Crypto Market Daily Highlights – DOGE Leads the Way in a Mixed Session

Key Insights:

  • It is a mixed Tuesday session for the crypto top ten, with Dogecoin (DOGE) leading the broader market to cement its return to the top ten.
  • Investors failed to shake off recession jitters, despite US industrial production beating expectations.
  • The mixed session leaves the total crypto market cap down $5.8 billion to $1,118 billion.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) is currently in negative territory, with BTC falling short of $25,000 for the first time in three sessions. DOGE and ADA buck the top ten trend, with solid gains.

The disappointing economic data from China continued to resonate across the global financial markets. Investor jitters over the threat of a recession tested support for riskier assets despite recent US economic indicators, including positive service sector and nonfarm payroll figures, easing inflation, and a pickup in consumer confidence,

The NASDAQ 100 and WTI Crude Oil reflected the bearish sentiment. On Tuesday, the NASDAQ 100 slipped by 0.19%, with WTI crude down 2.85%. Through the US session, the correlation between the crypto market and the NASDAQ 100 strengthened after a brief decoupling on Monday that stemmed from the influence of the China stats.

NASDAQ correlation strengthens.
Total Market Cap – NASDAQ – 170822 5 Min Chart

The Total Crypto Market Cap Pressured by Recession Jitters

On Tuesday, the total crypto market cap rose to an early morning high of $1,136 billion before falling to a low of $1,102 billion. A late partial recovery saw the market cap return to $1,117 billion.

Down by $6.2 billion, the total crypto market cap is up by $57 billion for August.

Crypto market cap heading for a session loss.
Total Market Cap 170822 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.

BNB (+0.79%) and SOL (-1.92%) lead the way down, falling by 1.13% and 1.10%, respectively.

BTC (-0.63%), ETH (-0.94%), and XRP (-0.04%) are also in negative territory.

However, DOGE leads the way, rallying by 11.38%, with ADA up 2.73%.

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

DOGE leads the top 100, with Chiliz (CHZ) and EOS (EOS) seeing gains of 7.9% and 6.3%, respectively.

However, at the other end of the table, Celsius (CEL) is down 15.7%, with Convex Finance (CVX) and Kava (KAVA) down by 7.2% and 5.6%, respectively.

Total Crypto Liquidations Eases Back as Market Conditions Improve

This morning, total liquidations fell back, despite the crypto market feeling the negative sentiment towards the global economic outlook.

At the time of writing, 24-hour liquidations stood at $127 million, down from $208 million on Tuesday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 43,551 versus 68,517 on Tuesday morning. While liquidations are down over 24 hours, liquidations are up over 12 hours and 4 hours. However, one-hour liquidations reflect the market recovery from session lows.

crypto liquidations ease in the final hour.
Total Crypto Liquidations 170822

According to Coinglass, 12-hour liquidations stand at $61.95 million, up from $51.19 million, with 4-hour liquidations up from $8 million to $23 million. However, one-hour liquidations are down from $1.34 million to $0.800 million.

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

crypto market sees late support.
Total Market Cap 170822 Hourly Chart

Daily News Highlights

  • The US Federal Reserve rolled out guidance for banks exploring crypto-related activities.
  • Dragonchain became the latest SEC target.
  • Adverse news concerning the Celsius bankruptcy left CEL deep in the red.

Top 3 Trending Coins: SHIB Bulls Eye Breakout to $0.000030, XRP Consolidates Under $0.40 Pre-Court Ruling

Key Points

  • After gaining nearly 34% on Monday after a major technical breakout, SHIB is pulling lower after hitting key resistance.
  • Ripple is consolidating under $0.40, though remains supported by its 21DMA ahead of a key SEC lawsuit court ruling.
  • CEL has been volatile this Monday, hitting new yearly highs above $4.60 before succumbing to profit-taking.

Shiba Inu (SHIB) Runs Into Short-term Resistance as Bulls Target $0.000030

The Shiba Inu bulls took control on Sunday, with SHIB posting a stunning near 34% intra-day gain, its best one-day performance since October 2021. SHIB/USD surged amid technical buying after the cryptocurrency was finally able to rally above key resistance in the $0.00001250-0.00001300 area that it had been probing for the last few weeks.

SHIB nearly reached as high as $0.000018 on Sunday, but after running into a significant area of resistance, has reversed lower on Monday, with the downbeat tone to broader cryptocurrency markets also weighing. SHIB was last trading back in the $0.000015s and down a little over 7% on the day on Monday.

The cryptocurrency was unable to break above its 200-Day Moving Average at $0.00001793, January and late-May lows at the $0.00001714 and $0.00001846 levels, and a downtrend from the December 2021 highs. A short-term dip back towards the $0.000013 resistance area now looks to be on the cards, where dip buyers might once again come in.

SHIB/USD
SHIB/USD rallies after major short-term technical breakout. Source: FX Empire

If SHIB is able to regain composure and advance above the above-mentioned key resistance area, this could open the door to a quick surge back towards the next major area of resistance around $0.000030.

SHIB/USD
SHIB/USD to break out towards $0.000030? Source: FX Empire

Ripple (XRP) Consolidation Continues Ahead of Key Ripple vs SEC Court Ruling

Ahead of what could be a pivotal court ruling this week in the ongoing SEC vs Ripple lawsuit, XRP is in consolidation mode. As has been the case now for the last few weeks, XRP continues to trade just above its 21DMA in the low-$0.37s, while any rallies towards $0.40 continue to be faded.

The cryptocurrency is currently testing an uptrend that has been in play since mid-July. So long as it doesn’t break to the downside of this uptrend, or below its 21DMA, XRP appears to have a chance at rallying back towards $0.40, depending on how things go in court this week.

XRP/USD
XRP/USD consolidates under $0.40 ahead of key court ruling. Source: FX Empire

According to FX Empire’s head of crypto analysis Bob Mason, an important court decision in the ongoing SEC vs Ripple lawsuit that “is likely to dictate the direction of the case” could come this week. As Mason explains, “in late July, the SEC filed an objection to a July Court ruling denying its attempt to shield the William Hinman speech-related documents under the attorney-client privilege”.

Analysts think that comments made by Hinman, a former SEC Chair, if available to use as evidence, could swing the case in favor of Ripple, which stands accused of being unregistered security by the SEC. “We expect investor caution ahead of the Court decision,” FX Empire’s Mason said.

Celsius Network (CEL) Succumbs to Profit-taking in Volatile Trade

CEL, the utility token of the now bankrupt cryptocurrency lending platform Celsius Network, has seen extreme volatility on Monday. In earlier trade, it swung to fresh yearly highs in the $4.60s per token, taking its gains on the month to as much as 320%. Just as quickly as it rallied, it then succumbed to profit-taking and briefly dipped as low as the $2.80s per token, an intra-day peak to trough drop of around 38%.

The cryptocurrency was last changing hands near $3.30, down about 16% in the last 24 hours, making it the worst performing cryptocurrency in the top 100 by market capitalization. Recent price action suggests the short-squeeze of the last few weeks may have already or be close to running its course. Technicians will be eyeing a retest of major downside support levels, like around $2.60 and the long-term downtrend from mid-2021 in the low-$1s.

CEL/USD
Has the CEL/USD short-squeeze run its course? Source: FX Empire

Crypto Market Daily Highlights – ADA Led the Top Ten in a Mixed Session

Key Insights:

  • It was a mixed Saturday session for the crypto top ten, with Cardano (ADA) on the move while Polkadot (DOT) and Binance Coin (BNB) struggled.
  • There was no support from the NASDAQ 100, leaving investors to digest the key drivers from the week.
  • The total crypto market cap increased by a modest $5 billion to end the day at $1,147 billion.

It was a mixed Saturday session for the crypto top ten. While bitcoin (BTC) came up short of $25,000, Cardano (ADA) and Solana (SOL) led the way.

There were no cues from the crypto market news wires to provide support, leaving investors to digest the US stats from the week and what they mean for the crypto market. Softer inflation and positive economic indicators are crypto bullish. However, uncertainty over the Fed and the September policy move remains a test for the market.

The Total Crypto Market Cap Inches Northwards Despite Mixed Session

On Saturday, the total crypto market cap fell to an early low of $1,135 billion before rallying to a mid-morning high of $1,170 billion. A reversal saw the crypto market cap fall back to $1,142 billion before steadying.

Rising by $5 billion on Saturday, the total crypto market cap is up by $73 billion to $1,147 billion for the current week. Barring a Sunday crypto meltdown, the crypto market will rise for a sixth consecutive week.

Crypto market cap rises by a modest $5 billion
Total Market Cap 140822 Daily Chart

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

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

ADA rallied by 3.52% to lead the way, with ETH (+1.27%) and SOL (+2.32%) also finding strong support.

However, DOT slid by 2.08%, with BNB (-1.16%) and XRP (-0.57%) also in the red. BTC ended the day flat after a pullback from a day high of $24,900.

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

Celsius (CEL) led the way, surging by 29.36%, with Polygon (MATIC) and Nexo (NEXO) gaining 9.89% and 11.83%, respectively.

However, Ankr (ANKR) led the way down for a second consecutive session, sliding by 7.40%, with ApeCoin (APE) and Filecoin (FIL) seeing losses of 5.28% and 4.53%, respectively.

Total Crypto Liquidations Hold Steady Despite a Mixed Session

This morning, total liquidations were up modestly as investors locked in profits before the end of another bullish week.

At the time of writing, 24-hour liquidations stood at $220 million, up from $169 million on Saturday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 48,649 versus 44,239 on Saturday morning. While liquidations are up over 24 hours, liquidations are down over 12 hours, 4 hours, and over the last hour compared to Saturday morning.

Crypto liquidations up modestly over 24-hours.
Total Crypto Liquidations 140822

According to Coinglass, four-hour liquidations stood at $5.33 million, down from $52.55 million on Saturday morning. One-hour liquidations fell from $45.36 million to $2.25 million. (See hourly crypto market cap chart below).

Late pullback leaves the market cap relatively flat for the session.
Total Market Cap 140822 Hourly Chart

Top 3 Trending Coins: CEL Surpasses $4.0 as Short-Squeeze Continues, SOL & MATIC Also Looking Bullish

Key Points

  • CEL briefly surpassed $4.0 per token on Saturday and is up over 230% this month amid an ongoing short squeeze.
  • Solana hit multi-month highs on Saturday above $48 amid bullish momentum after a recent pennant breakout.
  • Polygon is eyeing a push above resistance in the $1.0 per token area.

Celsius Network Token (CEL) Surge Continues As Short-Squeeze Worsens

CEL, the native token of bankrupt cryptocurrency lending platform/exchange Celsius Network, continues to pump higher amid an ongoing, community-led short-squeeze that has seen the token rise over 230% so far this month.

CEL/USD was last changing hands in the mid-$3.0s per token, having briefly surpassed $4.0 per token earlier in the day. CEL’s bull run which is already drawing comparisons to the meme stock rallies of early 2021 really got kicking at the start of this week when the cryptocurrency broke above a long-term downtrend.

News earlier this week that Ripple is in talks to purchase distressed Celsius assets added fuel to the fire. One would suspect that CEL’s upside momentum will peter out at some point, but would be shorters should tread cautiously.

CEL/USD
CEL/USD surges after breaking long-term downtrend at the start of this week. Source: FX Empire

According to CoinMarketCap, CEL is trading with gains of close to 50% in the last 24 hours, making it the best performing cryptocurrency in the top 100 by market capitalization.

Solana (SOL) Rallies on Bullish Pennant Breakout

SOL, the native token the smart-contract enabled Solana blockchain, hit its highest levels since late May on Saturday above the $48 per token mark, though has since fallen back into the $46.00s. Despite the recent profit-taking, the cryptocurrency is still trading around 8.5% higher in the past 24 hours, making it the best performing cryptocurrency in the top 20 by market cap, according to CoinMarketCap.

Solana’s recent upside comes amid a combination of technical buying following a bullish pennant breakout and amid the spillover impact of optimism about the Ethereum blockchain’s upcoming Merge that will see it transition to become a Proof-of-Stake chain, which Solana already is.

SOL/USD
SOL/USD enjoys bullish pennant breakout. Source: FX Empire

Now that the pennant structure has been broken, SOL bulls will likely be eyeing a test of the next significant area of resistance near the $60 level, the high from mid-May.

Polygon (MATIC) Probes Key $1.0 Level

MATIC, the native token of layer-2 Ethereum scaling solution Polygon, was last trading with similar gains in the last 24 hours to Solana, making it the second best performing top 20 cryptocurrency. MATIC is once again probing resistance in the $1.0 area, a break above which could trigger a surge higher towards the next significant resistance area in the $1.30 region.

MATIC/USD
MATIC/USD probes the key $1.0 level. Source: FX Empire

5 Best Performing Coins of the Week – CEL Leads OKB, NEXO, HT, and ANKR

Key Insights:

  • It is a bullish Monday to Friday for the crypto market, supported by US economic indicators.
  • Celsius (CEL) leads the way, surging by 86%.
  • Ankr (ANKR), Huobi Token (HT), OKX (OKB), and Nexo (NEXO) also had breakout weeks.

Monday to Friday, August 12, the total crypto market cap was up $63.3 billion. The crypto market is on target for a sixth consecutive weekly gain.

Crypto market cap on the rise
Crypto Market Cap Weekly 120822

The crypto market remained focused on US economic indicators in the week, with US inflation the main driver for riskier assets.

Following the US nonfarm payroll and ISM Non-Manufacturing PMI numbers from the week prior, US inflation figures eased bets of a percentage point rate hike in September.

In July, the US annual rate of inflation softened from 9.1% to 8.5%. Economists forecast a softening to 8.7%. Wholesale inflationary pressures also eased, with the annual wholesale rate of inflation easing from 11.3% to 9.8%.

Investors responded to the US CPI numbers, with the total crypto market cap surging by $43 billion in the hour immediately after the release. However, the markets continued to bet on another sizeable Fed rate hike, which resulted in a moderate pullback from Thursday highs. The hawkish bets came despite the softer inflation and positive economic indicators.

On Friday, US economic sentiment and inflation expectation numbers delivered another market boost.

According to prelim figures, the Michigan Consumer Sentiment Index jumped from 51.5 to 55.1 in August. Looking at the sub-components, the Michigan Inflation Expectations Indicator slipped from 5.2% to 5.0%.

The US equity markets responded in a similar fashion, with the NASDAQ 100 – crypto correlation remaining in place.

Monday through Friday, the NASDAQ 100 rose by 3.8% to end the week at 13,047.19.

NASDAQ correlation
Crypto – NASDAQ Daily Chart 120822

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

Celsius (CEL) leads the way, with OKX (OKB), Nexo (NEXO), Huobi Token (HT),  and Ankr (ANKR) among the front runners.

Celsius (CEL)

For the week, CEL is up 86% to $2.705, Monday through Friday. Bullish throughout the week, CEL rallied from a Monday low of $1.426 to a Friday high of $2.812 before easing back.

CEL hit its highest level since 2.768 on April 12. News of creditors planning to investigate Celsius CEO Alex Mashinsky delivered support early in the week. Through the second half of the week, reports of Ripple Lab showing interest in acquiring Celsius assets added to the upside.

Looking at the trends, a move through the current week’s high of $2.812 to $3.00 would give CEL a run at the April high of $3.342. From $3.35, CEL would need to break through the February high of $3.665 to target the January high of $4.458.

However, a fall to sub-$2.00 would bring the August low of $1.060 into view.

CEL bullish
CELUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. CEL sat above the 50-day EMA, currently at $1.9268.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish CEL 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 4.

However, a fall through the 50-day EMA would leave sub-$1.75, the 100-day EMA, currently at $1.6007, and the current week low of $1.426 in play.

EMAs bullish
CELUSD 130822 4 Hourly Chart

Ankr (ANKR)

For the week, ANKR is up 43.2% to $0.0474. A mixed start to the week saw ANKR fall to a Tuesday low of $0.0308 before making a move. A bullish Wednesday and a breakout Thursday saw ANKR surge to a high of $0.0580 before easing back.

The news of Ankr launching ANKR token staking and Binance Labs investing in Ankr delivered the upside.

Looking at the trends, ANKR would need to avoid a fall back to sub-$0.0400 and the current week low of $0.0308 to support the bullish trend. A breakout from this week’s high of $0.0580 would give the bulls a look at the May high of $0.0681. From there, ANKR would have a free run at the April high of $0.1028.

A fall back to sub-$0.0400 would bring the August low of $0.0296 and the June 18 current year low of $0.023 back into play.

ANKR on the move
ANKRUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. ANKR sat above the 50-day EMA, currently at $0.0378.

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

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after last testing support at the 100-day EMA on August 9 and August 10.

However, a fall through the 50-day EMA could bring sub-$0.0350 and the 100-day EMA, currently at $0.0346, into play.

EMAs bullish
ANKRUSD 130822 4 Hourly Chart

Huobi Token (HT)

Monday through Friday, HT is up 18.45% to $5.20. HT slipped to a Monday low of $4.23 before a Friday breakout to a high of $5.63. A pullback from the $5.63 left HT at $5.20 going into the weekend.

News of Huobi Global founder Leon Li looking to sell 60% of the exchange, with Tron and FTX interested parties, delivered support.

Looking at the trends, HT would need to avoid a fall back to sub-$4.50 and the current week low of $4.23 to support the bullish trend. A move through this week’s high of $5.63 would bring the June high of $7.79 into play. From $7.80, HT would have a free run at the April high of $9.95 to target $10.00.

A fall back to sub-$4.50 would bring the August 3 current year low of $4.22 into view.

HT on the move
HTUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. HT sat above the 200-day EMA, currently at $4.5966.

The 50-day closed in on the 200-day EMA, with the 100-day EMA narrowing the 200-day EMA, both bullish HT price signals.

A bullish cross of the 50-day EMA through the 200-day EMA would signal upward momentum to bring the June high into play.

However, a fall through the 200-day EMA would bring the 50-day EMA, currently at $4.5332, and sub-4.50 into view.

EMAs bullish
HTUSD 130822 4 Hourly Chart

Nexo (NEXO)

Monday through Friday, NEXO is up 26.84% to $0.9509. A bullish week saw NEXO rise from a Monday low of $0.7495 to a Thursday high of $1.0200.

News of an upswing in customer liabilities has delivered NEXO price support.

Looking at the trends, NEXO would need to avoid a fall back to sub-$0.80 and the current week low of $0.7495 to support the bullish trend.

A breakout from this week’s high of $1.0200 would bring the June high of $1.2920 into play. From there, NEXO would have a free run at the May high of $2.429 to target $3.00. NEXO last stood at $3.00 in April.

A fall back to sub-$0.80 would bring the June 18 and current year low of $0.5320 into view.

NEXO finds support.
NEXOUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. NEXO sat above the 50-day EMA, currently at $0.8353.

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA. Both are bullish NEXO price signals.

Avoiding a fall through the 50-day EMA would continue to support the upward trend formed after the August 7 bullish cross of the 100-day EMA through the 200-day EMA.

However, a fall through the 50-day EMA would bring sub-$0.80 and the 100-day EMA, currently at $0.7850, into play.

EMAs bullish
NEXOUSD 130822 4 Hourly Chart

OKX (OKB)

Monday to Friday, OKB is up 16.07% to $21.16. A choppy start to the week saw OKB fall to a Tuesday low of $17.00 before surging to a Friday high of $21.45.

There were no directly OKB-linked news stories to support the breakout Friday session.

Looking at the trends, a breakout from the week high of $21.45 would support a run at the March high of $23.68 to bring $25.00 into view. OKB last stood at $25 in January. A return to $25 would give the bulls a run at the January and the current year high of $29.95.

However, market sentiment across the broader crypto market will need to remain bullish, to support a breakout from $25.00.

OKBUSD
OKBUSD 130822 Daily Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal going into Saturday. OKB sat above the 50-day EMA, currently at $18.78

The 50-day pulled away from the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA, both bullish OKB 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 would bring the 100-day EMA, currently at $18,00, and the current week low of $17.00 into play.

EMAs bullish
OKBUSD 130822 4 Hourly Chart

Crypto Market Daily Highlights – SOL Leads Top Ten in Bullish Session

Key Insights:

  • It is a bullish Friday session for the crypto top ten, with Solana (SOL) leading the way.
  • The NASDAQ 100 delivered support, with hopes of a peak in inflation driving appetite for riskier assets.
  • The total crypto market cap is up by $23.4 billion to $1,141 billion.

It is a bullish Friday session for the crypto top ten. While bitcoin (BTC) came up short of $25,000, Ethereum (ETH) and Solana (SOL) lead the top ten going into the weekend.

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.

Following the softer US inflation figures, US consumer confidence was the key stat of the day. According to prelim figures, the Michigan Consumer Sentiment Index jumped from 51.5 to 55.1 in August. Looking at the sub-components, the Michigan Inflation Expectations Indicator slipped from 5.2% to 5.0%.

Bitcoin and the broader market responded to the numbers, which were crypto-positive.

US consumer sentiment and components deliver crypto support.
BTC reaction to US Consumer Sentiment

The NASDAQ 100 enjoyed a bullish session, delivering the broader crypto market with support. On Friday, the NASDAQ 100 rallied by 2.09% to end the week up 3.8%.

NASDAQ correlation
Total Market Cap – NASDAQ – 130822 5 Min Chart

The Total Crypto Market Cap on the Rise after the Thursday Consolidation

On Friday, the total crypto market cap fell to a late morning low of $1,101 billion before surging to a final hour high of $1,145 billion. Following softer US inflation figures, US consumer sentiment and inflation expectation figures delivered the breakout session.

With 30 minutes of the Friday session left, the total crypto market cap was up $23.4 billion to $1,141 billion. A bullish week has seen more than $63 billion pour in.

Crypto market enjoys a Friday breakout
Total Market Cap 130822 Daily Chart

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

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

With 30 minutes of the session remaining, ETH and SOL lead the way, with gains of 3.93% and 5.77%, respectively.

ADA (+1.88%), BNB (+1.14%), BTC (+2.07%), and DOT (+1.01%) are also on the move, while XRP was flat.

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

Huobi Token (HT) leads the way, rallying 17.76% on news of Huobi Global founder Leon Li looking to sell 60% of the exchange, with Tron and FTX interested parties.

OKB (OKB) and Celsius (CEL) are up 12.99% and 9.8%, respectively.

However, Ankr (ANKR) leads the way down, sliding by 6.94%, with Flow (FLOW) and Zcash (ZEC) seeing losses of 1.86% and 1.64%, respectively.

Total Crypto Liquidations Slide Amidst Bullish Crypto Sentiment

This morning, total liquidations subsided as the crypto market responded to a bullish US session, supported by the US economic indicators.

At the time of writing, 24-hour liquidations stood at $169 million, down from $343 million on Friday morning.

Liquidated traders have fallen over the last 24 hours. At the time of writing, liquidated traders stood at 44,239 versus 58,688 on Friday morning. While liquidation numbers are down over 24 hours and 12 hours, one-hour and four-hour liquidations have spiked. The spike is likely due to the liquidation of short positions.

Crypto liquidations ease over 24-hours.
Total Crypto Liquidations 130822

According to Coinglass, four-hour liquidations stood at $52.55 million, up from $7.83 million on Friday morning. One-hour liquidations have increased from $1.54 million to $45.36 million (see hourly crypto market cap chart below).

Going into the weekend, a final hour breakout bodes well.
Total Market Cap 130822 Hourly Chart

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

Key Insights:

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

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

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

Lido DAO (LDO)

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

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

Celsius (CEL)

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

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

Flow (FLOW)

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

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

Bitcoin Gold (BTG)

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

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

Nexo (NEXO)

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

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

Ripple Reportedly Considering Insolvent Celsius Buyout

Key Insights:

  • Blockchain payment Ripple has expressed “interest” in acquiring bankrupt crypto lender Celsius.
  • Ripple is actively looking for merges and acquisitions to “strategically scale the company.”
  • Celsius is facing multiple difficulties – it froze withdrawals in June, filed for bankruptcy in July, facing regulatory scrutiny from SEC.

The now bankrupt crypto lender Celsius Holding, with native token CEL, has been the talk of the town this week. For instance, the Canadian regulators are reportedly working with US counterparts to investigate the company’s insolvency. In yet another separate instance this week, Celsius CEO Alex Mashinsky has been selling his CEL tokens, given its recent surge.

Amid a slew of difficulties, the cryptocurrency lender faces, Celsius and its assets have been of great interest to blockchain behemoth Ripple Labs (XRP).

Is XRP Eyeing CEL Acquisition?

Per a Reuters report on Wednesday, Ripple is “interested” in studying Celsius and assets for its business before considering a possible merge. A spokesperson from the firm told the publication,

“We are interested in learning about Celsius and its assets and whether any could be relevant to our business.”

However, the representative did not clarify whether the company would officially acquire Celsius. Additionally, the latter has not commented on this matter.

The news left various crypto speculators wondering why the San Francisco-based Ripple would buy something that has been facing bankruptcy and lawsuits.

Crypto user and a Youtuber who has been highly vocal on XRP said that the possible interest could be a part of Ripple’s “buyback scenario.”

Another user Tweeted, questioning what kind of liquidity the integration could bring to Ripple’s on-demand liquidity (ODL).

Ripple is Looking to Scale

Ripple’s spokesperson continued stating that the blockchain firm is actively looking” for potential opportunities for acquisitions.

“Ripple has continued to grow exponentially and is actively looking for M&A opportunities to strategically scale the company.”

This is so true as the company, despite its current challenges and charges with the SEC, foresees its growth across the crypto world. In a recent tweet, the CEO of the company, Brad Garlinghouse, shared XRP’s strategy for surviving the bear market.

The XRP token has been rising slightly by 5.19% to 0.3811 at press time.

On the other hand, Celsius has had a hard blow in the crypto market. Starting from freezing its users’ assets in June, citing “extreme market conditions,” and filing for bankruptcy a month later.

Per the filings, the company’s assets included cash, cryptos, CEL tokens, other digital currencies, and bitcoin (BTC) mining businesses.

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.

5 Things to Know in Crypto Today: BTC Dips to $23K, ETH Under $1.7K as US CPI Release Looms

Key Points 

  • Cryptocurrency markets have been pulling lower since Tuesday in nervous pre-US Consumer Price Index data release trade.  
  • Bitcoin was last trading near $23,000 and Ethereum just below $1,700.  
  • Coinbase Global’s shares are lower in pre-market trade after posting worse-than-expected Q2 revenues and a decline in trading volumes.  

Crypto Prices Dip Ahead of US CPI Release 

Cryptocurrency markets have been pulling lower since Tuesday in nervous pre-US Consumer Price Index data release trade, with downside in US equities yesterday as a result of further downbeat earnings from US chipmakers and hotter-than-expected Q2 labor cost growth data exacerbating losses. Bitcoin was last trading with losses of just over 3.5% in the last 24 hours nearly bang on the $23,000 level, according to CoinMarketCap. Ethereum, meanwhile, was last down about 5.0% over the same time period and trading just under $1,700.  

BTC/USD
BTC/USD pulls back from recent highs ahead of US CPI data. Source: FX Empire

If upcoming US Consumer Price Index data for July prints substantially to the upside of expectations, this could result in markets building up Fed tightening bets, which could send US yields and the US dollar higher, whilst weighing on stocks and crypto. A substantial downside miss could see the opposite happen. Headline inflation rates are seen dipping to 0.2% MoM and 8.7% YoY from 1.3% and 9.1% in June.  

Coinbase Shares Dip on Weak Q2 Earnings Figures 

After dropping over 10% on Tuesday, Coinbase Global’s share price is down another 6% in pre-market trading after the largest US-based cryptocurrency exchange reported a substantial drop in Q2 trading volumes to $217 billion from $309 billion in Q1. The firm’s quarterly revenue came in at $803 million, below consensus expectations for $873.8 million, as per FactSet.  

Coinbase had a difficult Q2 amid the broad cryptocurrency market decline, with the company announcing job cuts and a focus on cost cutting. But its start to Q3 has been brighter. The company last Friday announced a new partnership with the world’s largest asset manager BlackRock in order to offer trading services to its institutional clients.  

Curve.Finance Loses $570K in Latest Crypto Hack 

Decentralized Finance (DeFi) protocol Curve.Finance lost $570,000 in a hack on Tuesday. Curve’s developers urged users to revoke any contracts approved on the platform in the last few hours. Curve advised its users to refrain from using the platform until its operators are able to locate the source of the hack. The project announced shortly after that the issue was reverted. The hack of Curve.Finance comes shortly after high-profile attacks on the Solana ecosystem and Nomad cross-chain bridge

Canadian Regulators Working with US to Investigate Celsius Network as CEO Unloads CEL Tokens 

According to a report by Canadian news outlet Financial Post, regulators in Canada are working with their US counterparts to investigate now bankrupt Celsius Network, which froze user withdrawals nearly two months ago with the crypto winter having inflicted a more than $1 billion hole in the company’s balance sheet, according to court filings. The Ontario Securities Commission (OSC) is looking into how the crypto lending platform’s collapse impacted Canadian users.  

Separately, according to crypto intelligence firms Nansen and Arkham Intelligence, Celsius CEO Alex Mashinsky has been selling his CEL tokens, taking advantage of their recent pump. According to the two crypto intelligence firms, a wallet address identified as Mashinsky’s just made its first transactions since late May, a swap of 17,475 CEL tokens for $28,242 worth of ETH.  

Reddit partners with FTX to enable ETH gas fees for community points  

On Tuesday, online discussion forum Reddit and cryptocurrency exchange FTX announced a new partnership to bolster the Reddit Community Points feature. Reddit Community Points allow users to “own” a piece of the online communities they are involved in and also act as a measure of reputation/clout.  

“As a unit of ownership, points capture some of the value of their community,” Reddit said in May 2020 when it released the feature. “They (points) can be spent on premium features and are used as a measure of reputation in the community”. Community Points are an ERC-20 token built on the Arbitrum blockchain, an Ethereum scaling solution. Reddit “users need ETH for gas fees to transact with their (Community) Points on-chain, and FTX Pay allows them to do that,” said FTX’s Amy Wu in a tweet.

Crypto Market Daily Highlights – ADA, ETH, and SOL See Heavy Losses

Key Insights:

  • It is a bearish Tuesday session for the crypto top ten, with Ethereum (ETH), Cardano (ADA), and Solana (SOL) taking big hits.
  • Following a bullish Monday, a shift in investor focus towards US inflation and Wednesday’s CPI numbers sent riskier assets into the red.
  • The total crypto market cap is down $25 billion, leaving the market cap up by $17 billion for the month.

It is a bearish Monday session for the crypto top ten. In a choppy session, bitcoin (BTC) failed to revisit the $24,000 handle for the eighth time in nine sessions. Cardano (ADA), Ethereum (ETH), and Solana (SOL) lead the way down.

Easing fears of a US economic recession took a backseat on Tuesday. The investor focus returned to inflation and Fed monetary policy. Investor jitters ahead of the US inflation numbers on Wednesday sent riskier assets into the red.

The NASDAQ 100 fell for a third consecutive day. A 1.19% decline weighed on the broader crypto market, with cryptos failing to break free from central bank monetary policy expectations.

On Wednesday, US consumer price index figures will be the key stats of the week. Following impressive nonfarm payroll and better-than-expected services PMI numbers, another spike in inflation could force the Fed into a percentage point move. A more aggressive path towards normalization would be crypto price negative.

NASDAQ correlation
Total Market Cap – NASDAQ – 100822 5 Min Chart

At the time of writing, the NASDAQ 100 Mini was up 14 points.

The Total Crypto Market Cap Tumbles on US Inflation Jitters

On Tuesday, the total crypto market cap rose to an early high of $1,113 billion before sliding to an early afternoon low of $1,036 billion. However, finding late support, the crypto market cap has reduced the deficit, with a return to $1,073 billion.

Down by $25.2 billion on Tuesday, the total crypto market cap is up by $17 billion for August.

Crypto market cap hits reverse on inflation jitters.
Total Market Cap 100822 Daily Chart

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

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

With one hour remaining, SOL is down 3.96%, with ADA (-3.72%) and ETH (-3.71%) also struggling.

Things are not much better for BTC (-2.46%), DOT (-1.39%), and XRP (-2.64%), while BNB is down by 0.06%.

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

Celsius (CEL), Mina (MINA), and Zcash (ZEC) are among the front runners. CEL is up 14% to lead the way, with MINA and ZEC up 5.6% and 4.5%, respectively.

At the other end of the table, Curve DAO Token (CRV) is down 8.6%, with Filecoin (FIL) and Kusama (KSM) down 7.43% and 6.84%, respectively.

Total Crypto Liquidations Rise in Bearish Tuesday Session

This morning, 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 $203 million, up from $187 million on Tuesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 82,754 versus 57,332 on Tuesday morning.

However, one-hour and four-hour liquidations declined, reflecting a partial recovery late in the session.

Crypto liquidations continue upward trend ahead of US CPIs
Total Crypto Liquidations 100822

According to Coinglass, four-hour liquidations stood at $9.05 million, down from $19.75 million on Tuesday morning. One-hour liquidations are down from $8.71 million to $3.59 million (see hourly crypto market cap chart below).

Crypto market cap finds late support
Total Market Cap 100822 Hourly Chart

Daily News Highlights

  • Australia’s central bank launched a one-year digital currency project.
  • Circle froze funds linked to Tornado Cash addresses.
  • China hit illegal websites and accounts for falsifying BTC returns.
  • A Deloitte report showed the crypto adoption outlook to surge over the next two years.

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

Key Insights:

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

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

Celsius Goes Up

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

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

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

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

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

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

Lido DAO Follows the Trend

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

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

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

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

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

Top 3 Trending Coins: CEL Breaks Key Long-term Resistance, ZEC Probes 100DMA as LDO Lags

Key Points

  • Bankrupt crypto lending service Celsius Network’s CEL token is the best performing crypto in the top 100 on Monday.
  • Lido DAO’s LDO token is the worst performer in the last 24 hours on Monday.
  • Zcash is eyeing a break higher towards $100 if it can get above near-term resistance.

CEL Hits Key Resistance Around $2 After Breaking Above Key Long-term Downtrend

CEL, the native token issued by now bankrupt cryptocurrency lending platform Celius Network, has surged in the last few days. CEL/USD was last changing hands close to the $2 per token mark, and though it has fallen back from earlier session highs in the $2.14 area, it is still up about 10% on the day and around 68% in the past five sessions.

According to CoinMarketCap, CEL is up around 24% in the last 24 hours, making it the best performing cryptocurrency by market capitalization. CEL’s latest push higher has seen it break above a key area of resistance at $2 and its 200-Day Moving Average around $1.89. The recent bullish momentum appears to have been triggered by a break above a downtrend that had been in play going all the way back to June 2021.

CL/USD
CEL/USD Chart.

This marks a significant technical break. But it remains difficult to see how CEL can make a lasting comeback given Celsius’ bankruptcy. Perhaps if cryptocurrencies/digital assets stage a solid recovery and close the massive hole in Celsius’ balance sheet, putting the company back in the green, then lasting CEL upside is a possibility.

Lido (LDO) Lags

LDO, the native token that powers the Decentralized Finance (DeFi) protocol Lido DAO, was last down around 13% in the last 24 hours, making it the worst performing cryptocurrency in the top 100 by market cap. LDO’s bullish momentum that saw it reach as high as the $2.80s last week, up from under $0.50 as recently as early July, has waned in recent days.

LDO/USD was last changing hands in the $2.20s and eyeing a retest of its 21-Day Moving Average just below $2.10. Below that, the bears are eyeing a retest of resistance-turned-support in the $1.80 area.

LDO/USD
LDO/USD Chart.

Zcash (ZEC) Probes 100DMA

According to CoinMarketCap, Zcash is the best performing top 50 cryptocurrency by market cap in the past 24 hours, up just shy of 6% over this time period. ZEC/USD was last changing hands close to $75 per token, having briefly rallied above $80 earlier in the session, with ZEC currently probing its 100-Day Moving Average at $77.6. If ZEC can surpass resistance in the $82 area, this could open the door for a run higher towards $100 and then onto the 200DMA just under $110.

ZEC/USD
ZEC/USD Chart.

Tornado Cash’s Pain, Zcash’s Gain?

Zcash, a privacy-focused cryptocurrency, could be performing well given the recent news that US regulators have blacklisted crypto transaction anonymity-focused service Tornado Cash, which traders may view as a competitor to Zcash. According to a recent blog post from Electronic Coin Co., the creator of Zcash, the RAND Corporation conducted research into Zcash usage for illicit purposes.

Their research found no evidence of any substantive use of Zcash for money laundering, terrorism financing or trade in illicit goods and services, unlike the claims being leveled against Tornado Cash, which stands accused of helping North Korean hacker group Lazarus. RAND’s report also said that “the governance of Zcash and its branding (are) compliant with the relevant AML/CFT regulations which may make it less susceptible to exploitation for illicit or criminal purposes”.

Celsius Price Prediction: What’s Next for CEL After a 14% Surge?

Key Insights:

  • The token took a tumble during May’s crypto market crash when CEL fell below the $2 mark. 
  • CEL is currently down nearly 85% from its all-time high price of $8.02 set on June 3, 2021. 
  • The coin ranks 112nd in the list of cryptocurrencies worldwide by market capitalisation at $303 million. 

Despite the company filing for Chapter 11 bankruptcy protection in the Southern District of New York in mid-July, a month after halting withdrawals in the wake of Terra’s collapse, Celsius has seen its native CEL token surge over 14% today.

Although the coin taking a tumble during May’s crypto market crash when CEL fell below the $2 mark to around $0.5, the token has regained some momentum and reached the $1.2 price level again for the first time since June 20.

Price Action

CEL started its journey at $0.0569 on November 3, 2018. The token did not start gaining traction until the end of 2020 when it climbed to $1 in September and then to $2 by November, before a major rally took place and CEL spiked 187% from $2.0893 on December 18 to $5.9992 by January 2, 2021.

This surge could be attributed to Celsius completing an audit with Chainalysis in December 2020 whereby the blockchain data platform was able to validate over $3.3 billion in total assets held by the company, making it the second-largest digital asset manager in the world at the time.

After its price skyrocketed in January 2021, CEL experienced price swings, dropping to $4 by the end of the month and then reaching $5.7576 by February 11, followed by yet another drop to the $4 mark by March.

 

CEL weekly price chart
CEL 020822 Weekly Price Chart

However, CEL then rallied an astonishing 48% in just 11 days from $4.7745 on March 28 to $7.07305 on April 8. Despite closing April at $5.7291, CEL achieved its all-time high (ATH) price of $8.02 shortly thereafter on June 3, 2021 on the same day that Celsius announced it held 107,900 Bitcoin (BTC).

Over the next few months, CEL’s price fluctuated. For instance, it fell to $5 at the end of June 2021 before almost reaching $7 in July and then dropping to the $5 level again by August. Although the Celsius crypto came close to $6 in October, by mid-November it had plummeted to under $4. Another low came in January 27 this year when the token was trading at $2.0561 and although it managed to regain some momentum and reach $3 in February, another drop to $2 came in April.

CEL’s price has been down since February this year but has reached the $1 level today after a steady incline. The token is currently trading at $1.23 and ranks 112nd in the list of cryptocurrencies worldwide by market capitalisation at $303 million.

 

CEL daily price chart
CEL 020822 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on CEL is neutral, with 17 indicators displaying bullish signals compared to 12 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving mostly buy signals, while the relative strength index (RSI) stands at 65.06.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of a Celsius Network crypto price prediction, CEL could see its price falling to $0.4023 by September 2022, dropping to $0.280 in January 2024 and decreasing to $0.2022 by January 2025.

Cryptos Finally Get Some Positive Publicity, Sparking Gains Over the Weekend

The Collapse of the Last Few Months

Over the past few months, the cryptocurrency sector has been plagued with headlines of huge corporations going insolvent and losing their investor’s funds. Such as Three Arrows Capital, a Singapore-based hedge fund that held a huge presence in the crypto space going insolvent while still in substantial debt.

Then there is the collapse of Terra’s Luna, which was among the top three stable coins prior to its death spiral. Although the collapse was due to its algorithmic mechanism that was in charge of keeping it pegged at a 1 to 1 ratio with the U.S. dollar. Tether and USDC keep their peg in a different manner and actually have reserves backing their coins.

Other large institutions fell to a similar fate when their business model of paying huge yields on Bitcoin and other cryptos proved unsustainable in an extended bear market leading Celsius, Voyager, and others to halt withdrawals from their platforms due to not having the capital needed to reimburse their over-leveraged balance sheets. But help from the regulators in Washington might change both investor confidence and safeguard investor capital in the future.

SEC and Future Crypto Regulation

Just recently the head of the SEC, Gary Gensler announced that he would be willing to help companies in a sector he has called “the wild west” of finance. Just like in Dancing with Wolves the frontier will soon be colonized and anyone involved in the sector is Kevin Costner basically, and could be glimpsing the last days of a true untamed and wild financial frontier.

“There’s a potential path forward,” SEC chair Gary Gensler said during an interview with Yahoo Finance in comments that point to how the SEC could work with the crypto industry going forward and adding the agency has the authority to give exemptions to certain regulatory and disclosure requirements. “I’ve said to the industry, to the lending platforms, to the trading platforms: ‘Come in, talk to us.’”

Ethereum on Twitter Last Week

Another headline that has ignited bullish sentiment amongst traders is the timeline tweeted by an Ethereum insider on Twitter last week.

ETH Tweet

Bitcoin and Ethereum Bullish Reactions

Since this Tweet Ethereum has shot up by 40% in less than a week, climbing from just above $1,000 on July 13th to nearly $1,500 as of 6 PM ET.

Bitcoin has risen by 10% in the same time period. The merge to PoS has got to be the most anticipated event in crypto and has been for well over a year.

BTC daily chart

The news of the merge possibly being completed by the week of September 19th has given Ethereum the shot in the arm that it needed and could bring about an end to the crypto winter currently underway.

BTC Weekly chart

It is worth noting that while BTC has yet to challenge its 50-day or 200-week moving averages, ETH has successfully taken out resistance at its own 50-day SMA signaling that ETH may have the greatest potential for gains in the upcoming weeks and months.

For anyone interested in our free service dedicated to trading Bitcoin, simply click this link.

CEL Token Price Plunges 50% as Celsius Files for Bankruptcy

Key Insights:

  • Celsius files for Chapter 11 bankruptcy to allow for restructuring.
  • The crypto lending firm has repaid some of its debts but still won’t reopen withdrawals.
  • CEL token prices tanked 58% in a few hours following the announcement.

After a month of liquidity turmoil, the beleaguered crypto company Celsius has joined the ranks of several other prominent firms in filing for bankruptcy.

Late on July 13, the company announced that it had filed for Chapter 11 bankruptcy in New York while initiating a financial restructuring plan. Celsius claims to have $167 million in cash on hand, which will be used to provide liquidity to “support certain operations during the restructuring process.”

A Chapter 11 allows companies to continue operations while bankruptcy proceedings take place. On July 6, crypto brokerage Voyager Digital filed for a Chapter 11 as it conducts its restructuring.

The “Right Decision”

Alex Mashinsky, co-founder and CEO of Celsius, said it was the “right decision for our community and company.” He added:

“I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”

However, the words come as little consolation to CEL token holders as prices have collapsed around 50% over the past 8 hours since the announcement.

Members of the Special Committee of the Board of Directors explained that the suspension of withdrawals was carried out to protect customers with longer-term investments.

Celsius filed “first-day” motions which included requests to pay employees and continue their benefits without disruption. However, this is down to a court decision. It did not request permission to allow customers to withdraw their funds at the time. The reaction on crypto Twitter was vehement, as expected.

According to the bankruptcy documents, Celsius has more than 100,000 creditors, with its largest unsecured claim of $81 million from the Caymans Island-based Pharos Fund.

The company stated that “existing loans originated by Celsius affiliates will continue to be serviced,” but it would not be issuing new loans at this time.

Celsius has made efforts to repay some of its debts to decentralized crypto lending platforms such as Maker. It had paid all of its Maker debt positions off between June 14 and July 7, freeing up its collateral in wrapped Bitcoin (WBTC). It has also started paying off debts to decentralized finance platforms, with $20 million USDC sent to Aave on July 11.

The moves come too little too late, however, as token holders are suffering again.

CEL Token Price Plunges

CEL token prices have tanked 58% over the past few hours from an intraday high of $0.96 to bottom out at $0.40 during the Thursday morning Asian trading session.

At the time of writing, CEL was trading at $0.53, having collapsed 95% from its June 2021 all-time high of $8.05.

Celsius Reclaiming $440M Collateral Fails To Trigger a Recovery

Key Insights:

  • A week since the repayment, CEL has remained virtually unmoved.
  • The investors’ bullishness combined with the market’s bearishness has resulted in a confused state.
  • Trading at $0.72, CEL is losing to the bears inching farther away from recovering May losses.

One of the biggest highlights of the third quarter is the Celsius Network which left a lot of its users angry after halting withdrawals from the DeFi platform.

However, even after the situation has been fixed, Celsius’ CEL is struggling to break free from the clutches of the bears.

Celsius Reclaims $440 Million

The Decentralized Finance platform was facing high liquidity pressure last month, which led to the lending protocol blocking withdrawals for a while.

But as the protocol managed to repay its loan to Maker, the biggest DeFi protocol in the world, it reclaimed the $440 million it had provided as collateral.

This incident also played an interesting role for the investors as the native cryptocurrency CEL immediately noted a 37.77% rally in the next 48 hours.

Sadly the rally was short-lived as the increasing bearish pressure got to the altcoin, and following the broader market trend, the cryptocurrency fell by 26.06% in the span of 3 days.

Trading at $0.7229, CEL is now waiting for strong bullish cues to recover and sustain its price action above the $1 mark.

But It Might Not Be Able To

The price indicators aren’t particularly in favor of a price rise at the moment, starting with the Parabolic SAR, which happened to be heavily bearish.

Since the end of June, the downtrend has been visible on the charts, and the same continues to remain far above the candlesticks, indicating there are still a few days before the trend can reverse.

Additionally, the MACD is also exhibiting bearishness as the indicator witnessed a bearish crossover in the last few days. The growing red bars further back the increasing bearishness, placing CEL in a difficult spot.

Thus, unless the broader market trend turns positive, CEL will not be able to recover the May losses.

Top 7 Altcoins for July 2022 – ETH, SHIB, ADA, LINK, CEL, QNT, STORJ

Key Insights:

  • Ethereum and Cardano are both about to witness critical changes to their network this month.
  • Celsius is leading the crypto space with the highest ROI at the moment.
  • The ROI alone is not a contributing factor when it comes to investment.

A considerable part of the crypto space is driven by investors who are looking to make profits out of the wild volatility that the market experiences.

However, it is not just the Return on Investments (ROI) that makes a project worthy of one’s money, its overall development also plays a critical role.

Thus it is imperative that one completely understands what a cryptocurrency offers beyond money, and that is what these seven altcoins highlight as well.

Ethereum (ETH)

The king of the altcoins, Ethereum, holds a lot of potential as an investment this month as the DeFi pioneer is preparing for the arrival of ‘The Merge’ as well as the Difficulty Bomb next month.

Scheduled for August, these two events will bring an overhaul to the network, which investors and developers have been preparing for since December 2020.

Although the one-month ROI on ETH isn’t particularly impressive, it is the anticipation of the potential profits that investors can reap by entering low.

Shiba Inu (SHIB)

As much as one may want to discredit Shiba Inu for everything it stands for (and believe me, I support you for doing so), the meme coin has managed to amass an audience that has been in preparation for the arrival of Shiba Inu’s SHIB: The Metaverse.

The development is set to be a game-changer for the network, making it a viable asset for investment as well. This is why getting in while it is still picking up pace is an excellent opportunity for those looking to gain profit.

Cardano (ADA)

Similar to Ethereum, Cardano is also going to experience an overhaul to its DeFi front this month as the Vasil hard fork is scheduled to go live on the mainnet by the end of July.

After recently going live on the testnet, Vasil is said to make an impact not only on the network but also on the native asset.

Chainlink (LINK)

One of the standout cryptocurrencies in the market is Chainlink, thanks to its unique offerings and features.

Although the oracle blockchain may not look promising when it comes to the ROI, its consistent development and integrations among hundreds of DeFi protocols make it a must-have asset.

In the second quarter alone, Chainlink integrated with more than 12 blockchains and Layer-2 networks, with its oracle networks crossing the 1000 mark.

This is despite the bearishness experienced by the market last month, which is what gives LINK its value as a strong network will always support the growth of the asset.

Celsius (CEL)

CEL has been among the emerging altcoins that became the highlight of the month, with the highest Return on Investment (ROI) of 113%. The altcoin, which was trading at $0.36 a month ago, was found to be changing hands at $0.75 at the time of writing.

As a leading platform, Celsius will find competition in the market, but if the broader market gears shift into bullish, CEL is bound to witness profits.

Quant (QNT)

Another altcoin with spectacular ROI was Quant’s native token QNT which reported 48.43% returns over the month. In the market which kept Bitcoin consolidated at $20k, even an ROI of 48% is a commendable achievement.

But what makes Quant a solid investment is its use cases. Being a blockchain interoperability network and operating system, Quant makes cross-chain functionality much easier for blockchains which are becoming a necessary feature for crypto networks thanks to user demand.

Storj (STORJ)

Last on the list is Storj, however, it is in no way inferior to any of the other cryptocurrencies on this list. Like Chainlink, Storj also brings a different, albeit already existing, feature to the crypto space in the form of a decentralized system for digital file storage.

This way, systems running its software can rent unused hard drive space to users for storing their files, which can be then paid using the native token SOTRJ.

Now, as just a token too, STORJ has performed exceptionally in the last month generating ROI up to 40%.

With the growing need for decentralization, such platforms would become a viable alternative for storage clouds, which makes STORJ a good investment going forward.

Does the Crypto Crash Affect Web3’s Future?

Key Insights:

  • Over the last two months, the crypto markets have witnessed massive corrections.
  • The global cryptocurrency market cap has shrunk to $930 billion, but traditional markets are taking a beating too.
  • The Web3 and blockchain market is anticipated to register a CAGR of 45.20% despite the recent crash.

American internet entrepreneur Chris Dixon has defined Web 3.0 as ‘the internet owned by users and builders orchestrated with tokens.’ While Dixon’s definition of Web 3.0 doesn’t describe the entirety of the same, it does, however, present a decent picture of what Web 3.0 is truly capable of.

More often than not, mainstream media and newbies put words like blockchain, NFTs, Web 3, DeFi, and many others under a more significant umbrella term – cryptocurrencies.

Over the last two months, crypto markets have witnessed massive corrections. News pieces and blogs have been filled with narratives of ‘crypto is dead.’ Amid the larger bearish undertone, a lot of critics and analysts have argued whether the recent crash would derail the future of Web 3.0 and blockchain.

So, Is Crypto Dead?

Well, while some say ‘crypto is dead,’ others believe that it could just be playing dead. Even though crypto market enthusiasts are desperately waiting for cryptocurrencies like bitcoin, ether, and altcoins to bounce back with their full might, it wouldn’t be wrong to say that a significant recovery could be a little optimistic for now.

The global cryptocurrency market cap has shrunk to $938.66 billion as of July 7, from the $3 trillion high it touched in November 2021. While numbers present a gloomy picture, it’s not just the crypto market that’s bleeding.

2022 has also been a year of losses for major indexes. High inflation, rising interest rates, and growing concerns about corporate profits and economic growth affect investors’ appetite for risk. The technology-heavy Nasdaq Composite Index is down over 25% through roughly the first six months of 2022, while the S&P 500 Index is down by nearly 20%.

The crypto market has been ravaged by weak global cues amid heightened inflation and interest rate hikes. Crypto investors and traders are now wondering whether the market will bounce back again this year.

While tension and panic continue to plague crypto investors, it needs to be kept in mind that macro market conditions haven’t been ideal. In fact, the higher correlation between cryptocurrencies and the traditional finance markets could be viewed as a positive move as this cloud mean that cryptocurrencies as an asset are maturing.

Innovation Stays Intact

While cryptocurrencies being an asset class, are prone to volatility and price change, pretty much like stocks, blockchain technology on which Dapps are made, and crypto functions is an ever-growing technology.

Notably, a May 5 report by Prophecy Market Insights presented that the global Web 3.0 blockchain market accounted for $1231.54 million in 2020 and is estimated to be $87761.35 million by 2030. The sector is anticipated to register a CAGR of 45.20%.

On the other hand, according to another report, the IT services market is expected to register a CAGR of about 10.36 % during the forecast period, 2022-2027.

Thus, numbers indicate a healthy growth graph for blockchain technology and the Web 3 market. Seemingly, innovation continues to take place even though the price trajectory was largely disappointing for the crypto crowds.

Crypto narratives in mainstream media have also been plagued by standalone events like Terra and Celsius’s collapse over the last few months. The marketwide sell-offs, lower open interest, and larger-scale lay-offs in the crypto market added to the space’s bearish pressure.

A Crypto Recovery Incoming

This isn’t the first time the crypto market is seeing a significant pullback; in 2015, 2018, and then 2020, during the pandemic – the global crypto market has seen its ups and downs. Over the many bear markets and long-drawn price pullbacks, the technology behind cryptocurrencies has only evolved.

Taking a look at the previous market cycles highlights that market volatility and macroeconomic conditions have often affected the price of cryptocurrencies pulling the larger market down. While bear markets give rise to lay-offs and selloffs in the market, portraying doom for the space, it’s only the tip of the iceberg.

As the technology and the Web 3.0 narrative grows, a certain market maturation silently takes place on the side. Nonetheless, critics of the space have long argued that using digital currencies for online interaction gives users a financial motivation to take actions previously freed of commercial incentives. The same could financialize online services and lead to interactions becoming a business.

However, crypto geeks and supporters of the space argue that crypto critics fail to reflect the highly diverse nature of online services.

That said, a lot of traditional finance giants like Amazon, Meta, Google, HSBC, and IBM have also embraced crypto and blockchain. A majority of institutions cite consumer demands and the larger adoption of Web 3 as a reason behind turning towards the space.

Nonetheless, the adoption narrative has received a beating due to the larger bear market. In fact, the bearish blues have slowed down the larger crypto adoption, especially since newcomers are cautious about their entry into the space. However, the crypto crash hasn’t derailed the crypto or Web 3 adoption, if at all, it has delayed the pace of growth.

Celsius Repays $120 Million Worth of DAI to Maker Within 24 Hours

Key Insights:

  • Celsius has repaid about $150 million worth of DAI since the beginning of this month.
  • The network is focused on stabilizing liquidity and operations for now. 
  • CEL on the charts has been outperforming other tokens rising by 68.51% in the last three days.

The crypto market has been eyeing recovery for a while now, and while some tokens are on the path to achieving it, others are yet to set that momentum in motion.

Surprisingly, one of them happens to be Celsius Network’s CEL which, despite being in a dilemma, is managing to reap returns.

Celsius Pays Back

One of the major highlights of this week has been Celsius which kickstarted the month of July by paying back almost $150 million worth of DAI to Maker, the network behind the DAI stablecoin that it borrowed close to $258 million from.

About $120 million of this repayment was paid in the last 24 hours when Celsius sent back DAI in 3 batches of 64 million DAI, 50 million DAI, and 6.2 million DAI.

However, the lending protocol still owes Maker about $82 million worth of DAI in outstanding debt. Recently the DeFi application began facing losses when the broader market conditions started turning bearish.

As the situation worsened, the protocol’s losses furthered, and as a result, despite having a $1.8 billion value invested in the Dapp, it is facing losses equivalent to almost $654 million.

The firm, which has been teetering at the edge of being bankrupt, is still managing to pay out rewards to its users. This is after the protocol paused withdrawals last month in order to prevent deterioration due to depreciating market conditions.

As per the most recent statement from the Celsius team, the network is exploring ways to protect and preserve the assets on its platform. Adding to the same, the statement read,

“…options include pursuing strategic transactions as well as a restructuring of our liabilities, among other avenues. These exhaustive explorations are complex and take time, but we want the community to know that our teams are working with experts from many different disciplines.”

Celsius Is Heating Up on the Charts

While the network is in a bind, its native token, CEL, is not and has managed to channel the market’s bullishness into marking a rally for itself. In the last three days, the altcoin has shot up by 68.51% to trade above $1.

This was helpful in maintaining the 323.66% rally it witnessed in the latter half of June, which was significantly impacted by the 47.75% hit it took in the same week.

In terms of where it can go on from here, while the Parabolic SAR is certainly indicating a downtrend, the Relative Strength Index (RSI) is noting sustained bullishness. Thus, CEL could end up being consolidated, provided the network does not collapse.