In this cryptocurrency market overview, we will explore the price forecast for three prominent cryptocurrencies: Fantom, Bitcoin, and Ethereum, specifically focusing on the predictions for July 13th. By examining the current trends and analyzing key factors influencing the market, we aim to provide a concise overview of the future for these digital assets.
Fantom’s price closely aligns with the overall market direction and is currently in a holding pattern, waiting for a catalyst to initiate its recovery. However, FTM holders are not willing to tolerate any longer, that’s why investors are shifting their approach from simply reacting to market conditions and are now attempting to influence the price movement through their actions.
The price of Fantom (FTM) has been stagnant, currently trading at $0.2720. It has struggled to surpass the 50-day Exponential Moving Average (EMA) of around $0.3060 since the beginning of the month. However, despite the price remaining unchanged, there has been an increase in on-chain activity and investor engagement.
Moreover, even new Fantom network users exhibit a bullish sentiment. The network growth indicator, which measures the rate of new address creation, has increased by 45% between mid-June and now. This ongoing rise in network growth is seen as a promising sign, suggesting the potential for a price increase in the future.
Although, for the Fantom price to experience a significant surge, it must overcome the critical obstacle posed by the 50-day EMA. Breaking above this level would require the generation of sufficient bullish momentum. The price indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), signal bearish trends. Once these indicators shift to a bullish stance, FTM holders can anticipate an upward movement in the Fantom price.
Bitcoin’s attempts to surpass the critical $31,000 resistance level were thwarted, leading experts to highlight the need for a fresh infusion of capital into the cryptocurrency industry. The failure to breach this level occurred following the release of the Consumer Price Index (CPI) reading on July 12. Yann Allemann, co-founder of Glassnode and CEO of Swissblock Technologies, noted that macro updates, including better-than-expected inflation figures, had already been factored into the market.
After briefly rallying in response to the CPI reading, Bitcoin’s price retraced, emphasizing the presence of a range-bound movement. Short-term holders preferred holding their positions rather than capitalizing on profits. Analysts are now exploring the catalysts required to stimulate significant price movements for the leading cryptocurrency.
At the time of writing, Bitcoin’s price is $30,407, experiencing a slight daily decline of nearly 1%. Confined within the range of $31,408 and $29,691.
In this context, the upward EMA indicates positive momentum and potentially signals a bullish trend for Bitcoin. It suggests that the recent price movements have been predominantly upward, and if the trend continues, it could lead to a breakout above the upper range of $31,500.
However, it’s essential to conduct further analysis, consider additional indicators, and monitor market conditions to understand the situation comprehensively. Technical indicators should be used in conjunction with other tools and strategies to make informed trading decisions.
Ethereum (ETH) has been following an upward trajectory, closely aligning with an uptrend line. However, the influence of Bitcoin (BTC) remains uncertain, reflecting weak signals.
Nevertheless, if ETH manages to sustain its position above the uptrend line, it is possible to reach the $1,959 level in the near term. In an optimistic scenario, Ethereum could even break through this level, opening doors to further bullish momentum and potentially surpassing the $2,000 mark.