After four weeks of consolidation, Bitcoin has broken above the $20k zone. At the same time, crypto prices have experienced an eventual relief rally.
Momentum in the short term looks reasonable. However, the short-term price action remains dependent on longer-term macro indicators.
Bitcoin is trading around the price of $23,900, about 1% above the past 24-hour price action. Despite a month’s consolidation time, the asset is still down 50% YTD.
Due to the rise in the prices of equities as well, the correlation coefficients between the former and Bitcoin have reportedly also increased.
Therefore, S&P 500 rose 1%, while DJIA gained 0.9%.
Presently, Ether’s price action seems to be hovering around $1,700. It appears to be entering a significant supply region (highlighted green box). This crypto had a 17% gain in three trading sessions (daily time frame).
Ether’s upward gain has a lot in relation to the long-awaited upgrade to the network known as the merge. After ages of delays in the firm merge date of Ethereum’s Proof-of-stake is set to the final date of September 19.
For those unaware, ETH 2.0 is ‘the merge’ wherein the network will completely shift its working mechanism. Ethereum is changing the way it does things by moving to a proof-of-stake consensus mechanism. Currently, Ethereum runs the same consensus mechanism as Bitcoin, known as proof of work, involving miners using power-intensive computers to verify and validate transactions.
These are very power-consuming, and a shift to the POS mechanism will roughly result in a 99% energy consumption.
While Cardano (ADA) had easily pulled off a 5% spike in roughly 24 hours despite the delay in its Vasil Hard Fork upgrade.
However, there’s also been a positive price impact on ADA price action by the overall bullish momentum in the crypto market.
The most important thing to note is that the release date of ADA’s hard fork is set for this August. The upgrade has been meaning to give way to smooth transitions in networks.
ADA is trading at $0.53 while press time and has gained 15% in the past three days of trading sessions.
Furthermore, it has to face $0.60 and $0.73 as the potential supply zones or resistance levels to keep marching gains.
According to LunarCrush, Filecoin was in about 997 mentions out of 1,802,902 social media posts on Twitter and Reddit on July 29, 2022.
While another good news that’s shaping FIL’s price action is Holon Global Investments, a digital investment fund that is launching three new crypto funds – Bitcoin (BTC), Ethereum (ETH), and Filecoin (FIL) in partnership with Gemini.
Moreover, Filecoin’s price has gained 34.40% in the past seven days. While today, on 30th July, the crypto registered an impressive print of 26% to touch $7.54 from the low of $5.95.