Crypto Market Daily Highlights – SOL Leads a Broad-Based Sell-Off

Key Insights:

  • It was a bearish Sunday session for the crypto top ten, with SOL leading the way down.
  • A lack of crypto news left investors to lock in profits before the NASDAQ mini added increased selling pressure in the final hour of the day.
  • The crypto market cap slid by $28.3 billion to end the day at $982.0 billion.

It was a bearish Sunday session for the crypto top ten, with SOL leading the way down. BTC saw a three-day winning streak come to an end. Notably, BTC ended the day at sub-$21,000 for the first time in three sessions.

It was a quiet Sunday session, leaving investors to lock in profits from a bullish first week of November. Selling pressure intensified in the final hour, with the NASDAQ mini kicking off the week in negative territory.

On the US economic calendar, it is a quiet Monday session. With no economic indicators for investors to consider, FOMC member chatter will need monitoring. FOMC member Mester speaks late in the session.

We expect the crypto market correlation with the NASDAQ Composite Index to continue this week. The markets will be eying FOMC member chatter for clues on what to expect in December.

NASDAQ correlation.
Total Market Cap – NASDAQ – 071122 Daily Chart

Crypto Market Ends a Bullish Week with a Bearish Session

It was a bearish Sunday session. The crypto market rose to an early high of $1,018 billion before sliding to a final-hour low of $978.5 billion.

The bearish session left the crypto market down $28.3 billion for the day while up $9.6 billion to $982.0 billion for the week.

Crypto market falls back to sub-$1,000 billion.
Total Market Cap 071122 Daily Chart

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

It was a bearish Sunday session for the crypto top ten.

SOL led the way, tumbling by 11.64%, with DOGE sliding by 7.79%.

ADA (-5.63%), BNB (-3.18%), ETH (-3.61%), and XRP (-4.50%) also struggled, while BTC fell by 1.79%.

From the CoinMarketCap top 100, it was a bearish session.

SOL led the way down, with aave (AAVE) and uniswap (UNI) seeing losses of 10.40% and 7.98%, respectively.

Chiliz (CHZ) bucked the broader market trend, rising by 1.70%.

24-Hour Crypto Liquidations Fall Back on Range-Bound Session

Over 24 hours, total liquidations increased, with a bearish end to the session leading to a pickup in liquidations. At the time of writing, 24-hour liquidations stood at $115.96 million, up from $81.40 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 68,885 versus 49,950 on Sunday morning. Liquidations were up over one and four hours and over 12 hours.

Crypto liquidations rise.
Total Crypto Liquidations 071122

According to Coinglass, 12-hour liquidations rose from $29.41 million to $94.29 million, with four-hour liquidations up from $3.89 million to $68.01 million. One-hour liquidations increased from $0.415 million to $7.50 million, reflecting bearish market conditions.

The chart below shows market conditions throughout the session.

Crypto market sees sharp final hour pullback.
Total Market Cap 071122 Hourly Chart

Crypto Market Daily Highlights – ADA Leads a Crypto Top Ten Breakout

Key Insights:

  • It was a bullish Tuesday session for the crypto top ten, with cardano (ADA) surging by 12% to lead the way.
  • US economic indicators delivered more reasons for the Fed to take its foot off the gas, supporting a breakout session.
  • The crypto market cap surged by $39.9 billion to $928.2 billion.

It was a bullish Tuesday session for the crypto top ten. Cardano (ADA) led the way, with solana (SOL) and Ethereum (ETH) also enjoying breakout sessions. Notably, BTC wrapped up the session at $20,000 for the first time since October 5.

US economic indicators provided support to riskier assets. Weak numbers eased bets of a hawkish Fed move in December, delivering a much-needed boost in investor sentiment.

In August, the S&P/CS HPI Composite 20 n.s.a increased by 13.1% year-over-year, down from 16.0% in July. A surge in mortgage rates stemming from Fed rate hikes has adversely affected the housing market.

According to the Mortgage Bankers Association, applications sit at the lowest level since 1997. Weaker demand has led to a sharp pullback in house prices.

A slide in US consumer confidence added further support. In October, the CB Consumer Confidence Index fell from 107.8 to 102.5.

Following the weak private sector PMIs on Monday, the stats have led the markets to ease bets of a hawkish Fed move in December, with talk of a Fed pivot doing the rounds.

This morning, the FedWatch Tool had the probability of November and December rate hikes at 93.7% and 49.5%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 64.3%.

In response to the shift in sentiment, the NASDAQ 100 rallied 2.25%. However, post-closing bell earnings have left the NASDAQ 100 Mini down 253 points this morning.

For the day ahead, US housing sector numbers could deliver further support. Economists forecast new home sales to slide 13.9% in September. In August, new home sales had jumped by 28.8%.

NASDAQ correlation.
Total Market Cap – NASDAQ – 261022 Daily Chart

Crypto Market Enjoys $40 Billion Surge on Bets of a Fed Pivot

A mixed start to the day saw the crypto market fall to a low of $883.6 billion before making a move. In response to the US economic indicators, the crypto market surged to a high of $948.8 billion before easing back.

A $39.9 billion jump to $928.2 billion reversed losses for October, leaving the market up $23 billion for the current month.

Crypto market breakouts on Fed pivot hopes.
Total Market Cap 261022 Daily Chart

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

It was a bullish Tuesday session for the crypto top ten.

ADA led the way, surging by 12.04%, with ETH (+8.68%) and SOL (+9.08%) enjoying breakout sessions.

BNB (+3.72%), BTC (+3.95%), DOGE (+6.04%) and XRP (+1.74%) also found strong support.

From the CoinMarketCap top 100, it was a mixed session.

Toncoin (TON) led the way, surging by 26.61%, with cardano (ADA) and ethereum classic (ETC) seeing gains of 12.04% and 8.82%, respectively.

However, Klaytn (KLAY) and aptos (APT) led the way down, with losses of 15.77% and 7.87%, respectively. Aave (AAVE) also bucked the broader market trend, falling by 3.79%.

24-Hour Crypto Liquidations Surge on Crypto Breakout Session

Over 24 hours, total liquidations surged as the crypto market responded to US economic indicators and the talk of a Fed pivot. At the time of writing, 24-hour liquidations stood at $806.19 million, up from $49.06 million on Tuesday morning.

Liquidated traders over the last 24 hours also spiked. At the time of writing, liquidated traders stood at 119,682 versus 19,503 on Tuesday morning. Liquidations were up over one and over four hours and 12 hours.

Crypto liquidations spike on breakout session.
Total Crypto Liquidations 261022

According to Coinglass, 12-hour liquidations jumped from $27.69 million to $796.59 million, with four-hour liquidations up from $3.91 million to $18.25 million. One-hour liquidations rose from $0.444 million to $0.613 million.

The chart below shows market conditions throughout the session.

Crypto market breakout driven by US economic indicators.
Total Market Cap 261022 Hourly Chart

Crypto Market Daily Highlights – AAVE and ETH Lead Ahead of Powell Speech

Key Insights:

  • It is a bullish Thursday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • The NASDAQ 100 provided support through the US session before a post-US closing bell pullback.
  • The total crypto market cap is up $14.7 billion to $1,022 billion with 90 minutes of the session remaining.

It is a bullish Thursday session for the crypto top ten. Bitcoin (BTC) has avoided sub-$21,000 while falling short of $22,000 for a sixth consecutive session. ETH leads the top ten, with the rest of the crypto top ten also in positive territory.

Investor apprehension over Friday’s Fed Chair Powell speech tested support early in the session. However, positive US economic indicators delivered NASDAQ 100 support, which drove demand for cryptos.

The US economy contracted by less the previously thought in the second quarter, while labor market conditions remained robust.

In Q2, the economy contracted by 0.6% versus a previous estimate of 0.8%. Initial jobless claims slipped from 245k to 243k in the week ending August 19.

The NASDAQ 100 ended Thursday up 1.67%, while the NASDAQ 100 Mini is down 17 points this morning.

Following Thursday’s gain, Fed Chair Powell will dictate direction through the Friday session. However, US economic indicators will also influence, with personal spending and inflation on the docket.

Crypto market finds NASDAQ support.
Total Market Cap – NASDAQ – 260822 5 Min Chart

The Total Crypto Market Cap Hits $1,034 Billion Before Another Reversal

On Thursday, the total crypto market cap fell to an early morning low of $1,004 billion before rising to a late morning high of $1,034 billion. However, a late pullback leaves the market cap back at $1,022 billion.

Up by $14.7 billion for the session, the total crypto market cap is down $40 billion for August.

Crypto market cap retreats from day high .
Total Market Cap 260822 Daily Chart

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

It is a bullish Thursday session for the crypto top ten.

With 90 minutes of the Thursday session remaining (UTC), ETH is up 2.71% to lead the way.

ADA (1.97%), BNB (+2.09%), DOGE (+1.93%), and SOL (+1.89%) weren’t far behind, while BTC (1.19%) and XRP (+0.93%) trailed.

From the CoinMarketCap top 100, it is a mixed session.

Aave (AAVE) leads the way, rising by 6.12%, with Shiba Inu Coin (SHIB) and yearn.finance (YFI) up by 5.51% and 4.69%, respectively.

However, Chiliz (CHZ) and Lido DAO (LDO) lead the way down, sliding by 7.10% and 7.56%, respectively, with Helium (HNT) falling by 3.12%.

Crypto Liquidations Fall as the Crypto Market Responds to the NASDAQ

Over 24 hours, total liquidations fell back as investors responded to better than forecasted US economic indicators and a rise in the NASDAQ 100.

At the time of writing, 24-hour liquidations stood at $89.10 million, down from $93.11 million on Thursday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 32,156 versus 37,316 on Thursday morning. Liquidations over 12 hours, 4 hours, and one hour were also down despite investor apprehension ahead of Fed Chair Powell’s speech on Friday.

Liquidations recede despite Fed Chair Powell uncertainty.
Total Crypto Liquidations 260822

According to Coinglass, 12-hour liquidations stood at $37.51 million, down from $60.77 million on Thursday morning. 4-hour liquidations have fallen from $15.34 million to $5.87 million, with one-hour liquidations down from $3.90 million to $0.721 million. The chart below shows market conditions throughout the session.

Market eases back from day high but remains in positive territory.
Total Market Cap 260822 Hourly Chart

Crypto Market Daily Highlights – US CPI and Merge News Deliver for ETH

Key Insights:

  • It is a bullish Wednesday session for the crypto top ten, with Ethereum (ETH) leading the way.
  • While network news updates delivered ETH support, softer US inflation figures eased bets of a Fed 75-basis point rate hike, driving demand for riskier assets.
  • The total crypto market cap is up by $36.4 billion to $1,110 billion.

It is a bullish Wednesday session for the crypto top ten. In a choppy session, bitcoin (BTC) revisited the $24,000 handle for the second time in ten sessions. However, Ethereum (ETH) leads the way, with sentiment towards the Goerli Merge and US CPI numbers delivering strong support.

There were no cues from the crypto market news wires to provide support, leaving the crypto market in the hands of market risk sentiment and US economic indicators.

On Tuesday, the broader crypto market endured a bearish session as investors turned their attention to US inflation and the Fed. Ahead of the Wednesday CPI numbers, the consensus was for a 75 basis point Fed rate hike, supported by the latest nonfarm payrolls and ISM Non-Manufacturing PMI numbers.

However, bets of a 75-basis point hike eased, with the markets pricing in a 50-basis point move in response to the July inflation figures. In July, the US annual rate of inflation softened from 9.1% to 8.5% versus a forecast of 8.7%.

Abating fears of a US economic recession and the Fed taking a more aggressive rate path to bring inflation to target were market positives. Market reaction was broad-based, with the NASDAQ 100 ending a three-day losing streak with a 2.89% breakout session.

NASDAQ correlation
Total Market Cap – NASDAQ – 110822 5 Min Chart

The Total Crypto Market Cap Surges on Inflation Numbers

On Wednesday, the total crypto market cap slid to an early low of $1,050 billion before steadying. Before the US inflation numbers, the market cap remained in negative territory with a market cap of $1,072 billion.

In response to the softer US CPI numbers, the total crypto market cap surged to a high of $1,127 billion before easing back. Currently, $36.4 billion has flooded in, taking the market cap to $1,110 billion.

Crypto market reacts to US CPIs
Total Market Cap 110822 Daily Chart

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

It is a bullish Wednesday session for the crypto top ten.

With three hours of the session remaining, ETH is up 7.52% to lead the way, with DOT gaining 5.02%.

ADA (+3.70%), BTC (2.62%), SOL (+3.27%), and XRP (+2.64%) have also found strong support, while BNB (+0.62%) trails.

From the CoinMarketCap top 100, it is a mixed session.

Lido DAO (LDO) is among the front runners, rallying by 15.6%. Aave (AAVE) and Near Protocol (NEAR) aren’t far behind, with gains of 12.91% and 10.02%, respectively.

A handful of cryptos were in the red. Oasis Labs (ROSE) leads the way down, falling by 2.70%, with UNUS SED LEO (LEO) and Zcash (ZEC) down by 1.97% and 1.53%, respectively.

Total Crypto Liquidations Spike in Response to the US CPI Numbers

Late in the Wednesday session, total liquidations remained elevated due to the US CPI figures, due to closing shorts.

24-hour liquidations continued the upward trend after sitting at sub-$100 million levels for two consecutive sessions.

At the time of writing, 24-hour liquidations stood at $282 million, up from $203 million on Wednesday morning.

However, liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 63,664 versus 82,754 on Wednesday morning.

While 24-hour liquidations remain elevated, market conditions have improved. 12-hour liquidations stand at $208 million, while one-hour and four-hour liquidations have declined, reflecting a steadying in the crypto market.

According to Coinglass, four-hour liquidations stood at $16.52, up from $9.05 million on Wednesday morning. One-hour liquidations are down from $3.59 million to $2.56 million (see hourly crypto market cap chart below).

Crypto liquidations reflect steadying market conditions
Total Market Cap 110822 Hourly Chart

Daily News Highlights

  • Crypto giant Coinbase missed earnings estimates.
  • DeFi Protocol Curve Finance (CRV) lost $570k in a DNS hack.
  • Crypto exchange FTX formed a partnership with Reddit.
  • Ripple Lab eyes Celsius assets.
  • US Inflation figures delivered the crypto market a breakout session.

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.

5 Best Performing Coins of the Week – CHZ, DCR, FLOW, HOT, and OP

Key Insights:

  • It is another bullish Monday to Friday for the crypto market, supported by US corporate earnings and US economic indicators.
  • Decred (DCR) leads the way, surging by 109%
  • Chiliz (CHZ), Flow (FLOW), Holo (HOT), and Optimism (OP) were also among the front runners.

Monday to Friday, August 5, the total crypto market cap was up $10.95 billion, with the crypto market on target for a fifth consecutive weekly gain.

Following the dovish 75-basis point rate hike and weak Q2 GDP numbers, US economic indicators painted a mixed picture ahead of the Friday nonfarm payroll numbers.

A pickup in service sector activity saw the markets reconsider another 75-basis point rate hike in September. The ISM Non-Manufacturing PMI increased from 55.3 to 56.7. Economists forecast a PMI of 53.5. Significantly, the numbers eased fears of an economic recession.

On Thursday, weekly jobless claims figures sent a pre-NFP warning, however.

In the week ending July 29, initial jobless claims fell by 260k, up from the previous week’s 254k. The figures suggested weakening labor market conditions ahead of the July nonfarm payrolls.

The jobless claims 4-week average climbed from 248.75k to 254.75k. The 4-week average last sat at sub-200k in the week ending May 13.

However, nonfarm payrolls wrapped up an upbeat week, with payrolls surging by 528k in July, beating a 250k forecast. In June, payrolls increased by 398k. Average wage growth held steady at 5.2%.

US corporate earnings also delivered market support and a NASDAQ 100 breakout session. PayPal (PYPL) jumped by 9.25% on a rosy earnings forecast, supporting the NASDAQ 100. Monday through Friday the NASDAQ 100 gained 2.15%, with a 0.50% loss on Friday limiting the upside.

The upbeat numbers increased the bets of a 75-basis point rate hike in September or possibly a full percentage point, leading to a reversal of earlier gains.

There were no cues from the crypto wires to influence the broader crypto market, leaving investors to consider the Fed monetary policy and US economic outlook.

Across the CoinMarketCap crypto top 100, the bullish week saw several cryptos outperform the broader market.

Decred (DCR) leads the way, with Chiliz (CHZ), Flow (FLOW), Holo (HOT), and Optimism (OP) among the front runners with two hours of the Friday session remaining.

Decred (DCR)

For the week, DCR is up 100.5% to $54.82, Monday through Friday. A bearish start to the week saw DCR fall for three consecutive sessions to a Thursday low of $26.15 before making a move. Finding support on Thursday, DCR surged to a Friday high of $70.91 before sliding back to sub-$55.

There were no apparent reasons for the Friday breakout, which saw DCR rise in the market cap rankings to the #64 spot.

Decred employs a hybrid PoS and PoW algo. While holders can validate transactions and vote on proposals by staking, there is also the option to mine DCR.

A possible reason for the latest upswing is the plan to incorporate Lightning Network.

Looking at the trends, DCR would need to avoid a fall back to sub-$30 and the current week low of $26.15 to support the bullish trend. A move through this week’s high of $70.91 would support a run at the April high of $86.56. From there, DCR would have a free run at the January high of $91.13 to bring $100 into view.

A fall to sub-$30 would bring the July and the current-year low of $20.76 into view, the lowest level since November 2020.

Crypto leader DCR on a breakout
DCRUSD 060822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. DCR sat above the 50-day EMA, currently at $28.87.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish DCR price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on Friday.

However, a fall through the 50-day EMA could bring sub-$30 and the 100-day EMA, currently at $27.03, and the current week low into play.

EMAs bullish
DCRUSD 060822 4-Hourly Chart

Chiliz (CHZ)

For the week, CHZ is up 18.58% to $0.1440, Monday through Friday. A bullish start to the week saw CHZ surge from a week low of $12.14 to a Monday high of $0.1631. However, a mid-week pullback saw CHZ return to $0.1308 before a bullish Thursday session.

Network news updates delivered the Monday breakout session. News of Socios.com investing $100 million to support Barcelona FC’s Web3 goals was the key. The Scoville testnet launch for Chiliz Chain 2.0 added further support.

Looking at the trends, CHZ would need to avoid a fall back to sub-$0.1250 and the current week low of $0.1214 to support the bullish trend. A move through this week’s high of $0.1631 would support a run at the May high of $0.1974. From there, CHZ would have a free run at the March high of $0.3312 to bring $0.40 into view.

A fall back to sub-$0.1250 would bring the July and the current-year low of $0.0798 into view, the lowest level since March 2021.

CHZ on the move
CHZUSD 060822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. CHZ sat above the 50-day EMA, currently at $0.1343.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish CHZ price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after last testing support at the 50-day EMA on July 27.

However, a fall through the 50-day EMA could bring the 100-day EMA, currently at $0.1260, and the current week’s low into play.

CHZ bullish trend
CHZUSD 060822 4-Hourly Chart

Flow (FLOW)

For the week, FLOW is up 43.52% to $2.77, Monday through Friday. A mixed start to the week saw FLOW fall to a Tuesday low of $1.81 before surging to a Thursday high of $3.77.

A pullback from the $3.00 handle saw FLOW fall back to sub-$2.50 before returning to $2.70 levels.

News of Meta announcing the introduction of digital collectibles to showcase NFTs on Instagram delivered support.

According to the announcement,

“In order to post a digital collectible, all you need to do is connect your digital wallet to Instagram. As of today, we support connections with third-party wallets including Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet coming soon. Supported blockchains at this time include Ethereum, Polygon, and Flow.”

Looking at the trends, FLOW would need to avoid a fall back to sub-$2.00 and the current week low of $1.81 to support the bullish trend. A move through this week’s high of $3.77 would support a run at the May high of $5.21. From there, FLOW would have a free run at the April high of $8.17 to bring $10.00, last hit in December 2021.

A fall back to sub-$2.00 would bring the July low of $1.37 into view. FLOW fell to a current year low of $1.16 on June 18.

FLOW on the move
FLOWUSD 060822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. FLOW sat above the 50-day EMA, currently at $2.1383.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish FLOW price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after the August 4 breakout from the 50-day EMA.

However, a fall through the 50-day EMA could bring sub-$2.00 and the 100-day EMA, currently at $1.9757, and the current week low of $1.81 into play.

FLOW EMAs bullish
FLOWUSD 060822 4-Hourly Chart

Holo (HOT)

For the week, HOT is up 17.39% to $0.0027, Monday through Friday. A mixed start to the week saw HOT fall to a Tuesday low of $0.0020 before surging to a Friday high of $0.0029 before easing back.

While there was no specific news to deliver the breakout week, network updates kept HOT in the spotlight.

Looking at the trends, HOT would need to avoid a fall back to sub-$0.0025 and the current week low of $0.0020 to support the bullish trend. A move through this week’s high of $0.0029 would support a run at the May high of $0.0073.

From there, HOT would have a free run at the February high of $0.0086 to bring $0.01 into view, last hit in December 2021. A fall back to sub-$0.0025 would bring the July low of $0.0019 into view.

HOT on the move
HOTUSD 060822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. HOT sat above the 50-day EMA, currently at $0.0023.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish HOT price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after testing support at the 50-day EMA on August 3.

However, a fall through the 50-day EMA would bring the 100-day EMA, currently at $0.0023, and the current week low of $0.002 into play.

EMAs bullish
HOTUSD 060822 4-Hourly Chart

Optimism (OP)

For the current week, is up 20.14% to $1.9030, Monday to Friday. A bearish start to the week saw OP fall to a Tuesday low of $1.3620 before surging to a Thursday high of $2.2380.

However, a bearish end to Thursday and a bearish Friday session saw OP slide back to sub-$1.80 before finding support.

News from Aave (AAVE) of the launch of the OptimismFND Liquidity Mining Program delivered OP price support. According to the announcement,

“The program will run for 90 days with a distribution of 5M OP to the Aave Protocol’s Optimism Market users.”

Looking at the trends, a breakout from the week high of $2.238 would support a run at $3.00. However, market sentiment across the broader crypto market will need to remain bullish to support a breakout from $2.50. (There is no EMA technical analysis due to the available price points).

OP trending coin
OPUSD 060822 Daily Chart

Crypto Price Analysis August 1: APE, WAVES, ETC, UNI, AAVE

Key Insights:

  • Waves countered the bearishness with an 8% rise to trade at $6.
  • Ethereum Classic continued its downtrend, slipping by 16% in 3 days.
  • Bitcoin and Ethereum fell to $22.9k and $1.6k as well.

Altcoins dominated the crypto market with their rise and fall, but with bears winning the day, the market lost about $25 billion in the last 24 hours.

The likes of Waves and Ethereum Classic propagated the downtrend affecting the king coin and the altcoin king as well, which sank to $22.9k and $1.6k, respectively.

Waves (WAVES)

Despite being up by 8.65%, the altcoin is still moving sideways, with the coin trading at $6.05, the same price WAVES was a month ago.

However, with the support of the 50-day Simple Moving Average (SMA) (red), this recovery might get easier, especially if WAVES is able to flip the 100-day SMA (blue) into support as well.

ApeCoin (APE)

The Bored Ape Yacht Club NFT token has not been moving a lot these past few days, declining by just 4.91% in over 72 hours.

On the other hand, it still has the support of bullish crossover on the MACD, which will be crucial in keeping APE’s 63.5% rally intact.

Ethereum Classic (ETC)

The Ethereum hard fork fell by more than 16.8% in the span of 3 days, 13.4% of which came in just the last 24 hours.

With the Parabolic SAR set to move above the candlestick, ETC will face a further downtrend, which would be harmful to its 195.16% rally it noted this month.

Uniswap (UNI)

The DeFi token is on a similar path as ETC as despite falling by 12.85% in 72 hours, UNI is still maintaining its 154.99% rally from a month ago.

The green bars on the Awesome Oscillator evince the same thing, which will help UNI from falling further.

Aave (AAVE)

AAVE lost the least in this list as the altcoin declined by just 3.11% in the last 24 hours, leaving its almost 103% rally intact.

The Relative Strength Index (RSI) is also keeping itself sustained in the bullish zone, which is a good sign for AAVE’s future.

Top 3 Trending Coins: ETH Struggles Below $1,700, APE Pushes Towards $7.50, AAVE Dips Under $100

Key Points

  • Ethereum is struggling to get above $1,700 resistance. A clean upside break could trigger a swift move to $2,000.
  • ApeCoin is bucking the trend of subdued/softening crypto prices and is the best top 50 performer.
  • Aave is back under $100, but still trading within a bullish upwards trend channel.

Ethereum (ETH)

ETH, the native token of the Ethereum blockchain and the second most valuable cryptocurrency by market capitalization was last trading flat on Monday in the $1,680s, with profit-taking ahead of a busy week for macro risk events preventing the cryptocurrency from challenging last week’s highs near $1,800 per token.

Technicians have pointed out that Ethereum is currently struggling to get above a key long-term area of resistance just above $1,700. If the cryptocurrency cannot push above these levels, it could be in for a nasty retracement lower, some of them argued. Equally, if ETH can push convincingly back above last week’s highs near $1,800, then it is in with a solid shot of testing late-May highs in the $2,000 per token area.

ETH/USD
ETH/USD struggles at $1,700 resistance area. Source: FX Empire

Ether Flips Bitcoin in Options Market for the First Time

In a bullish sign for ETH, the total dollar value of all Ether options contracts currently open on the world’s largest crypto derivatives exchange Deribit recently surpassed the total dollar value of all Bitcoin options. As of Monday, the so-called “open interest” (i.e. dollar value of open options contracts) of Ethereum options was $5.7 billion compared to $4.3 billion for Bitcoin.

Analysts called the development “historic”, with Ethereum having never before seen an open interest higher than Bitcoin. Some claimed it could represent a build-up of bullish bets on the cryptocurrency with its “Merge” to Ethereum 2.0 (where it transitions from Proof-of-Work to Proof-of-State) in September.

BofA Warn That Ethereum Needs Scalability Improvements to Succeed

Without scalability improvements, Ethereum is going to have a difficult time retaining its position as the dominant smart contract-enabled blockchain, Bank of America argued in a research report last week. The bank noted that newer blockchains that already utilize a Proof-of-Stake consensus mechanism and have greater scalability have taken market share from Ethereum as of late. They cite Binance Smart Chain, Avalanche and Solana as examples.

However, the bank noted that Ethereum’s switch from Proof-of-Work to Proof-of-Stake seems imminent, which will be the first of a series of major upgrades for the blockchain, including the so-called “Surge”, which aims to improve Ethereum’s throughput (i.e. transaction processing speed) exponentially. At present, Ethereum can only manage about 15 transactions per second (TPS), but the aim is to lift this to about 100,000.

ApeCoin (APE)

Apecoin is bucking the trend on Monday that has seen most other major cryptocurrencies move lower amid profit-taking, with its APE token last up a little over 5.5% on the day and higher by a little over 3.0% in the past 24 hours, as per CoinMarketCap. APE/USD was last changing hands just above $7.10 per token, just below Sunday’s multi-week highs in the $7.30 area.

Technicians are targetting a near-term test of the $7.50 area, which was an area of support-turned resistance back in late May. A break above here could open the door to a swift rally back to mid-May highs near $10.

APE/USD
APE/USD bulls eye further upside. Source: FX Empire

Aave (AAVE)

AAVE, the native token that powers Decentralized Finance (DeFi) protocol Aave crypto borrowing/lending/liquidity platform, is one of the worst performing cryptocurrencies in the top 50 by market cap. According to CoinMarketCap, AAVE was down close to 6.0% in the last 24 hours, with AAVE/USD last changing hands in the $98s per token, having slipped back from multi-week highs printed over the weekend above $100.

AAVE/USD has been moving higher in recent weeks within the confines of an upwards trend channel and, as a result, some technicians are targetting a test of the $115-$125 resistance area within the next few weeks. Above that, there is the 200-Day Moving Average just below $130 per token.

AAVE/USD
AAVE/USD struggled under $100 but still moving higher in bullish trend channel. Source: FX Empire

Aave to Create New Algorithmic Stablecoin GHO

Aave’s decentralized autonomous organization (DAO) just passed a proposal to create a new algorithmic stablecoin GHO. 99.99% of the 501,000 AAVE tokens that voted on the proposal voted in favor. In order to get GHO (the equivalent to borrowing), Aave protocol users will need to post collateral at a pre-specified ratio.

Once they pay back their GHO or get liquidated because of a drop in the value of their collateral, Aave will burn the GHO. Given Terra’s UST stablecoin’s failure in May, many within the crypto space are skeptical about whether GHO can succeed. According to Aave’s proposal, however, GHO will be over-collateralized. GHO will initially be available on the Ethereum mainnet.

5 Things to Know in Crypto: BTC Pulls Back to $23,000 Ahead of Big Week of Macro Risk

Key Points

  • Bitcoin was last trading just above $23,000 and Ethereum around $1,670 as both succumb to modest profit taking.
  • It’s set to be a busy week on the macro front with key US jobs and ISM survey data scheduled.  
  • Aave is to create a new stablecoin called GHO, which marks the latest algorithmic stablecoin experiment.

Major Cryptos Succumb to Modest Selling Pressure Ahead of Busy Macro Week

Major cryptocurrencies have pulled back a little from weekend highs amid profit-taking, with the broader macro tone subdued ahead of a host of important macro risk events later this week. The main event will be the release of the official US jobs report for July on Friday, with traders on the lookout for signs of further US economic weakness. In that regard, Monday’s US ISM Manufacturing PMI survey data and Wednesday’s ISM Services PMI survey data (both for July) will also be important in shaping US recession perceptions this week.

As has been the playbook as of late, crypto prices may respond positively to poor US economic data, if that data results in a pullback of Fed tightening bets. However, some analysts have been critical of the recent pullback in Fed rate hike bets following recent weak data and last week’s Fed meeting (which has given a significant boost to stocks and crypto). With inflation still so high and unlikely to return to the Fed’s 2.0% target anytime soon, it’s too early to bet on a dovish pivot, they argue. Traders should also keep an eye on some important G10 economic events, including Australian and UK central bank decisions on Tuesday and Thursday.

Bitcoin was last changing hands just above $23,000, down about 3.0% in the last 24 hours according to CoinMarketCap, but still well within recent ranges. Ethereum was last trading around $1,670, down about 2.0% in 24 hours and now down close to 7.0% versus last week’s highs near $1,800. In terms of the major altcoins, similar modest declines are being observed, with BNB, XRP, ADA, SOL and DOGE all down between 2-5% in the last 24 hours.

Tether Criticizes USDT Short-sellers Again

“The simple fact that hedge funds view Terra’s collapse as a constructive thesis to short USDT represents the asymmetric knowledge gap between cryptocurrency market participants and entities in the traditional finance space”, Tether, the creator and issuer of USD-pegged stablecoin USDT, said in a blog post last week.

Tether said that misconceptions about its reserves are behind the short-seller thesis, pointing to conspiracies that the company holds a significant portion of Chinese commercial paper, or that USDT is created out of thin air. “In short, the underlying thesis of this trade is incredibly misinformed and flat-out wrong… It is further supported by a blind belief in what borders on outright conspiracy theories about Tether,” the company said.

Tether claims that USDT is fully backed by cash or liquid cash equivalents. In a separate recent blog post, it reaffirmed its intention to reduce its total commercial paper holdings to zero by November from over $30 billion last year. USDT’s current market capitalization is $66.2 billion, meaning it retains its spot as the largest stablecoin currently on the market.

Aave to Create New Algorithmic Stablecoin GHO

Decentralized Finance protocol Aave’s decentralized autonomous organization (DAO) just passed a proposal to create a new algorithmic stablecoin GHO. 99.99% of the 501,000 AAVE tokens that voted on the proposal voted in favor. In order to get GHO (the equivalent to borrowing), Aave protocol users will need to post collateral at a pre-specified ratio.

Once they pay back their GHO or get liquidated because of a drop in the value of their collateral, Aave will burn the GHO. Given Terra’s UST stablecoin’s failure in May, many within the crypto space are skeptical about whether GHO can succeed. According to Aave’s proposal, however, GHO will be over-collateralized. GHO will initially be available on the Ethereum mainnet.

Israel Tightens Restrictions on Cash Usage

Israel is set to implement further restrictions on personal/business transactions conducted using cash, as it seeks to further reduce disincentive cash use. As of this Monday, cash payments are limited to less than 6,000 shekels (around $1,760) for individuals and less than 15,000 shekels ($4,400) for businesses. Authorities in Israel claim their goal is to accelerate the shift towards digital payments in order to better combat tax evasion and illicit activity.

“The goal is to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash,” an official from Israel’s Tax Authority told local media. Some crypto analysts see the increasing restrictions on cash in Israel, a trend also being observed elsewhere, as a good sign for crypto adoption.

Jewelry Maker Tiffany Launches CryptoPunk NFT-Themed Diamond Pendants

Jewelry makers Tiffany & Co. is set to sell 250 diamond-encrusted pendant necklaces exclusively to the holders of the well-known CryptoPunks Non-fungible Token (NFT) collection for 30 ETH each, or just over $50,000 each at current prices. The launch will occur on 5 August. CryptoPunk NFT holders will also be able to purchase the pendants in the form of NFTs, which will be redeemable for the physical necklace.

Tiffany’s pendant release will be conducted in tandem with crypto start-up Chain, which is looking after the back end of the launch. According to Chain, holders of NFTs from the Bored Ape Yacht Club collection will soon also be able to purchase similar pendants.

DeFi Tokens to Keep an Eye on in August: AAVE, LDO, and UNI

Key Insights:

  • Improving crypto market conditions placed decentralized finance (DeFi) coins in the spotlight.
  • A dovish 75-basis point Fed rate hike and the US economic contraction in the first and second quarters increased appetite for DeFi coins.
  • While the crypto winter continues to hit the market, several DeFi coins have outperformed, including Uniswap (UNI), Lido DAO (LDO), and Aave (AAVE).

In July, the crypto market ended a three-month losing streak, with the total crypto market cap rising by $195 billion to $1,061 billion.

Crypto market cap
Crypto Market Cap 310722 Daily Chart

While a sizeable increase, the market cap is still down by $1,131 billion from $2,192 billion on January 1.

Improving market conditions, stemming from a shift in market sentiment towards Fed monetary policy, supported the beginnings of a crypto market recovery.

With current crypto price levels well below the first quarter and November all-time highs, buying opportunities are present.

While the risk of a US recession has spiked following the second consecutive quarterly contraction, US corporate earnings bolstered the appetite for riskier assets.

In July, the NASDAQ 100 rallied by 12.35%, the best monthly performance since 2020. Bitcoin (BTC) outperformed, with a 17.6% gain, with popular DeFi tokens among the crypto front runners for the month.

Total Value Locked Begins the Long Road to Recovery

According to Defi Llama, the total value locked (TVL) fell by 71% in H12022 to a lowly $71 billion. However, fortunes for the DeFi space changed in July. Reversing a large portion of the 37% slide in the June TVL, the TVL increased by 25% to $90.53 billion.

July TVL
TVL 310722 Defi Llama

Front runners among the DeFi coins included Aave (AAVE), Lido DAO (LDO), and Uniswap (UNI).

DeFi rankings
July 31 TVL Rankings

In July, Aave saw its TVL rise by a modest 8.2%, with Uniswap up 29%. However, LDO led the way, with the TVL surging by 61%.

Looking at the respective coin price and TVL performances,

Coin July 2022 TVL July 2022
AAVE 73% 8%
LDO 372% 61%
UNI 69% 29%

The figures reveal a marked difference between price and TVL performance.

Improving market conditions should see market caps recover further to align more closely with total value locked levels.

Taking Uniswap as an example, the total market cap fell below the TVL in December and remained below the TVL. Another bullish month should see the Uniswap market cap narrow on the TVL, which would support another sizeable price move.

UNI TVL
UNI TVL v MktCap 310722

Aave (AAVE)

In July, AAVE rallied by 73% to end the month at $98.46. A bullish end to the month saw AAVE strike a July 31 monthly high of $109.33 before easing back.

Down by 61% year to date, a move through the June high of $120.83 would give AAVE a free run at the May high of $162.13.

AAVE would need to avoid sub-$50 and the current year low of $45.52 to continue the recovery.

However, crypto market conditions need to improve to support a return to $100. An upward trend in total value locked would provide support. With DeFi coins back on the radar, another bullish month could see AAVA join the front runners after trailing in July.

AAVE
AAVEUSD 310722 Daily Chart

Lido DAO (LDO)

LDO surged by 372% in July to $2.13. Outperforming the broader market, LDO struck a July high of $2.658 on July 28 before easing back.

Down 31% year to date, a move through the May high of $3.56 would give LDO a free run at the April high of $5.14.

LDO would need to avoid sub$-2.00 and steer well clear of the current year low of $0.44 to support another breakout month.

Market risk sentiment will need to improve for LDO to revisit $5.00. An upward trend in total value locked would provide support. While market risk sentiment will influence, progress updates on the Ethereum (ETH) Merge will remain the key driver.

LDO
LDOUSD 310722 Daily Chart

Uniswap (UNI)

In July, UNI rallied by 69% to end the month at $8.46. Tracking the broader market, UNI struck a July high of $9.82 on July 28 before easing back.

Down 50% year to date, a move through the April high of $12.30 would support a run at the January high of $19.85 to test resistance at $20.00.

However, UNI will need to avoid the sub-$5.00 and the July low of $4.72 to steer clear of the current-year low of $3.33.

While we can expect total value-locked trends to influence, the crypto market sentiment would need to improve to support a breakout from the April high.

For UNI, investors will also monitor the impact of the Fee Switch, which delivered price support in late July.

UNI
UNIUSD 310722 Daily Chart

Crypto Price Analysis July 27: LDO, QTUM, ZEC, MKR, AAVE

Key Insights:

  • Lido DAO appeared to be one of the best performers in the last 24 hours, rising by almost 27%.
  • Qtum followed Lido DAO with a 15% increase in price.
  • Bitcoin and Ethereum also recovered to trade at $2k and $1.5k.

The crypto market has been wildly fluctuating for the last few weeks, and the altcoins have been the recipient of the same every day.

Even as the market improved between yesterday and today, most altcoins kept a low profile even though the king coin and the altcoin king rose to trade at $22,743 and $1,593.

Lido DAO (LDO)

The altcoin led the crypto market rally today with a 27.66% rise in the span of fewer than 24 hours. This furthered LDO’s rise from the July lows to bring the recovery to 308.59%

The Bollinger Bands’ divergence is a clear indication of high volatility, which is evident in the price action as well.

Qtum (QTUM)

QTUM followed in the footsteps of Lido DAO and shot up by more than 15.5% in the last 24 hours. The overall incline over the past two weeks, which rose to 46.45% today, will soon invalidate the losses bore during the crash of June.

The Awesome Oscillator is indicating the same with the rising green bars on the indicator.

Zcash (ZEC)

Albeit its rally wasn’t as massive as other altcoins’, ZEC managed to rise by 8.25% in 24 hours to trade at $58.68.

However, the lack of inflows visible on the Chaikin Money Flow might be a concern as it could hinder the recovery of June’s 44.07% crash.

Maker (MKR)

Up by 4.71% since yesterday, Maker is inching closer to reclaiming $1000, which it lost just a few days ago. This will also bring it closer to recovering the almost 40% losses of June.

Although the impending bearish crossover on the MACD might create an issue for the altcoin in its path of recovery

Aave (AAVE)

After declining by almost 12% this week, AAVE made a 3.8% rise in the last 24 hours, which did nothing but prevented further price fall.

The Relative Strength Index (RSI) is right at the neutral line, but a fall below the same could further invalidate the 94.35% recovery observed over the last month.

Crypto Price Analysis July 20: FLOW, ENJ, VET, SOL, AAVE

Key Insights:

  • FLOW turned out to be one of the best-performing assets today, rising by 12.3%.
  • Other altcoins such as AAVE did not support the broader market’s rally.
  • Bitcoin and Ethereum also continued trading at $23k and $1.5k, respectively.

Most of the altcoins were still keeping their rallies intact, rising further by the hour, however, their bullishness was countered by the assets that consolidated today.

But a decline in the market cap is primarily out of the question as both Bitcoin and Ethereum maintained their $23k and $1.5k price levels.

Flow (FLOW)

FLOW led the few altcoins that traded in the green, with the altcoin marking a 12.32% growth over the last 24 hours despite the intraday decline of 2.5%.

But with the Awesome Oscillator indicating rising bullishness for the altcoin, this instance might act as a bounce-off to push FLOW towards recovering its 52.23% June losses.

Enjin Coin (ENJ)

ENJ was in the same pickle as FLOW as the altcoin did not observe any rise today, but the rally from yesterday kept its 24-hour movement positive.

Trading at $0.6, ENJ still has room to grow as the diverging Bollinger Bands indicate rising volatility with the basis acting as support.

VeChain (VET)

VET at the time of writing did not move at all but, with the help of yesterday’s 5.24% growth, continued highlighting bullishness.

Although the Chaikin Money Flow does exhibit a downtick, it is mostly an inaccurate fluctuation as most of the investors are still investing in the asset, pushing it to recover its almost 32% crash of June.

Solana (SOL)

Unlike other altcoins, Solana did note some downfall today, declining by 5.28% during the trading hours, but kept its 33.65% rise throughout the week intact.

The MACD at the moment is noting some bullishness thanks to the bullish crossover, which will support it in rising further.

Aave (AAVE)

Although AAVE did not have some depreciation in the last three days, on the macro, it is maintaining its 90.13% rise from the lows, which will is crucial for the altcoin to rise above the $100 mark.

The Parabolic SAR’s white dots do exhibit an uptrend for the asset, which can assist AAVE in recovering the 57.81% dip of June.

Top 3 Trending Coins: QNT Surges Above $100, AAVE Eyes $100, UNI Probes $7.0

Key Points

  • Stronger than expected US Retail Sales and Consumer Sentiment data has boosted macro risk appetite on Friday, helping crypto.
  • Quant has continued its surge higher after breaking above a short-term pennant structure on Thursday.
  • AAVE and UNI are also both strong performers.

Market Update

Macro risk appetite has taken a turn for the better in wake of US Retail Sales and University of Michigan Consumer Sentiment survey data that was significantly stronger than expected, easing fears about the US economy having already or being close to recession. This has lifted stocks and crypto in tandem with one another, despite the fact that some may argue, that strong US data boosts the outlook for rapid Fed tightening in the coming quarters.

This may not be playing too heavily on the market’s mind right now because Fed policymakers in recent days have not called for a 100 bps rate hike at the meeting later this month, as many analysts had thought they might. Rather, they have doubled down on their support for a second successive 75 bps rate hike. This, speculative risk assets such as crypto and US tech stocks are getting a boost from the “goldilocks” combination of stronger economic data and a Fed that isn’t being quite as hawkish as feared.

But whether this upbeat take can continue to support risk assets next week is another question. This week’s US inflation data was alarmingly high. If inflation continues to worsen in the months ahead, then we may soon be talking about the Fed taking interest rates as high as 4.0% in 2023 once again. Of course, the pullback in global commodity prices in recent weeks will help inflation ease in the months ahead.

But other factors that have been keeping it artificially high, like stop-start Chinese lockdowns, remain a threat. Indeed, dozens of Chinese cities have this week been reimposing restrictions with the highly transmissible Covid-19 variant Omicron still present in the nation.

Core inflation does seem to have peaked, which might be contributing to some of the optimism being seen in risk assets over the last few days. But it’s a long road back to the Fed’s 2.0% inflation target.

Looking quickly at crypto markets; Bitcoin was last trading 1.7% on Friday just below $21,000 while Ethereum was last changing hands in the $1,230s, up over 3.0% on the day. The two largest cryptocurrencies by market capitalization are up over 10% and 20% respectively versus Wednesday’s lows.

Here is a list of Friday’s three top trending coins.

Quant (QNT)

Quant’s July surge accelerated on Friday, with the cryptocurrency briefly surpassing the $110 mark and its 200-Day Moving Average at $105. QNT has since slipped back to trade around $102, around $10 down from earlier session highs. But the cryptocurrency still trades higher by about 5% on the day on Friday and is up around 20% in the last 24 hours, according to CoinMarketCap, making it the best performing cryptocurrency in the top 50 by market cap.

Quant’s recent bullish momentum was triggered by a breakout of a short-term pennant structure on Thursday. Prior to Thursday, the cryptocurrency had been consolidating for a few sessions with markets awaiting important US macro events.

QNT/USD
QNT/USD surges above $100. Source: FX Empire

If QNT is able to hold above the psychologically important $100 level and make it back above its 200DMA, then the bulls may remain in control and it stands a reasonably good chance of hitting March highs in the $150s. This is a key balance area going all the way back to late 2021.

Aave (AAVE)

Aave is the second-best performing cryptocurrency in the top 50 by market cap as per CoinMarketCap over the last 24 hours. Over this time period, the cryptocurrency has gained about 16% and hit fresh one-month highs. At current levels around $92.50, AAVE is up around 40% since its Tuesday lows where it bounced from the 21DMA at $68.

On Thursday, the cryptocurrency broke above a key trend channel that prices had been consolidating within over the last few weeks. The next level that the Aave bulls will have their sights set on is the $100 per token mark. Above that, $120 has been an important level of support.

AAVE/USD
AAVE/USD in an uptrend. Source: FX Empire

While recent price action will have some bulls hoping that the worst of the 2022 bear market might be over for AAVE, that is probably a premature call. Looking at the cryptocurrency over a longer time frame, it remains very much locked within a long-term downtrend that began in H1 2021.

AAVE/USD
AAVE/USD’s long-term downtrend. Source: FX Empire

Uniswap (UNI)

Uniswap was sent flying higher on Thursday on the news that popular retail trading platform Robinhood has listed it for trading. That opens the door for a lot of retail traders to buy the token.

UNI was last changing hands just below $7.0, having been as high as $7.25 earlier in the day, its highest level since early May. The cryptocurrency has been in an uptrend since mid-June and recent price action suggests that it is likely to continue trending higher in the near future.

The next target area for the bulls will be around $8.0. This was an important area of support/resistance between February and May. Then there is the 200DMA just above that in the $9.0 per token area.

UNI/USD
UNI/USD chart. Source: FX Empire

UNI’s longer-term technical momentum also looks to have improved in recent weeks. At the end of June, the cryptocurrency broke out of a downtrend that had been in play since the start of 2022.

UNI/USD
UNI/USD breaks out of 2022 downtrend at the end of June. Source: FX Empire

Top 3 Trending Coins: MATIC Surges on Disney Accelerator Program Selection, AAVE & UNI also Gain

Key Points

  • Major cryptocurrency prices have risen in the last 24 hours despite hot US CPI data and renewed Fed tightening bets.
  • Polygon was an outperformer and last up nearly 16% in 24 hours after being selected for Disney’s 2022 Accelerator Programme.
  • AAVE and UNI have also posted solid gains in the last 24 hours.

Market Update: Crypto Resilient to Hot US CPI and Hawkish Fed Bets

Cryptocurrency prices have for the most part advanced over the last 24 hours, even though US Consumer Price Index (CPI) data showed price pressures were much higher than initially thought last month. Bitcoin was last trading higher by about 1.3% over that time period, according to CoinMarketCap, and close to $20,000, with the 21-Day Moving Average at $20,400 for now acting as resistance.

Ethereum, meanwhile, was last close to 3.0% higher over the last 24 hours and trading close to $1,100, having seen a firm bounce from the key $1,000 level on Wednesday. The latest US inflation data triggered a build-up of hawkish Fed bets. Markets now suspect the Fed will increase rates by 100 bps later this month, taking total rate hikes this year to 250 bps. Markets are also pushing up their expectations for how high the Fed’s terminal rate will be in 2023.

The resilience of the cryptocurrency market to such developments is surprising. Back in June, when the May CPI data surprised to the upside and resulted in a build-up of Fed tightening bets, crypto and other risk assets like stocks puked. Indeed, though crypto prices have proven resilient for now, bulls should not declare victory yet.

The latest inflation figures dealt a blow to the idea that US price pressures have peaked. Uncertainty about when inflation will begin what will probably be a long and slow journey back to the Fed’s 2.0% target remains elevated. And that means uncertainty about how high the Fed will ultimately need to raise interest rates remained elevated. Traders should be distrustful of anyone who proclaims with absolute confidence that the Fed will definitely be cutting interest rates in late 2023, even if that is what US money markets are currently betting on.

Here is a list of the top three trending coins of the day.

Polygon (MATIC)

According to a statement made by Disney on Wednesday, Polygon, an Ethereum scaling tool, has been selected as one of six companies to participate in its 2022 Accelerator program. The business development program is designed to support the growth of innovative companies, Disney says.

Disney hopes the program will spur the development of augmented reality, Non-fungible Tokens (NFTs) and artificial intelligence. According to its statement, Disney will offer guidance to each of the six companies from its senior leadership team and will assign each a dedicated executive-level mentor.

The announcement sent Polygon’s native token MATIC surging. According to CoinMarketCap, it is the best performing cryptocurrency in the top 50 by market cap with gains of nearly 16% in the last 24 hours. The latest rally has seen MATIC/USD break out to its highest levels since early June in the mid-$6.0s.

The latest rally also has technical significance and could signal a near-term improvement in the cryptocurrency’s fortunes. MATIC/USD had formerly been struggling to get above a downtrend that had been capping the price action going all the way back to mid-May. The latest push above this downtrend thus opens the door for further upside towards $7.50.

The latest rally also confirms that MATIC’s uptrned from its mid-June lows in the low-$3.0 area remains intact. Wednesday also saw the 21DMA move back above the 50DMA for the first time since mid-April, another potential indicator of a positive shift in near-term momentum.

MATIC/USD
MATIC/USD eyes push higher. Source: FX Empire

Aave (AAVE)

AAVE, the native token to the Aave Decentralized Finance (DeFi) liquidity protocol, is the second-best performing cryptocurrency in the top 50 by market cap in the last 24 hours according to CoinMarketCap. Over this time period, the cryptocurrency has gained nearly 12%, though was last trading around $79.0 having just fallen short of testing last Friday’s highs in the $83.0s.

However, AAVE’s short-term technical outlook is upbeat. The latest rally from this week’s sub-$70 lows, where AAVE/USD found support at its 21DMA (at $67), has taken it above its 50DMA (at $77). If AAVE can close at current levels, that would mark only the second close above its 50DMA since late April.

Technicians also note that AAVE/USD has been trending higher in recent weeks within an upwards trend channel. If this trend channel holds, a test of the $100 level some time in August seems likely.

AAVE/USD
AAVE/USD trending higher. Source: FX Empire

Uniswap (UNI)

UNI, the native token to the largest Decentralised Exchange (DEX) Uniswap, is the third best-performing cryptocurrency in the top 50 by market cap in the last 24 hours, according to CoinMarketCap. Over this time period, the cryptocurrency has also gained about 12%.

UNI/USD has now bounced nearly 20% from its Wednesday lows near $5.20 after it found support from Monday’s low and the 21DMA at $5.50, but at current levels around $6.30, it is yet to probe last Friday’s highs above $6.50. Technicians think a convincing break above $6.50 resistance could open the door to a move higher to resistance in the $8.0 area.

UNI/USD
UNI/USD eyes break higher. Source: FX Empire

The technical outlook for Uniswap’s UNI took a significant turn for the better at the end of June when the cryptocurrency broke out above a downtrend that had been capping the price action for most of H1 2022.

Crypto Price Analysis July 13: DCR, CRV, AAVE, FTM, BAT

Key Insights:

  • Decred led the rally with a 17% rise in 24 hours.
  • Fantom and Basic Attention Token were among the ones to note a decline still.
  • Bitcoin and Ethereum continued to trade at $19k and $1k.

The crypto market did not see a lot of change throughout the day, remaining planted at $854 billion as the altcoins balanced out each other’s ups and downs.

The king coin and the altcoin king, which were already on a downtrend, further declined today but did not slip below $19k and $1k.

Decred (DCR)

DCR was one of the best performing coins of the day, going up by 24.09% during the trading hours to trade at $25.67. Within a single day, the altcoin recouped all that it lost in the last two weeks.

The Awesome Oscillator highlights increasing bullishness at the time of writing, so DCR might be able to keep up with this rise.

Curve Finance (CRV)

CRV, following in the footsteps of DCR, flipped the active downtrend and rallied by 15.86% today, even recovering $1 in the process. If CRV closes above the current trading price of $1.01, it can flip $1 into support.

And by the looks of the Bollinger Bands, the chances of the same happening seem positive as the candlestick is above the bias.

Aave (AAVE)

The DeFi token managed to rise by 12.68% after declining by 17.03% in the last couple of days. Trading at $76.79, AAVE is yet to recover even half of the losses it experienced in June.

However, it does have the investors’ support, as visible by the uptick in the Chaikin Money Flow highlighting consistent inflows.

Fantom (FTM)

FTM followed the other altcoins as it barely moved, keeping its price down by 3.6% in the 24-hour span. Trading at $0.23, the DeFi token is still bearing the brunt of the bears.

From here on, a drop in the prices is possible since the MACD is indicating the arrival of a bearish crossover on the charts.

Basic Attention Token (BAT)

BAT made no progress in recovering the losses of this week as the altcoin traded at $0.36. Down by 18.88%, BAT is yet to find support to rally.

Additionally, the Relative Strength Index (RSI) also flashed bearish signs at the time of writing as it slipped into the bearish zone.

AAVE Succumbed to the Bears With a 9% Dip As Bitcoin Falls to $19K

Key Insights:

  • AAVE hit with the bearishness fell by 12.09%.
  • Bitcoin regressed to $19.5k barely a week after escaping it.
  • The crypto market lost close to $100 billion in the span of 3 days.

Despite signals of an active uptrend on the charts, most of the cryptocurrencies seemed to have declined yesterday. Although this could be a bounce-off for the market as price indicators are flashing a gradual incline.

AAVE Takes the Lead, but Not in the Wrong Way

Despite being one of the top DeFi applications in the world, the lending protocol has been underperforming on the charts. Ever since the crash of June, AAVE has been unable to recover completely, but steadily it has risen above its lows of $50 in the last month. 

However, in the last 24 hours, the altcoin plunged by 12.09%, pushing AAVE farther away from closing above $100. 

This is despite the fact that the Parabolic SAR is clearly indicating an active uptrend that began just this week.

Usually, when the price declines in an uptrend, it is either due to the selling pressure generated by external factors or because of the bearishness of the rest of the market. 

But in this instance, the price fall is mostly a bounce-off for AAVE since not just the SAR but the Relative Strength Index (RSI) is also flashing bullish cues.

The indicator reached the bullish zone after three months of lingering below the neutral line, and after the recent price fall, it slipped again but kept at the neutral line. 

Thus, AAVE could continue to rise, provided the broader market does not extend any bearishness onto the altcoin.

Bitcoin Needs Support

It is unusual to see the king coin stuck in the same level even when the rest of the market exhibits volatility of such intensity, but given the state of the worldwide economy, it makes sense why BTC is stuck in the same zone as well.

Reaching almost a month, BTC has been lingering at around $19k to $20k, with the consolidation not coming to an end. This behavior from BTC has also affected the altcoin king, and ETH has been stuck around $1k.

At the moment, BTC is not showing any guaranteed sign of recovery either since the king coin has not been able to convert a critical level into support. The 50-day Simple Moving Average (SMA) has been acting as resistance for more than three months now, with the 100-day SMA moving even farther away.

Additionally, the MACD is evincing the occurrence of a bearish crossover with the bearishness taking charge, as visible by the increasing red candles.

Put simply, BTC is going to remain consolidated around these zones for a lot longer than expected.

Top 3 Trending Coins: QNT Outperforms and Eyes Push Above $90 as AAVE & ATOM Languish

Key Points

  • Crypto prices are broadly a tad lower on Tuesday amid a risk-off feel to macro trade.
  • QNT is the outperforming top 50 crypto in the last 24 hours as it eyes a sustained push above $90.
  • AAVE and ATOM are the worst performers, though the former’s technicals look ok, while the latter’s look more bearish.

Market Update

Global financial markets are in a downbeat mood on Monday, and this is weighing on crypto. The S&P 500 and Nasdaq 100 indices were last trading lower by about 0.3% each and US 10-year bond yields were sharply down by about 10 bps to around 2.9% as investors in the US fret about a worsening global economic outlook.

Aside from the usual worries about central bank tightening, slowing growth and high inflation, key themes at the moment are 1) the EU and Russia’s ongoing energy spat (will Russia reopen the Nord Stream 1 pipeline after planned maintenance finishes) and 2) worries about renewed economic weakness in China as several cities return to lockdown once again.

As a result, the total market capitalization of cryptocurrency markets was last slightly lower on the day around $860 billion. That marks a more than 10% pullback from last Friday’s highs. The fact that crypto prices peaked right before strong US jobs data is probably no coincidence.

The June jobs report, released on Friday, was interpreted as solidifying the case for a second successive 75 bps rate hike from the Fed later this month. Fed policymakers have also been throwing their support behind a 75 bps hike in recent weeks. The Fed’s hawkish shift since ditching its “inflation is transitory” view in Q4 2021 has been the primary driver of crypto (and equity market) weakness this year, hence why strong data boosts Fed tightening bets also hurts crypto.

Investors are also showing signs of caution ahead of the release of US Consumer Price Inflation (CPI) data on Wednesday and US Retail Sales data on Friday this week. Traders will recall that an upside inflation surprise back in June when the CPI data was released caused a dump in risk assets like stocks and crypto.

Bitcoin was last changing hands just below $20,000, having earlier found support in the form of an uptrend linking recent lows. Ethereum, meanwhile, was last changing hands around the $1,070s. A recent break below a short-term uptrend has opened the door for a test of late-June lows around $1,000, technicians say.

Quant (QNT)

According to CoinMarketCap, the native token of the Quant blockchain QNT is up around 12.5% in the last 24 hours, making it the best performing top 50 cryptocurrencies (by market cap) over this time period by some margin.

However, at current levels in the $84.00s, QNT/USD remains within the $75-$90ish ranges that have prevailed over the past three days. The pair has thus far been unable to test weekend highs around $90 on Tuesday.

Versus this time seven days ago, QNT is up a staggering 50%, as per CoinMarketCap. QNT’s recent rally was ignited mid-last week when the cryptocurrency broke above a downtrend that had been capping its price action since mid-May. Its break back above its 21 and 50-Day Moving Averages also helped it benefit from some technical buying.

With the 21DMA having recently crossed back above the 50DMA, further technical buying might well be in store. That being said, the negative tone to broader crypto markets is also worth bearing in mind, as it continues to cap upside.

All going well this week in terms of macro developments, if crypto can muster a recovery back to recent highs printed last Friday this week, then QNT seems to be in with a shot of hitting $100 and its 200DMA at $106.00. But it must first muster a sustained break above the $90 level.

QNT/USD
QNT/USD chart. Source: FX Empire

Aave (AAVE)

At the other end of the top 50 cryptocurrency performance table is DeFi protocol Aave’s utility token AAVE. According to CoinMarketCap, the cryptocurrency has fallen over 10% in the last 24 hours and was last changing hands at around $67 per token, just above its 21DMA at $65.50.

AAVE/USD briefly surpassed its 50DMA at $78 over the weekend, reaching as high as $83 on Saturday. But it has since slumped nearly 19% from these levels. AAVE bulls will be hoping that an uptrend linking the recent lows will prevent a bearish break of the 21DMA and encourage dip buyers into the market. Bulls entering at current levels may well be targetting a retest of weekend highs in the $80s.

AAVE/USD
AAVE/USD chart. Source: FX Empire

Cosmos (ATOM)

The native token to the Cosmos blockchain ecosystem ATOM is the second-worst performer in the top 50 cryptocurrencies by market cap over the last 24 hour hours, according to CoinMarketCap. During this time, ATOM has dropped by close to 9.0%.

The cryptocurrency was last changing hands just above $8.0 per token, having now broken below its 21 and 50DMAs, both of which are in the $8.20-30 area. In a bearish sign technically, ATOM/USD has also now broken to the south of an uptrend linking lows since mid-June.

That potentially opens the door to a run lower towards the $7.0 level. A break below that would signify a possible test of sub-$6.0 annual lows.

ATOM/USD
ATOM/USD chart. Source: FX Empire

Top 5 Cryptocurrency Pairs to Watch this Week: BTC, ETH, AAVE, QNT, RUNE

Key Insights:

  • Bitcoin and ether looked at solid weekly gains as the top two crossed crucial support levels.
  • Ether and Aave rallied on high social sentiment alongside renewed bullish momentum.
  • Quant and THORChain’s RUNE also saw gains, but can they continue over the next week?

Despite the recent short-term bullish momentum and BTC’s high daily gains, macro uncertainty still left investors skeptical of a true recovery. Nonetheless, the larger sentiment turned for the better over the last week despite a rise in US yields and Fed tightening bets on strong US jobs and service sector survey data.

US tech stocks posted solid gains over the last week. The Nasdaq 100 ended the week with nearly 4.5% weekly gains. Of late, top cryptocurrencies like bitcoin have formed a higher correlation with tech stocks and indices.

The last week, was relatively bullish for the traditional market as well as cryptocurrencies as BTC rebounded to as higher as $22,500. The total crypto market cap resumed its upward trend, but weekend blues pulled down BTC’s price and the global crypto market cap.

Over the last few months, investors have constantly been concerned that the US and the global economy is weakening towards recession. Thus, market participants are steering clear of risky assets.

For now, however, the recent bullish momentum fetched decent weekly gains for the top crypto and a few altcoins. The crucial question remains whether the recent gains are, in fact, a recovery of another fakeout.

So, here are the top five cryptos to watch out for in this new week.

Bitcoin (BTC)

On July 7, BTC’s price broke above the crucial $21,400 mark, but bitcoin bulls could not keep up the bullish momentum above the higher $22,000 mark. Bitcoin’s price pullback from the $22,500 mark indicated that bears were still in control.

FXempire, BTC, Crypto, bitcoin
Bitcoin (BTC) Price Action | Source: FXEmpire

On a daily chart, BTC’s price saw a green candle for six consecutive days alongside a rising relative strength index (RSI). A rising RSI indicates buying pressure rising in the market as buyers dominate the scene.

Daily RSI highlighted that until July 8, buyers gained strength in the market, however, bears defended the $22,500 resistance with their might reversing the bullish momentum. This week, BTC’s trajectory could be crucial to watch as larger market gains would depend on the top coin’s track.

Owing to the recent gains, many in the market believed that BTC’s price bottom was in, however, CryptoQuant analysts cautioned investors and traders to ‘be careful.’

Notably, the High Leverage Ratio shows that the crypto market is still moving by futures market.

From the end of 2021, the Leverage Ratio rose for a certain period and then always fell sharply with the BTC price down. This situation kept happening until recent days.

Furthermore, Funding Rates are near zero. Usually, when BTC reaches the bottom, the funding rate drops and rises sharply. That didn’t happen at the recent low of $17,600.

FXempire, bitcoin, Crypto, BTC
Source: Crypto Quant

Additionally, the analyst said,

“We can’t ignore about possibility for Recession from Liquidity supply perspective. Even if BTC may rise a little more, we should also expect further BTC drop after that.”

Ethereum (ETH)

While the weekend saw decent profit-taking amid pre-macro event caution, ETH’s technicals presented a bullish scenario with the possibility of a breakout to as high as $1,700.

FXEmpire analyst, Joel Frank, in a recent article, presented,

“If Ethereum can muster a push above the $1,280 level, that would open the door for a swift rally towards its 50DMA around $1,440.”

At the time of writing, the top altcoin traded at $1,163.22 vs USD noting a 4.26% loss on the daily chart. However, ETH’s last week was fruitful as the coin was up by 10.65% on its weekly chart.

FXempire, ETH, Crypto, ethereum
Ethereum (ETH) Price Action | Source: FXEmpire

In the near term, if a push from bulls can place the coin above the $1200 mark, the same can ensure higher gains.

Aave (AAVE)

AAVE bulls led a recovery above the 50-day simple moving average just under the $80 mark on July 9. The rise in buying pressure indicated a likely change in trend.

With RSI in the positive zone alongside AAVE’s 36.46% weekly gains, it was evident that bulls are attempting to gain the upper hand in the market.
Over this week, the $85 and $93 mark could act as strong resistances for the token. A push from bulls above the said levels could point towards a solid recovery for the coin.

FXempire, AAVE, Crypto
Aave (AAVE) Price Action | Source: FXEmpire

Quant (QNT)

Quant’s native token QNT saw some amusing gains over the last week as larger market momentum picked up. QNT’s bullish trajectory indicates that a bottom may be in place.

After almost two months, a significant price uptick took the token above the $77 mark. As QNT bulls pushed their way, the coin’s price picked up, establishing above $76. Over this week, if bullish momentum continues, the next crucial price levels to watch will be the $89 and the $100 mark.

FXempire, QNT, Crypto, Quant
Quant (QNT) Price Action | Source: FXEmpire

THORChain (RUNE)

RUNE traded at $2.27 at press time, with a 4.64% loss on the daily price window. However, the token was in the top 5 weekly gainers of the last week. As the week closed, the coin presented 25.94% weekly gains at press time.

The altcoin’s price presented a tight range bound movement between the $1.77 and $2.40 mark since June 12. A move above the $2.50 resistance in the short term could help the coin regain market momentum.

FXempire, RUNE, Crypto
THORChain (RUNE) Price Action | Source: FXEmpire

A rise in RSI presenting a higher buying pressure could indicate a change in trend over this week.

Crypto Market Daily Highlights – Cardano (ADA) Led the Top Ten

Key Insights:

  • It was a bullish Saturday for the crypto top ten, with Cardano (ADA) enjoying a breakout session.
  • A largely range-bound session saw bitcoin slip by 0.05%, while ADA found support ahead of the Vasil hard fork.
  • The total crypto market cap rose by $4.2 billion to record the sixth increase in eight sessions.

It was a bullish Saturday session for the crypto top ten. Bitcoin (BTC) ended with a modest loss, while ADA found strong support ahead of the Vasil hard fork.

Following the Fed meeting minutes and the US nonfarm payroll figures, there were no key drivers to provide the broader market with direction. The lack of external forces supported a bullish Saturday session.

The crypto correlation with the NASDAQ 100 remained intact this week, and we anticipate more of the same. US inflation and retail sales figures will test investor resilience in the week ahead.

Crypto - NASDAQ correlation
Crypto – NASDAQ – 100722 Daily Chart

The Total Crypto Market Cap Sees Modest Decline

A mixed Saturday morning session saw the crypto market cap fall to a low of $921.2 billion before support kicked in.

The total market cap rose to a high of $947.9 billion before easing back to sub-$940 billion.

On Saturday, the total crypto market cap rose by a modest $4.2 billion.

Crypto market cap
Total Market Cap 100722 Daily Chart

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

ADA led the way, rallying by 2.58%, with XRP (+1.44%) finding strong support.

BNB (+1.08%), DOGE (+0.55%), and ETH (+0.30%) also avoided the red.

BTC and SOL bucked the trend, however, falling by 0.05% and by 0.20%, respectively.

From the CoinMarketCap top 100, Quant (QNT) led the way again, rallying by 16%. Compound (COMP), Convex Finance (CVX), Aave (AAVE), and Uniswap (UNI) also made solid gains.

At the other end of the table, Polygon (MATIC) and Huobi Token (HT) were among a handful of cryptos to see red. HT fell by 3.4%, with MATIC seeing a 2.59% loss.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations fell through Saturday, supporting the bullish crypto session.

This morning, 24-hour liquidations stood at $59.5 million, down from $209 million on Saturday morning.

Liquidated traders over the last 24 hours declined. At the time of writing, liquidated traders stood at 23,346 versus 51,676 on Saturday.

Four-hour and One-hour liquidations reflected improving market conditions late in the session.

According to Coinglass, one-hour liquidations stood at $1.60 million, down from $3.61 million on Saturday. Those tracking crypto liquidations will look for a return to sub-$1 million over the weekend.

Crypto liquidations
Total Crypto Liquidations 100722

Daily News Highlights

  • Cayman-based trading platform MoonXBT announced zero-fee trading.
  • Russian bank Sberbank executed its first digital financial asset (DFA) transaction on its blockchain platform.
  • US regulators turned the spotlight on Voyager and Celsius.
  • Following the release of the US Treasury crypto framework for digital assets, the US turned to Japan to increase pressure on crypto miners linked to Russia.
  • Paxos became the first stablecoin issuer to disclose monthly reserve holdings for USDP and BUSD.

5 Most Popular Cryptos This Week: SOL, DOGE, SHIB, XTZ, AAVE

Key Points

  • Major cryptos look set to end the week with solid gains, with BTC and ETH both up double-digits.
  • Outside of the big two, Solana, Dogecoin, Shiba Inu and Tezos were the most popular cryptocurrencies by social metrics.
  • Aave has been the best performer in the last seven days, as per CoinMarketCap.

Market Update

For the most part, major cryptocurrencies look set to end the week with solid gains and near highs. Bitcoin was last consolidating in the $21,500 area, up around 12% so far this week. That means its market capitalization currently stands at around $413 billion.

Ethereum, meanwhile, was last trading well supported in the $1,220 area, up roughly 14% this week. The market cap of the world’s second-biggest cryptocurrency was last just under $150 billion. Total crypto market cap was last around $935 billion, up roughly 10% or over $80 billion on the week.

Sentiment took a turn for the better this week despite a rise in US yields and Fed tightening bets on strong US jobs and service sector survey data. US tech stocks, to which crypto prices have developed a close correlation in recent months, posted solid gains this week.

The Nasdaq 100 ended the trading week over 4.5% higher. There seems to be a growing conviction that the US and global economy is weakening towards recession and this will bring inflation back under control.

This conviction is already in the early stages of becoming a self-fulfilling prophecy, with commodity prices down sharply in recent weeks nearly across the board. This may be attracting investors back into speculative assets, despite still elevated concerns about Fed tightening and the macroeconomic backdrop.

The narrative of inflation having peaked will be tested next week with the release of US Consumer Price Inflation data. An upside surprise could see crypto prices swiftly hand back recent gains.

Here is a list of this week’s five most popular cryptocurrencies outside of the big two.

Solana (SOL)

Solana, the world’s ninth-largest cryptocurrency by market cap, garnered the fourth most social mentions and engagements in the last week at 905K and 1.14 billion respectively, according to crypto social intelligence platform LunarCrush.

SOL/USD was last up about 15% versus this time last week, according to CoinMarketCap. At current levels around just above $38 per token, its market cap is just over $13 billion.

The pair is still consolidating within a pennant that has been in play since early June. A downside break (perhaps triggering a move under $35) would signal a potential drop all the way back to annual lows near $25. An upside break could open the door to a rally towards the key $47.50 support turned resistance area.

SOL/USD
SOL/USD Chart. Source: FX Empire

Dogecoin (DOGE)

The crypto community’s favorite dog-inspired meme coin Dogecoin ranked as the number five cryptocurrency for social mentions and engagements in the last week, according to LunarCrush. The cryptocurrency got slightly more than 300K mentions and 911 million engagements.

Dogecoin bulls have mostly been in control this week. DOGE/USD was last up about 3.5% versus the start of the week, meaning it is a laggard compared to the likes of Bitcoin and Ethereum. The pair was last trading close to $0.07 per token, having pulled back sharply from Friday’s highs around $0.0735.

The cryptocurrency ran into resistance in the form of its 50-Day Moving Average at $0.072, snapping bullish momentum at the time. That is the second time in less than two week’s that the 50DMA has spoiled the party and blocked DOGE upside.

Bear in mind that the 50DMA currently also coincides with a downtrend that has been in play since mid-May. The fact that DOGE remains unable to break out of this bearish trend means the technical outlook for the pair isnt great, unless it can muster a breakout above say the $0.075 area.

DOGE/USD
DOGE/USD Chart. Source: FX Empire

Shiba Inu (SHIB)

The crypto community’s second favorite dog-inspired meme coin Shiba Inu ranked as the sixth cryptocurrency in terms of social engagements, clocking 489 million in the last week, according to LunarCrush.

The Shiba Inu bulls have been in control this week. The cryptocurrency has been an outperformer and was last up about 17%, extending on a recent rebound from the $0.000010 level to test resistance around the $0.000012 mark on Saturday.

Shiba’s technicals are looking pretty bullish. Since mid-June, the cryptocurrency appears to have formed an ascending triangle. This is a pattern that often precedes a bullish breakout.

If SHIB is able to muster a convincing push above $0.000012, the door is open to a run higher towards the late-May highs between $0.0000125 and $0.000013.

SHIB/USD
SHIB/USD Chart. Source: FX Empire

Tezos (XTZ)

Tezos ranks third according to LunarCrush for social engagements this week with over 1.15 billion. The cryptocurrency was last trading higher by about 5.0% on the day on Saturday around $1.60. But it has pulled back from earlier session highs in the $1.65 area, having failed to test late June highs and have a go at its 50DMA near $1.70.

But the pair’s technical outlook is looking strong. It has been forming an ascending triangle in the last few weeks. A break above this formation (i.e. a move above $1.70) could trigger a swift run higher towards the $2.0 level, given a lack of resistance in between.

XTZ/USD
XTZ/USD Chart. Source: FX Empire

Aave (AAVE)

According to CoinMarketCap, Aave’s AAVE token is the best performing cryptocurrency in the top 50 by market cap over the last seven days, having gained over 32%. AAVE/USD was last changing hands just under $75, having gained another 4.0% alone this Saturday.

Momentum really picked up when the pair broke above its 21DMA at $63 back on Thursday. The cryptocurrency is currently probing its late June highs. A break above these and the 50DMA just under $80 could set the stage for a swift rally back towards the $90 level and even $100 mark, given the lack of resistance in between.

AAVE/USD
AAVE/USD Chart. Source: FX Empire