Weekly Crypto Market Brief

Bitcoin finally broke past the $22.5k resistance level and held it as support, in the process generating a bullish move which resulted from the accumulation period which took place over the past month. Currently trading in the $23k-24k zone, it will be looking to close the weekly candle over the 200 weekly MA, which would represent a significant turnaround for the premier virtual asset. Before its latest rise, it had previously closed over the 200 MA on the 4h chart and held it as support, for the first time since June 7, 2022. There is notably less fear in the cryptocurrency market as a result of this important development.

In light of Bitcoin’s bullish move, Solana has also registered significant gains in the market. It rose from $31.7 to $47.2 per coin, an increase of more than 50%. In doing so, it broke the resistance level at $42.5 and is currently trading above this level. Solana is also experiencing its longest period above the 200 MA on the 4h chart, since March and April 2022, when it operated in the $88-143 price range. Yet, it still has a long way to go before testing the 200 daily MA, as it faces resistance levels at $50 and $60 respectively.

Chainlink (LINK) held strongly at the $6 support, with buyers intervening strongly at this level ever since mid-May 2022. At the time of writing, it is battling to break the resistance level at $7.5, having risen by over 25% in the past week. Like other coins, it successfully broke past the 200 MA on the 4h chart, and will look to maintain its performance in the market if it wants to sustain a mid-term rally to the $9-10 price zone.

Polygon (MATIC) has had an impressive run of late, registering successive higher lows on the way to reaching the $1 level on 18 July 2022. The last leg was a culmination of a move which began exactly a month before, on 19 June 2022, when the price was a mere $0.33 per token. Polygon’s 200% price surge represents one of the highest increases in the cryptocurrency market in the recent period. How Polygon will react and engage with the $1 psychological and historical level will be critical for traders and investors to decide on their next action with regards to the token.

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