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Crypto Raffle Draw

The recent movement of the altcoins (Decred, EOS, Ethhereum) market price is likely going to make people believe that an altseason is close. However, irrespective of such belief, the outcome of Bitcoin’s price predictions will still be something to take seriously. The last few days reflected the rest of the market following Bitcoin’s course to record major gains on their charts. Amongst other altcoins were Ethereum, Decred, EOS.

Ethereum [ETH]

Ethereum is the top altcoin in the market with a surge of over 20% since the last 7 days. The scale of this surge wasn’t expected, but while a good number of altcoins were climbing the charts in early July, Ethereum only did so recently. Also, the major outcome of Ethereum’s price appreciation can be linked to how close it was in reaching the levels it had set in February 2020.

Trading view

The charts shared the sharp rise in price as the parabolic SAR’s dotted markers were well below the price and implied bullishness. The MACD was also seen climbing sharply over the signal line on the charts.
However, while some believed that Ethereum was among the altcoins to climb back on Bitcoin’s recent push to rule out its resistance, other factors surfaced as well. As a matter of fact, Ethereum 2.0 developers already released the specifications of the official testnet few days ago. This is in preparation of the network launch.

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EOS was once near the top of the cryptocurrency charts. Meanwhile, it is no longer well-positioned as its rank is now down to 12th at the time of writing. Just like Ethereum, EOS too experienced a significant rise on the back of Bitcoin’s hike. Although, it was still tending as at the first week of July. But it doesn’t have a sustainable uptrend on the charts. In other words, it has been experiencing a crest and trough movement.

Also, while Bollinger Bands contracting lips made a suggestion of dipping volatility in the near future, the Relative Strength Index was holding firm right throughout the oversold and overbought zones.
EOS only graced the news recently. This was immediately after it was among the chosen blockchains to experience an integration with Chain’s Blockchain-based Service Network.

Decred [DCR]

Decred is an independent digital currency with a hybrid consensus system. Over the past few months, it has experienced a down-slip on the cryptocurrency charts while ranking 56th few hours ago. While following Decred’s price movements, it is easy to notice the reason behind Decred’s gross underperformance. Even while Decred did not rise like many altcoins when Bitcoin did, the crypto trading levels are similar to what it was in May. This was right before the halving.

However, while the Awesome Oscillator had the picture of a minimal momentum, the Chaikin Money Flow was far above zero. And was pointing towards capital inflows being higher than the capital outflows.


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