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.

Crypto Market Daily Highlights – ADA and DOGE Struggle

Key Insights:

  • It was a choppy Friday for the crypto top ten, with Ethereum (ETH) and Solana (SOL) struggling.
  • Investor reaction towards the US nonfarm payroll figures tested buying appetite, with bitcoin failing to hold onto the $22,000 handle.
  • The total crypto market cap declined by $6.8 billion to record the second fall in seven sessions.

It was a bearish Friday session for the crypto top ten. Bitcoin (BTC) ended the day flat, while SOL and ETH struggled.

Fears of a recession eased, with US nonfarm payroll figures highlighting another surge in hiring. In June, nonfarm payrolls increased by 372k, following a 384k jump in May.

However, the sharp increase in hiring also raised concerns that the Fed may hike rates more aggressively this month. Sentiment shifted despite the less hawkish FOMC meeting minutes.

On Wednesday, the FOMC meeting minutes highlighted the risk of rate hikes having a ‘larger-than-expected effect on economic growth.’ Prior to the minutes, the markets had priced in a 75 basis point rate hike for July. However, the minutes revealed that participants judged a 50 or 75 basis point increase as appropriate.

The nonfarm payroll numbers could allow the Fed to deliver another 75 basis point rate hike before taking the foot off the gas.

In response to the NFP numbers, the NASDAQ 100 hit reverse before finding late support to eke out a 0.12% gain. The crypto market tracked the NASDAQ throughout the day before a post-US market close pullback.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 090722 5 Min Chart

The Total Crypto Market Cap Sees Modest Decline

A bullish start to the Friday session saw the crypto market cap strike a high of $962 billion.

In response to the NFP numbers, the market cap slid to a low of $916 billion before wrapping up the day at $930 billion.

Crypto market cap
Total Market Cap 090722 Daily Chart

NASDAQ 100 support was again the key, though the $1 trillion mark remained elusive.

Despite the NFP figures, the threat of a global economic recession remained. The numbers also delivered market uncertainty over the July Fed monetary policy decision.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

ADA (-2.51%) and DOGE (-2.07%) led the way down, with losses of 2.51% and 2.07%, respectively. ETH also struggled, falling by 1.94%.

BTC slipped by 0.09%, with BNB (-0.33%), SOL (-0.90%), and XRP (-0.88%) seeing modest losses.

From the CoinMarketCap top 100, Quant (QNT) led the way, rallying by 13%, with Internet Computer (ICP) gaining 11%.

Polygon (MATIC) and 1inchNetwork (1INCH) were also among the front runners.

Total Crypto Liquidations Reflect Poorer Market Conditions

As a result of the mixed session, 24-hour liquidations inched up through the Friday session.

This morning, 24-hour liquidations stood at $215 million, up from $169 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 51,694 versus 42,406 on Friday.

One-hour liquidations reflected a late crypto market pullback.

According to Coinglass, one-hour liquidations stood at $10.6 million, up from $1.36 million on Friday. Those tracking crypto liquidations will look for a return to sub-$1 million over the weekend.

Crypto liquidations
Total Crypto Liquidations 090722

Daily News Highlights

  • The crypto market brushed aside the US Treasury framework for digital assets.
  • DeFi platform Aave (AAVE) unveiled another decentralized stablecoin.
  • A Californian resident filed a lawsuit against Solana (SOL) for selling unregistered securities tokens.
  • Fed Vice Chair Brainard talked of the need for strong crypto regulations to mitigate crypto risks to financial stability.
  • UK thinktank the City of London Corporation called for global rules for cryptos to enable smooth cross-border and wholesale central bank digital asset (CBDC) payments.
  • The fallout from the Three Arrows Capital (3AC) collapse continued. Blockchain.com faced a $270 million write-down on loans to 3AC.

Crypto Market Daily Highlights – SOL and DOGE Slide

Key Insights:

  • It was another bearish session for the crypto to ten, with Dogecoin (DOGE) and Solana (SOL) leading the way down.
  • Market reaction to US consumer confidence figures and a rise in crude oil prices hit riskier assets, with the crypto market tracking the NASDAQ into the deep red.
  • The total crypto market cap slid by $26 billion to $886 billion, with the $1,000 billion mark now more elusive.

It was a bearish Tuesday for the crypto market. Bitcoin (BTC) fell for a third consecutive day, with Dogecoin (DOGE) and Solana (SOL) leading the top ten into the deep red.

Once more, crypto news updates failed to influence. Bitcoin and the broader crypto market remained firmly in sync with the NASDAQ 100.

Economic data from the US and another rise in crude oil prices sent the NASDAQ and the crypto market into the red.

In June, the US CB Consumer Confidence Index declined from 103.2 to 98.7 versus a forecasted 100.4. The weaker number led to a reversal of gains for the NASDAQ and the crypto market.

Adding to the negative sentiment was a rise in crude oil prices. WTI crude oil increased by 2% on Tuesday, reinforcing the inverse correlation between crude oil prices and the NASDAQ/Cryptos.

While the consumer confidence index pointed to weaker consumption, the increase in crude oil prices suggested a further pickup in inflationary pressure, both negative for the US economy and riskier assets.

NASDAQ sinks cryptos
Total Market Cap – NASDAQ – WTI 290622 15 Min Chart

The Total Crypto Market Cap Slides to Sub-$900bn

A bullish start to the day saw the crypto market cap rise to a day high of $929.8 billion before succumbing to market forces.

The reversal saw the total market cap slide to a day low of $885.2 billion before steadying. $26 billion came off the table.

Tuesday’s tumble left the total crypto market cap down by $407 billion for the current month.

Crypto market cap at sub-$900bn
Total Market Cap 290622 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

On Tuesday, DOGE and SOL slid by 8.33% and 8.27%, respectively, to lead the top ten into the red.

ETH (-4.08%), BNB (-2.96%), ADA (-3.30%), and XRP (-4.56%) also struggled, while BTC fell by a more modest 2.25%.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) grabbed the spotlight, surging by 111.4% to reenter the top 100. Other notables that bucked the broader market trend included 1inch Network (1INCH), which rose by 10.4%, and BitTorrent-New (BTT), which ended the day up 12.1%.

One-Hour Total Crypto Liquidations Spike

This morning, 24-hour total crypto liquidations were higher when compared with Tuesday morning.

Going into the Wednesday session, total 24-hour liquidations stood at $159 million, up from $137 million on Tuesday.

Liquidated traders over the last 24 hours also picked up. At the time of writing, liquidated traders stood at 65,335.

With 24-hour liquidations up, liquidations over one hour were also on the higher side.

According to Coinglass, one-hour liquidations stood at $14.26 million. On Tuesday, one-hour liquidations had stood at $0.86 million. The higher one-hour liquidation figure will need to come down to support a bullish start to the Wednesday session.

Crypto liquidations rise.
Total Crypto Liquidations 290622

Daily News Highlights

  • The current bear market is the worst ever recorded.
  • Institutional crypto products saw record outflows last week.
  • The Central African Republic bet on Bitcoin.
  • Bankman-Fried denied internal talks on acquiring Robinhood Markets (HOOD).
  • Bitcoin miners fight for survival as crypto winter deepens.
  • FTX buyout chatter delivered Robinhood Markets (HOOD) with a 14% boost.
  • SEC v Ripple: Ripple opposed SEC attempts to seal its Amici response.

Crypto Price Analysis June 28: 1INCH, BTT, APE, SOL, NEAR

Key Insights:

  • Taking the market by storm today was once again altcoins.
  • The rally was led by 1INCH, while Solana was one of the worst-performing assets.
  • Bitcoin and Ethereum continued to oscillate around the $20.2k and $1.1k mark, respectively.

The crypto market closed in red for the second day in a row, albeit without losing too much. The downfall, however, does place investors in concern who were expecting a consistent rise as the market heads into the third quarter of 2022.

1Inch (1INCH)

The cryptocurrency was experiencing a good run at the time of writing, with a 14.3% rise adding to the 40% incline observed in the last ten days.

The Awesome Oscillator evinced rising bullishness for the asset, which could help it invalidate the 45% crash from this month.

Bittorent (BTT)

The altcoin came much closer to recovering from the 34.75% loss of June after marking a 10.84% rally yesterday. However so, it still needs to rise by another 25% in order to trace its step back to its former high.

The reducing volatility visible on the Bollinger Bands will support this rally, especially given the candle is closing above the bias treating it as support.

ApeCoin (APE)

The Bored Ape Yacht Club (BAYC) token while did not close in the green on June 28, the rise over the previous 24 hours still placed it up by 7.31%. This brought the rise of the second half of June to 44.6%.

The rise, while it may be organic, is not seeing enough inflows though, which is why the Chaikin Money Flow remains in the negative zone.

Solana (SOL)

Member of the top 10 cryptocurrencies, SOL is not faring as well as other altcoins as after an almost 50% rise, the coin has been sinking on the charts. In the last 48 hours alone, it has declined by 14%.

This has resulted in the receding bullishness on the MACD, making the asset vulnerable to a bearish crossover.

Near Protocol (NEAR)

Leading a pattern similar to Solana, the native token of the Near Protocol is also falling, having lost over 18% in the last two days.

The Parabolic SAR, although it still displays an uptrend, the coin is set to witness a downtrend pretty soon. Once the white dots of the indicator are above the candlesticks, NEAR could see a downfall.

Crypto Price Analysis June 20: GMT, 1INCH, AAVE, APE, LTC

Key Insights:

  • Ethereum is barely holding on to $1k as support, with the alt trading at $1,096.
  • Stephen and 1Inch were some of the leading cryptocurrencies in the last 24 hours.
  • Litecoin, along with a few other alts, led the downfall.

The broader crypto market gained $62 billion yesterday, but the same does not compensate enough for the losses witnessed throughout June.

As the month comes to an end, the crypto market is yet to recover and rise back above the $1 trillion mark in the next nine days.

STEPN (GMT)

The altcoin, with a market cap of $456 million, was one of the highlights of the last 24 hours when GMT registered an almost 30% rally. Trading at $0.7569, this rise brought the coin closer to reclaiming the $1 mark and flipping it into support.

The MACD has always been supportive of a price rise as not once in the last 1 month has there been a bearish crossover in the case of GMT. With more green bars appearing, the price rise might continue.

1Inch (1INCH)

The native token of the Decentralized Exchange, 1INCH, was leading the cryptocurrencies on the charts as the altcoin achieved a rally of 20.15% rally in 24 hours. Lingering at $0.6636, 1INCH is showing promise of sustained growth with the recent green candles. 

According to the Parabolic SAR’s white dots, the proximity of the asset to the indicator is a sign that a trend reversal in inbound could place the aforementioned white dots beneath the candlesticks.

AAVE (AAVE)

Next up on the list of the best performing cryptocurrencies of the day is AAVE which managed to register a 20.51% rally right after the altcoin lost almost 58% owing to the recent market crash. The coin is attempting to close above $60 at the time of writing.

This would bring AAVE closer to its 50-day Simple Moving Average (SMA), which is a critical support level. Reclaiming this would also push AAVE above the $100 mark.

ApeCoin (APE)

The Bored Ape Yacht Club’s native token ApeCoin has managed to mark a substantial rise of 30.26% for itself, moving up from the lows it hit after the 53.32% crash it witnessed this June.

Trading at $4.4 at the time of writing, the altcoin, although it is nowhere close to its highs, the broader market’s support might push it to that level.

Plus, the rally also placed the Relative Strenght Index (RSI) closer towards the neutral line and might eventually pull it out and place the indicator back into the bullish zone after more than 45 days.

Litecoin (LTC)

While the rest of the altcoins continued their rally for more than two days, LTC cut the rise short and noted a 4% decline over the last 24 hours. This is despite the fact that just a day before that, LTC managed to spike up by almost 15%.

Now, as the silver to Bitcoin’s gold trades at $52, it is also noting the gradual disappearance of the bearishness from the market.

The receding green bars here on the Awesome Oscillator aren’t signs of receding bullishness, but actually, bearishness as these bars will flip the trend once they rise above the neutral mark.

Opera Now Allows Users to Buy BNB With Fiat Through Built-In Crypto Wallet

Key Insights:

  • Opera integrates BNB Chain.
  • The strategic partnership aims to increase Web3 adoption.
  • The Opera Crypto Browser project already supports Ethereum and Ethereum dApps and Polygon.

One of the crypto-friendly internet browsers, Opera, has announced the integration of BNB Chain. The integration would enable BNB Chain-based decentralized apps (DApps) to run on Android, iOS, and desktop versions of Opera’s crypto browser.

Opera’s Web3 focused initiative

Earlier this year, Opera unveiled its new Web3 initiative, with beta versions of its latest browser available for PCs, Macs, and smartphones. In light of the firm’s Web3-focused initiative, the browser firm has added support for nine major blockchain ecosystems.

After integrating Bitcoin (BTC), Solana (SOL), Polygon (MATIC), StarkEx, Ronin (RON), Celo (CELO), Nervos Network (CKB), and IXO on March 30, the firm has now added support for the BNB chain.

This latest integration with BNB would enable Opera’s over 350 million users to buy Binance’s BNB token with fiat and send and receive the token through Opera’s built-in crypto wallet.

The move aimed at industry expansion and adoption will also let Opera users gain access DApps on the BNB Chain ecosystem.

Some of the top DApps on the BNB Chain include decentralized exchanges (DEXs) like PancakeSwap, 1inch, BiSwap, and DeFi products like DRIP Venus, Tranchess, Treehouse, ApeSwap, and AutoShark Finance.

On its way to becoming the leading Web3 browser?

Opera launched its first web browser with an integrated cryptocurrency wallet and essential Web3 support back in 2018. Now, the firm is focusing more on providing users with a dedicated Web3 browser to “accelerate the evolution of the next generation of the web.”

As of April 2022, BNB Chain was the largest smart contract blockchain in terms of daily active users (DAU). Thus, the integration aims to further the organizations’ narratives in the Web3 adoption.

Opera’s Crypto Browser launched in January facilitates navigation across DApps, games, and metaverses. Through various strategic partnerships, Opera apparently aims to become the leading Web3 browser. However, amid competition from Web3 browsers like Brave, how much market Opera could cover in the future remains to be seen.

DeFi Protocol Yearn Finance (YFI) Expands to Ethereum’s Arbitrum

Key Insights

  • Yearn.Finance (YFI) recently added support for Arbitrum, a Layer 2 network for Ethereum
  • This integration is set to aid Yearn Finance’s growth by reducing transaction costs and transaction fees involving Ethereum-based tokens
  • Other DeFi platforms that added support for Arbitrum include Uniswap and 1inch

Yearn Finance, the 14th ranked DeFi protocol by total value locked, recently announced its expansion into the Ethereum-based Layer 2 solution Arbitrum. With this expansion, Arbitrum became the first Ethereum Layer-2 to be integrated by the DeFi protocol.

Yearn Finance Integrates with Arbitrum

Yearn Finance is a platform for yield-optimizing DeFi protocols anchored on the Ethereum blockchain. The platform’s primary goal is to maximize returns on your cryptocurrency by arbitraging different lending platforms in search of the best available yield.

Yearn Finance also aids shifting between protocols like dYdX, Aave, and Compound, as interest rates differ between these platforms.

The protocol’s decision to support Arbitrum will allow users to transact Ethereum-based tokens without moving those coins on the Ethereum blockchain itself. The project claims that the integration with Arbitrum could drastically reduce gas costs or transaction fees by a factor of 10.

Yearn Finance’s Twitter account revealed on February 24 that it had deployed its initial instruments to Arbitrum.

What Difference Does Arbitrum Bring?

Arbitrum is an inaugural Ethereum Layer-2 solution that Yearn Finance will add (YFI). This integration comes just a few weeks after the release of Yearn’s vaults on Fantom.

The team revealed that the reasons behind choosing Arbitrum were that the solution is Ethereum’s largest L2 with close to $3 billion in total value locked. Furthermore, the team claims that the deployment will bring gas costs by almost ten times.

That said, major crypto exchanges like FTX and Binance will support Arbitrum’s deposits.

Additionally, the project says that the decision to support a Layer 2 network strengthens its ‘first true love: Ethereum.’ In its inaugural release, Yearn Finance noted that it offers a single vault dubbed Curve’s triCrypto.

It also said that it accepts liquidity in three tokens, namely WBTC, WETH, USDT.

Some other DeFi platforms that added support for Arbitrum include Uniswap and 1inch. Notably, Uniswap began adding support for the Layer-2 solution in May 2021, while 1inch added support for Arbitrum around September last year.

DeFi Aggregator 1inch Network Launches its Spot Price Aggregator

1inch Network, a DeFi aggregator, recently announced the launch of a spot price aggregator to extract data for assets traded on DEXs on the blockchain.

The tool is set to provide a liquidity-weighted average of token spot prices to avoid issues within transactions.  

1inch’s Tool to Curb Price Manipulation

A blog from the network noted that the spot price aggregator aims to solve information-related tasks. This new instrument aims to curb price manipulations within a transaction and is recommended to be only used off-chain.

This includes the visualization of asset valuations extracted from the blockchain in the interfaces of websites and applications.

That said, the tool consists of smart contracts that communicate with various DEXes to immediately receive a token’s liquidity-weighted spot price. The aggregator supports multiple DEXes aggregated by the 1inch router and, therefore, all tokens traded on those DEXes.

The 1inch spot price aggregator uses custom wrapper smart contracts that wrap/unwrap tokens at the current wrapping exchange rate, to handle wrapped tokens, such as wETH, cDAI, aDAI, etc. 

The feature supports many DEXs on Ethereum, Binance Smart Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, and Gnosis Chain. The 1inch dApp interface and the Pathfinder algorithm are already using the tool.

Ideally, the spot price aggregator could be integrated into any place where a token price is displayed and needs to be converted into US dollar or any other fiat.

The new tool is set to offer numerous potential use cases that allow investors to view the value of their tokens. 

Where Does 1Inch stand?

On January 20, the network made the announcement of expanding its aggregation and limit order protocols to Avalanche, in efforts to grow multi-chain presence and interoperability. 

Furthermore, earlier this month, the protocol launched an investment tool called 1inch Earn to stimulate liquidity providers. The feature aims to provide more efficient use of capital compared to Automated Market Maker (AMM) pools.

Despite the recent ecosystem-centric developments, 1Inch’s price is still down 77% from its all-time high. In fact, its short-term and long-term ROI vs USD was noting negative values.

DeFi Aggregator 1inch Deploys on Avalanche, Price Gains 5%

The 1inch Network, a DeFi aggregator, recently made the announcement of expanding its aggregation and limit order protocols to Avalanche, in a recent blog post from the firm.

The DEX aggregator in efforts to grow multi-chain presence and interoperability has finally deployed its contracts on Avalanche and Gnosis Chain.

What Does the Integration Entail?

The latest strategic move of launching on the Avalanche blockchain is set to provide 1inch users access to several Avalanche-based liquidity sources, including the 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Curve, Elk Finance, KyberSwap, SushiSwap, Trader Joe, and WAVAX among others.

Notably, in terms of on-chain activity, Trader Joe is the most used dApp on Avalanche with an average daily trading volume of $223 million. On that note, Sergej Kunz, co-founder of 1inch Network said: 

“To achieve the platform’s goal of giving best deals across the blockchain space, 1inch protocols constantly expand to new chains, and the expansion to Avalanche will offer 1inch users more options for cheap and fast transactions.”

The 1inch Network brings together three separate decentralized protocols, aggregating liquidity from a variety of DEXs to facilitate cost-efficient transactions and enabling features like limit orders.

For now, 1inch Aggregation Protocol and 1inch Limit Order Protocol are two of the protocols that will be launching on Avalanche as part of its expansion. 

So, Where do 1INCH and AVAX Stand?

The collab is expected to aid ecosystem growth for 1INCH while giving access to Avalanche-based liquidity sources. For now, a decent appreciation of over 5% was seen in 1inch’s price following the recent announcement. 

FXempire, 1inch, Crypto
Source: TradingView – FXEmpire

That said, according to data from Dune Analytics, 1inch had surpassed over 1 million users and $120 billion in overall trading volume on the Ethereum network alone which also pointed towards a stable growth trajectory for the coin. 

While the 12th ranked alt, AVAX was also up by 3.54% over the last 24-hours its rise in price seemed to be larger market-centric. Notably, the global crypto market cap was once again above the $2 trillion mark and stood at $2.04T, noting a 3.04% increase over the last day. 

FXempire, AVAX, Crypto
Source: TradingView – FXEmpire

While 1inch still oscillated near the long-term lower resistance of $2.15, on the back of a growing ecosystem and with the larger market seeming to recover, a push from bulls could aid 1inch’s recovery in the near term. 

1inch Targets the $3 Mark Following Market Recovery

The cryptocurrency market has put on an impressive performance so far this week, with most coins now up by more than 2% in the last 24 hours.

1inch Network Rallies by 10% in 24 Hours

The broader cryptocurrency market underperformed earlier this month, with Bitcoin temporarily dropping below the $40k level. However, since the start of the week, the market’s performance has improved.

Bitcoin is now trading above $43k after adding 2% to its value in the last 24 hours. Ether is targeting the $3,500 psychological level thanks to its rally over the past few hours. However, one of the top performers at the moment is 1INCH, the native token of the 1inch Network.

1INCH is currently trading above $2.3 per coin, up by more than 10% over the past 24 hours. There is no catalyst behind this move except the cryptocurrency market recovery. The market rally has seen numerous coins and tokens recover some of their lost values over the past few days.

Earlier this week, the total cryptocurrency market dropped below $2 trillion. However, it is now back above that level and could soon reach $2.1 trillion if the rally is sustained over the coming hours and days.

1INCH Could Touch $3 Soon

1INCH’s technical indicators show that the cryptocurrency is recovering from its recent bearish trend. If the current rally is sustained, 1INCH’s technical indicators will enter the positive zone soon.

1inch could soon break past its 50-day EMA. Source: FXEMPIRE

The MACD line is below the neutral zone but could soon enter the positive territory. Meanwhile, the RSI of 50 shows that 1INCH is no longer oversold. If the bulls remain in control, 1INCH could soon face more buying pressure from the market.

At press time, 1INCH is still trading below its 50-day moving average of $2.67. However, it could break past the 50-day EMA point soon if the market conditions remain the same.

In the event of an extended rally, 1INCH could reach the second major resistance level at $3.23 before the end of the day.