Franklin

CODE

Bitcoin

Avalanche

BARRON

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<p>As September approaches, the cryptocurrency market is showing signs of potential upward movement. Bitcoin, the leading digital asset, is currently facing pressure around the $62,000 mark, with analysts suggesting a possible short squeeze. Recent disappointing employment data revisions may inadvertently benefit crypto and other risk markets.</p>
<p>Technical analysis indicates that Bitcoin is nearing a critical juncture. The RSI (Relative Strength Index) on the daily chart is approaching 53, a level that could signal a bullish breakout if sustained. Long-term holders are showing increased confidence, while short-term holders appear to be capitulating - a potentially positive sign for the market. Additionally, deposit patterns suggest a favorable environment for price appreciation.</p>
<p>Ethereum, the second-largest cryptocurrency by market cap, is also showing promising signs on its weekly chart. Analysts are watching for a potential bounce from the RSI 40 level, which could challenge a long-standing downtrend line. A breakout above this line could signal the start of a significant move upwards, reminiscent of the 2020 bull run.</p>
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<p>Other altcoins are also gaining attention. Tron (TRX) is approaching new all-time highs, with its founder Justin Sun hinting at major developments in the ecosystem. The growth of meme tokens on the Tron network and reduced transaction fees are contributing to increased interest. Uniswap (UNI) is seeing a surge in activity across various networks, particularly on Base, which could translate to price appreciation for the UNI token.</p>
<p>Polygon (MATIC) is preparing for a significant transition on September 4th, as it rebrands to POL. This change could spark renewed interest in the token. Technical analysis suggests multiple confluence factors pointing towards a potential target of $0.90 for MATIC in the coming months.</p>
<p>Avalanche (AVAX) received a boost from two major announcements: Franklin Templeton, a global investment firm with $1.6 trillion in assets under management, is bringing its money market fund to the Avalanche blockchain, and Grayscale has unveiled an Avalanche Investment Trust. These developments highlight the growing institutional interest in blockchain technology and could pave the way for further adoption and price appreciation in the crypto market.</p>
<p><strong>Guest:</strong> The Trading Parrot <br>Follow Trading Parrot on YouTube! ➜ <a href="https://bit.ly/TradingParrot">https://bit.ly/TradingParrot</a></p>
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Bitcoin Short-Squeeze Coming?📈Altcoin Technical Analysis with The Trading Parrot

Paul Barron Network

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