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Crypto Price Analysis August 4: TWT, FTM, ENJ, RVN, ROSE

By:
Aaryamann Shrivastava
Published: Aug 5, 2022, 00:24 GMT+00:00

Altcoins could be seen countering each other's drawdowns and rallies today, with the downtrend dominating the crypto market.

Crypto Price Analysis August 4: TWT, FTM, ENJ, RVN, ROSE

In this article:

Key Insights:

  • Trust Wallet Token emerged as one of the best performers with a 15.6% rise.
  • Fantom followed closely with an almost 9% rise.
  • Although, Bitcoin and Ethereum ended up declining to $22.6k and $1.6k today.

The crypto market did not gain today as most of the altcoins ended up leaning towards the bears. However, there were still some coins that managed to close in green and mark significant rallies.

The king coin and the altcoin king sadly were not part of that cohort as they both fell to $22,682 and $1,616, respectively.

Trust Wallet Token (TWT)

The altcoin shot up by 15.65%, leading some altcoins to successfully save the market cap from falling significantly.

TWT already has the support of all three Simple Moving Averages (SMA), which will keep this rally intact.

Fantom (FTM)

Fantom, up by almost 9%, could be seen trading above $0.35, a level that has been acting as resistance for a while now.

While the Parabolic SAR indicates an active uptrend for the coin, this rally won’t be repeated, causing the coin to consolidate here.

Enjin Coin (ENJ)

Enjin was among the few coins to perform well as it rose by 11.83%. The coin, however, is yet to recover the 50.92% losses of May.

The Awesome Oscillator’s mixed signals indicated by the presence of green and red bars will not be of help here.

Ravencoin (RVN)

Ravencoin acted as one of the leaders of the downtrending tokens as it slipped by 8.19% in 24 hours to trade at $0.03.

The MACD is highlighting a bearish crossover imminent for the altcoin, which might not be a good sign for RVN as it might lose a chunk of the rally it just closed a week ago.

Oasis Network (ROSE)

ROSE was a surprise token to enter the top 100 cryptocurrency list this month after the 80.39% rally it registered in a week.

The 8.21% drop in the last 24 hours ago, although it isn’t a matter of concern as it was the effect of a cooldown after the indicator hit the overbought zone towards the end of June.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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