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Forex trading. Cryptocurrency forecast for today, July 27, 2021

Forex trading. Cryptocurrency forecast for today, July 27, 2021

Bitcoin gained almost 15% in price and reached the level of $39700. Ethereum strengthened to the level of $2,380, and XRP reached 66 cents. The total capitalization of the cryptocurrency market was $1.56 trillion.

Bloomberg analysts believe that the current upward movement of bitcoin may have a continuation. The rapid recovery of the main cryptocurrency above the psychologically significant 30,000 mark will give impetus to buyers who pushed the price through the key resistance of $36,500 on Monday. This movement confirms the formation of the classic double bottom technical pattern, which is considered one of the main reversal patterns after a downtrend. The latest price movement confirmed the classic pattern, which potentially indicates a rise to the $44,000 mark, where the double bottom target and the 200-day moving average intersect.

One of the largest American rating agencies, Morningstar, believes that Cardano has a chance to enter the big three of the cryptocurrency market along with bitcoin and Ethereum. This blockchain has many application scenarios that can attract the interest of institutional investors, and in this sense it is similar to Ethereum. Currently, ADA occupies the fifth place in the market with a capitalization of $43 billion. Despite the recent pullback, the growth of the cryptocurrency since the beginning of the year is still 650%. Charles Hoskinson, the founder of Cardano, believes that his project is unfairly criticized for its slow progress towards supporting smart contracts. On Twitter, he promised that the next two months will be fun as the Alonzo hard fork is deployed. The completion of the implementation of smart contracts is expected in early September with the launch of the Alonzo Purple update.

The forecast expects Bitcoin to decline to the levels of 39500, 39200 and 39000 dollars. Ethereum will decline to the levels of 2350, 2330 and 2300 dollars, and XRP - to the price values of 65, 63 and 60 cents.

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WTI Crude Oil: trading forecast for the week of September 20-26, 2021
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Sep 20, 2021 Read
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