Bitcoin (BTC) is at a decisive point of trade after a four-day winning streak brought the lead cryptocurrency price closer to testing its MA 50 ($34,308) as resistance. After reaching intraday highs of $34,837 on July 25, Bitcoin is experiencing a slight pullback to trade at $34,207 presently.
At the time of writing, the cryptocurrency market represents mixed trading, with selected tokens such as Theta (THETA, +14.93%), Amp (AMP, +13.49%), Zilliqa (Zil, +10.54%), Fetch.AI (FET, + 14.69%), MyNeighbourAlice (ALICE, +21.88%) posting significant gains.
Bitcoin (BTC)
Bitcoin (BTC) could be said to have had a rosy week so far. As of press time, BTC was trading up by 8.85% on a 7-day basis. The majority of weekly gains came after The B-Word conference. A positive highlight after the event was when American rapper and actor, Busta Rhymes announced ”officially holding Bitcoin” as a result.
Meanwhile, as Bitcoin bulls await a breakout above the MA 50, most expectations, however, remain bullish. Some analysts expect a short-squeeze to push Bitcoin above the MA 50 barrier.
Sashimi Nakamoto on CryptoQuant stated “If BTC retains the lower range of 30K, shorts will begin to squeeze as BTC moves to the middle point of the range, likely accelerating in the coming days/weeks,”
Cryptocurrency analyst, Rekt Capital sees bullish outcomes if Bitcoin breaks the MA 50 Barrier. Referring to a 2020 fractal, he noted that after breaking to the upside in October 2020, BTC/USD went on to establish all-time highs near $65,000. However, the six-month implied volatility falling to recent lows may imply that investors expect the price consolidation to continue for a while.
Theta (THETA)
THETA regained bullish momentum during the past week. After a five-day winning streak, the biggest NFT crypto was up 41.80% on a 7-day basis, as seen at the time of writing.
This sudden surge in THETA’s price could be due to the anticipated Theta protocol release. This latest version which will mark a significant milestone for the usability improvement on the Theta blockchain is scheduled to roll on July 25.
The network also announced an increase in the number of guardian nodes which help secure the Theta Blockchain, stating ”Theta staking is at an all-time high at 64% of total supply, but we can do better to increase network security!”.
Theta was trading up by 14.93% at $6.15 as of press time.
My NeighbourAlice (ALICE)
My NeighbourAlice is a blockchain-based multiplayer builder game where users can collect and trade in-game assets. ALICE has been climbing higher since July 21, marking five consecutive days of trading in the green. At the time of writing, ALICE was trading at $11.69, up 26.98% in the last 24 hours and 110.02% weekly.
The positive sentiment around My NeighbourAlice (ALICE) stems from Binance’s recent announcement of the multiplayer builder game as the winner of the Binance Launchpool Project of the Year Award.
Augur (REP)
Augur (REP) is meant to harness the wisdom of the crowd through prediction markets on a protocol owned and operated by holders of the Ethereum-based Reputation token.
Augur had a technical breakout on 24th July, climbing from lows of $19.33 to intraday highs of $34 on July 25, gaining nearly 75% within two days. While there is no readily identifiable cause for the sudden increase in interest, a scroll through Augur’s Twitter feed shows that forecasting on the network remains active.
Tron (TRX)
Tron has been in consolidation since mid-may after the price peaked at $0.17 on May 7. Despite the price rout, Tron has recorded significant growth in other key metrics. On July 22, TRON Foundation announced the number of total accounts exceeding the 47 million mark. Tron also gained traction lately with impressive growth in Stablecoin.
Tron traded at $0.057 as of press time.
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