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Since the beginning of July, the crypto market seemed to be on the rise. The largest tokens (BTC and ETH) at the local peak, gained around 35% and 101% respectively. However, today at 11:30 GMT+3 BTC is losing around 7.3% and ETH around 8%.Â
ETH, daily chart
Source: Conotoxia MT5
Today, ETH broke through its price channel and the 20-day moving average. If the price does not return to the channel in the next couple of days, we will be able to say that a possible reversal of the short-term trend we mentioned in previous articles has taken place. Especially if this is confirmed by indicators such as the Wilder directional indicator.
BTC, daily chart
Source: Conotoxia MT5
BTC has also moved far out of its price channel and is currently below the 10, 20 and 50-day moving averages. The directional indicator has already shown a potential trend reversal and the MACD is approaching the negative zone.
Today on the Conotoxia MT5 platform at 11:00 GMT+3, Filecoin (FIL) is down the most. It is experiencing a loss of almost 18%. According to Coinmarketcap, it has a capitalisation of almost $1.8 billion and a daily volume of over $511 million.Â
Filecoin was launched in 2020 to decentralise data storage, providing an alternative to industry giants such as Amazon and Alibaba at a cost reduction of almost 99%.
The project's network connects storage providers with customers looking for a place to keep their data. Those offering their storage from laptops to server rooms after verifying data integrity and security can obtain a FIL token as a reward. This creates a highly diversified and low-cost database network. However, the characteristics of the project are inherently inflationary, unlike BTC.
The declines described are attributed to a broad market correction, the exit of 'big money' and growing pessimism about the increasing supply of FIL tokens.Â
Author Bio
Daniel Kostecki is an award-winning senior market analyst and a Director of the Polish branch of Conotoxia Ltd. He is a victor of the FxCuffs statuette for âBlog of the Yearâ and âPersonality of the Yearâ. He has 15 years of experience on the financial markets and a diploma in Economics from the University of Szczecin in Poland. Daniel is privately connected to the financial markets since 2007 and professionally - since 2010. Author of numerous commentaries and analyses of the situation on the financial markets and a guest on Polish TV, press and radio.
Disclaimer
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