Week’s cryptomarkets analysis

So be on the lookout turning to the charts – we can see that BTC.

Is still slightly oversold on the daily and bounced off that strong support line around 21k.

Note that 21k was also a strong support line on the weekly.

It’s too soon to say whether this shorter term recovery will continue but given that the fed’s favorite inflation statistic will be released later this week we could see a huge rally if it comes in colder than expected.

If it comes in hotter however expect a huge crash.

Fed chairman Jerome Powell will also be speaking at the Jackson Hole symposium later this week and the revised GDP figures for q2 will also be released later this week too.

Both of these macro factors could take the crypto market much higher or much lower. Last week’s top performing cryptos were EOS, Chiles, Tron’s US double D stablecoin, bitfinex’s una, said leo exchange token and binance’s busd stablecoin.

Not the best lineup if I’m being honest. So starting with EOS it appears to be rallying on the news of an upcoming rebrand and hard fork that will make its blockchain more decentralized. The rebrand is scheduled for this week and the hard fork is scheduled for September.

So in terms of price action EOS is looking slightly overbought but still seems to have some more room to the upside.

If this momentum continues EOS could push past the two dollar mark in the coming weeks which will be likely if the broader crypto bear market rally continues. Next up we have Chiles whose CHZ token is rallying on the news that the socios platform that leverages the Chile’s blockchain for its sports tokens has received regulatory approval to operate in Italy while the blockchain itself recently underwent a minor upgrade ahead of a major upgrade later this year.

The CHC token looks fairly overbought on the daily and is struggling to break that 20 cent resistance line on the weekly. If it manages to break this barrier the next stop is 30 cents but it’ll take some time as there is even more resistance around those levels.

Then there’s Tron’s USWD stablecoin which didn’t exactly pump, it just regained its one dollar peg which translated to a large enough increase to make it one of last week’s top performing cryptocurrencies.

As for Bitfinex’s UAN said Leo token it looks like it’s finally starting to come off its recent highs and is slowly but surely entering a long-term downtrend. This makes sense given that trading volume is down on crypto exchanges due to the bear market and this means there are fewer buybacks and burns.

And last but not least we have Binance’s BUSD stablecoin which much like Tron’s USWD stable only came in as a top performing cryptocurrency because of the slight fluctuation in its dollar peg. Believe it or not but some market makers and wales are making millions from these fluctuations.

If you learn enough about crypto you might just become one of them.