Wednesday, August 10, 2022

The Crypto Rally May Surprise to The Upside

The Crypto Rally May Surprise to The Upside
 
 

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Hi Crypto Academy Network,

A positive sign is that analysts are increasingly showing confidence that crypto prices may have bottomed out. JPMorgan said in a recent note that limited new contagion from the collapse of the Terra ecosystem and positive data flow from Ethereum’s testnets raised expectations that the merge will happen in 2022. Both these have been the main drivers of the current recovery. Analysts at JPMorgan believe that crypto prices may have “found a floor.”

Conversely, if the price turns down from the current level and breaks below the uptrend line, it will suggest that the bulls have given up in the short term and are closing their positions. That could sink the price to the 50- day simple moving average (SMA).

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