lines.
Previously experiencing a downtrend, the altcoin entered a consolidation phase on June 10.
The current price range of TWT/USD oscillates between $0.70 and $1.00, with the cryptocurrency aiming to break through the $1.00 resistance to resume its positive trend.
TWT maintains bullish momentum, staying above the 75 levels of the daily stochastic.
- Current price: $0.9137
- Market capitalization: $907,489,629
- Trading volume: $10,830,691
- 7-day gain: 7.71 %
BTC, ETH, and XRP Price Analysis for July 29
The cryptocurrency market is a constant rollercoaster of price fluctuations, and on July 29, three major players are in the spotlight.
Bitcoin (BTC), Ethereum (ETH), and XRP have all experienced slight movements, leaving traders and investors curious about their future trajectories.
In this price analysis, we explore the current market conditions and assess the chances of witnessing significant rises in these top coins.
Bitcoin (BTC) Price Analysis: Will Bulls Seize the Initiative?
Bitcoin (BTC), the leading cryptocurrency, has seen a marginal increase of 0.11% since the previous day.
However, the price remains below the critical zone of $29,400, indicating that bulls are yet to take control of the market.
This sentiment is further reinforced by the declining trading volume, suggesting a lack of strong bullish momentum.
As we look ahead, the possibility of a drop to the $29,000 area in the coming week cannot be ruled out.
Traders and investors need to closely monitor the price action, as a decisive move above the $29,400 level may signal a bullish breakout, while failure to do so could lead to further downward pressure.
At the time of writing, Bitcoin is trading at $29,281.
Ethereum (ETH) Price Analysis: Consolidation in the $1,850-$1,900 Zone
Ethereum (ETH), the second-largest cryptocurrency, has mirrored Bitcoin’s slight rise, increasing by 0.20% from the previous day.
However, this upward movement has not significantly impacted Ethereum’s technical picture in the daily time frame.
The cryptocurrency continues to consolidate in the range of $1,850-$1,900, indicating a period of indecision among traders.
As the market awaits further developments, the more likely scenario for the next few days remains ongoing consolidation within this price range.
Traders should be on the lookout for a decisive move beyond the upper or lower boundaries of this range, as it may provide clues about the next directional move for Ethereum.
At the time of writing, Ethereum is trading at $1,873.
XRP Price Analysis: The Battle Between Bulls and Bears
Unlike BTC and ETH, XRP has experienced a minor decline of 0.18%.
The daily chart of XRP paints a picture of indecision, with neither bulls nor bears taking firm control of the market yet.
To witness an upward move, buyers must successfully push the price above the crucial $0.74 zone.
Such a breakout could potentially pave the way for a sustained bull run.
However, if the bears manage to maintain control, XRP may face further downward pressure.
As traders analyze the price action, the $0.74 level becomes a crucial pivot point, influencing the short-term trajectory of the cryptocurrency.
At the time of writing, XRP is trading at $0.7089.
Assessing the Chances for Future Price Movements
The cryptocurrency market continues to keep traders on their toes, as each day brings new opportunities and challenges.
For Bitcoin, the inability to surpass the $29,400 zone may lead to a potential drop to $29,000 in the coming week.
Ethereum’s consolidation in the $1,850-$1,900 range leaves the market in a state of uncertainty, awaiting a breakout for clearer direction.
As for XRP, the battle between bulls and bears hinges on the pivotal $0.74 level, determining the fate of its short-term trend.
As we navigate through the cryptocurrency landscape, market participants must stay vigilant and consider various factors that could influence the prices of these top coins.
External events, regulatory developments, and macroeconomic trends can all play a role in shaping the future of the crypto market.
Conclusion: The Altcoin Market Soars and Faces New Challenges
In conclusion, Week 30 has been eventful in the altcoin market, with several cryptocurrencies showcasing impressive gains and bullish trends.
XDC Network, Maker, Chainlink, Dogecoin, and Trust Wallet Token have all experienced significant movements, capturing the attention of traders and investors alike.
However, as the altcoins approach overbought levels and face potential resistance, caution must be exercised.
It remains crucial for traders to conduct thorough research and analysis before making investment decisions.
As the crypto world continues to evolve, the coming weeks may unveil new opportunities and challenges, shaping the market dynamics in the days to come.
Stay tuned for more updates (follow us on Twitter) about the crypto world, brought to you exclusively by Perseus Crypto.
