Last week, Transfero’s analysis pointed to the prospect of bitcoin’s price reaching US$ 50,000, which happened on August 23. On that date, BTC exceeded this value and was close to reaching the resistance of US$ 51,200, as shown in the chart below.
“As we pointed out, the US$ 47,000 barrier was overcome with volume, which caused bitcoin to reach the US$ 50,000 range”, said Wander Guedes, Head of Transfero’s Crypto Prime Brokerage. However, he notes that the leading currency has undergone a minor correction soon after reaching this value. “The correction is reinforced by the maximum of the last three months of the Fear & Greed Index, which reached the 79-point mark, indicating ‘Extreme Greed’”.
According to Guedes’ assessment, it is still an upward trend. “A good sign of this is that the daily closing prices are still above the 200-period Simple Moving Average Line (MMS 200, or 200-day)”, he said. However, according to him, the current support at US$ 47,000 is of key importance for the bullish move to continue. “In case the support is broken with volume, the correction may gain more strength, since there would also be a breakout of the Bullish Line drawn, which would take the price to the US$ 42.7 thousand range again”, he warned.
ALICE: the highlight of the week
The highlight of the week, according to Transfero analyst, was crypto MyNeighborAlice (ALICE), which was listed on August 25 on FTX and appreciated about 43% on the same day. That same day it reached its ATH in market cap, surpassing the US$ 500 million mark.
“Taking advantage of this boom moment in the Gaming & Entertainment market, ALICE will be a multiplayer game on the blockchain, in which users collect and trade NFTs during their experience. It’s worth keeping an eye on!”, suggested Guedes.