Here are the Cryptocurrencies to Look Out for This Week: FLOW, CEL, DCR

The cryptocurrency market is still in its infancy and is highly volatile. However, there are some cryptocurrencies like FLOW, CEL, etc., that you should look out for this week.

Flow (FLOW)

Flow’s native token rallied to an all-time high on Monday morning. The rise was fueled by an announcement that Instagram has integrated Flow so that users can mint NFTs (non-fungible tokens) from within the app.

\Instagram announced recently that it’s expanding its NFT initiative globally to more than 100 countries, adding FLOW token support for users on the Flow blockchain. The news has helped send the price of FLOW up significantly.

There was an all-time high of 1.4 million transactions on the Flow blockchain last week, implying increased user activity and the going price.

On the 1H timeframe, the price action of $FLOW/USDT has broken the double top neckline and moved downwards. If it reaches the place order block with Comb, it will rise from there.

Flow Price Chart August 2022
FLOW Price Chart August 2022

Celsius (CEL)

A group of traders has been stealing from the bankrupt crypto lender Celsius Network by pumping their CEL token. The company’s founder, Alex Mashinsky, saved himself from any consequences by cashing out some of his CEL tokens, which have multiplied in value for him even as the company continues to struggle.

The wallet swapped CEL tokens for ether (ETH) in several transactions on Saturday and Tuesday. The most recent transaction saw 17,475 CEL being swapped for $28,242 worth of ETH, according to blockchain data tracker Etherscan.

On the 4H timeframe,  we can see a good rally of $CEL/USDT. Currently, it is working above the major horizontal resistance zone. we have to observe the further price action.

Cel Price Chart August 2022
CEL Price Chart August 2022

Decred (DCR)

Decred (DCR) is a cryptocurrency often used – along with Bitcoin and others – to pay for work processing transactions, approving blocks, and funding the Decred project. Decred’s price continues to rise as people’s interest in the platform has increased in the past few months.

Last week, Decred coin prices reached new highs due to more people being interested in the token. DCR reached a price of $64.42, the highest since May of 2018.

This change has made it worth almost 667 million USD, a 237% increase from its lowest-recorded value. Although there are no specific updates to Decred’s price predictions for 2022, it is a good investment opportunity. The possibility of it surpassing its all-time-high this year is high enough.

On the 1H timeframe, the price action of $DCR/USDT price is lying above the support trendline. we have to wait for further price action.

Dcr Price Chart August 2022
DCR Price Chart August 2022

Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

Pratyaksh
Pratyaksh

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