- FLOW and PYTH stood out as the best-performing tokens in the midweek.
CHZ, FTM, and ADA are some of the altcoins that could potentially break out to the upside
As a seasoned analyst with years of experience in the crypto market, I have witnessed numerous price movements and trends that have shaped the industry. The midweek price action was a reminder of the volatility and unpredictability of the cryptocurrency market.
On July 24th, Bitcoin (BTC) took the lead among cryptocurrencies in a significant market correction, mirroring the downturn in U.S. stocks which had reached their lowest points in over a month.
The NASDAQ composite and S&P 500 indices marked their worst days since Q3, 2022.
On the 25th of July, the leading cryptocurrency dipped slightly below $64,000 following its inability to safeguard the $65,500 mark as support.
Bitcoin out, altcoins in
On the 24th of Wednesday, most alternative coins exhibited muted performance, while the trading activity for many of them was restricted for the major part of the 25th.
In the midst of this week’s market activity, Flow (FLOW) and Pyth Network (PYTH) distinguished themselves as top performers.
On July 24th, Pyth experienced significant growth, surpassing the ten percent mark. This upward trend can be attributed to the latest development: Pyth Network providing power to Galxe’s Layer-1 multichain platform, Gravity, as announced on July 22nd.
As a researcher exploring the Gravity platform, I’d express it this way: “Gravity harnesses Pyth’s power to fuel its operations. Developers constructing projects on Gravity can access Price Feeds from Pyth Network, which offer real-time data for over 550 cryptocurrencies and traditional asset classes, enhancing their applications with Gravity’s superior performance and user experience.”
As a crypto investor, I’ve noticed an intriguing development with Flow’s native token, FLOW. On the 24th of July, according to CoinMarketCap, FLOW reached a peak price of $0.70 during the day, marking both a new intraday and five-week high for me. However, the token has since experienced some profit taking, and at the moment of writing, its value is hovering around $0.63.
As an analyst, I’ve observed that on the daily chart, FLOW has managed to regain some ground following a downturn in the second and third week of July. Currently, bulls encounter resistance at the $0.65 price mark.
On the 4-hour chart, the spread between the FLOW and USDT prices fluctuated beyond expanding Bollinger Bands, signaling heightened market turbulence.
When the bands widen significantly, it often suggests a strong trend or a breakout is underway.
The case for CHZ, FTM, and ADA
Despite Bitcoin’s dominance reaching its peak, certain market analysts anticipated a recovery in the latter part of the year.
According to market intelligence platform Santiment, Cardano (ADA), Chiliz (CHZ), and Fantom (FTM) are among the altcoins that could experience a price surge due to possible short squeeze situations.
The trio of tokens has been consistently shorted in the last five weeks.
On July 12th, ADA‘s price surpassed both its 20-day and 50-day moving averages, following six successive days of green candles from the 8th to the 13th.
Read Cardano’s [ADA] Price Prediction 2024-25
The streak marked the first repeat since the 26th of February.
The daily chart for ADA/USDT as of now shows that most of the advances gained during the second week of July have been wiped out, with the price hovering below both the 20-day and 50-day Simple Moving Averages (SMAs), which crossed at approximately $0.40 on July 24th.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- Top gainers and losers
- LDO PREDICTION. LDO cryptocurrency
- CLV PREDICTION. CLV cryptocurrency
- BOO PREDICTION. BOO cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- USD BRL PREDICTION
2024-07-26 13:11