The scorching summer not only brings high heats, but also tests one’s resolve. The blazing weather breeds impatience and unconsciously affects our thinking and judgement. It would be better to set aside the job on hand and to find a cool place to relax, or to find a way to let off steam and calm down.
The token market is still the same with many public chains vying for the top position in the industry, but looking back one becomes nostalgic for the originals. Some tokens boast of how advanced their technology is and how they have created many new concepts, but their price when they hit the market is a whole other matter. I have always stood by the Dow Theory, where market prices encompass everything and a good market price can reflect the trust put in the token and the maturity of the technology. The longer a token stays on the market and be able to keep its position at the top half of the market, the more investors should pay attention to the token. Tokens that are able to hold their own in the market either have a broad base of supporters or a stable foundation. Tokens also need mature applied blockchain technology that has been approved by the masses to be able to stay in the market. This is different from the token projects that rely on hiring a market team to boost their prices in the short-term and then swiftly drop back down, returning to the release prices or even breaking below that point. These token projects can be said to be one-hit wonders, this wouldn’t fly for a real token project. Only the test of time can the value of a token project be established.
CryptoKitties was once the latest craze in the token circles. The first exchange center that implemented the “trading is mining” mechanism also caused a sensation in the token circle. The first airdrop was able to raise its prices immediately, and the first blockchain game F3D was a major hit. Why is it always the first movers that change the market, while followers imitate predecessors? CryptoKitties is one example, nobody remembers the other blockchain animals that came after. That is the pattern of the market, and also that of any industry. Only by climbing on top of others will you be able to succeed. It is also important to be calm in your decisions in order for you to be able to predict future trends.
Weekly market analysis (up to time of publication)
BTC
In continuation of last week, this week also sees a white candlestick showing a strong bull market. Prices broke through pressure at 7400, but met resistance and rebounded when attempting to breakout from pressure at 8500. From a chart view, prices haven’t broken out from the 7-day moving average, and the bull market still requires testing to be certain. From Bollinger Bands, there is a greater chance of prices rebounding in the top angle. From a RSI point of view, it is oversold and a more bearish market.
ETH
Prices are trending horizontally this week. There is pressure from the 60-day moving average, fluctuating between 452 and 478. The market is mainly bearish. Paying attention to which direction prices breakout from near the support can confirm the real direction the market is heading in.
BCH
This week the token was able to be an independent market, with the largest stock amplitude of all major tokens. From a daily moving average in accordance with the relationship between volume and price, there is a chance of being a double tops. Fluctuation is between 774 and 865. There is a need to wait for a breakthrough in the market.
EOS
Synchronous with BCH, with fluctuations between 7.8 and 8.75. There is continuous pressure from the 60-day moving average, and prices are oscillating while waiting for future trends.
Next week’s trend
1. Continuous shock after short retracing
2. Information will provoke a pull in prices
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