Blue Chip Cryptocurrencies Unfazed by US Retail Sales Figures
Blue chip cryptocurrency markets have shown little to no reaction to the latest US Retail Sales figures for July. This supports the belief that the US economy is far from recession. Bitcoin and Ether continue to trade within their recent ranges, with the market waiting for upcoming catalysts such as the SEC’s decision on major spot Bitcoin ETF applications and an upcoming upgrade to the Ethereum network.
THORChain’s Token RUNE Rallies to Four-Month Highs
THORChain’s token, RUNE, has experienced a recent rally, reaching near four-month highs above $1.60. This marks a 70% increase from recent lows. Technical factors, such as breaking a downtrend and trading above major moving averages, appear to be driving the rally. RUNE may retest yearly highs around $2.0 and potentially reach $3.0 in resistance.
XinFin Network’s Token XDC Attempts to Push Higher
XinFin Network’s token, XDC, is trading with gains of close to 4% and attempting to move above its 21DMA just above $0.065. After a strong run in July and early August, XDC is pulling back but finding support above its 21DMA could indicate a retest of yearly highs. Alternatively, a retest of support in the $0.045s is possible.
Hedera Hashgraph’s Token HBAR Holds Above Bullish Trend Channel
Hedera Hashgraph’s token, HBAR, experienced a pullback after reaching highs of $0.076. However, the cryptocurrency remains comfortably above its bullish trend channel. The naming of Dropp, a Hedera-based dApp, as a service provider for FedNow instant payment service has contributed to HBAR’s recent surge.
Consider Crypto Presales for High-Risk, High-Reward Potential
For those seeking high-risk, high-reward investment opportunities, participating in crypto presales can be a strategy to consider. These presales involve buying tokens of up-start crypto projects to support their development. With the potential for exponential gains, identifying projects with strong teams and innovative visions can offer attractive risk/reward ratios. A list of 15 recommended crypto presales for 2023 is available for further exploration.
Hot Take:
The US Retail Sales figures had minimal impact on blue chip cryptocurrencies, indicating confidence in the US economy. Tokens like RUNE, XDC, and HBAR have shown significant movements, driven by technical factors and positive developments. Engaging in crypto presales can be a high-risk, high-reward strategy for investors. Overall, the crypto market continues to navigate upcoming catalysts and maintain its momentum.
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