Sirwin
Sirwin

WEEKLY PRICE DIGEST: BTC, ETH, RVN, ATOM & CEL

By SimpleLearn | SimpleLearn | 16 Sep 2022


 

The week started with pretty strong down moves after the release of the Consumer Price Index (CPI) U.S. report. Inflation turned out to be higher than the forecast level of 8.1% and amounted to 8.3%. These figures leave no doubt about a further increase in the Fed rate by 0.75% among investors. The most negative forecasts suggest an increase of 1%, which provokes the market to correct given such scenarios. The US stock market fell to 5% for the session.

 

BTC

Immediately after the CPI report, Bitcoin began to move down 12% from the $22,796 price point, which was a daily high, to $19,900. At the moment, the volatility of Bitcoin is reduced. After a strong decline and liquidation of 75% of long positions, the price is at $20,132.

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ETH

Ethereum reacted to the fall of bitcoin with a decrease from $1,760 by 10.7% to $1,570. At the moment, the coin is trading near the trend at $1,585. As a result of Ethereum’s The Merge update, there was no surge in volatility.

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RVN

Amid expectations of the Ethereum blockchain transition to a POS consensus algorithm and the abandonment of mining, Ravencoin has been steadily rising since the beginning of last week. Ravencoin is one of the cryptocurrencies that is still mined with a GPU. RVN started its upward movement ignoring Bitcoin's fall from the $0.028 price point and reached $0.077, which is a 170% increase. RVN is currently on a 23% retracement at $0.060.

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ATOM

After a 48.9% ATOM coin price surge from $11,549 to a three-month high at $17,183 last week, we are seeing a deep correction of over 23% to $13,216 this week. The coin won back 12% of the fall and is currenly trading at the price level of $14,765.

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CEL

Since the beginning of the week, there’s been a demand for CEL. The coin has grown well from the $1,376 price point by 120% to the $3,021 price point. Against the background of the fall of Bitcoin, the coin corrected by more than 44% and is currently trading at a price point of $2,014

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P.S. The content of this post should not be construed as an investment advice. We ask you to do your own research. This text is not a guide to action.

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SimpleLearn
SimpleLearn

A to Z practical crypto education for everyone. Learn to keep, exchange, or buy crypto confidently!


SimpleLearn
SimpleLearn

A to Z practical crypto education for everyone. Learn to keep, exchange, or buy crypto confidently!

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