DEX dYdX Blocks Tornado Cash Affiliated Accounts Citing US Sanctions

Key Insights:

  • dYdX called the blocking of accounts abidance to their compliance policies.
  • Tornado Cash has been flagged for being associated with illicit transactions.
  • At the time of writing, the native token TORN had dropped by almost 45% in just two days.

The decentralized non-custodial privacy solution existing on Ethereum landed in a world of trouble this week after the United States Treasury and Office of Foreign Asset Control (OFAC) placed an outright ban on the platform.

Having not only ordered citizens against using the services, but the government also laid down similar rules for crypto businesses to not associate with the platform. Since then, dYdX has become the first Decentralised Exchange actually to make a move against it.

dYdX after Tornado Cash

In a blog post issued yesterday, the DEX explained the reason behind the Tornado Outage on the platform to its customers.

As the OFAC blacklisted Tornado Cash for being a part of some of the most popular hacks in the history of crypto, including the $625 million Axie Infinity Ronin Bridge attack where Tornado was used as a means to move the stolen funds around.

However, beyond this, due to its privacy policies, Tornado became a staple for criminals. Thus to put an end to the possibility of the same being funded from within the country, the OFAC made it mandatory to stay away from Tornado Crash.

Consequently, a significant amount of people, due to their affiliation with Tornado Cash, also observed their accounts being blocked off by dYdX, about which the DEX had this to say.

“This sudden influx of flags affected many account holders that never directly engaged with Tornado Cash, and often such users do not realize the origin of the funds transferred to them during various transactions prior to interacting with our platform, but we must nevertheless maintain certain restrictions.”

Tornado in a Terrible Storm

As the crypto facilitator platform faced bans from the OFAC, things began unraveling, and within the span of just three days, the native token of the platform TORN fell to new lows.

Dropping by more than 45%, TORN could be seen trading at $16.3, down from $30 less than a week ago.

The losses faced by investors due to this sudden blacklisting are unparalleled, as this 45% drop in price cannot be recovered by any means since the platform is blocked for good.

And now, with the crypto exchanges DeFi and non-DeFi alike doing this, it is about to get worse for TORN going forward.

Crypto Price Analysis August 11: LDO, CEL, FLOW, BTG, NEXO

Key Insights:

  • Celsius led the market with a 27.41% increase in price.
  • Lido DAO followed suit, shooting up by 22.71% in 24 hours.
  • Bitcoin and Ethereum noted a similar increase today, trading at $24k and $1.8k.

The crypto market kept in the green today thanks to the altcoins for balancing out the woes of correction after yesterday’s rise.

As Ethereum completed the Goerli Testnet merge, the final merge before the arrival of Proof of Stake, the king coin and the altcoin king rallied too, rising to $24,111 and $1,878.

Lido DAO (LDO)

Lido DAO could be seen trading closer to $3 today after rising by 22.71% in the last 24 hours, inching closer to invalidating the 60.81% losses from May.

The divergence of the Bollinger Bands indicates the high volatility present in the market, and with the candlesticks residing above the basis of the indicator, LDO is going to continue moving upwards.

Celsius (CEL)

Celsius emerged as one of the best performers of the day thanks to its 27.41% rise today, trading at $2.36.

As the green bars continue rising on the Awesome Oscillator, CEL will be noting support for invalidating the 34.76% crash from March and April.

Flow (FLOW)

FLOW has been performing exceptionally for the last 15 days shooting up by more than 91%, bringing the coin above $3.

The altcoin is now looking to recover the 47.19% losses from May, and the reappearance of a bullish crossover on the MACD will provide support to the coin.

Bitcoin Gold (BTG)

The Bitcoin hardfork noted a 13% rise in the previous 24 hours despite a visible downtrend on the asset.

Parabolic SAR’s white dots present above the candlesticks down do not seem to be stopping BTG from recovering the 30.72% losses in March and April.

Nexo (NEXO)

NEXO did not hold back either and rallied by 15.75% since yesterday to reach closer to $1. Flipping it into support will help the coin recover the rest of the 50.67% losses from June.

The Chaikin Money Flow’s uptick indicates that the uptrend has restored faith in investors as inflows can be observed on the asset.

Shiba Inu (SHIB), Dogecoin (DOGE) Push Memecoin Market Cap to $17B

Key Insights:

  • Shiba Inu shot up by more than 4.3% today.
  • Dogecoin also noted a 4.2% rise in the last 24 hours.
  • Bitcoin and Ethereum did not hold back either, rising to $24k and $1.8k today.

The bullish effect of Ethereum’s Goerli Testnet merge, the final merge before Ethereum transitions to Proof of Stake, received mixed reactions from the market.

While the crypto market did not decline, it also did not gain much, balancing out the bearishness thanks to Bitcoin and Ethereum’s rise to $24,226 and $1,890, respectively.

Dogecoin Continues To Go Up

The meme coin, which closed above $0.07 again yesterday, kept its rally up, trading at $0.071 today, marking a 4.23% rise.

Even so, this does not do much for the altcoin as it is yet to recover the losses of June’s crash and the recovery of May’s dip is not even in question right now.

However, price indicators seem to be slightly positive at the moment, which might help DOGE incline further.

The Parabolic SAR’s white dots are currently placed above the candlesticks, and the presence of an uptrend is a good sign for the altcoin.

Secondly, the MACD is still not exhibiting clear signs of either a bullish crossover or a bearish crossover, but since the indicator line (white) is beginning to rise above the signal line (red), DOGE might have a shot of reclaiming its losses.

Shiba Inu Heads Into Volatile Waters

The second biggest meme coin in the world, which recently lost its spot in the top 15 cryptocurrencies list, is actually making progress with its 4.32% rally from the day before, pushing SHIB further above $0.00001255.

The divergence of the Bollinger Bands is the first sign of increasing volatility which might actually play in favor of Shiba Inu.

The altcoin needs some room to rally ahead, and as long as the candlesticks keep above the basis of the indicator, SHIB will only note a price rise.

Besides, the Awesome Oscillator is also maintaining the green bars above the neutral line of the indicator.

This is proof that despite the fluctuations, the bullishness is still persisting in the market, providing SHIB with the support it needs to rise to $0.00001500.

Ethereum Classic and Ravencoin Continue Market’s Rally With 11% Rise

Key Insights:

  • Ethereum Classic emerged as one of the best performers with an almost 19% rise.
  • Ravencoin also noted a 13% rise today following the bullish cues.
  • Bitcoin and Ethereum inclined as well, trading at $24k and $1.8k, respectively.

As Ethereum completed its final testnet merge ahead of The Merge scheduled for some time next month, the crypto market was expected to note a substantial rise, but as the day progressed, those expectations were squandered by corrections.

However, with both Bitcoin and Ethereum rising to trade at $24,312 and $1,894 today, altcoins mostly remained bullish as well.

Ethereum Classic Follows Ethereum’s Cues

The Ethereum hard fork cryptocurrency recorded an almost 19% growth in the last 24 hours as the broader market bullish cues from yesterday pushed the coin to trade at $43.4 today.

In doing so, the altcoin added to the ongoing recovery and is nearing the absolute invalidation of the 62.79% losses it noted from March to May.

However, signs of a potential trend reversal are visible on the charts, with price indicators highlighting rising volatility.

The divergence of the Bollinger Bands could lead to price swings, but as long as ETC keeps above the basis of the indicator, it won’t have to worry about a price fall.

But given the appearance of the red bars on the Awesome Oscillator, it cannot be said with certainty whether or not ETC can continue this rise for a long time. If these bars continue appearing over the next few days, ETC could lose $40 as support.

Ravencoin Soars As Well

The altcoin stuck to yesterday’s rise and continued building upon it further, rising by 12.89% in the span of 24 hours.

However, after having almost recovered from the nearly 50% crash of May, Ravencoin is set to note a downtrend, and the signs of the same are already visible on the charts.

The very obvious first sign is the presence of the white dots of Parabolic SAR above the candlesticks, although despite indicating a downtrend for the last three days, RVN hasn’t declined.

Thus, there might be some room before the price begins falling.

Secondly, the MACD officially executed a bearish crossover earlier in the day yesterday as the signal line (red) crossed over the indicator line (white).

This is the first bearish crossover in almost two months, and with the red bars appearing below the neutral line, RVN is set to note some decline over the next few days.

Crypto Price Analysis August 10: FTM, NEAR, DOT, VET, AR

Key Insights:

  • The market noted recovery today after yesterday’s $28.9 billion downfall.
  • The likes of Fantom and NEAR led the market rally with a 10% rise.
  • Bitcoin and Ethereum rose to trade at $24k and $1.87k, respectively.

With losses exceeding $1.1 billion in the second quarter, Coinbase noted a decline in the trading volume and revenue over the three months from April to June.

However, the crypto market treaded in the other direction against expectations, reclaiming the $36 billion it lost in the 24 hours before today.

Fantom (FTM)

The altcoin is sticking to its 2-months long uptrend adding another 9.09% over the last 24 hours. This brought FTM closer to recovering the 46.29% losses it witnessed in June.

Relative Strength Index (RSI) staying in the bullish zone is a good sign for the altcoin as it will provide the support Fantom needs to keep above $0.4.

Near Protocol (NEAR)

NEAR noted a similar pattern rising by 10.63% in the previous 24 hours, except that this altcoin has already recovered its June losses and is currently on the way to invalidating May’s crash of 54.4%.

The divergence of the Bollinger Bands indicates an increase in volatility which might lead to a price swing in the upward direction.

Polkadot (DOT)

Polkadot is inching closer to the $10 mark, and in doing so, it is also reclaiming the losses of June and heading towards recovering the dip of May.

The presence of green bars on the Awesome Oscillator indicates that the persisting bullishness will act as solid support for the altcoin.

VeChain (VET)

The 6.6% rise in the last 24 hours is possibly going to act as an effective trigger for VeChain to note a rally strong enough to invalidate the losses of May’s 48.61% dip.

MACD maintaining its bullish crossover is highlighting the same thing as well.

Arweave (AR)

Of the cryptocurrencies of this lot. Arweave stood out for the downtrend it was displaying on the charts today as the white dots of the Parabolic SAR moved above the candlesticks.

The 6.38% rally did not change that either, which might make it difficult for the altcoin to recover the 47.75% losses of May.

Shiba Inu and Dogecoin Recover As Market Cap Hits $1.1 Trillion

Key Insights:

  • Dogecoin finally closed above the $0.07 mark today.
  • Shiba Inu also maintained the persisting bullishness with a 2% rise.
  • Bitcoin and Ethereum noted gains as well, trading above $23k and $1.8k.

Although the market hasn’t been noticing any solid cues apart from the declining inflation today, there have been incidents reported today which may have had a negative impact on the crypto market, such as the Coinbase Earnings Q2 report.

The crypto exchange lost $1.1 billion in 3 months due to the bearish market, and today a German crypto exchange also filed for insolvency.

But Bitcoin and Ethereum, like the meme coin market, rallied today, trading at $23,779 and $1,835.

Dogecoin Stands Up

After weeks of oscillating below the $0.07 mark, DOGE finally breached the resistance and could be seen trading at $0.07011.

While it may not be a big deal in the grand scheme of things, consistent performance as such could place the altcoin in an extended rally.

The signs of the same are already visible on the altcoin, with the very first and obvious indication being the uptrend.

The presence of the Parabolic SAR’s white dots underneath the candlesticks hints toward the bullishness present in the market, which will support DOGE’s further rise.

MACD maintaining a bullish crossover highlights the same, although there is the presence of a couple of red bars on the indicator.

However, as long as they don’t fall below the neutral line, DOGE does not have much to worry about and can continue climbing beyond $0.07.

Shiba Inu To Go Boom?

Like Dogecoin, Shiba Inu did not exhibit any particular signs of a rally at the moment, but the altcoin is seemingly preparing for a rise in the near future.

This is important for the meme coin as it is yet to recover the losses of April and May, which almost hit 60% in a month.

The subtle divergence of the Bollinger Bands is a sign of increasing volatility in the market.

Usually, that is not the most ideal position for a cryptocurrency, but since SHIB has been stuck in consolidation for such a long time, this could help the coin mark a rally.

Secondly, the Relative Strength Index (RSI) is also keeping above the neutral line in the bullish zone.

This shows that despite the lack of growth, the buying pressure on the asset hasn’t reduced by a lot which will prevent a price fall in the asset, making room for a rally soon.

AAVE, Compound Lead Market Recovery of $36 Billion

Key Insights:

  • AAVE rallied by 13.51% to trade at $111 today.
  • Compound joined in the broader market trend rising by 9.82%.
  • Bitcoin and Ethereum shot up as well to trade at $23k and $1.8k today.

The crypto market was expected to nosedive today after the announcement of Coinbase’s second-quarter revenue.

The cryptocurrency exchange noted the highest losses since its listing in April last year, amounting to $1.1 billion between April and June.

However, following the lead of Bitcoin and Ethereum as they rose to trade at $23,636 and $1,822, the crypto market recovered yesterday’s losses, with altcoins leading the same.

AAVE in an Uptrend

The cryptocurrency could be seen rising at the time of writing, with a 13.51% rally already underway.

As the altcoin traded at $111, AAVE managed to recover all the losses it witnessed during the June crash and was on the way to doing the same with the April to May drawdown of 58.79%.

The price indicators seemed to be in favor of the same at press time, with the Bollinger Bands beginning to diverge.

This highlights that a rise in volatility is underway, and the coin will be able to experience price swings soon. Just as long as the candlesticks maintain their position above the basis of the indicator, AAVE will be in a good spot.

The appearance of a green bar on the Awesome Oscillator is an indication of the same thing, and the bars keeping above the neutral line show that despite the fluctuations, the asset is safe from a downtrend for now.

Compound Follows the Bullish Cues

The altcoin was one of the better performers of the day as it gained almost 10% in the span of 24 hours to trade at $64.45.

While the gradual incline observed over the last two months has enabled COMP to recover the downtrend it witnessed at the time of June’s crash, it is yet to rally enough to recover the losses of May’s 47.33% crash.

COMP is finding support for the same in the market as evinced by the price indicators’ bullish stance.

The presence of Parabolic SAR’s white dots beneath the candlesticks shows that the altcoin has been in an uptrend for almost two weeks now.

Secondly, the MACD is also maintaining its bullish crossover after some fluctuation towards the end of July. The green bars on the indicator are signaling consistent bullishness for the asset, which is necessary at the moment.

Crypto Price Analysis August 9: FIL, CRV, KSM, RUNE, UNI

Key Insights:

  • Curve DAO token led the market with a 10.57% fall.
  • Filecoin, Kusama, and others followed suit with more than 8% dips.
  • Bitcoin and Ethereum were in line with the same, falling to $23k and $1.6k.

Cryptocurrencies mostly noted a downtrend today as the crypto market faced the impact of the US Office of Foreign Assets Control’s (OFAC) sanctions on the crypto service provider Tornado Cash.

The platform linked with the North Korean hackers – the Lazarus Group, has been barred from usage by any US citizen.

Consequently, despite TORN, the native token of Tornado, being the epicenter, the bearish waves were felt across the crypto market, sparing only a few cryptocurrencies which did not even include the king coin and the altcoin king, which traded at $23,147 and $1,694, respectively.

Filecoin (FIL)

FIL noted an 8.84% decline today due to the broader market bearish cues, only days after marking an almost 87% rally in the span of 5 days.

The reason behind the fall has been a market cooldown caused by excessive bullish pressure, as evinced by the Relative Strength Index (RSI).

Curve DAO Token (CRV)

CRV was also amongst the worst performing assets of the day, falling by 10.57%, losing a part of its 165.42% rally from the month before.

Whether or not this momentum will stick is questionable since the Awesome Oscillator is exhibiting mixed signals at the moment.

Kusama (KSM)

Kusama finally broke its almost month-long streak of keeping above the basis of the Bollinger Bands, which would’ve been helpful during periods of volatility.

The 8.97% drop in 24 hours that caused this development also brought the trading price of the asset to $59.88 today.

ThorChain (RUNE)

RUNE was among the ones to lose the least, declining by just 5.69% in 24 hours after charting an 83.67% rally in the last two months.

But regardless of the rally, investors have been consistently pulling their money out of the asset as evinced by the downtick of the Chaikin Money Flow.

Uniswap (UNI)

Uniswap was the best performer of this lot as it only fell by 4.55% today, bringing the price to $8.391. The fall came days after the almost 155% rally from a month ago.

The MACD today also slipped into a bearish crossover, and the appearance of the red bar below the neutral line makes the altcoin far more susceptible to a price drop.

Shiba Inu & Dogecoin, Along With the Meme Coin Market, Declined by 3%

Key Insights:

  • Shiba Inu noted a 3.47% drop in the last 24 hours.
  • Dogecoin could be seen trading at $0.065, down by 2% in the same duration.
  • Bitcoin and Ethereum noted a fall in price as well, trading at $23k and $1.6k.

With the second month of the third quarter underway, the crypto market was expected to continue the rise it noted in July.

But that did not happen, despite the consumer price index (inflation) falling by 0.4% from June’s 40-year high of 9.1% to July’s 8.7%. However, the crypto market remains downtrend bound, with even Bitcoin and Ethereum slipping to $23,067 and $1,686, respectively.

Shiba Inu Bows a Little Too Much

The meme coin, which noted an almost 60% drop during the crash from April to May, could be seen down by another 3.47% today as the price dipped to $0.00001195.

Such movements are uneventful for such a coin, but it does affect the investors who have been betting on a rally for a long time now.

The chances of the same are not clear since the price indicators are sending out mixed signals.

The Relative Strength Index (RSI) is right at the edge of the neutral line and could end up falling below the same. This would be the first bearish signal for SHIB in more than a month.

Although the Parabolic SAR indicates the beginning of an uptrend as the presence of the white dots are below the candlesticks.

Now in the past, such uptrends have been observed to be non-reactive on the coin, but this time around, it could counter some of the bearishness in the market and keep SHIB from falling too far down.

Dogecoin Is Heading Straight…

…ahead. Neither up nor down but just straight ahead since the meme coin has been stuck in a sideways momentum for more than a month now.

Post the June crash of 38.37%, DOGE has not been able to chart a rally but instead has been rangebound under $0.07.

Volatility has been thought of in the past for the altcoin since, even at the time of writing, the Bollinger Bands remained converged the same way they have been since July 10.

Usually, volatility isn’t the best for a cryptocurrency, but right now, DOGE needs it in order to mark a rally.

The MACD, on the other hand, is not indicating any clear direction for the meme coin as the signal line (red) and the indicator line (white) have been moving closer for about two weeks now.

Thus unless some clear momentum is observed on the price indicators, investors should not expect any radical rallies.

Celsius Fights the Bears As Lido DAO Leads $35B Losses In the Market

Key Insights:

  • Celsius could be seen rallying by more than 30% today.
  • Lido DAO is taking a break to cool down after its 331% rally from the last month.
  • Bitcoin and Ethereum also slipped to $23k and $1.6k in the last 24 hours.

The sanctions placed by the United States Office of Foreign Assets Control (OFAC) on cryptocurrency service provider Tornado Cash have had a deep impact on the crypto market, with most of the altcoins losing their value, including Bitcoin and Ethereum, which ended up falling to $23,073 and $1,686, respectively.

Celsius Goes Up

The altcoin had a somewhat surprising day as it was the only cryptocurrency to note a rally of more than 10% in the last 24 hours.

Up by 30.47%, Celsius inched closer to its next critical support level of $2, trading at $1.89 at the time of writing.

Once it crosses that barrier, the altcoin will be able to recover all of its 87.01% crash from the months of May and June.

The price indicators, however, are exhibiting mixed signals, with the Parabolic SAR indicating a continued uptrend. The presence of the white dots underneath the candlesticks is a positive sign for the altcoin.

However, the reach of the Relative Strength Index (RSI) into the overbought zone above the 80.0 threshold is certainly a matter of concern.

This reach signifies saturation of buying pressure for CEL, which would result in a trend reversal, making it difficult for the altcoin to cross the $2 mark.

Lido DAO Follows the Trend

Unlike Celsius, Lido DAO stuck to the broader market cues, albeit bearish, resulting in a 9.73% loss in the last 24 hours.

Today’s downtrend adds to the 18.13% dip that began three days ago after the altcoin finished its 331.91% rally a month ago. Trading at $2.18, LDO is looking at a potential drop in its price since all hands point in that direction.

The MACD officially executed a bearish crossover with the signal line (red) moving above the indicator line (white) 48 hours ago.

This could further the already ongoing downtrend and lead to the altcoin falling below the $2 mark.

As it is, the Bollinger Bands are converging to indicate reducing volatility in the market, and should the candlesticks fall below the basis of the indicator, LDO will notice consistent drop in prices.

Ethereum Goerli Testnet Merge Set To Go Live in 48 Hours

Key Insights:

  • The Ethereum Goerli merge will take place on August 11.
  • Ethereum will transition to proof-of-stake sometime in September.
  • Support for p-hard fork ETH tokens is already appearing.

The second biggest cryptocurrency network in the world is about to witness one of the most significant events of its existence as Ethereum shifts from proof-of-work to proof-of-stake over the next few weeks.

The final testnet merge will occur on August 11 with the Goerli merge.

Ethereum Goerli Testnet Merge

After years of planning and preparation, Ethereum is now just weeks away from the highly anticipated Merge event happening sometime in September.

Before that happens, Goerli, the last of three testnets, will be going through the transition from proof-of-work (PoW) to proof-of-stake (PoS) on August 11.

Goerli Testnet Merge Schedule

If all goes well, a slot height will be chosen for the Bellatrix upgrade on the Beacon Chain mainnet, and eventually, a difficulty value will be set for the Mainnet transition from proof of work to proof of stake.

September 19 is the soft deadline for The Merge. However, the most recent update from the team’s official blog made it clear that this depends upon the success of the Goerli merge.

As long as the testnet transition goes well, the developers will continue with the deployment process bringing Proof of Stake (PoS) to the network.

For the unversed, the arrival of PoS will shift the block generation process from mining to validation, making the network around 99.95% more energy efficient.

Instead of requiring energy-intensive miners to validate transactions on the network, proof-of-stake will enable users to verify transactions by simply staking, or locking-in their ETH on the blockchain.

With miners set to lose out on revenue following the Merge, some prominent crypto members have hinted at a potential hard fork of the Ethereum blockchain.

This would give rise to a PoW Ethereum token which some exchanges have already said they may support.

For example, the founder of Tron and Poloniex Exchange owner, Justin Sun tweeted:

“We currently have more than 1 million ETH. If Ethereum hard fork succeeds, we will donate some forked ETHW to ETHW community and developers to build ethereum ecosystem. (sic)”

However, Ethereum PoW will eventually be completely eradicated from the network as the development team is expected to deploy the difficulty bomb sometime this year.

This bomb will elevate the difficulty of mining a block to inoperable levels incentivising the network to shift to PoS.

This will make Ethereum a Proof of Stake only chain, which will immediately make it less harmful to the environment and more resistant to 51% attacks.

Ethereum on the Charts

As The Merge approaches, investors are considering the impact this event would have on the price action of ETH.

ETH has bounced significantly from its low its June, but still has a long way to go to reach its all-time high back in November 2021.

ETH is currently trading at $1690 at the time of writing, following a trendline towards $2,000.

The price indicators are suggesting the rally will continue, with the Parabolic SAR maintaining an uptrend for almost two weeks now.

The white dots of the indicator have not moved above the candlesticks in a long time, and as long as that continues, ETH will likely continue rising.

This notion is supported also by the Relative Strength Index (RSI) which indicates the rally still has some room to go.

Some selling pressure may come in directly after the Goerli merge as some traders “buy the rumours and sell the news” but overall, ETH looks to be in a good position to continue its current rally.

Crypto Price Analysis August 8: FLOW, ROSE, LINK, NEAR, EGLD

Key Insights:

  • Flow noted a 15.88% rise today to trade closer to $3.
  • Oasis Network’s ROSE emerged as a top performer rising by 23%.
  • Bitcoin and Ethereum rose too to trade at $23.9k and $1.7k, respectively.

The crypto market enjoyed a green candle today, and in doing so, it also managed to cross the $1.1 trillion mark.

Led by altcoins, the market gained almost $30 billion in the last 24 hours, but the king coin and the altcoin king also contributed by rising to $23,937 and $1,775, respectively.

Flow (FLOW)

The altcoin shot up by almost 16% from yesterday’s lows to trade at the price of $2.98. FLOW has already rallied by more than 86% in the last 12 days, recovering the losses of June in doing so.

The Awesome Osccilator’s green bars further reassure that the rally will stick for the next few days.

Oasis Network (ROSE)

ROSE was among the highest gainers of the day, rallying by more than 23% in the span of 24 hours.

However, the Chaikin Money Flow still noted a downtick, indicating outflows from the asset, which is a matter of concern since the altcoin is yet to recover the 65% losses from the crash of May.

Chainlink (LINK)

LINK increased by 11.09% today as the altcoin came closer to almost recovering the entirety of the June dip.

The divergence of the Bollinger Bands will provide the altcoin with enough volatility to recover the 46% crash of May as well.

Near Protocol (NEAR)

NEAR, on the other hand, despite rising by 14.28% in 24 hours, was nowhere near reclaiming all that it lost in May during the 50% dip.

Additionally, the Relative Strength Index (RSI) is also reaching the overbought zone, and once the indicator is above the 80.0 mark, the trend will flip, leaving the altcoin vulnerable to price falls.

Elrond (EGLD)

Elrond dipped by 4% today despite rising by almost 32% in the 12 days before today, during which it almost recovered half of the 51.95% crash of June.

The MACD regained its bullish crossover, creating room for recovering the rest of the losses as well.

Daily Altcoin Analysis August 8: XRP, ADA, VET, TRX

Key Insights:

  • Despite rising by just 2.4%, Cardano was still the better performing coin of the lot today.
  • Ripple is emerging as one of the worst performing assets in the market with its 21% rally.
  • Bitcoin and Ethereum actually noted improvement to trade at $23.9k and $1.7k today.

As the crypto market stuck to the macro uptrend today, it recovered almost $30 billion that it lost during the crash of May and June.

While Cardano did make some profit out of this rally, others in the lot didn’t, but the king coin and the altcoin king did rise to $23,904 and $1,772.

Ripple (XRP)

Trading at $0.37, XRP has been one of the most disappointing assets recently, rising by just 21.72% in almost two months. This rally is not enough to even recover the 23% losses of June, let alone from the months before.

Even the gradual incline is losing strength, as visible by the appearance of the red bars on the Awesome Oscillator.

Cardano (ADA)

Cardano made some efforts to rise by 2.4% in 24 hours to trade at $0.53. Although it did not place the altcoin at any highs, it did save it from a price fall.

This price fall could be coming soon since the investors are pulling their money out, as evinced by the downtick of the Chaikin Money Flow, which will make it difficult for ADA to recover the 61% losses from April and May.

VeChain (VET)

VeChain is in line with Cardano thanks to its 48.13% rally over the month, although it did not note any growth either today.

The next major challenge for the altcoin is the 48.61% crash of May, which VET might be able to recover as long as the Bollinger Bands maintain their divergence, leaving room for price swings in the upwards direction.

Tron (TRX)

Tron was one of the few coins not to observe a significant crash during the June dip, as the altcoin only declined by 34.02%. Trading at $0.07, TRX is actually getting closer to recovering it all.

The Relative Strength Index (RSI) is also highlighting rising buying pressure for the altcoin, and as long as it is maintained, TRX will continue going up.

Shiba Inu and Dogecoin Improve As Market Cap Crosses $1.1 Trillion

Key Insights:

  • Dogecoin moved up slightly to inch closer to $0.07.
  • Shiba Inu has been on a gradual incline as well, albeit a slow one.
  • Bitcoin and Ethereum noted an incline to trade at $23.9k and $1.7k.

The crypto market’s bullishness rubbed off on the meme coin market as well, with the value of these cryptocurrencies rising to $16.6 billion at the time of writing.

While Dogecoin and Shiba Inu noted slight increases, the king coin Bitcoin and the altcoin king Ethereum did not shy from rising as well, trading at $23,972 and $1,777.

Dogecoin Goes Up First

By the looks of it, the altcoin hasn’t moved by much since the end of June, and as correct as that may be, DOGE has been in a gradual incline, as visible by the price.

Inching closer to breaching the $0.07 mark, the meme coin is making the most of the available bullishness.

This is because, on the macro scale, Dogecoin has been in a downtrend since mid-July, as evinced by the presence of the white dots above the candlesticks.

Somehow, DOGE has been fighting this downtrend to keep from falling below $0.06.

Furthermore, the Awesome Oscillator is also flashing bullish signals despite the downtrend, and as long as the green bars keep appearing, DOGE will have room for recovery.

This is necessary since the coin is yet to regain what it lost during the 65.72% crash from April to June.

Shiba Inu Follows Suit

Noticing no critical changes either, Shiba Inu followed into Dogecoin’s steps but rose by 1.72% to trade at $0.00001233.

The altcoin investors are still far away from profits, as, in order to do that, the meme coin will have to recover the almost 60% losses that SHIB noted between May and June.

The chances of the same are pretty bleak at the moment since the Bollinger Bands are continuing to converge instead of diverging.

This indicates that the volatility in the market is reducing, which is only going to keep the price fluctuations controlled just as long as the candlesticks keep above the basis of the indicator.

Investors also realize this improbability which is why they are pulling their money out of the asset. This is visible by the downtick noted on the Chaikin Money Flow.

The indicator slipped into the negative zone after almost a month and currently stands at a two-month low.

The Graph Leads the Market With an 18% Rally As Decred Counters

Key Insights:

  • The Graph shot up by 16.37% today to trade at $0.149.
  • Decred balanced the bullishness with a decline to $37 today.
  • Bitcoin and Ethereum also rose today to trade at $23.9k and $1.7k.

The previous 24 hours have recovered the hope investors were losing out on as the crypto market cap rallied to $1.1 trillion thanks to the likes of The Graph.

The bullishness also had an impact on the king coin Bitcoin and the altcoin king Ethereum with the former almost hitting $24k and the latter rising to $1.76k.

The Graph Charts a Rally

Up by more than 16.3% during the intra-day trading, GRT managed to regain almost the entirety of the 40.95% losses the altcoin witnessed during the June crash.

Now the next major milestone after $0.5 is the recovery from the May crash and closing above $0.2, which does appear to be a possibility.

Firstly the altcoin is maintaining the uptrend that began towards the end of last month and the consistent presence of the white dots below the candlesticks is indicative of the same.

As long as the Parabolic SAR maintains this position, GRT will perform well.

Secondly, backing the same is the Awesome Oscillator which is back to exhibiting bullishness with its green bars after a few days of red bars.

The indicator flipped its position to stay above the neutral line after almost two months, and maintaining the same is crucial for a recovery going ahead.

Decred Leads the Others

The altcoins that resorted to a downtrend despite the broader marker cues being bullish were led by Decred, which is seemingly in a phase of correction after the massive 91% rally it witnessed in the 24 hours 3 days ago.

Down by 28% in the span of 48 hours, DCR lost the $40 support it had earlier today.

The Bollinger Bands still indicate the presence of high volatility in the market evinced by the divergence of the bands, but the altcoin has the advantage of the candlesticks being above the basis.

Thus, as long as DCR doesn’t lose that, no price swing will result in a decline beyond the scope of correction.

As it is, the Chaikin Money Flow is making it evident that a part of this rise was caused by FOMO investing, which is being reversed thanks to the outflows noted on the network.

Crypto Price Analysis August 4: TWT, FTM, ENJ, RVN, ROSE

Key Insights:

  • Trust Wallet Token emerged as one of the best performers with a 15.6% rise.
  • Fantom followed closely with an almost 9% rise.
  • Although, Bitcoin and Ethereum ended up declining to $22.6k and $1.6k today.

The crypto market did not gain today as most of the altcoins ended up leaning towards the bears. However, there were still some coins that managed to close in green and mark significant rallies.

The king coin and the altcoin king sadly were not part of that cohort as they both fell to $22,682 and $1,616, respectively.

Trust Wallet Token (TWT)

The altcoin shot up by 15.65%, leading some altcoins to successfully save the market cap from falling significantly.

TWT already has the support of all three Simple Moving Averages (SMA), which will keep this rally intact.

Fantom (FTM)

Fantom, up by almost 9%, could be seen trading above $0.35, a level that has been acting as resistance for a while now.

While the Parabolic SAR indicates an active uptrend for the coin, this rally won’t be repeated, causing the coin to consolidate here.

Enjin Coin (ENJ)

Enjin was among the few coins to perform well as it rose by 11.83%. The coin, however, is yet to recover the 50.92% losses of May.

The Awesome Oscillator’s mixed signals indicated by the presence of green and red bars will not be of help here.

Ravencoin (RVN)

Ravencoin acted as one of the leaders of the downtrending tokens as it slipped by 8.19% in 24 hours to trade at $0.03.

The MACD is highlighting a bearish crossover imminent for the altcoin, which might not be a good sign for RVN as it might lose a chunk of the rally it just closed a week ago.

Oasis Network (ROSE)

ROSE was a surprise token to enter the top 100 cryptocurrency list this month after the 80.39% rally it registered in a week.

The 8.21% drop in the last 24 hours ago, although it isn’t a matter of concern as it was the effect of a cooldown after the indicator hit the overbought zone towards the end of June.

Daily Altcoin Analysis August 4: XRP, ADA, VET, TRX

Key Insights:

  • Cardano is leading the downtrend this week with a 5.6% drop.
  • VeChain noted a 3% dip today after days of the consistent rally.
  • Bitcoin and Ethereum also noted a dip today, trading at $22.6k and $1.59k, respectively.

With the Vasil hard fork delayed by several weeks and no significant development coming up soon, Cardano will be facing a tough time recovering from the lows imbued by the downtrend that also resulted in the king coin and the altcoin king’s decline to $22,674 and $1,598.

Ripple (XRP)

While Ripple is fighting the SEC, on the one hand, it is facing the woes of the crypto market on the other. Falling by 5.31% this week, the altcoin is back to trade at $0.36.

Despite having the support of the 50-day Simple Moving Average (SMA) (red), the altcoin is struggling to flip the 100-day SMA (green) into support, making a recovery difficult.

Cardano (ADA)

The third-generation cryptocurrency is trading at the same lows it was at after the May crash at the $0.5 mark.

But it can’t be said when the altcoin would be able to recover the 47.46% losses, given there is no consistency in the uptrend.

VeChain (VET)

One of the better performers of the lot, VET faced its second only red candle in over ten days, right as it was about to breach through the $0.03 mark.

However, since the altcoin has been exhibiting bullish cues as visible on the Awesome Oscillator, it might not take it too long to achieve the same.

Tron (TRX)

Just as with the other coins of the group, Tron too barely moved in the last 24 hours, struggling to close above $0.07.

As long as the altcoin can maintain the bullish crossover on the MACD, it will have room to grow and recover the June crash of $34.02%.

Shiba Inu and Dogecoin Decline for the Seventh Day Due to Bearish Cues 

Key Insights:

  • Shiba Inu noted no significant change today, testing the 100-day SMA as resistance.
  • Dogecoin continued to remain stuck in a downtrend ten days later still.
  • Bitcoin and Ethereum also slipped to $22.6k and $1.59k today.

With the crypto market continuing to flash mixed signals for more than a week now, altcoins leaned more towards the bears than the bulls, and the impact of the same could be felt on the meme coins as well.

With the market cap dropping to $15.8 billion, the widespread bearishness is becoming apparent, even affecting Bitcoin and Ethereum, which declined to $22,584 and $1,599, respectively.

Shiba Inu Testing Resistance and Patience

With the meme coin making no move for more than two weeks now, it has reached the point where it could be losing out on investors due to the lack of growth.

Trading at $0.00001168, SHIB has been losing out on a crucial support level that could flip things around for the altcoin.

The 100-day Simple Moving Average (SMA) (green) has been tested as resistance for about a week now, but to no avail.

The meme coin has not been able to turn the line into a support level for SHIB despite holding the 50-day SMA as support for a little over a month now.

If SHIB continues this path, it will become difficult for the altcoin to recover the May losses of 50.34%.

The Awesome Oscillator has been exhibiting similar signals as well, with the indicator oscillating between green and red bars since the beginning of July.

As long as the bars keep moving above the neutral line, SHIB will be safe from a price fall.

Dogecoin and Its Downtrend

Despite not moving by a lot, DOGE has managed to lose over 5% in the last week. However, since the meme coin is in consolidation, it will keep above the June lows.

For now, Dogecoin’s next major concern should be recovering the May losses worth over 47.89%, which seems to be a distant event.

This is because price indicators are barely exhibiting any support when it comes to a rally.

The Parabolic SAR has been flashing a downtrend for more than ten days now with no clear indication of any change.

Secondly, the MACD is also oscillating between a bullish and bearish crossover for more than two weeks now. With mostly bearish signals on the cards, DOGE will be a while before it touches the $0.1 mark.

Flow and Tezos Counter Market’s Bearishness With a 38% Rally

Key Insights:

  • Flow led the rallying altcoins with a 38% incline.
  • Tezos followed in the footsteps of Flow to rise by 5% in 24 hours.
  • Bitcoin and Ethereum declined to trade at $22.5k and $1.5k today.

As most of the altcoins exhibited mixed signals, the crypto market remained mostly unmoved, leaning slightly towards the bears remaining above the $1.03 Trillion mark.

Bitcoin and Ethereum did not note any rise, though, instead fell to $22,516 and $1,589, respectively.

Flow and Its Bullish Flow

As one of the best-performing assets of the day, Flow managed to chart a 38.08% rally in the span of just 24 hours to trade at $2.54 at the time of writing.

Despite noting no significant rises for the past two months, FLOW managed to recover all of June’s losses with a single-day rise. The altcoin is now looking at doing the same with May’s crash of 47.19% as well.

For the same FLOW will need as much support from the market as possible, and by the looks of it, it may already have it. The MACD, which almost receded into a bearish crossover, was revived today to continue its bullish rise, supported by the appearance of the green bars on the indicator.

Additionally, it also has the 50-day Simple Moving Average (SMA) (red) line as support for over a week now, and today’s rise also flipped the 100-day SMA (green) into support from resistance.

The extended wick, which almost reached $4, also neared the 200-day SMA, but for the same to become support will take some time. More bullish cues will be essential in the future.

Tezos to Back to $2?

One of the rising cryptocurrencies, Tezos, has managed to pull itself up from June’s lows after the 42.29% crash left it at $1.26. Trading at $1.8, XTZ stuck with the bulls today and shot up by almost 5% in 24 hours.

However, the altcoin is yet to recover the entirety of the crash, and in doing so, it will not only rise above $2 but also inch closer to $2.25.

The chances of that happening aren’t completely zero, as the price indicators are still leaning in favor of a rally.

The Parabolic SAR has been in an uptrend for the entirety of the week, and as long as the white dots of the indicator sit below the candlesticks, the uptrend will continue.

Secondly, despite flashing red bars, the Awesome Oscillator is above the neutral line. Historically such situations have also been in favor of a rise and seem to be doing so now as well.

Provided the entire market does not slip into a crash, XTZ has enough room to rise further and breach $2 by the end of next week.

Crypto Price Analysis August 3: OP, STX, 1INCH, YFI, RUNE

Key Insights:

  • Optimism led the bullishness with a 23.74% rise today.
  • The likes of Yearn.Finance could be seen countering the bullishness with a 4.5% drop.
  • Bitcoin and Ethereum joined the broader market trend to rise to $23k and $1.6k.

While the crypto market did not gain a lot today, the $23 billion rise was still a good sign after days of losing out money.

This slight recovery was also backed by the king coin and the altcoin king as both rose to trade at $23,092 and $1,664, respectively.

Optimism (OP)

The altcoin gained significantly today, rising by 23.74% in the last 24 hours to inch closer to $2. This places the OP’s month-long rally at 314.59%.

The Bollinger Bands indicate excessive volatility in the market, which makes the altcoins susceptible to price swings and corrections.

Stacks (STX)

STX also noted an incline, although of just 7.5%, to keep its price from falling by a lot. At the time of writing, the white dots of the Parabolic SAR moved below the candlesticks once again, indicating an uptrend.

This would be helpful to the coin in recovering the losses it witnessed during the 42.26% crash of June.

1Inch (1INCH)

The altcoin followed in the footsteps of STX as it also rose by just 7.45% from yesterday’s lows to maintain $0.75 as support.

Despite the red bar on the Awesome Oscillator, 1INCH is still noting bullishness which is crucial in the recovery of June’s 45% dip.

Yearn.Finance (YFI)

The altcoin was one among the few that observed a decline today, slipping by 4.58% to trade at $11,116.17. However, despite this decline, YFI still has the 116.29% rally from July intact.

This will counter the outflows observed on the Chaikin Money Flow to push the recovery of May’s 46.37% dip.

ThorChain (RUNE)

RUNE also managed to clock in a 7.83% rise thanks to the broader market bullish trend. This saved the altcoin from losing the recovery of June’s losses.

However, the mixed signal visible on the MACD might make it difficult to ascertain when RUNE could recover the 60.49% losses of May as well.