Bitcoin touched $34,000 as the price has been trading in a narrow range over the past few weeks, according to the technical charts. The cryptocurrency is currently trading at levels that suggest it could reach $35,000 next week, but it is uncertain whether this valuable token would be able to settle around $40,000 before the end of July.
Over the week, both the up and down trend lines of BTC/USD have been held as support. The relative strength index (RSI) is also in a sideways range over the last few days. We can see a reversal in the long positions in BTC/USD (long-positions are on the left). The number of altcoins that have rallied since the last week is also impressive.
There have been dozens of altcoins that have seen their prices increase by at least 10%, with all of them being in the top 25 of the Cryptocompare Altcoin Index. In fact, two tokens from outside the top 25 are in the top 25: the Bitcoin Cash (BCH) hard fork and the Dash (DASH) fork. These altcoins have the opportunity to make up for lost ground.
Beyond DASH and BCH, the LUNA token has been posting very respectable gains despite the absence of a Bitcoin rally. It is interesting to note that altcoins have been gradually giving up their dependence on BTC performance, and this is excellent news for the overall cryptocurrency market. This trend suggests that investors are not as speculative as they used to be; instead of following the herd instinct and gambling on the potential of altcoins becoming breakthrough tokens, it seems as if traders are paying attention to fundamental aspects of new digital currencies.
The LUNA team have come up with another great idea to benefit not only themselves, but also their community. LUNA have released details on their plans for a decentralized blockchain called the SuperNode Network. As the name suggests, the LUNA SuperNode Network will help users to “SuperNode” their devices for a reward of up to 50 LUN tokens. LUNA will compensate their users for their valuable time and effort by running their nodes.