Place/Date: - August 10th, 2022 at 7:51 am UTC · 3 min read
The bulls and bears are currently at war. Bitcoin has been steadily ascending since mid-June, and thanks to this price action, most altcoins have made significant moves to the upside. However, the bears heavily defend $24,000, and this has become the critical level of resistance Bitcoin needs to break through to confirm and establish a genuine bullish sentiment. If BTC can break above this, a prolonged rally is expected, and this is in spite of confusing macroeconomic conditions.
The White House has changed the definition of a recession, typically defined by two consecutive quarters of negative growth, and pointed consistently to the labour market’s strength. Has inflation peaked? Will the United States enter a period of stagflation, with high unemployment and high inflation? Has the macro bottom already arrived? Investors, traders, and economists all over the globe struggle with these questions. But despite these conditions, there is one Ethereum-based token, Uniglo (GLO), that continues to display bullish indicators, whilst Bitcoin and Ethereum struggle against resistance.
Uniglo is a social currency that introduces value backing to digital assets. GLO, the native token, will have an intrinsic floor price supported by the Uniglo Vault, which holds a mixture of real-world, digital, and NFT assets. Uniglo features buy and sell taxes to support its two central mechanics: The Treasury & The Ultra Burn Mechanic. 5% of every trade on GLO goes to the treasury fund, which acquires assets. 2% of every trade on GLO is automatically sent to a burn wallet.
GLO is a single token that represents a diversified portfolio. In a time of rising inflation and market volatility, this new currency allows investors to leverage assets to preserve their wealth and benefit from long-term appreciation. This new form of currency employs scarcity principles and tangible backing to offer investors an actual store of value within the digital asset space.
Bitcoin, launched by Satoshi in 2009, has gone from something whispered about on online cryptographic forums to an asset adopted by nations as an official form of currency. Bitcoin is one of the best long-term holds and is a coin that should feature in every investor’s portfolio.
BTC trades at $23,000 but meets minor resistance at $23,600 and huge resistance at $24,000. It continues to trade in a narrow band between $22,000 and $23,000, and market participants anticipate a break out to either side. However, Bullish Divergence on the RSI (Relative Strength Index) hints that Bitcoin is more likely to move to the downside.
Powered by the merge and the activation of the Beacon Chain, ETH has rallied hard in the past month, gaining 80% in value from its June lows. Many investors speculate that ETH is consolidating at its current price ($1,650) and will see a greater influx of long positions pushing the price up.
However, $1,700 is a firm line in the sand; this price held as support during the 2021 bull run and now has become key resistance. ETH has already been rejected three times at this price level, inferring that the bulls are running out of energy.
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