Crypto Market Daily Highlights – XRP Bucks a Bearish Top Ten Session

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with XRP bucking the top ten trend.
  • Investor anxiety ahead of the Fed interest rate decision and projections weighed, while XRP heads north.
  • The total crypto market cap is down by $21.5 billion to $885.6 billion.

It is a mixed Tuesday session for the crypto top ten. XRP leads the crypto top ten on investor optimism towards the outcome of the SEC v Ripple case. However, ETH leads the way down, with BTC falling short of $20,000 for a second consecutive session.

Market angst over the upcoming Fed policy decision and FOMC projections continue to weigh. Fears of a hawkish Fed sending the global economy into a recession remain the theme following last week’s warnings.

The NASDAQ 100 failed to deliver support, falling by 0.95%, with Ford (F) joining a growing list of US giants to sound the alarm bells. On Tuesday, Ford reportedly said that inflation-related supplier costs would run about $1 billion higher than expected.

Supply chain disruption also remained an issue, with the company estimating that it will have up to 45,000 vehicles in inventory, lacking parts.

On Wednesday, the Fed will be the driving force and should remove a high degree of uncertainty vis-à-vis monetary policy. The crypto market will need a dovish 75-basis point rate hike to support a bullish end to the Wednesday session. Talk of smaller rate hikes in November and December, and a soft landing, should be crypto-friendly.

NASDAQ correlation.
Total Market Cap – NASDAQ – 210922 5 Minute Chart

Crypto Market Slides Back to Sub-$900bn on Fed Fear

On Tuesday, the crypto market cap rose to an early high of $914.9 billion before sliding to an early afternoon low of $876.2 billion. A late afternoon partial recovery to $904 billion was brief, with external market forces weighing.

With 120 minutes of the Tuesday session remaining, the total crypto market cap is down $21.5 billion to $885.6 billion.

Crypto market back at sub-$900bn.
Total Market Cap 210922 Daily Chart

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

It is a mixed Tuesday session for the crypto top ten.

XRP leads the way with 120 minutes of the session remaining (UTC), surging 7.17%. The hope of a favorable outcome to the SEC v Ripple case delivered support.

However, it is a bearish session for the rest of the top ten, with ETH (-4.34%) leading the way down.

ADA (-3.09%), BNB (-2.28%), BTC (-3.36%), and SOL (-3.21%) are also in the deep red, while DOGE is down by just 0.68%.

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

Helium (HNT), XRP, and Stellar (XLM) lead the way. HNT is up 8.17%, with XRP and XLM seeing gains of 7.17% and 6.24%, respectively.

However, cosmos (ATOM) and ravencoin (RVN) lead the way down, with losses of 10.67% and 9.55%, respectively. ApeCoin (APE) is also struggling, with a 4.28% fall.

24-HourCrypto Liquidations Slide Back on Bearish Session

Over 24 hours, total liquidations declined amidst rising fear towards the Fed monetary policy decision on Wednesday.

At the time of writing, 24-hour liquidations stood at $121.53 million, down from $292.44 million on Tuesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 37,436 versus 71,318 on Tuesday morning. Liquidations over twelve and four hours were down, while one-hour liquidations increased.

Crypto liquidations slow ahead of the Fed.
Total Crypto Liquidations 210922

According to Coinglass, 12-hour liquidations stood at $82.23 million, down from $98.29 million on Tuesday morning, with four-hour liquidations falling from $24.44 million to $16.13 million. However, one-hour liquidations increased from $4.27 million to $11.61 million, reflecting a late Tuesday pullback. The chart below shows market conditions throughout the session.

Hourly chart aligned with liquidations.
Total Market Cap 210922 Hourly Chart

Crypto Market Daily Highlights – XRP Led the Top Ten for a Second Day

Key Insights:

  • It was a bullish Saturday session for the crypto top ten. XRP led the way for a second session.
  • Recession fears failed to influence, with dip buyers providing support in the wake of the Ethereum Merge selloff.
  • The total crypto market cap rose by $16.5 billion to $941.8 billion.

It was a bullish Saturday session for the crypto top ten. XRP led the top ten, with ETH avoiding a third consecutive session in the red. Improving market conditions also saw BTC return to $20,000.

Market sentiment improved through Saturday, with investors brushing aside fears of a US recession. Heavy losses across the crypto market drew dip buyers to support the bullish Saturday session.

However, the crypto market is in for a choppy week ahead. The Fed will deliver its monetary policy decision and economic projections on Wednesday. A Fed Chair Powell press conference will also draw plenty of interest. Hawkish chatter and talk of more 75-basis point hikes would be crypto negative.

On the economic data front, it is a quieter week, with no material stats until the end of the week. On Thursday, jobless claims will provide direction ahead of prelim private sector PMI numbers on Friday.

Last week, the Ethereum Merge led to the crypto market decoupling from the NASDAQ 100. However, with the market focus on the Fed, we can expect a close correlation in the week ahead.

NASDAQ correlation.
Total Market Cap – NASDAQ – 180922 Daily Chart

Crypto Market Rises but Remains in the Red for the Week

On Saturday, the crypto market cap fell to a mid-day low of $919.4 billion before rising to a final hour high of $946.0 billion.

Recession fears failed to weigh, with dip buyers jumping in following the market reaction to the Ethereum Merge. Easing fear of a percentage point Fed rate hike also provided crypto market support.

However, following Tuesday’s US CPI report and the Ethereum Merge-driven selloffs, the crypto market cap is down $97 billion for the week. On Saturday, the crypto market cap rose by $16.5 billion to $941.8 billion.

Crypto market cap down for the week.
Total Market Cap 180922 Daily Chart

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

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

XRP rallied by 5.87% to lead the way, with SOL (+4.50%) close behind.

ADA (+2.32%), DOGE (+2.88%), and ETH (+2.46) also found strong support while BNB (+1.53%), BTC (+1.57%) trailed.

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

ApeCoin (APE) led the way, surging by 20.83%, with Chiliz (CHZ) and yearn.finance (YFI) seeing gains of 7.12% and 7.90%, respectively.

However, ravencoin (RVN) continued to struggle, falling by 3.56%, with cosmos (ATOM) and celsius (CEL) seeing losses of 1.16% and 1.05%, respectively.

24-HourCrypto Liquidations Tumbled to sub-$100 million on Bullish Session

Over 24 hours, total liquidations fell below normal as market tensions eased further following Thursday’s Ethereum Merge.

At the time of writing, 24-hour liquidations stood at $58.46 million, down from $130.21 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 23,956 versus 50,469 on Saturday morning.

Liquidations over twelve hours also fell while rising over 4 hours and one hour.

Liquidations over the last hour rise on bearish start to the Sunday session.
Total Crypto Liquidations 180922

According to Coinglass, 12-hour liquidations stood at $39.49 million, down from $93.63 million on Saturday morning. Four-hour liquidations rose from $11.27 million to $12.02 million, with one-hour liquidations up from $2.24 million to $3.76 million. The chart below shows market conditions throughout the session.

Crypto market turns bearish.
Total Market Cap 180922 Hourly Chart

Crypto Market Daily Highlights – XRP Rallies While ETH Sees Red

Key Insights:

  • It was a mixed Friday session for the crypto top ten. XRP led the way, while ETH continued to struggle post-Merge.
  • Resurfacing market jitters of a US recession pegged the crypto market back, with the NASDAQ 100 falling by 0.90% to end the week deep in negative territory.
  • The total crypto market cap rose by a modest $0.626 billion to $925.34 billion.

It was a mixed Friday session for the crypto top ten. ETH led the way down, as investors continued to jump ship in the wake of the Ethereum Merge. However, XRP led the top ten, while (BTC) fell short of $20,000 for the first time since September 8, despite ending the day in positive territory.

Market reaction to the Ethereum Merge continued to weigh, with ETC and RVN continuing to slide. However, investors brushed aside recession fears, which weighed on the NASDAQ 100.

On Friday, the NASDAQ 100 fell by 0.90%. Bearish sentiment hit following the release of FedEx (FDX) earnings and news of FedEx withdrawing its financial forecasts on expectations of weakening economic conditions. FedEx shares tumbled by 21.44% on Friday.

NASDAQ correlation.
Total Market Cap – NASDAQ – 170922 5 Minute Chart

Crypto Market Avoids the Red Despite Continued Ethereum Merge Fallout

On Friday, the crypto market cap rose to a late morning high of $936.6 billion before falling to a low of $903.7 billion. Downward pressure came as jitters over a US recession resurfaced, and investors responded further to the Ethereum Merge.

Better-than-expected consumer sentiment figures failed to deliver support. According to prelim figures, the Michigan Consumer Sentiment Index rose from 58.2 to 59.5 in September.

However, the expectation of a one percentage point Fed rate hike was crypto-positive. According to the CME FedWatch Tool, the chance of a 75-basis point rate hike rose from 77% to 82% in the last 24 hours. The chances of a percentage point hike fell from 23% to 18%.

Following Thursday’s Ethereum Merge-fueled sell-off, the crypto market cap increased by $0.626 billion to $925.34 billion. For the current week, the market cap is down $101 billion.

Crypto market sees a choppy session.
Total Market Cap 170922 Daily Chart

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

It was a mixed Friday session for the crypto top ten.

XRP rallied by 9.23%, with DOGE gaining 3.17% to return to the crypto top ten. ADA (+1.93%), BNB (+1.44%), BTC (+0.50%) also avoided the red.

However, ETH and SOL bucked the trend, falling by 2.64% and 2.47%, respectively.

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

Terra Classic (LUNC) and Terra (LUNA) bounced back, with gains of 15.56% and 17.36%, respectively. Cosmos (ATOM) rallied by 11.42%, supported by plans to launch liquid staking.

On the bearish side, Celsius (CEL) and Ravencoin (RVN) led the way down, sliding by 11.77% and 8.79%, respectively. Kyber Network (KNC) was also among the worst performers, falling by 5.61%.

24-HourCrypto Liquidations Fell to Normal Levels in a Mixed Session

Over 24 hours, total liquidations returned to normal as market tensions eased following Thursday’s Ethereum Merge sell-off. At the time of writing, 24-hour liquidations stood at $130.21 million, down from $287.54 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 50,469 versus 79,750 on Friday morning. Liquidations over twelve hours, four hours, and one hour also fell.

Crypto liquidations ease as market conditions settle.
Total Crypto Liquidations 170922

According to Coinglass, 12-hour liquidations stood at $93.63 million, down from $164.90 million on Friday morning, with 4-hour liquidations down from $21.56 million to $11.27 million. One-hour liquidations declined from $7.22 million to $2.24 million. The chart below shows market conditions throughout the session.

Hourly chart shows steadying market conditions.
Total Market Cap 170922 Hourly Chart

Crypto Market Daily Highlights – ETH Led a Post-Merge Sell-Off

Key Insights:

  • It was a bearish Thursday session for the crypto top ten, with ethereum (ETH) leading the way down.
  • A seamless Ethereum transition to a Proof-of-Stake (PoS) sent the crypto market into negative territory. A bearish session for the NASDAQ 100 added to the market angst.
  • The total crypto market cap tumbled by $38.3 billion to $925.6 billion.

It was a bearish Thursday session for the crypto top ten. ETH led the way down, with the Ethereum Merge failing to draw investors from the sidelines. Bitcoin (BTC) ended the day at sub-$20,000 for the first time since September 8.

The heavily anticipated Ethereum Merge took place on Thursday, with no reported hiccups to cause a sell-off. However, post-Merge uncertainty hit the crypto markets, with the NASDAQ 100 falling by 1.43%.

US economic indicators from Thursday supported a 75-basis point rate hike, removing any hopes of a less hawkish move. Currently, the split between a 75-basis point and percentage point rate hike is 80% to 20% in favor of a 75-basis point hike. Ahead of Thursday’s retail sales and Philly Fed numbers, the split had stood at 75% to 25% in favor of a 75% basis point hike.

NASDAQ correlation.
Total Market Cap – NASDAQ – 160922 5 Minute Chart

Crypto Market Sinks Post-Merge to Leave the Bears in the Driving Seat

On Thursday, the crypto market cap rose to a mid-morning high of $971.8 billion before tumbling to a low of $914.05 billion.

The slide came despite falling bets of a 75-basis point Fed rate hike and the success of the Ethereum Merge.

Following a modest rise on Wednesday, the crypto market cap slid by $38.3 billion to $925.6 billion. For the current week, the market cap is down $101.8 billion.

Crypto Market Cap sinks
Total Market Cap 160922 Daily Chart

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

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

ETH led the way down, sliding by 10.16%.

ADA (-3.12%), BNB (-3.04%), BTC (-2.57%), DOT (-3.75%), SOL (-3.09%), and XRP (4.53%) also saw heavy losses.

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

Cosmos (ATOM) led the way, rallying by 6.67%, with Quant (QNT), and Kyber Network (KNC) seeing gains of 4.96% and 3.16%, respectively.

However, Ravencoin (RVN) led the way down, sliding by 21.6% in response to the Ethereum Merge. Terra Classic (LUNC) and Terra (LUNA) saw losses of 12.5% and 13.6%, respectively. Investors responded further to news of South Korean authorities issuing an arrest warrant for Do Kwon.

24-HourCrypto Liquidations Rise in Response to the Merge

Over 24 hours, total liquidations increased as investors reacted to a bearish NASDAQ session and the Ethereum Merge.

At the time of writing, 24-hour liquidations stood at $287.54 million, up from $164.33 million on Thursday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 79,750 versus 65,683 on Thursday morning.

Liquidations over twelve hours and one hour also rose, while liquidations over four hours declined.

Crypto liquidations.
Total Crypto Liquidations 160922

According to Coinglass, 12-hour liquidations stood at $164.90 million, up from $93.39 million on Thursday morning, with one-hour liquidations up from $5.19 million to $7.22 million. However, four-hour liquidations were down from $25.46 million to $21.56 million. The chart below shows market conditions throughout the session.

Market responds negatively to the Merge
Total Market Cap 160922 Hourly Chart

5 Best Performing Coins of the Week – RVN led APE, ATOM, ETC, and HNT

Key Insights:

  • It was a bullish week for the broader crypto market, with the market cap rising for a second consecutive week.
  • Fed fear subsided, with investors resigning to the likely 75-basis point rate hike this month.
  • Several cryptos stood out from the pack. RVN led the way, with APE, ATOM, ETC, and HNT making solid gains.

The total crypto market cap in the September 5 week increased by $63.8 billion to $1,026 billion. Six bullish sessions from seven delivered the jump, though a broad-based crypto market rally on Friday was the key contributor. On Friday, the crypto market cap surged by $62.3 billion.

A shift in investor sentiment towards the Fed delivered the breakout session.

Investors responded to policy moves by the Bank of Canada and the ECB, both of whom hiked rates by 75 basis points. A market realization that the Fed is not alone in cranking up interest rates despite economic uncertainty eased investor angst.

SEC Chair Gary Gensler chatter failed to spook investors late in the week, despite Gensler continuing to claim rights to regulate the broader crypto market.

Crypto market returns to $1 trillion.
Crypto Market Cap 120922 Daily Chart

Hawkish FOMC member and Fed Chair Powell speeches failed to influence, with a 75-basis point rate hike baked in. However, any talk of a percentage point hike could spook investors.

Throughout the week, the influence of the NASDAQ 100 on the broader market was clear. The NASDAQ 100 rose by 4.14% versus a crypto market gain of 4.91% (Mon-Fri).

NASDAQ correlation.
NASDAQ – Crypto Market Cap – 120922 Daily Chart

Across the CoinMarketCap top 100, several cryptos stood out from the pack.

Ravencoin (RVN) led the way, with apecoin (APE), cosmos (ATOM), ethereum classic (ETC), and helium (HNT) among the crypto 100 front runners.

Ravencoin (RVN)

For the week, RVN surged by 48.9% to end the week at $0.05156. A mixed start to the week saw RVN fall to a Monday low of $0.0314 before surging to a Friday high of $0.06249. A 53% rally on Friday delivered an impressive return for the week. However, a bearish Sunday led to a fallback to test support at $0.050.

Progress towards the Ethereum (ETH) merge was the key to RVN’s bullish week. A sharp increase in new miners, reportedly switching out of the Ethereum ecosystem, drove RVN demand.

Investor appetite for proof-of-work (PoW) protocols has risen as Ethereum miners look for alternative mining income streams. On Tuesday, mining pool operator Hiveon launched the Ravencoin Mining Pool. By Wednesday, the Hiveon RVN Pool ranked #4 according to Miningpoolstats.

Looking at the trends, a move through the September high of $0.06249 and a return to $0.065 would give the bulls a run at the March high of $0.07669. From there, RVN would have a free run at $0.10 and the January/2022 high of $0.1425.

For the bears, an RVN fall through August low of $0.02680 would bring the June and the current year low of $0.01710 into view.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. RVN sat above the 50-day EMA, currently at $0.04331.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

Following last week’s bullish crosses, a hold above the 50-day EMA would support a breakout from the August high of $0.06249 to target $0.0650. However, a pullback to sub-$0.050 would bring the 50-day EMA ($0.04331). A fall to sub-$0.03 would give the bears a run at the August low of $0.0268.

Chart Description automatically generated

ApeCoin (APE)

For the week, APE rallied by 18.40% to end the week at $5.6820. A bearish start to the week saw APE slide to a September low of $4.1675. Steering clear of sub-$4.00 and the June/2022 low of $3.0590, APE rallied to a Sunday high of $5.8320.

There were no major news events to support the bullish week, with APE still under selling pressure as the once sought-after NFT market continues to face a buying drought.

Looking at the trends, a move through Sunday’s high of $5.8320 and a return to $6.00 would bring the August high of $7.7270 into play. A breakout from the August high would then give the bulls a run at the May high of $27.6230. However, NFT market conditions will need to improve markedly to support a return to $20.

A fall through the September low of $4.1675 would bring the June/2022 low of $3.0590 into view. Near-term, avoiding sub-$4.00 will likely be the key.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. APE sat above the 200-day EMA, currently at $5.2630.

The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bullish price signals. A bullish cross of the 50-day EMA through the 100-day EMA would support a return to $6.00 to target the August high ($7.7270).

However, a fall through the 200-day ($5.2630) EMAs would bring the 100-day EMA ($4.9904) into play. A fall through the 100-day EMA and the 50-day EMA ($4.9590) would give the bears a run at the September low of $4.1675.

Chart, histogram Description automatically generated

Cosmos (ATOM)

For the week, ATOM rallied 20.31% to end the week at $15.7002. Tracking the broader market, ATOM fell to a Wednesday low of $11.5436 before surging to a September high of $17.2028. However, a bearish weekend left ATOM at sub-$16.

With investors hungry for network upgrades, the planned rollout of Cosmos 2.0 was ATOM price positive.

Looking at the trends, an ATOM move through the September high of $17.2028 would give the bulls a free run at the May high of $20.3339. An ATOM return to $25 would support a run at the April high of $33.2901 to bring the January/2022 high of $45.7133 into view.

However, a return to sub-$14.50 would bring sub-$10.00 and the August low of $9.6499 into view.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. ATOM sat above the 50-day EMA, currently at $14.2140. Following the mid-week breakout from the 50-day EMA, avoiding sub-$14.50 would support a run at the September high of $17.2028 to bring $20.00 into view.

However, a fall through the 50-day EMA ($14.2140) would give the bears a run at the August low of $9.6499.

Chart, histogram Description automatically generated

Ethereum Classic (ETC)

For the week, ETC rallied by 18.49% to end the week at $38.5328. A bullish start to the week saw ETC rally from a Monday low of $31.5993 to a Tuesday high of $42.3581 before sliding back to sub-$35. However, bullish through the second half of the week, ETC revisited $40 before easing back.

There were no news updates to support the breakout week. However, an influx of miners from the Ethereum ecosystem drove demand for ETC, as with ravencoin.

Looking at the trends, an ETC move through the August high of $45.7085 would give the bulls a free run at the March/2022 high of $52.6339. However, a fall through the August low of $30.3621 would bring the June/2022 low of $12.4842 into view.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. ETC sat above the 50-day EMA, currently at $37.0186.

The 50-day widened from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, delivering bullish price signals. An ETC hold above the 50-day EMA would support a continued run at the August high of $45.7085.

However, a fall through the 50-day EMA ($37.0186) would bring sub-$35.00 and the August low of $30.3621 into view.

Chart, histogram Description automatically generated

Helium (HNT)

HNT rallied by 19.95% to end the week at $5.1956. A bearish start to the week saw HNT slide to a Tuesday and September low of $3.2167. However, bullish through the remainder of the week, HNT struck a Saturday high of $6.1653 before sliding back.

There were no network news updates to support the breakout week. A pickup in appetite follows the bearish initial market reaction to the proposed migration to the Solana (SOL) blockchain.

Looking at the trends, an HNT return to $6.00 would support a run at the August high of $9.4612. A return to $10.00 would give the bulls a run at the May high of $16.6751. From there, HNT would need to break down resistance at $20 to target the February high of $32.0171. HNT struck a 2022 high of $45.7533 on January 5.

However, a fall to sub-$4.50 would bring the September/2022 low of $3.2167 into play.

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Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. HNT sat below the 100-day EMA, currently at $5.2465. While the 50-day EMA narrowed to the 200-day EMA, the 100-day EMA eased back from the 200-day EMA to deliver mixed price signals.

An HNT move through the 100-day EMA would support a run at $6.00 and the August high of $9.4612. However, a fall through the 50-day EMA ($4.9492) would bring sub-$4.00 and the September low of $3.2167 into view.

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Crypto Market Daily Highlights – ETH Led the Top Ten, While ADA Saw Red

Key Insights:

  • It was a mixed Monday session for the crypto top ten, with Ethereum (ETH) leading the way while Cardano (ADA) led the way down.
  • A lack of direction from the US left the crypto market in the hands of the European markets, with bearish economic indicators weighing.
  • The total crypto market cap rose by $1.3 billion to $963.1 billion, with the NASDAQ 100 Mini delivering a final hour recovery.

It was a mixed Monday session for the crypto top ten. Bitcoin (BTC) ended the day at sub-$20,000 for the third time in four sessions, with DOGE holding onto the number ten spot. ADA led the way down, while sentiment towards the Merge provided ETH support.

Investors locked in ADA profits and shifted their attention to Ethereum (ETH) and the Merge. There were no cues from the crypto news wires to influence, leaving the broader crypto market in the hands of the European equity markets and the US futures.

Bearish economic data from the Eurozone sent the European equity markets into the red, weighing on the broader crypto market. However, the NASDAQ 100 Mini delivered support in the final hour of the Monday session and through the early hours of Tuesday.

Later today, ISM Non-Manufacturing PMI numbers from the US will influence. Expect positive numbers to drive Fed fear and test investor appetite. The crypto market will be hoping for an accumulation of reasons for the Fed to veer towards a 50-basis point rate hike later this month.

NASDAQ correlation.
Total Market Cap – NASDAQ – 060922 Daily Chart

Crypto Market Cap Sees Modest Gain in a Choppy Session

On Monday, the total crypto market cap fell to a late morning low of $944.3 billion before a final hour rise to a high of $974.4 billion.

However, a pullback from the day high left the total crypto market cap up $1.3 billion to $963.1 billion.

The bearish sentiment across the European markets weighed on crypto investor appetite, with Fed Fear lingering. However, the NASDAQ 100 Mini delivered much-needed support in the final hour of the UTC session.

Crypto market finds late support.
Total Market Cap 060922 Daily Chart

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

It was a mixed Monday session for the crypto top ten.

ADA fell by 1.19%, with BNB (-0.82%), BTC (-1.07%), and DOGE (-0.77%) also seeing red.

However, ETH (+2.47%) led the way, with SOL (+0.02%), and XRP (+0.37%) also avoiding the red.

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

Ethereum Classic (ETC) led the way, surging by 22.3%, with FLUX (FLUX) and Ravencoin (RVN) rallying by 12.0% and 11.6%, respectively.

However, Helium (HNT) led the way down, sliding by 9.0%, with UNUS SED LEO (LEO) and Cosmos (ATOM) falling by 3.9% and 3.1%, respectively.

24-Hour Crypto Liquidations Rise in a Choppy Start to the Week

Over 24 hours, total liquidations increased, with volatility picking up on Monday.

At the time of writing, 24-hour liquidations stood at $181.40 million, up from $47.78 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 48,388 versus 17,110 on Monday morning. Liquidations over one hour, 4 hours, and 12 hours were also higher, reflecting the choppy session.

Crypto liquidations.
Total Crypto Liquidations 060922

According to Coinglass, 12-hour liquidations stood at $153.50 million, up from $30.26 million on Monday morning, with 4-hour liquidations up from $5.33 million to $117.35 million. One-hour liquidations jumped from $0.428 million to $11.99 million. The chart below shows market conditions throughout the session.

It is a choppy start to the Tuesday session.
Total Market Cap 060922 Hourly Chart

5 Best Performing Coins of the Week – CHZ Leads ATOM, HT, NEXO, and TFUEL

Key Insights:

  • It is a bearish Monday to Saturday for the broader crypto market, weighed by Fed Chair Powell.
  • A sharp Friday sell-off in response to the Fed Chair Powell speech at Jackson Hole left the broader crypto market in the red.
  • However, several bucked the trend, including Chiliz (CHZ), Cosmos (ATOM), Huobi Token (HT), NEXO (NEXO), and Theta Fuel (TFUEL).

Monday to Saturday, August 27, the total crypto market cap is down $62.32 billion to $942 billion. A Fed Chair Powell fueled Friday crypto meltdown saw $68 billion come off the table to leave the crypto market on target for a second consecutive weekly loss.

Market cap takes a Powell hit.
Crypto Market Cap 280822 Weekly Chart

Throughout the week, crypto news took a back seat with investors focused on US economic indicators and the Federal Reserve.

Weak service sector PMI figures for August raised hope of a more dovish Fed, with the services PMI sliding from 47.3 to 44.1. Numbers below 50 indicate a sector contraction. The August decline pointed to a US recession, with the services sector accounting for more than 70% of the US economy.

Other stats in the week were also crypto-market-friendly. US core durable goods orders rose, with the US labor market numbers positive. An upward revision to Q2 GDP numbers also delivered support. On Friday, softer inflation numbers raised hopes of a more dovish Fed. The numbers were out before the heavily anticipated Fed Chair Powell speech.

However, Powell delivered a blow to riskier assets. Fed Chair Powell warned the markets of the Fed’s commitment to bring inflation to target. Powell talked of the likely fallout from the Fed’s goal, including the impact on labor market conditions. The Fed Chair removed any hope of a policy reversal by highlighting the need for a period of sustained below-trend growth alongside a weaker labor market to tame inflation.

The NASDAQ 100 also took a hit in response to Powell’s speech, sliding by 3.94% on Friday. The correlation between the crypto market and the NASDAQ 100 remained intact throughout the week.

NASDAQ correlation intact.
NASDAQ – Crypto Market Cap – 280822 Daily Chart

Across the CoinMarketCap top 100, several cryptos avoided the red in a bearish week.

Chiliz (CHZ) and Huobi Token (HT) lead the way, with Cosmos (ATOM), Nexo (NEXO), and Theta Fuel (TFUEL) also avoiding the red.

Chiliz (CHZ)

For the week, CHZ is up 14.95% to $0.2153. A mixed start to the week saw CHZ fall to a Monday low of $0.1827. However, a Monday rebound and a bullish Tuesday saw CHZ strike an August high of $0.2653 before three consecutive days in the red. Avoiding sub-$0.20, CHZ revisited $0.22 on Saturday before easing back.

Network news delivered another breakout week. On Monday, Chiliz founder Alexandre Dreyfus announced plans to shift from the Ethereum (ETH) blockchain to a native chain CHZ 2.0. CHZ rallied by 19.04% on Monday.

Looking at the trends, a CHZ move through the August high of $0.2653 would support a run at the April high of $0.2943. A return to $0.30 would bring the March 30 current-year high of $0.3319 into view.

However, a fall through the week low of $0.1827 would bring the August low of $0.1214 and sub-$0.10 into view. CHZ fell to a 2022 low of $0.0810 on June 18.

Chiliz finds support.
CHZUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. CHZ sat at the 50-day EMA, currently at $0.2165.

The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

A breakout from the 50-day EMA would support the upward trend formed at the July 27 bullish cross. However, a pullback from the 50-day EMA and a fall through the 100-day EMA ($0.2013) would bring the 200-day EMA (0.1772) and the August low of $0.1725 into view.

EMAs bullish

Cosmos (ATOM)

For the week, ATOM is up 4.28% to $11.1041. A mixed start to the week saw ATOM fall to a Monday low of $10.0463 before making a move. Steering clear of the August low of $9.6499, ATOM rallied to a Wednesday and an August high of $13.4543.

The bearish sentiment from across the crypto market weighed in the second half of the week to leave ATOM at sub-$12.

Following the community passing of Proposal 72 in July, the introduction of Neutron delivered the bullish week.

Looking at the trends, an ATOM move through the Wednesday and August high of $13.4543 would support a run at the May high of $20.3339. A breakout from $20 would then give the bulls a run at the April high of $33.2901. ATOM struck a 2022 high of $45.7133 on January 7.

However, a fall through the August low of $9.6499 would bring the June and the current year low of $5.5401 into view.

ATOM enjoys bullish week.
ATOMUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Sunday. ATOM sat at the 200-day EMA, currently at $11.0606.

Following Tuesday’s bullish cross, the 50-day EMA fell back towards the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

An ATOM breakout from the 200-day EMA would support a run at the 100-day EMA ($11.4788) to bring the 50-day EMA ($11.6552) into view. For the bulls, a move through the 50-day EMA would support a return to $13 to target the May high ($20.3339).

EMAs bearish
ATOMUSD 280822 4 Hourly Chart

Huobi Token (HT)

For the week, HT is up 12.55% to $4.9935. A bearish start to the week saw HT fall to a low of $4.3605. However, four consecutive days in the green saw HT strike a Saturday high of $5.3565 before easing back to sub-$5.00.

There were no apparent news updates to support the breakout week.

Looking at the trends, an HT move through the August high of $5.8360 would give the bulls a run at the June high of $7.7795. From the June high, HT would then have a free run at the February and 2022 high of $10.2000.

However, a fall through the August low of $4.3230 would bring the July and the current year low of $4.2835 into play.

HT bullish.
HTUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. HT sat above the 50-day EMA, currently at $4.8025.

Following the bullish cross on Friday, the 50-day pulled EMA away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA, delivering bullish price signals.

HT would need to hold above the 50-day EMA to support a breakout from the August high and a run at the June high of $7.7795. However, a fall through the 50-day EMA would give the bears a look at the August low of $4.3230.

EMAs bullish.
HTUSD 280822 4 Hourly Chart

Nexo (NEXO)

For the week, NEXO is up a modest 0.38% to $0.9246. A bearish start to the week saw NEXO fall to a Monday low of $0.8824. However, steering clear of the August low of $0.6749, NEXO struck a Wednesday high of $1.0625 before easing back.

There were no apparent news updates to support the breakout week.

Looking at the trends, a NEXO move through the August high of $1.0914 would give the bulls a run at the June high of $1.3118. From the June high, NEXO would then have a free run at the May and 2022 high of $3.5866.

However, a fall through the August low of $0.6749 would bring the June and the current year low of $0.5440 into play.

NEXO finds support.
NEXOUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Sunday. NEXO sat above the 100-day EMA, currently at $0.9162.

The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA, delivering mixed price signals.

NEXO would need to break out from the 50-day EMA to support a move through the August high of $1.0914. However, a fall through the 100-day EMA would give the bears a look at the August low of $0.6749.

EMAs bullish
NEXOUSD 280822 4 Hourly Chart

Theta Fuel (TFUEL)

For the week, TFUEL is up 4.95% to $0.06069. A bearish start to the week saw TFUEL fall to a Tuesday and an August low of $0.05321 before making a move. Bullish mid-week, TFUEL surged to a Friday high of $0.07416 before revisiting sub-$0.060.

Network news updates delivered the new August high, with the Theta Network sharing updates on the progress towards the Theta Metachain.

Looking at the trends, a TFUEL move through the August high of $0.08382 would support a run at the May high of $0.1465. A breakout from $15 would then give the bulls a run at the March and 2022 high of $0.2449.

However, a fall through the August low of $0.05321 would bring the June and the current year low of $0.03879 into view.

TFUEL finds support.
TFUELUSD 280822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal going into Sunday. TFUEL sat below the 50-day EMA, currently at $0.06159.

Late in the Saturday session, the 50-day pulled back from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, delivering bearish price signals.

A TFUEL move through the 50-day EMA would support a breakout from the 200-day EMA ($0.06216) to target the 100-day EMA ($0.06250). A move through the 100-day EMA would signal a near-term bearish trend reversal to give TFUEL a look at the August high of $0.08382.

However, a pullback from the 50-day EMA would support a fall through the August low to bring the 2022 low ($0.03879) into view.

EMAs bearish
TFUELUSD 280822 4 Hourly Chart

 

Crypto Market Daily Highlights – ADA and SOL Lead Late Reversal

Key Insights:

  • It was a bearish Wednesday session for the crypto top ten, with Cardano (ADA) and Solana (SOL) leading the way down.
  • US economic indicators and the NASDAQ 100 delivered support before Fed Fear weighed after the US closing bell.
  • The total crypto market cap fell by $5.24 billion to $1,011 billion, with a late reversal leaving the market in negative territory.

It is a bearish Wednesday session for the crypto top ten. Bitcoin (BTC) avoided sub-$21,000 while falling short of $22,000 for a fifth consecutive session. ADA and SOL led the way down, with a post-US closing bell reversal leaving the market in negative territory.

It was another choppy session for the crypto market on Wednesday. US economic indicators drew interest as central bankers headed to Jackson Hole, Wyoming.

In July, core durable goods orders rose by 0.3% versus a 0.3% increase in June. Economists forecast a 0.2% rise. Goods orders non-defense ex-air increased by 0.4% versus a forecasted 0.3% rise. In June, goods orders non-defense ex-air increased by 0.9%.

Pending home sales also beat forecasts, falling by 1.0% versus a forecasted 4.0% decline. In June, pending home sales slid by 8.9%.

The NASDAQ 100 ended Wednesday with a modest 0.41% gain as investors remained cautious ahead of Fed Chair Powell’s Friday speech at the Jackson Hole Symposium.

While US economic indicators have delivered mixed signals this week, there is plenty of uncertainty over what to expect from the next FOMC meeting.

NASDAQ correlation.
Total Market Cap – NASDAQ – 250822 5 Min Chart

The Total Crypto Market Cap Revisits $1,030 Billion Before Late Reversal

On Wednesday, the total crypto market cap fell to an early morning low of $991.3 billion before rising to a late high of $1,030 billion. However, a bearish end to the Wednesday session saw the market cap fall back to $1,011 billion.

The late reversal left the total crypto market cap down $5.24 billion on the day and down $52 billion for August.

Crypto market cap sees red.e
Total Market Cap 250822 Daily Chart

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

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

ADA and SOL fell by 1.72% and 2.24%, respectively, to lead the way down.

BNB (-0.97%), BTC (-0.71%), DOGE (-1.37%), ETH (-0.55%), and XRP (-0.44%) also saw red.

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

Decred (DCR) led the way, rallying by 9.14%, with Ankr (ANKR) and Cosmos (ATOM) rising by 7.17% and 7.35%, respectively.

However, XDC Network (XDC) led the way down, sliding by 6.55%. Chiliz (CHZ) and Monero (XMR) also struggled, falling by 3.15% and 2.45%, respectively.

Liquidations See a Final Hour Rise in Response to Late Reversal

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 $93.11 million, down from $144 million on Wednesday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 37,316 versus 47,048 on Wednesday morning. Liquidations over 12 hours and 4 hours fell, while one-hour liquidations increased as crypto investors locked in profits ahead of the Jackson Hole Symposium.

Crypto liquidations
Total Crypto Liquidations 250822

According to Coinglass, 12-hour liquidations stood at $60.77 million, down from $69.91 million on Wednesday morning. 4-hour liquidations fell from $25.87 million to $15.34 million, while one-hour liquidations increased from $1.12 million to $3.90 million. The chart below shows market conditions throughout the session.

crypto market cap sees late reversal.
Total Market Cap 250822 Hourly Chart

Crypto Market Daily Highlights – ETH Leads the Way on Gloomy US Stats

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with Ethereum (ETH) leading the way while Binance Coin (BNB) and Cardano (ADA) struggle.
  • Disappointing US service sector PMI numbers for August supported the crypto market. The weak numbers bring the hope of a less hawkish September policy move.
  • With two hours of the session remaining, the total crypto market cap is up $6.6 billion to $1,009 billion.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) revisited sub-$21,000 while also falling short of $22,000 for a fourth consecutive session. Ethereum (ETH) leads the way, despite a brief fall back to sub-$1,600.

Following Monday’s late session rebound, it was a choppy start to the Tuesday session. Fed fear continued to test crypto investor resilience ahead of the key US economic indicators of the day.

Prelim August private sector PMI numbers fell short of forecasts, delivering crypto support. Significantly, the Services PMI slid from 47.3 to 44.1. The deeper contraction across the services sector raised hopes of a more dovish policy move in September.

However, several influential US stats are on the docket ahead of Fed Chair Powell’s keynote speech from Jackson Hole. US economic indicators include core durable goods orders (Wed), Q2 GDP and jobless claims (Thurs), and inflation and personal spending (Fri).

The NASDAQ 100 ended Tuesday flat, reflecting a mixed reaction to Tuesday’s stats. While the services PMI could force the Fed to deliver a smaller rate hike, the deeper contraction also reignited fears of a US economic recession.

NASDAQ 100 correlation
Total Market Cap – NASDAQ – 240822 5 Min Chart

The Total Crypto Market Cap Returns to $1,009 Billion on Fed Hopes

On Tuesday, the total crypto market cap fell to a mid-morning low of $977.5 billion before rising to an early afternoon high of $1,020 billion. Through the afternoon session, the crypto market cap fell back to $1,004 billion before finding support.

With two hours of the Tuesday session left, the total crypto market cap is up $6.6 billion to $1,009 billion. The Tuesday rise leaves the crypto market cap down $51 billion for August.

Market cap returns to the $1 trillion mark.
Total Market Cap 240822 Daily Chart

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

With two hours remaining of the Tuesday session (UTC), ETH leads the way, rising by 1.52%, with BTC (+0.44%), DOGE (+0.10%), SOL (+0.07%), and XRP (+0.32%) also finding support.

However, ADA and BNB are bucking the top ten trend, with losses of 0.43% and 0.57%, respectively.

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

Chiliz (CHZ) leads the way, rallying by 13.88%, with Cosmos (ATOM) and Convex Finance (CVX) also finding strong support.

However, EOS (EOS) is leading the way down, falling by 4.40%. Celsius (CEL) and Trust Wallet Token (TWT) also saw red to buck the broader market trend.

Total Crypto Liquidations Slip Back on Weak US Services PMI Numbers

Over 24 hours, total liquidations fell back as investors responded to the weak service sector PMI.

At the time of writing, 24-hour liquidations stood at $144 million, down from $158 million on Tuesday morning.

Liquidated traders also declined over the last 24 hours. At the time of writing, liquidated traders stood at 47,048 versus 61,144 on Tuesday morning. Liquidations over 12 hours and 4 hours have held relatively steady, while one-hour liquidations are down, suggesting a bullish end to the Tuesday session.

Crypto liquidations ease back.
Total Crypto Liquidations 240822

According to Coinglass, 12-hour liquidations stood at $69.91 million, up from $64.55 million on Tuesday morning. 4-hour liquidations rose from $24,98 million to $25.87 million, while one-hour liquidations are down from $12,16 million to $1.12 million. The chart below shows market conditions throughout the session.

Market conditions steady in the final two hours.
Total Market Cap 240822 Hourly Chart

 

Crypto Market Daily Highlights – Risk Aversion Sends DOGE and SOL South

Key Insights:

  • It is a bearish Wednesday session for the crypto top ten, with Dogecoin (DOGE) and Solana (SOL) leading the top ten into negative territory.
  • US economic indicators and the FOMC meeting minutes weighed on the appetite for riskier assets.
  • The bearish session leaves the total crypto market cap down $25 billion to $1,090 billion.

It is a bearish Wednesday session for the crypto top ten. Bitcoin (BTC) is currently in negative territory, with BTC falling short of $25,000 for a second consecutive session. However, DOGE and SOL lead the way down.

Disappointing US economic indicators and the FOMC meeting minutes weighed on riskier assets mid-week. In July, retail sales were flat, falling short of a forecasted 0.1% rise. Core retail sales provided some comfort, rising by 0.4% versus a forecasted 0.1% decline.

The market reaction towards the FOMC meeting minutes was also bearish, despite a dovish tone. While finding initial support, the crypto market extended losses late in the Wednesday session.

The crypto market tracked the NASDAQ 100, which ended the day with a 1.25% loss.

NASDAQ correlation.
Total Market Cap – NASDAQ – 180822 5 Min Chart

The Total Crypto Market Cap Heads for another Daily Loss

On Wednesday, the total crypto market cap rose to an early morning high of $1,147 billion before falling to a low of $1,081 billion. Bearish late in the session, there are no signs of a possible recovery with two hours remaining.

Down by $25 billion, the total crypto market cap is up by $31 billion for August.

Crypto market on target for a first bearish week in seven weeks.
Total Market Cap 180822 Daily Chart

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

With two hours to go, it is a mixed Wednesday session for the crypto top ten.

DOGE leads the way down, sliding by 7.42%, with SOL falling by 6.02%.

ADA (-3.59%), BNB (-3.38%), BTC (-2.39%), and ETH (-2.22%) also struggled, while XRP is down by a more modest 0.51%.

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

Celsius (CEL) leads the way, rallying by 16.2%, with EOS (EOS) and Cosmos (ATOM) seeing gains of 8.6% and 2.6%, respectively.

However, STEPN (GMT) leads the way down, sliding by 9.9%, with Curve DAO Token (CRV) and Mina (MINA) seeing losses of 8.5% and 8.4%, respectively.

Total Crypto Liquidations Rise in Response to Risk Aversion

This morning, total liquidations increased, with US economic indicators and the FOMC meeting minutes weighing on riskier assets.

At the time of writing, 24-hour liquidations stood at $239 million, up from $127 million on Wednesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 83,286 versus 43,551 on Wednesday morning. One-hour liquidations provide little comfort, with the crypto market extending losses late in the Wednesday session.

Liquidations rise
Total Crypto Liquidations 180822

According to Coinglass, 12-hour liquidations stand at $147.41 million, up from $61.95 million, with 4-hour liquidations rising from $22.93 million to $31.97 million. One-hour liquidations are up from $0.800 million to $15.42 million.

The liquidation figures reflected market conditions over the Wednesday session, with the one-hour numbers highlighting deteriorating conditions ahead of the Thursday session. (See hourly crypto market cap chart below).

Cryptos face bearish end to the Wednesday session.
Total Market Cap 180822 Hourly Chart

Daily News Highlights

  • Binance Chain announced plans to launch a Web3 Court in LatAm.
  • Crypto.com received UK regulatory approval.
  • The ECB talked about banks and cryptos on Wednesday.

Cardano Price Prediction: ADA Consolidates Near $0.50 Pre-US NFP With Bulls Still Eyeing $0.55

Key Points

  • Cardano’s native token ADA is currently consolidating near $0.50 in subdued trade ahead of Friday’s US jobs data.
  • However, ADA remains in an uptrend from July’s near-$0.40 lows, with bulls eyeing a retest of recent $0.55 highs.
  • A break above $0.55 could trigger a swift rally towards the $0.67 to $0.69 area.

Cardano Consolidates Near $0.50 Ahead of Key Macro Events

ADA, the native token that powers the Cardano blockchain, was last changing hands nearly bang on the $0.50 level, having so far on Thursday swung within a thin $0.4950 to $0.5100ish range, meaning the cryptocurrency has stayed well within recent ranges. ADA continues to hold above its 21-Day Moving Average near $0.4950, with cryptocurrency markets in wait-and-see mode ahead of the release of key US jobs data on Friday that could impact expectations for Fed policy tightening over the next few quarters.

Current price action is consistent with Cardano’s native token remaining in an uptrend from its mid-July lows close to $0.40. ADA/USD also continues to compress within an ascending triangle formation, with resistance in the $0.55 area having acted as a ceiling since mid-June.

ADA/USD
ADA/USD eyes retest of recent $0.55 highs. Source: FX Empire

These patterns often form ahead of a bullish breakout. For ADA to break above $0.55, it’s also going to need to push above its 100DMA just above $0.54. If the cryptocurrency can muster a break above this resistance area, it opens the door for a swift run higher towards the late May/early June highs in the $0.67-0.68 area.

ADA/USD
ADA/USD could break higher towards $0.67/69. Source: FX Empire

Cardano Ecosystem Posts Solid Growth in July

According to the latest tweet from one of Cardano’s official Twitter accounts @Cardano, the blockchain ecosystem posted impressive MoM growth statistics in July. The number of native tokens issued on the Cardano blockchain rose 6.34% to 5.7 million. The number of transactions rose 4.9% to 47 million.

The number of wallets rose 2.27% to 3.5 million and the number of Plutus Scripts (Cardano’s smart contract platform) rose 4.75% to 2,993. This has now surpassed 3,000 in August, according to Cardano Blockchain Insights data.

Cardano-Cosmos Bridge Under Development

Peggy 2.0 and Sifchain are developing a Cardano-Cosmos bridge that, according to Twitter account @cardano_daily, “will unlock new cross-chain opportunities between these two ecosystems and offer new solutions to existing problems”. Moreover, the bridge “will deliver never-before-seen network effects that will scale the reach and adoption of both families of blockchains,” said @cardano_daily.

According to the Twitter account, “Cosmos and Cardano share common goals around research-backed development, community-driven applications, and global accessibility of blockchain-based solutions, with interoperability at heart”. Given Cosmos’ $200 million in cross-chain transactions, 40 chains and thousands of dApps, the “Cardano ecosystem would benefit from a connection to Cosmos in many ways”.

Bitcoin, ETH and BNB Price Prediction: Recent Breakdown Could Gather Pace

Key Insights:

  • Bitcoin failed to extend gains and declined below $22,000.
  • Ether is showing bearish signs below $1,400.
  • BNB is approaching a major bullish trend line on the daily chart.

Bitcoin

After a spike above the $23,000 resistance, bitcoin price faced sellers. There was a bearish reaction and the price declined below the $22,000 support.

There was a break below the $21,240 support and the 21 simple moving average (H1). It even broke the $21,000 level and is now consolidating above the $20,800 level. On the upside, the price is facing a major hurdle near the $21,400 level and a connecting bearish trend line.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

A clear move above the $21,400 level could start a decent increase. If there is no upside break, bitcoin might continue to move down towards the $20,000 support.

Ethereum (ETH)

ETH formed a double top pattern near the $1,640 level and started a major decline. There was a clear move below the $1,540 support zone.

Besides, the bears pushed the price below a key bullish trend line with support near $1,500 on the hourly chart. Finally, the price settled below the $1,400 level and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

It is now consolidating, with an immediate resistance at $1,405. The next major resistance is near the $1,465 level. A clear upside break above the $1,465 level and $1,480 could stage a strong increase.

Conversely, it could continue to move down towards the main support at $1,300. Any more losses might put a lot of pressure on the bulls.

BNB

BNB formed a base near the $180 zone before it started a recovery wave. There was a steady increase above the $200 and $225 resistance levels.

The price climbed above the 50% Fib retracement level of the key decline from the $340 swing high to $185 low. The price even moved above the $250 level and the 21-day simple moving average. However, the bears appeared near the $275 zone.

BNB Daily Chart
BNB Daily Chart by FXEmpire

The price failed to clear the 61.8% Fib retracement level of the key decline from the $340 swing high to $185 low. It is now moving lower and approaching a major bullish trend line on the daily chart at $240. A clear downside break below the trend line support could spark a move towards the $200 support.

ADA and DOT price

Cardano (ADA) is trading below the $0.465 level. It is now consolidating near the $0.45 level and might attempt a recovery wave towards the $0.48 level.

Polkadot (DOT) is again trading below the $7.0 level. The next major support is near $6.50, below which the bears might aim a test of $6.20.

A few trending coins are ATOM, TWT, and OKB. Out of these, OKB seems to be holding the $14.80 support zone and might start a fresh increase.

Crypto Market Daily Highlights – BTC Set to Extend Losing Streak to Four

Key Insights:

  • It is a mixed session for the crypto top ten, with Cardano (ADA) making a move while others struggled.
  • Updates from developers on the Vasil hard fork delivered ADA support, while the broader market looked ahead to the Fed monetary policy decision on Wednesday.
  • With an hour to go, the total coin market cap was down $1.88 billion to end the day at $1,007 billion.

It is a mixed Saturday session for the crypto top ten. Bitcoin (BTC) revisited sub-$22,000, while Cardano (ADA) recovered from the Friday pullback.

Input Output-HK provided a weekly update on progress towards the end of the month Vasil hard fork, which delivered the ADA upside.

Following disappointing US economic indicators from Friday, the Fed monetary policy decision on Wednesday brings plenty of uncertainty.

Talks of a 75-basis point rate hike ahead of the Fed blackout period provided some cushion while concerns over the US economy linger.

Beyond the Vasil hard fork update, however, there were no crypto news stories to support a bullish start to the weekend.

The Total Crypto Market Cap Falls as the Focus Shifts to the Fed

A bullish start to the Saturday session saw the total crypto market cap rise to a high of $1,031 billion.

However, through the second half of the day, the crypto market cap slid to a low of $981 before support kicked in.

The reversal left the market cap down $1.88 billion for the day. Significantly, the market cap fell back to sub-$1,000 billion before the late recovery. While down for the day, the crypto market looks set to extend the weekly winning streak to three. The total market cap is currently up $76 billion for the week.

Crypto market cap
Total Market Cap 240722 Daily Chart

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

At the time of press, ADA was up by 6.83%, with DOGE gaining 1.16%. ETH (+0.56%) and XRP (0.43%) found late support to end the day in positive territory.

However, BNB and SOL led the way down, with losses of 1.07% and 1.10%, respectively. BTC was down by a modest 0.89%.

From the CoinMarketCap top 100, some fared better than others.

With one hour to go, Axie Infinity (AXS) was up 11.8% to lead the broader market. ApeCoin (APE), NEM (XEM), and Decentraland (LAND) also found strong support.

However, NEO (NEO) led the way down, sliding by 6.57%, with Cosmos (ATOM) and Cronos (CRO) close behind.

Total Crypto Liquidations Slide as Cryptos Begin the Recovery

On Sunday, 24-hour liquidations fell, with liquidation levels returning to normal after a mid-week spike.

Crypto liquidations
Total Crypto Liquidations 240722

This morning, 24-hour liquidations stood at $127 million, down from $207 million on Saturday. On Tuesday morning, liquidations had spiked at $691 million.

Liquidated traders fell modestly over the last 24 hours. At the time of writing, liquidated traders stood at 61,924 versus 62,274 on Saturday morning.

One-hour liquidations saw a sharp decline, coinciding with the crypto market recovery from Saturday’s lows.

According to Coinglass, one-hour liquidations stood at $0.526 million, down from $3.74 million on Saturday. Four-hour liquidations stood at $9.33 million, down from $51.48 million on Saturday. (See hourly crypto market cap chart below).

Crypto recovery
Total Market Cap 240722 Hourly Chart

Daily News Highlights

  • Caduceus announced a partnership with cricketing legend Lord Ian Botham to take cricket to the metaverse.
  • Spanish footballing giant, Barcelona FC, launched an NFT live auction at New York Sotheby’s that ends on July 29.
  • Bloomberg reported FTX entering into talks to acquire Bithumb, a South Korean crypto exchange.
  • Activity in the ongoing SEC v Ripple case peaked ahead of the weekend, with William Hinman still the area of focus.

Crypto Market Daily Highlights – ETH Rallies While BTC Struggles

Key Insights:

  • On Thursday, it was another mixed session for the crypto top ten, with Dogecoin (DOGE) and bitcoin (BTC) bucking the broader market trend.
  • Another bullish session for NASDAQ 100 delivered the broader crypto market with support.
  • The total crypto market cap rose by $11.3 billion to end the day at $1,029 billion.

It was a mixed Thursday session for the crypto top ten. Bitcoin (BTC) failed to revisit $24,000, with Dogecoin (DOGE) also struggling.

Investor reaction to the news of Tesla Inc. (TSLA) offloading 75% of its BTC holdings continued to pressure BTC. DOGE also struggled despite Tesla holding on to DOGE.

News of the SEC labeling a string of cryptos as securities failed to weigh on investor sentiment.

On Thursday, the broader crypto market tracked the NASDAQ 100 into positive territory. Corporate earnings continued to deliver support, with the Tesla Inc. earnings results from Wednesday driving demand for riskier assets.

The NASDAQ 100 rose by 1.36% on Thursday, following a Wednesday 1.58% gain.

NASDAQ correlation
Total Market Cap – NASDAQ – 220722 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 92.5 points.

The Total Crypto Market Cap Rises on NASDAQ Support

A bearish start to the Thursday session saw the total crypto market cap fall to a low of $991.8 billion before finding support.

Further market reaction to news of Tesla selling off 75% of its BTC holding tested buying appetite early on.

Sentiment improved through the day, however, with the total crypto market cap rising to a high of $1,041 billion before easing back.

Crypto market cap
Total Market Cap 220722 Daily Chart

Notable moves across the crypto top ten were an Ethereum return to $1,600 and a BTC fall to sub-$23,000.

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

BTC and Dogecoin (DOGE) bucked the top-ten crypto trend, falling by 0.30% and 0.20%, respectively.

It was a bullish session for the rest of the majors, with ETH rallying by 3.52% to lead the way.

BNB (+2.90%) and SOL (+2.57%) also found strong support, while ADA (+1.83%) and XRP (+0.99%) trailed the front runners.

From the CoinMarketCap top 100, Curve DAO Token (CRV) led the way with a 21.6% gain. Cosmos (ATOM) and Synthetix (SNX) also found strong support, rising by 14.2% and 15.1%, respectively.

At the other end of the table, Klaytn (KLAY) and Amp (AMP) led the way down, falling by 2.14% and 3.43%, respectively. Flow (FLOW), Lido DAO (LDO), and VeChain (VET) also struggled.

Total Crypto Liquidations Support a Bullish Friday Session

On Friday, 24-hour liquidations continued to retreat, indicating more favorable market conditions.

This morning, 24-hour liquidations stood at $198 million, down from $338 million on Thursday.

Liquidated traders also fell over the last 24 hours, highlighting better market conditions. At the time of writing, liquidated traders stood at 65,160 versus 98,758 on Thursday morning.

Alongside the decline in 24-hour liquidations, one-hour and four-hour liquidations were down from Thursday.

According to Coinglass, one-hour liquidations stood at $4.10, down from $6.90 million on Thursday. Four-hour liquidations stood at $33.04 million, down from $101.16 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 220722

Daily News Highlights

  • Crypto exchange Zipmex froze withdrawals, citing volatile market conditions.
  • The SEC filed charges against a Coinbase employee for insider trading and labeled a collection of cryptos as securities.

Bitcoin and ETH Price Prediction: Upsides At Risk, ATOM Could Rally To $15

Key Insights

  • Bitcoin corrected lower below $23,500 and $23,200.
  • Ether price tested the key $1,460 support zone.
  • ATOM is rising and might rally further if it clears $12.50.

Bitcoin (BTC)

After struggling to clear the $24,275 zone, bitcoin started a downside correction. There was a clear move below the $23,080 support zone and the 21-day simple moving average (H1).

The price even declined below the $23,000 level which had previously provided support. BTC is now trading near a major support at $22,400. If there is a downside break, the price could decline to $21,650.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

The next major support sits at $21,000, below which could see BTC falling back down to the $20,000 psychological level.

In the event of a rebound, bitcoin needs to breakout of the $23,080 resistance zone and consolidate above for at least a few days. The next major hurdle is near $24,000.

Ethereum (ETH)

Ether also followed a similar pattern and started a fresh decline from the $1,625 resistance zone. The price declined below the $1,550 level and the 21-day simple moving average (H1).

It is now consolidating near the $1,480 zone. The next major support sits at $1,460, below which the price could decline towards the $1,385 support zone. If this current level holds, ether may start a fresh rally from the $1,460 zone.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the upside, there is a major resistance near the $1,550 zone on the hourly chart, above which the price could revisit the $1,625 zone.

Cosmos (ATOM)

After a few weeks of heavy selling, ATOM formed a support near the $5.00 zone. A strong base was formed and the price started a major rally above the $6.50 and $7.50 levels.

There was a clear move above the $8.00 resistance and the 21-day simple moving average. Additionally, there was a break above a major bearish trend line at $8.80 on the daily chart and ATOM is now attempting an upside break above the $11.00 zone.

ATOM Daily Chart
ATOM Daily Chart by FXEmpire

The main resistance sits near the $12.50 level which has previously prevented a breakout. A close above $12.50 could set the pace for a larger rally. The next stop for the bulls might be $15.00 or $16.50 after that.

If ATOM is unable to push past $12.50, then it may pullback towards the support at $10 before reattempting a move upward.

ADA, BNB, and DOT price

Cardano (ADA) is down 9% and struggling to stay above the $0.475 level. On the upside, the $0.50 zone might act as a breakout zone.

BNB is consolidating at the $260 level. If the bulls are unable to push above, then BNB might decline towards the $230 level.

Polkadot (DOT) is down 8% and trading below the $7.50 level. The next major support is at $7.20, below which the price might decline towards $7.00.

A few trending coins are ETC, RUNE, and CRV. Out of these, CRV is gaining pace above the $1.28 level and might climb above the $1.30 level if current momentum continues.

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

Bitcoin and ETH Price Prediction: Risk of Downside Break, UNI Could Surge To $8

Key Insights:

  • Bitcoin is slowly moving lower towards the $20,000 support.
  • Ether (ETH) declined below the key $1,160 support.
  • UNI broke a crucial barrier and might surge towards $8.00.

Bitcoin

After a few failed attempts near $22,000, bitcoin price reacted to the downside. The price gained pace after it broke the $21,185 support zone.

The price settled below the $21,000 level and the 21 simple moving average (H1). The current price action is bearish below the $20,550 level. On the downside, there is a major support at $20,000. A daily close below $20,000 could start a major decline.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, the price could face resistance near the $20,650 level. The main resistance is now forming near the $21,185 level.

Ethereum (ETH)

ETH also started a bearish wave from the $1,275 zone. There was a steady decline below the $1,200 level and the price moved into a negative zone.

Ether even declined below the $1,160 support and settled below the 21 simple moving average (H1). It is now consolidating above the $1,120 support zone. On the upside, there are many hurdles forming near $1,160 and $1,175.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

There is also a key bearish trend line with resistance near $1,175 on the hourly chart. A close above the $1,175 level could set the pace for a larger increase. On the downside, there is a key support near the $1,120 level, below which the price could restart decline and test $1,040.

Uniswap (UNI)

UNI formed a support base near the $3.35 level after a strong decline. The price remained well bid and started a steady recovery wave above the $4.0 level.

The price climbed above the $5.00 resistance and the 21-day simple moving average. There was a clear move above a crucial bearish trend line with resistance near $5.20 on the daily chart. It even broke the $5.80 resistance, which is now acting as a support.

UNI Daily Chart
UNI Daily Chart by FXEmpire

On the upside, UNI might face resistance near the $6.80 level. If there is a clear move, the price could rise towards the $8.00 barrier or the 50% Fib retracement level of the downward move from the $12.50 resistance zone to $3.35 low.

If there is no upside break, the price could restart decline and test the $5.00 level. The next major support sits near the $4.20 level.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving lower below the $0.45 support. If the bears remain in action, the price could test the $0.412 support.

BNB is consolidating near the $230 level. The first key resistance is near $235. A clear move above $235 might call for a test of the $250 resistance.

Polkadot (DOT) is back below the $7.0 pivot level. The next major support is near $6.55, below which it might slide to $6.32.

A few trending coins are MATIC, ATOM, and XMR. Out of these, XMR is gaining pace above the $125 resistance zone.

Bitcoin and ETH Price Prediction: Bulls Target Upside Break, BNB Eyes Reversal

Key Insights:

  • Bitcoin remained well bid above the $19,750 zone.
  • Ether is showing positive signs above the $1,125 level.
  • BNB is up over 5% and approaching a major hurdle at $250.

Bitcoin

After a spike above the $20,450 resistance, bitcoin price faced sellers near $20,750. There was a bearish reaction and the price settled below $20,450.

There was a break below the $20,000 support, but the price remained stable near the $19,750 level and the 21 simple moving average (H1). It is now consolidating above the $20,000 level. On the upside, the price is facing a major hurdle near the $20,450 level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

A clear move above the $20,450 level could start a major increase. If there is no upside break, bitcoin could start a fresh decline and may possibly trade below $19,750.

Ethereum (ETH)

ETH remained in a positive zone above the $1,060 support zone. There was a slow and steady increase above the $1,100 level.

Ether price even settled above the $1,125 level and the 21 simple moving average (H1). It seems like the price is trading in a key contracting triangle with resistance near $1,150 on the hourly chart. A clear upside break above the $1,150 level and $1,170 could stage a strong increase.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

Conversely, it could start another decline and may possibly trade below $1,100. The next major support sits near the $1,060 level.

BNB

BNB formed a base near the $185 level before it started a recovery wave. There was a steady increase above the $200 and $220 resistance levels.

The price climbed above the 23.6% Fib retracement level of the downward move from the $335 swing high to $185 low. However, the bears appeared near the $245 zone and the 21-day simple moving average.

BNB Daily Chart
BNB Daily Chart by FXEmpire

The price corrected gains but stayed above $200. It is now attempting another break above the $245 resistance zone and a connecting bearish trend line on the daily chart.

The next key resistance might be $260 and the 50% Fib retracement level of the downward move from the $335 swing high to $185 low, above which the bulls could aim a move towards the $300 level. If there is no upside break, the price could start a fresh decline below the $220 level.

ADA and DOT price

Cardano (ADA) is slowly moving higher towards the $0.465 level. To start a strong increase, it must clear the $0.50 resistance zone. On the downside, there is a major support at $0.432.

Polkadot (DOT) is again rising towards the $7.0 level. A close above the $7.0 level could start a steady increase in the coming sessions.

A few trending coins are MATIC, UNI, and ATOM. Out of these, MATIC is rising but still below the key $0.60 resistance zone.

Crypto Market Daily Highlights – ADA, BTC, ETH, and SOL Extend Losses

Key Insights:

  • It was a bearish Friday session for the crypto to ten, with Cardano (ADA), bitcoin (BTC), Ethereum (ETH), and Solana (SOL) extending their losing streaks to six sessions.
  • The crypto market tracked the NASDAQ 100, which eked out a 0.90% gain, before a post-US close sell-off.
  • The total crypto market cap fell for a sixth consecutive day. A $19.6 billion fall left the market cap at $846.2 billion.

It was a bearish start to the month for the crypto market. Bitcoin (BTC) extended its losing streak to six sessions, with Cardano (ADA), Ethereum (ETH), and Solana (SOL) also seeing red for six consecutive days.

While there were no catalysts to send the crypto market into the red, news of the EU agreeing to a comprehensive regulatory framework may have tested support. A bullish start to the Friday session was short-lived, with a choppy session in the US equity markets leaving the crypto market on the back foot.

On Friday, the NASDAQ 100 rose by 0.90% to end the week down by 4.13%. Monday through Friday, bitcoin fell by 8.48%.

A late Friday relief rally provided crypto support before a post-US market close sell-off. Fears of a recession and investor sentiment toward monetary policy continued to weigh.

US economic data added to the bearish sentiment. In June, the ISM Manufacturing PMI fell from 56.1 to 53.0 versus a forecasted decline to 54.9.

Crypto tracks NASDAQ before sell-off
Total Market Cap – NASDAQ – 020722 5 Min Chart

The Total Crypto Market Cap Falls for a Sixth Consecutive Day

A choppy session saw the total crypto market cap rise to a high of $894.2 billion before sliding to a low of $835.1 billion.

Finding support from the late NASDAQ rebound, the crypto market cap revisited $862 billion before hitting reverse.

$19.6 billion came off the table to leave the market cap at $846.21 billion.

Crypto market cap takes another hit.
Total Market Cap 020722 Daily Chart

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

On Friday, DOGE broke the top ten crypto trend, rising by 0.24%.

However, it was a bearish session for the rest of the top ten. XRP slid by 5.72% to lead the way down, with BTC falling by 3.31%.

ADA (-2.61%), BNB (-1.41%), ETH (-1.17%), and SOL (-2.71%) also struggled.

From the CoinMarketCap top 100, Basic Attention Token (BAT), Curve DAO Token (CRV), Cosmos (ATOM), and Monero (XMR) also saw gains on the day. CRV led the way, rallying by 8.55%.

Total Crypto Liquidations Reflect the Bearish Market Sentiment

24-hour liquidations reflected improving market conditions going into the weekend.

This morning, 24-hour liquidations stood at $107 million, down from $248 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 36,758 versus 83,723 on Friday morning.

One-hour liquidation figures supported the downward trend in liquidated traders.

According to Coinglass, one-hour liquidations stood at $2.44 million, down from $3.14 million on Friday. A return to sub-$1 million would support a bullish session.

Crypto liquidations
Total Crypto Liquidations 020722

Daily News Highlights

  • BnkToTheFuture unveiled three proposals to save Celsius from bankruptcy.
  • The EU agreed on a comprehensive crypto regulatory framework.
  • El Salvador took a bigger bite into the crypto market by purchasing 80 BTC.

Crypto Price Analysis June 15: ATOM, MKR, APE, CAKE, BCH

Key Insights:

  • Cosmos and a few other alts were the only few to close in the green today.
  • Ethereum partook in the active downtrend losing more than 11%
  • Bitcoin followed a similar path and ended up trading at $20,855.

The broader market was expected to correct the ongoing correction, but the king coin, Bitcoin, and other altcoins decided to go down another path. Consequently, over $50 billion was wiped out of the crypto market in 24 hours.

Cosmos (ATOM)

ATOM was one of the only few cryptocurrencies that closed in green at the time of writing following days of red candles.

The altcoin had already witnessed a price fall of 32.8% within the span of a week, which only further added to the 86.4% depreciation observed since the coin hit its all-time high of $44.51.

Thus some recovery would instill confidence in ATOM holders. And recovery is on the charts since MACD was heading towards a bullish crossover at the time of writing, with green bars appearing on the indicator.

Maker (MKR)

Unlike ATOM, Maker DAO’s native token MKR continued its downtrend, losing more than 10% in a single day. This has brought the price down to $701 from the highs of $2,301 the altcoin was at less than two months ago.

Since April, the cryptocurrency has not been able to flip the 50-day Simple Moving Average (SMA) and the 100-day SMA into support, which has led to multiple dips.

In 2 months, MKR has dipped by 57%, 29%, and 48.5% on separate occasions as both the SMAs acted as a resistance level for the coin.

ApeCoin (APE)

The Bored Ape Yacht Club (BAYC) token marked another drop on the charts, 11.54% nonetheless, as the altcoin came down to trade at $3.23.

The slight growth observed yesterday did not do much for the coin anyways, as APE is 43.4% below where it was a week ago.

The Relative Strength Index (RSI) remained stuck in the bearish zone inching closer to the oversold zone, a slip into which might cause the coin to fall further.

PancakeSwap (CAKE)

Surprisingly the DeFi protocol token managed to sustain a rise at the time of writing, climbing the charts by 10.08%.

Trading at $3.44, CAKE still has a long way to go in order to recover the losses witnessed throughout the week as it declined by 31.36%.

However, the coin is observing no support from the price indicators as to whether the rally could go on. The Parabolic SAR continued to suggest a downtrend, which could keep the price consolidated for a while even if it doesn’t reduce further.

Bitcoin Cash (BCH)

The Bitcoin hard fork is facing the wrath of the bears, similar to other cryptocurrencies, sinking by almost 12% today following the 40% plunge observed in the last eight days.

Trading at $113.59 at the time of writing, BCH might continue its downtrend for a few more days.

This is because bearishness has only increased instead of diminishing, according to the Awesome Oscillator. The appearance of growing red bars backs the possibility as well.