Crypto Price Analysis July 7: ETH, STORJ, ICP, FTT, EGLD
- Storj led the rally today with a 13.5% rise.
- EGLD was one among the few altcoins to close in red.
- Bitcoin and Ethereum consolidated at $20.4k and $1.1k, respectively.
With the altcoins still calling the shots of the market, most cryptocurrencies noted a rise, Ethereum being among them. The total value of all the cryptocurrencies rose to $900 billion once again, but Bitcoin still continued to linger around $20k.
The altcoin king was trading above the $1200 mark at the time of writing after struggling to close above it for the last ten days. The 6.79% rise in the previous 24 hours also brought ETH closer to recovering from the 46.5% loss of June.
The Awesome Oscillator indicated rising bullishness however, the indicator is yet to flip into the bullish zone. Should it do, the 22.24% rally would be carried forward, pushing ETH towards $1500, its next critical stop.
The altcoin shot up by 21.28% in the last 24 hours and was trading at $0.77 at press time. The crypto has been charting its own path, having risen by 166.4% in mid-June.
The converging Bollinger Bands currently indicate a decline in volatility which will make it difficult for STORJ to recover from the 34.86% crash it faced recently.
Internet Computer (ICP)
ICP, after rising by 10.99% during trading hours today, rose above $6.1, recovering the 17.28% losses it observed towards the end of June. However, it is yet to rise above the 45.58% crash ICP noted at the beginning of June.
The Chaikin Money Flow (CMF) climbed into the positive zone after almost a month this week, indicating organic growth born out of consistent inflows from investors.
FTX Token (FTT)
The cryptocurrency exchange’s token FTT once again recovered to the $27.1 mark after the 7.8% rise in the last 24 hours, the same level it has been lingering around for almost 40 days now.
The MACD indicator, although it points towards a bullish momentum building up, might observe a reversal in trend if the broader market rallies.
Elrond did not make any significant move in either direction but instead started at the $55 mark it has been at since yesterday. The path of recovery seems to be difficult for the altcoins, and retrieving what they lost during the 51% June crash could take some time.
As it is at the moment, the Relative Strength Index (RSI) is still stuck under the neutral mark in the bearish zone, making a recovery more challenging.