The crypto market seems to be gaining some momentum this week. Bitcoin’s price is moving steadily and happens to be stable even after the news about Elon Musk’s Tesla selling 75% of its bitcoin holdings. Ether is making new highs from Monday. Doge fell sharply after the Tesla quarterly earnings report.
Is the market ready for another bull run?
At the start of the week, bitcoin moved above $22,000 after falling as low as $18,900 last week. The market seems to be gaining momentum and strength despite the news regarding Tesla’s bitcoin holdings liquidation.
On the 19th, the bitcoin market opened at $22,439.63 and recorded a high of $23,800 before closing at $23,405.02. The market gained momentum yesterday after opening at $23,392.04, it went as high as $24,280.30.
On the BTCUSDT 4-hour chart, the price fell from about $24,000 in the late hours of the day after the news about Tesla liquidating 75% of its bitcoin holdings was released. Although that happened, the price did not fall as low as most would have expected since the market has a history of reacting to Elon Musk’s news about cryptocurrencies.
On the daily chart, the price is still staying above the moving averages, which indicates that the market is still moving in an upward trend.
The cryptocurrency is currently at $22,706.32 as at the time of writing and the relative strength index is at 56.32, indicating a stable price movement. Neither buyers nor sellers have the upper hand right now.
In terms of pattern, the price continues to stay in the range of the resistance and support lines that it formed earlier in the week. However, the new high it recorded yesterday above $24,000 surpassed the resistance line and could be an indicator that the market will be more bullish in the coming week.
Ether has stayed steady and maintained an upward trend since the 13th of July. On the 19th, the price went a little above $1,600 for the first time since the 11th of last month. Since it hit $1,600 on Tuesday, it has closed at lower prices than it opened.
At the beginning of the week, this analysis said that ether had formed a chart pattern that may be an indicator towards a downward trend reversal, and that’s exactly what has happened in the past two days. The crypto is currently trading at $1,503.71 and the RSI is at 63.04 after being at 70.33 on Monday.
The meme coin has been struggling to surpass its high of $0.0871 since the 1st of June. After about three weeks, the cryptocurrency reached $0.0771 yesterday, but it didn’t last long. The price dropped as low as $0.0677 and closed at $0.0701.
DOGE is currently trading at $0.0687 with a relative strength index of 52.47.
The 24-hour trading volume for DOGE shot up 85% to $1.06 billion, according to CoinMarketCap data. At the time of writing, Coinglass data indicated that $5.52 million worth of DOGE was liquidated over 24 hours as the price of the meme coin fell at press time.
Update on DOGE
Dogecoin developers have released the Dogecoin Core 1.14.6 update, which includes upgrades related to security and efficiency. The update, released late on Wednesday, makes changes to the existing fee structure and improves stuck transaction detection.
#Dogecoin Core 1.14.6 is now released, live and current! With a good number of improvements under the hood and some nice new features in the UI. Get it here — https://t.co/7pn8tl4dwJ this is definitely a recommended update for everyone!
— Dogecoin (@dogecoin) July 20, 2022