Crypto Highlights - FX Empire

Top 3 Trending Coins: ADA and TFUEL Lead While CEL Extends Losses

Key Insights:

  • Theta Fuel (TFUEL) leads the crypto top 100 in a mixed morning session as investors look ahead to Fed Chair Powell’s speech.
  • While recent trailblazer Chiliz (CHZ) continues to struggle, Cardano (ADA) is also on the move, supported by Vasil fork news.
  • However, Celsius Network (CEL) continues to bring up the rear, with another bearish session on the cards.

Theta Fuel (TFUEL) Stands Out in a Bearish Crypto Session

After a bearish start to the week, Theta Fuel (TFUEL) has found strong support. Following an 8.05% rally on Thursday, TFUEL is up 14.31% this morning. The breakout comes after hitting an August low of $0.05321 on Tuesday.

There are no apparent market forces or network updates driving the current breakout from the current week’s August low.

Looking at the trends, a move through the August 12 high of $0.08382 would give TFUEL a run at the May high of $0.1465. From $0.15, TFUEL would have a free run at the March and 2022 high of $0.2449.

For the bears, a TFUEL fall through the August low of $0.05321 would bring the June and the current-year low of $0.03879 into play.

TFUEL leads the crypto 100.
TFUELUSD 260822 Daily Chart

Cardano (ADA) Finds Buyers as Vasil Hard Fork Stats Improve

Cardano (ADA) rose by 1.53% on Thursday. Having recovered from an August 20 low of $0.435, ADA has enjoyed an upward trend. More promising updates on the delayed Vasil hard fork have driven ADA northwards.

This morning, ADA is up 3.66% to $0.482, the upside coming despite bearish sentiment hitting the broader crypto market.

According to the latest from PoolTool, 63% of the Cardano SPO nodes have upgraded to v1.35.3. Upgrades are up from 53% on Thursday and 45% on Wednesday. 75% of nodes need to upgrade to enable the Vasil hard fork.

The upward trend is Cardano price positive. Last weekend, Cardano founder Charles Hoskinson turned to Twitter, calling on SPOs to upgrade to the Vasil hard fork version 1.35.3. An apology and assurances of vigorous testing appear to have done the trick. On Tuesday, the percentage of nodes that upgraded to v1.35.3 had stood at just 33%.

Looking at the trends, an ADA move through the August high of $0.595 would give the bulls a run at the May high of $0.906 and $1.00. From $1.00, the bulls would have a free run at the April high of $1.247.

However, a fall through the August low of $0.435 would bring the May and the current year low of $0.384 into view.

ADA on the move.
ADAUSD 260822 Daily Chart

Celsius Network (CEL) Continues the Downward Spiral Towards $0.15

Celsius Network (CEL) seems unable to shake off the bearish sentiment that kickstarted a sharp decline from an August high of $4.4000.

On Thursday, CEL slid by 12.77% to end the day at $1.2247. The Thursday fall extended the CEL losing streak to six sessions.

Investor sentiment has not improved this morning, with CEL down by 2.84% to $1.1900. The bearish start saw CEL become one of the worst crypto performers for yet another morning session.

Looking at the trends, a fall through the August low of $1.088 would bring the June current year low of $0.15 into view. For now, CEL looks set to continue the downtrend towards the June low. Investors will be eying whether CEL finds any support at the August low of $1.0876.

CEL sees more red and is on target for a seventh consecutive day in the red.
CELUSD 260822 Daily Chart