“Buyers are trying to defend the $19,150 level, but the long wick of the July 13 candle shows that the bears are selling near the 20-day exponential moving average. Both moving averages are sloping down and the momentum indicators as they are in the negative zone, indicating that bearish investors are in command,” says Alejandro Zala, country manager at Bitpanda.
In that context, cryptocurrencies operate with increases of up to 11% led by Solana and Ethereum, with almost 6% in the last 24 hours.
In other tokens, Ethereum exceeded $1,500 and is up 40% a week ago. Other ‘altocoins’ also show significant increases. Special mention deserves the MATIC, the token of the Polygon block chain, which has gained around 60% since a week ago.
Experts, however, call not to be dazzled by these rises. “The moves we are seeing in general do not seem sustainable to me, although the fact that the news in the cryptocurrency space has not deteriorated further will be encouraging for the community”commented Craig Erlam, an analyst at Oanda at Bolsamanía.
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Source: Ambito
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