The king of cryptos continues its recovery, but it is unknown how long this will last.

Many cryptocurrency investors are currently rejoicing in the technical rebound of Bitcoin (BTC), despite bad macroeconomic news such as the US GDP contracting for the second consecutive quarter, and the core PCE (statistic much watched by the FED to measure inflation) which remains at high levels.

However, major risks largely priced recently help to explain the resilience of all risky asset classes. So much so that the theory of market efficiency is not making much sense. It is uncertain if it was not yet another trick to trap the last latecomers who were full sellers.

After dismissing the threat below the $20,000 support, the king of cryptos seems to have decided to test its next levels of resistance. The latest technical analyzes bear witness to this short-term momentum. With the prospect that Bitcoin will conquer one of the key thresholds of its last bull run.

Following is a summarized Bitcoin price analysis, based on Le Trading du Coin and its algorithmic trading solution, accessible to individuals.

BTC in Monthly Units: Positive July after Multiple Hesitations around the $20,000 Support

Barring an incredible situation and after the spring rout, Bitcoin seems set to end on a positive note in July. Not without difficulty in the sense that it took a while to rebound from the $20,000 support. Whether there will be any certainty in the short term remains to be seen.

Cryptocurrency investors are looking to cling to the idea that BTC prices are above the Kumo (Ichimoku cloud) in monthly units, and similarly for the Chikou Span. In contrast, the evolutions of the Tenkan and the Kijun would mean investors should be cautious. Their rapprochement, which is the result of the last bearish wave, would potentially constitute an additional source of tension in its bear run.

BTC: Soon in Contact with Tenkan?

Projecting onto the weekly chart, Bitcoin’s bear run since its last ATH in 2021 temporarily calms down. Meanwhile, prices fail to erase the losses of the weekly candle of June 13th. In order for this not to be an obstacle for the technical rebound to continue, it would be necessary to overcome two resistances that are close to each other: that of $26,000 and that of Tenkan.

If so, BTC prices would be facing a major issue, the resistance at $30,000. Beyond its major role in the latest Bull Run, it could end up near the falling line in favor of bullish velocity before mid-August. Even so, prices and the Chikou Span would still remain below the Kumo.

This could be frustrating for cryptocurrency investors not to see the end of the tunnel. But patience is required until prices for the king of cryptos recover to the head-to-shoulder neckline around $41,000. Just to consider a definitive neutralization of the bear run (not to be confused with a real trend reversal).

Thus, the possibility of a Tenkan – Kijun crossover in monthly units would hardly be reassuring from a medium-long term perspective, even if it would not represent a reliable technical signal given its latency.

It is worth considering, in summary, that crossing the descending line would not be enough to conclude a favorable trend reversal. Especially since there would be a lot of work to tame future Kumo into weekly units. A passage beyond the large resistance zone of $41,000-46,000 would ultimately be the necessary condition to initially balancing the balance of power between buyers and sellers.

By Audy Castaneda

Ripple Labs released its Q2 2022 report, which highlights various aspects of development while explaining the market dynamics affecting its performance.

Ripple Labs, founded in 2012 as OpenCoin, is the software company developing the XRP cryptocurrency and distributed ledger technology alongside a suite of payment protocols for streamlined cross-border settlement for financial institutions.

The report that Ripple Labs released for Q2 2022 highlights the confirmation of the company’s activities aimed at seizing opportunities in the NFT market. It also expresses its commitment to expedite the SEC lawsuit.

The Ripple-SEC lawsuit is believed to have slowed Ripple’s development as well as XRP’s price action. The company disclosed that it is aggressively pushing to have the SEC lawsuit resolved. He also noted that the lack of regulatory clarity has been a major hurdle that not only affects Ripple, but is a challenge for the entire crypto market.

Ripple, in its quest for growth despite the aforementioned demand, confirmed that it has plans to integrate NFT support into XRP Ledger. Furthermore, it revealed partnerships with major brands such as Lotus Automotive and fashion brand Balmain to implement their NFTs in XRPL.

Ripple Expanded Reach

One of the most interesting aspects of the report is the revelation that Ripple has partnered with FLUF World to develop a new Blockchain called the Root Network. This network will also integrate with XRPL and use XRP for gas fees. This type of utility and growth will drive demand and price action for XRP.

XRP has been stuck in a mixed performance since mid-June. It was trading at $0.363 on July 29, which is a slight improvement from its current 2022 lows.

Despite its relatively narrow price range, XRP’s on-chain metrics highlight healthy activity, especially on July 28 and 29. For example, its funding rates from Bitmex and Binance have improved significantly, implying that investor confidence is improving.

The above result suggests that the report had a positive impact on stakeholders, which is also reflected in the whale transaction counts. Evidence of this is the whale transaction count metric, which recorded 12 transactions worth more than $1 million in the last 24 hours, being the highest number this metric recorded this week.

XRP also held a good number of transactions worth between $100,000 and $1 million. However, this category did not provide any notable uptick compared to the previous week.

XRP Current Situation

XRP price action saw a slight pullback as of July 29. This suggests that the report did not increase the price of the cryptocurrency. This is likely because most stakeholders are still concerned about the SEC lawsuit.

By Audy Castaneda

While Gimli bought 386 billion SHIB, BlueWhale0159 added 147 billion tokens to his account. The Ethereum whales have also collected APE, GALA, and SLP and have shown interest in the Otherside metaverse platform.

Although Shiba Inu (SHIB) has lost 90% of its value in the bearish market, it can continue moving. Right now, the Ethereum (ETH) whales are paying close attention to the meme coin.

During the bearish trend, the accounts of the whales grew by billions of new SHIB tokens. For example, the well-known whale Gimli bought 386 billion SHIB over the last week.

The Factor Motivating the Growing Interest in SHIB Purchases

A foray into the Metaverse may have caused that renewed interest in the meme coin SHIB. Shiba Inu developers recently shared the progress of their Metaverse and GameFi projects, which game designer William Volk will explain shortly.

SHIB is trading at around 0.00001210 and has accumulated a 5.8% gain over the last week. Its daily trading volume is above USD 577.90 million, while its market capitalization is about USD 7.33 billion, according to CoinGecko.

Ethereum Whale Gimli Continues Collecting Shiba Inu

Amid the current bearish trend, Gimli, one of the ten richest Ethereum whales, continues purchasing SHIB tokens. According to data from WhaleStats, two whales added 533 billion SHIB, equivalent to USD 3.5 million, to their accounts.

While Gimli bought 386 billion SHIB, another Ethereum whale (BlueWhale0159) added 147 billion tokens to his account.

The wealthiest Ethereum investors keep SHIB as the most collected alternative meme coin. The whales also hold the FTX Token (FTT), Decentraland (MANA), and Polygon (MATIC).

Shiba Inu has been unable to avoid losing 12% of its value over the last week despite the purchases by the whales. The token, listed on exchanges like Robinhood, Binance, and Coinbase, is worth around USD 0.00001210.

There Are Other Meme Coins of Interest besides SHIB

This week, the Ethereum whales have also collected ApeCoin (APE), GALA, and Smooth Love Potion (SLP). They have shown interest in the Otherside metaverse platform over the last two weeks.

That interest from the whales has led ApeCoin to test the USD 7 level. After the latest correction, the price of APE fell back to USD 5.54. It is currently trading at USD 6.71 and has accumulated an 8.0% gain over the last week.

Although the price of GALA rose to USD 0.60, the latest correction took it back to USD 0.48. It was among the meme coin that lost the most in the bearish season. GALA dropped to 111^th place after being among the top 50 by market capitalization.

The Axie Infinity metaverse platform uses the Smooth Love Potion (SLP) token. SLP Coin is trading at around USD 0.00445 and has accumulated a 4.3% gain over the last week.

The growing interest in meme coins by the Ethereum whales has made them relevant in the market. It is worth remembering how some comments from Elon Musk drove the price of Dogecoin (DOGE) in a few hours.

By Alexander Salazar

CRV hit $1.56, a new monthly high.

The broader cryptocurrency market is in the green since Friday, July 29, with several top-tier decentralized finance (DeFi) tokens doing especially well.

DeFi tokens, including Curve DAO Token [CRV], Uniswap [UNI], and 1 INCH, were part of the cryptocurrencies that emerged as of July 29. Also, none of the tokens gained as much as CRV during the rally.

As of July 29, CRV is up 14.89% according to CoinMarketCap. Other DeFi protocols also made good gains. UNI rose 5.16% to $8.68 while 1INCH rose 4.56%, increasing its market capitalization to $426 million.

CRV, the governance token of decentralized exchange Curve, is up 15.58% in the last 24 hours as it hit a monthly high of $1.56 before falling back to $1.49.

CRV still Rules as King of DeFi

CRV had proven to be the undisputed king of DeFi. After eclipsing others in price movement, it remained on top in other respects. According to Delphi Digital, the second version of Curve worked exceptionally well on Uniwswap V3.

In 2022, @CurveFinance v2 quotes better execution prices than @Uniswap v3 for ~65% of all ETH/USDT transaction volume.

On July 27, Delphi Digital posted on Twitter, “At @arbitrumCurve Tricrypto is dominating $ETH volumes with over 83% of the total market share. What’s going on? Are the DEX Wars heating up?”

The crypto research institute also noted that CRV accounted for recent transactions that passed through decentralized exchanges (DEXs).

In addition to the rally, CRV’s price action has been impressive. On July 28, CRV shot up from $1.27 to $1.51. However, there has been a slight drop in its price at the time of this report. At press time, CRV was trading at $1.41. Furthermore, the Relative Strength Index (RSI) remained above the 50 level after witnessing a slight drop in the last 48 hours.

While CRV has excellent potential to add to its rally, it could also pull back before turning into an uptrend. Based on the update, CRV is likely to remain in the $1.40 to $1.50 region. In addition to the technical price outlook, on-chain metrics favor a further rise in CRV.

Chain Analysis

Both the volume and active addresses on the CRV chain have increased noticeably. According to Santiment, the volume of CRV went from 236.66 million to 434.70 million as of July 29.

Although 24-hour active addresses have not risen as they did on July 22, the recent one hasn’t been bad either. On July 28, this number was 867. However, on July 29 it had increased to 1,212.

To sum up, with a market cap of over $770 million, CRV is currently the 62nd largest cryptocurrency. The project was recently praised by analysts at Delphi Digital, who noted that Curve v2 was trading better execution prices than Uniswap v3 for about 65% of all ETH/USDT trading volume. This is so despite the fact that the gas prices of the Curve protocol are almost double those of Uniswap.

By Audy Castaneda