Crypto Chronicles: Unveiling Trading Opportunities and Market Insights | 19-07-2024 Update

_{Disclaimer: Information in this post is not a financial advice. Be sure to conduct financial risk assessment and your own research.}

Technical Analysis

Bitcoin (BTC):

• Price Analysis: Bitcoin has experienced a bullish trend, with prices steadily climbing towards key resistance levels. The price broke above the $60,000 level and is currently testing the next resistance at $65,000.
• Moving Averages: The 50-day moving average (MA) crossed above the 200-day MA, indicating a bullish signal. This suggests that the short-term price momentum is strong and may continue to drive Bitcoin's upward movement.
• Relative Strength Index (RSI): The RSI is currently in overbought territory, indicating a potential pullback or consolidation in the near term. Traders should be cautious as excessive buying pressure may lead to a temporary correction.

Ethereum (ETH):

• Price Analysis: Ethereum displayed a similar bullish trend during the analyzed period, with prices surging towards the $4,000 level. The $4,000 mark serves as a significant psychological and resistance level for Ethereum.
• Moving Averages: The 50-day MA remains above the 200-day MA, suggesting a positive trend for Ethereum. This indicates that the overall momentum is favorable for further upside potential.
• Relative Strength Index (RSI): The RSI for Ethereum is also in the overbought zone, indicating a potential need for consolidation or a minor retracement. Traders should exercise caution and monitor price action closely.

Chainlink (LINK) is showing some bullish structure after bouncing up from short-term support near $13.30, but the gains have been relatively small so far without confirmation of a medium-term trend reversal. The signals here are tentative.

Fantom (FTM) does display more actionable price signals from its current 1-day chart setup on CoinMarketCap. It has rebounded sharply over the past 24 hours off short-term support near $0.47, breaking a downtrend resistance and nearing a potential breakout above $0.50. This presents opportunity for swing trades aiming for further upside potential in the near-term.

Altcoin to Watch Fantom (FTM)

• A breakout buy above $0.50 targeting $0.55 initially, with stops under hourly support.
• A pullback buy entry if price retests the breakout level as support, targeting the same upside targets.
• A breakdown sell signal below $0.47, targeting a retest of the previous lows near $0.45 as the bearish objective.

DOT Development

The Polkadot network continues progressing towards its shared security functionality through the latest Parachain upgrade. As previously noted, this novel capability will enable embedded chains or 'parachains' to leverage the security through cross-chain consensus.

By removing the need for dedicated validators, shared security vastly improves the scalability and economics of building on Polkadot. It allows more applications to benefit from the high security at lower cost compared to running independent consensus.

According to communications from the Polkadot Foundation, the first canary network testing this functionality has now been deployed. Over the coming weeks, validators will gain experience securing random parachains in the test environment prior to the feature rolling out on Kusama and then Polkadot mainnets.

The gradual rollout is intended to methodically flush out any issues under real network load before enabling shared security for all crowdsourced and parachain slots. If the canary network tests are successful, a formal timeline for the Kusama rollout is likely to be proposed in the coming month.

This marks a significant milestone for Polkadot's adoption by "parachain as a service" applications seeking a scalable and robust platform. Successful implementation of shared security would cement its role as the leading platform for heterogeneous multi-chain deployments.

Market Developments

Cosmos ecosystem hubs like Osmosis and Juno have processed record daily transaction volumes amid growing adoption of IBC-enabled tokens. Emeris recently launched on Osmosis bringing DeFi services to the Cosmos network.

The UK Treasury is also debating clarifying the tax treatment of crypto assets. Source

Regulatory Rumblings

Overall, dialogues are trending towards more stringent KYC/AML policies and transparency obligations for service providers and project teams. Reference / source

Clarification of tax treatment also remains a top government priority globally. Whether rules eventually tilt towards empowering innovation or overburdening it with oversight remains to be seen.

_{This article had been developed with the help of AI technology.
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