Crypto Market Daily Highlights – ADA Leads on Vasil Hard Fork News

Key Insights:

  • It was a mixed Saturday session for the crypto top ten, with Cardano (ADA) leading the way and Dogecoin (DOGE) returning to the top ten.
  • There were no crypto events to influence, leaving Fed fear and sentiment towards the Vasil hard fork to provide direction.
  • The total crypto market cap declined by $3.6 billion to $952.2 billion.

It was a mixed Saturday session for the crypto top ten. Bitcoin (BTC) ended the day at sub-$20,000 for the third time this week. However, DOT gave up the number ten spot to DOGE, with ADA finding support from news of the Vasil hard fork date.

While news of the Vasil hard fork data was crypto market positive, Yellen’s comments from Friday continued to resonate. On Friday, US Treasury Secretary and Former Fed Chair Janet Yellen weighed on risk sentiment. The Former Fed Chair reportedly said that inflation remained too high, and the onus sat with the Fed to bring inflation down.

With the crypto correlation with the NASDAQ 100 remaining firmly in place, we can expect direction from the NASDAQ 100 Mini in the final hour of today’s session.

NASDAQ correlation.
Total Market Cap – NASDAQ – 040922 Daily Chart

Crypto Market Cap Sees Modest Decline in a Mixed Session

On Saturday, the total crypto market cap rose to an early high of $963.5 billion before sliding to a low of $941.2 billion. A lack of cues from the news wires allowed a late recovery, with the crypto market cap ending the day at $952.2 billion.

While geopolitics and Fed Fear remained crypto headwinds, crypto network updates were market positive.

The total crypto market cap is down by $30 billion to $951 billion for the current week.

market cap remains at sub-$1,000 billion.
Total Market Cap 040922 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 5.95% on news of the Vasil hard fork date, with BNB (+0.14%) and DOGE (+1.74%) also finding support. DOGE returned to the top ten as a result.

However, it was a bearish session for the rest of the top ten. ETH fell by 1.14%, with BTC (-0.68%), SOL (-0.40%), and XRP (-0.52%) seeing red.

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

Filecoin (FIL) led the way, rallying by 11.51%, with Celsius Network (CEL) and Axie Infinity (AXS) seeing gains of 5.91% and 8.72%, respectively.

At the other end of the table, Helium (HNT) continued to slide, falling by 7.61%. UNUS SED LEO (LEO) and Nexo (NEXO) ended the day with losses of 4.16% and 4.31%, respectively.

24-Hour Crypto Liquidations Slide as Market Moves Sideways

Over 24 hours, total liquidations fell back, supported by steadying market conditions early in the Sunday session.

At the time of writing, 24-hour liquidations stood at $49.07 million, down from $149.87 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 16,285 versus 43,947 on Saturday morning. Liquidations over 12 hours and four hours fell significantly, while one-hour liquidations rose.

Crypto liquidations slide
Total Crypto Liquidations 040922

According to Coinglass, 12-hour liquidations stood at $15.47 million, down from $122,97 million on Saturday morning, with 4-hour liquidations down from $28.83 million to $4.41 million. One-hour liquidations inched up from $1.10 million to $1.12 million. The chart below shows market conditions throughout the session.

Total market cap steadies early in the Sunday session.
Total Market Cap 040922 Hourly Chart

Crypto Market Daily Highlights – ETH and ADA Lead Top Ten Meltdown

Key Insights:

  • It was a bearish Friday session for the crypto top ten, with Ethereum (ETH) and Cardano (ADA) leading the extended sell-off.
  • Investor angst over Fed monetary policy weighed on riskier assets, with a NASDAQ 100 pullback adding to the bearish mood.
  • The bearish session left the total crypto market cap down $98.9 billion to $979.71 billion.

It was a bearish session for the crypto top ten. Bitcoin (BTC) tumbled to sub-$21,000 before a partial recovery. Ethereum (ETH) and Cardano (ADA) led the way down, however.

There were no US economic indicators to send the crypto market into a tailspin. However, hawkish FOMC member chatter from Thursday set the tone going into the weekend.

FOMC member James Bullard leaned in favor of a 75-basis point hike. FOMC member Mary Daly, speaking early in the Thursday session, reportedly favored a 50 or 75 basis point move. Significantly, both also talked of a rise-and-hold strategy rather than reversing course at a later date.

The NASDAQ 100 also succumbed to the flight to safety, adding further pressure on the crypto market that extended the sell-off beyond the US closing bell.

NASDAQ correlation
Total Market Cap – NASDAQ – 200822 5 Min Chart

The Total Crypto Market Cap Slides to sub-$1,000 on Fed Chatter

On Friday, the total crypto market cap slid from a high of $1,078 billion to a final hour low of $973.99 billion. The crypto market tumbled by $99 billion in response to Thursday’s hawkish FOMC member chatter that talked of an end to free money.

The Friday sell-off also left the crypto market cap down $79 billion for August, raising the prospects of a fourth monthly decline from five.

Crypto market cap slides to sub-$1,000 bn.
Total Market Cap 200822 Daily Chart

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

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

ETH and ADA led the way, sliding by 12.85% and 12.11%, respectively.

BTC (-10.21%), DOGE (-9.31%), SOL (-9.35%), and XRP (-9.62%) weren’t far behind, while BNB saw a relatively modest 6.31% fall.

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

Trust Wallet Token (TWT) and Celsius (CEL) bucked the broader market trend, with gains of 1.57% and 2.10%, respectively.

However, STEPN (GMT) and Filecoin (FIL) saw losses of 15.19% and 13.50%, respectively. Lido DAO (LDO) led the way down, sliding by 16.95%.

Total Crypto Liquidations Spike in a Crypto Market Meltdown

This morning, total liquidations surged over 24 hours, with investor sentiment towards the Fed leading to a slide in BTC long positions.

At the time of writing, 24-hour liquidations stood at $639 million, up from $57 million on Friday morning.

Liquidated traders spiked over the last 24 hours. At the time of writing, liquidated traders stood at 149,854 versus 30,221 on Friday morning. Liquidations over 12 hours, 4 hours, and the last hour reflected volatile market conditions.

Crypto liquidations spike.
Total Crypto Liquidations 200822

According to Coinglass, 12-hour liquidations stood at $144.05 million up from $36.43, with 4-hour liquidations rising from $7.12 million to $94.04 million. One-hour liquidations jumped from $1.33 million to $19.36 million. The liquidation figures reflected deteriorating market conditions over the Friday session, with the one-hour numbers suggesting choppy waters ahead. (See hourly crypto market cap chart below).

Bearish sentiment continued into the final hour.
Total Market Cap 200822 Hourly Chart

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

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.

Crypto Price Analysis August 9: FIL, CRV, KSM, RUNE, UNI

Key Insights:

  • Curve DAO token led the market with a 10.57% fall.
  • Filecoin, Kusama, and others followed suit with more than 8% dips.
  • Bitcoin and Ethereum were in line with the same, falling to $23k and $1.6k.

Cryptocurrencies mostly noted a downtrend today as the crypto market faced the impact of the US Office of Foreign Assets Control’s (OFAC) sanctions on the crypto service provider Tornado Cash.

The platform linked with the North Korean hackers – the Lazarus Group, has been barred from usage by any US citizen.

Consequently, despite TORN, the native token of Tornado, being the epicenter, the bearish waves were felt across the crypto market, sparing only a few cryptocurrencies which did not even include the king coin and the altcoin king, which traded at $23,147 and $1,694, respectively.

Filecoin (FIL)

FIL noted an 8.84% decline today due to the broader market bearish cues, only days after marking an almost 87% rally in the span of 5 days.

The reason behind the fall has been a market cooldown caused by excessive bullish pressure, as evinced by the Relative Strength Index (RSI).

Curve DAO Token (CRV)

CRV was also amongst the worst performing assets of the day, falling by 10.57%, losing a part of its 165.42% rally from the month before.

Whether or not this momentum will stick is questionable since the Awesome Oscillator is exhibiting mixed signals at the moment.

Kusama (KSM)

Kusama finally broke its almost month-long streak of keeping above the basis of the Bollinger Bands, which would’ve been helpful during periods of volatility.

The 8.97% drop in 24 hours that caused this development also brought the trading price of the asset to $59.88 today.

ThorChain (RUNE)

RUNE was among the ones to lose the least, declining by just 5.69% in 24 hours after charting an 83.67% rally in the last two months.

But regardless of the rally, investors have been consistently pulling their money out of the asset as evinced by the downtick of the Chaikin Money Flow.

Uniswap (UNI)

Uniswap was the best performer of this lot as it only fell by 4.55% today, bringing the price to $8.391. The fall came days after the almost 155% rally from a month ago.

The MACD today also slipped into a bearish crossover, and the appearance of the red bar below the neutral line makes the altcoin far more susceptible to a price drop.

Crypto Market Daily Highlights – ADA and BNB Lead the Crypto Top Ten

Key Insights:

  • It is a bullish end to the week for the crypto top ten, with Cardano (ADA) and Binance Coin (BNB) leading the way.
  • No cues from the crypto news wires left investors to juggle better than expected US economic indicators and the threat of another 75-basis point interest rate hike.
  • The total market cap increased by $10.12 billion to end the week up $15.25 billion.

It was a bullish Sunday session for the crypto top ten. In another range-bound session, bitcoin (BTC) fell short of the $24,000 handle for the seventh consecutive session. Cardano (ADA) and Binance Coin (BNB) led the way, though the gains were modest.

Recent US economic indicators eased investor jitters over a US economic recession. However, the better-than-expected data has fueled speculation of a one percentage point rate hike in September. In July, the Fed delivered a ‘dovish’ 75-basis point hike, with FOMC members concerned about the impact on the US economy.

ISM-based service PMI and nonfarm payroll figures may have alleviated that concern. However, the Fed will have another round of economic indicators to consider ahead of the September policy decision. The possibility of weaker numbers eased any immediate market stress.

Following the NASDAQ 100’s 0.50% loss on Friday, the NASDAQ 100 Mini was down 49.5 points this morning, leading to a crypto pullback.

NASDAQ 100 correlation
NASDAQ 100 – Crypto 080822 Daily Chart

The Total Crypto Market Cap Ends the Week on the Rise

On Sunday, the total crypto market cap slid to an early low of $1,055 billion before surging to a late high of $1,090 billion. However, weighed by the NASDAQ 100 Mini, the crypto market cap eased back to end the day at $1,075 billion.

Up by $10.12 billion on Sunday, the total crypto market cap increased by $15.25 billion to register a fifth consecutive weekly rise.

Crypto market cap increased to end the week up $15.25 billion
Crypto Market Cap 080822 Daily Chart

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

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

ADA and BNB rose by 3.33% and 2.44%, respectively, to lead the way, with BTC (+0.98%) and SOL (+1.36%) finding support.

DOT (+0.57), ETH (+0.57%), and XRP (+0.27%) trailed the front runners.

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

Oasis Labs (ROSE), Loopring (LRC), and Theta Network (THETA) led the way. ROSE jumped by 25%, with LRC and THETA up by 11% and 8%, respectively.

At the other end of the table, Filecoin (FIL) led the way down, with a 7% loss. Lido DAO (LDO) and Synthetix (SNX) fell by 5%, respectively.

Total Crypto Liquidations See NASDAQ 100 Mini Influence

This morning, 24-hour liquidations remained at sub-$100 million, reflecting the bullish Sunday session.

At the time of writing, 24-hour liquidations stood at $63 million, up from $59 million on Sunday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 27,681 versus 24,204 on Sunday morning.

However, one-hour and four-hour liquidations increased as investors looked ahead to US inflation and responded to the early NASDAQ 100 Mini decline.

Crypto Liquidations remain at sub-$100 million
Total Crypto Liquidations – 080822

According to Coinglass, four-hour liquidations stood at $16.91 million, up from $1.44 million on Sunday morning. One-hour liquidations were up from $0.328 million to $3.89 million (see hourly crypto market cap chart below).

Crypto market cap sees NASDAQ 100 Mini effect
Crypto Market Cap 080822 Hourly Chart

Crypto Market Daily Highlights – ETH and DOT Lead the Top Ten South

Key Insights:

  • It is a bearish Saturday session for the crypto top ten, with Polkadot (DOT) and Ethereum (ETH) leading the way down.
  • There were no crypto events to influence, leaving investors to consider recent economic indicators and what lies ahead for the Fed.
  • The total market cap is currently down by $6.8 billion.

It is a bearish Saturday session for the crypto top ten. In a range-bound session, bitcoin (BTC) could fall short of the $24,000 handle for the sixth consecutive session. Despite the bearish session, Ethereum (ETH) has held onto the $1,700 handle with an hour to go.

While US recessionary fears have eased in response to the US nonfarm payroll figures, Fed policy uncertainty remains. Recent economic indicators, including service sector and labor market numbers, support another hawkish move in September.

While the story can change between now and the next Fed meeting, strong labor market conditions could allow the Fed to hike rates by one percentage point.

On Friday, a bearish end to the week likely reflected a rise in expectations of a more substantial rate hike.

NASDAQ corelation
Total Market Cap – NASDAQ – 070822 Daily Chart

The Total Crypto Market Cap on Target for Another Fall

On Saturday, the total crypto market cap rose to an early high of $1,082 billion before falling to a low of $1,065 billion.

Late in the session, the market cap partially recovered to $1,074 billion, leaving the market cap down $6.8 billion for the session.

Failure to recover the current session losses would mark the seventh decline in eight sessions.

Crypto market cap
Total Market Cap 070822 Daily Chart

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

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

DOT and ETH are down 1.88% and 1.30%, respectively, to lead the way down.

ADA (-0.19%), BTC (-0.62%), and XRP (-0.41%) also in the red, while BNB (+0.09%) and SOL (+0.03%) are in positive territory.

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

Quant (QNT) leads the way, rallying by 15.55%, with Filecoin (FIL) and Compound (COMP) up by 11.58% and 8.47%, respectively.

However, Friday’s trailblazers led the way down.

Decred (DCR) was down 20.33%, with Flow (FLOW) and Holo (HOT) seeing losses of 5.79% and 5.39%, respectively.

Total Crypto Liquidations Signal Improving Market Conditions

24-hour liquidations declined before the Sunday session, highlighting the relatively range-bound Saturday session.

At the time of writing, 24-hour liquidations stood at $59 million, down from $176 million on Saturday morning.

Liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 24,204 versus 51,953 on Saturday morning.

One-hour and four-hour liquidations saw a marked decline going into Sunday.

Crypto liquidations fall
Total Crypto Liquidations 070822

According to Coinglass, four-hour liquidations stood at $1.44 million, down from $31.35 million on Saturday morning. One-hour liquidations were down from $0.453 million to $0.328 million (see hourly crypto market cap chart below).

market cap pull back
Total Market Cap 070822 Hourly Chart

Top 3 Trending Coins: FIL Outperforms, AVAX Eyes Bullish Breakout Towards $30s, FLOW Lags

Key Points

  • Filcoin bulls are back in control, with the cryptocurrency the best performer in the top 50 on Saturday.
  • Avalanche is eyeing a bullish breakout from an ascending triangle pattern.
  • Flow is suffering amid profit-taking after massive gains on Thursday/Friday.

Filecoin (FIL) Bulls Regain Control

Filecoin, one of the biggest recent movers in the cryptocurrency space, has regained upside momentum on Saturday. FIL, the native token that powers Filcoin’s decentralized data storage blockchain protocol, was last trading over 11% higher on the day on Saturday in the $9.30 area, having surged from closer to $8.0 on Friday.

The cryptocurrency was sent careening higher last weekend by the news that Filecoin had partnered with prestigious US university Harvard to work together on preserving digital information via decentralized technology. Between 30 July and 1 August, FIL rallied as much as 90% from under $6.0 to around $11.35, but its price action saw some consolidation this week.

FIL seems to have attracted decent demand upon a retest of its 10-Day Moving Average this week and bulls appear to be gunning for a retest of recent highs. In terms of upside resistance levels to watch out for, there is the late April low at $11.75, the 200DMA at $13.98 and then support in the $16.90 area.

FIL/USD
FIL/USD bulls regain control. Source: FX Empire

According to CoinMarketCap, FIL is over 12% higher in the last 24 hours, making it the best performing cryptocurrency in the top 50 by market capitalization.

Avalanche (AVAX) Eyes Bullish Ascending Triangle Breakout

The best-performing cryptocurrency in the top 20 by market cap over the last 24 hours on Saturday according to CoinMarketCap is Avalanche. Over this time period, the AVAX token that powers Avalanche’s blockchain has rallied around 6.0% to above the $25.50 mark.

However, AVAX is for now holding below recent highs in the $25.80 to $26.30 area and below its 100DMA at $26.76. But a bullish breakout is looking increasingly likely. AVAX/USD has formed an ascending triangle in the last few weeks and these often break to the upside.

The immediate upside target would be a test of the $28.00 support-turned-resistance area. Beyond that, there is much to stop AVAX from surging into the $30s and beyond.

AVA/USD
AVAX/USD eyes bullish breakout. Source: FX Empire

Flow (FLOW) Pulls Back After Meta Platforms Fuelled Rally

FLOW, the native token that powers the Flow blockchain, is the worst performing cryptocurrency in the top 50 by market cap in the past 24 hours this Saturday according to CoinMarketCap. Over this time period, FLOW has dipped nearly 10%. However, the recent drop is probably just a reflection of some profit-taking in wake of the stunning near-50% surge higher that the cryptocurrency enjoyed on Thursday and Friday.

FLOW was boosted earlier this week by the news that Meta Platforms will utilize the Flow blockchain in order to expand its non-fungible token (NFT) offerings. Meta this week announced an international expansion of its digital collectibles features that it successfully piloted on Instagram back in May. Meta will now support the Dapper wallet, whose creator Dapper Labs also created the Flow blockchain, as well as supporting the Coinbase wallet.

Filecoin Price Prediction: Can FIL Rebound?

Key Insights:

  • FIL stagnated between the $5-$6 price range for most of last month but has risen 38% over the last seven days. 
  • The token surpassed the $11 mark on August 1 – a price level it had not seen since May 11, 2022.
  • FIL is currently 96% below its all-time high price of $237.24 set on April 1, 2021. 

Considering that FIL was stuck in a price inactivity rut for nearly all of last month when it stagnated between the $5-$6 range, the coin has displayed a strong performance during the last seven days, rising over 38%.

In fact, the token surpassed the $11 mark on August 1 – a price level it had not seen since May 11, 2022. However, FIL has fallen 2% today to around $8.

Price Action

FIL started its journey on December 16, 2017 at $20.5. The token quickly surged to $26.5 by January 14, 2018, but following a drop to the $7 level in mid-March, FIL continued its descent, falling to as low as $4.467 by August 17.

After this, the token did not see much positive price action until mid-2020 when the Filecoin crypto rallied from $12.29 on June 21 to $23.75 on September 1, before doubling to $44.04 by October 17. However, FIL ended up closing the year at $24.35.

 

FIL weekly price chart
FIL 050822 Weekly Price Chart

In March 2021, the computer hardware giant Xinyuan Technology signed a deal with the project to invest nearly $89 million in Filecoin miners. FIL rallied from the $40 level in mid-February 2021 to $76.78 by March 22, before closing that month at $125 and skyrocketing to its all-time high (ATH) price on April 1 at $237.24.

However, a strong correction followed and the Filecoin token plummeted to $68.21 on May 29 and then to $46.22 on June 21. Despite trading as low as $44.65 on July 19, FIL rebounded and rose to $113.6 on September 5 before crashing again to the $40 price level by early December and closing the year at $34.27.

FIL has certainly failed to regain its 2021 highs and more recently, it struggled to move above the $6 level, before spiking to $8.7228 on July 30 and reaching $11.17 on August 1 when it was trading inside a long-term descending parallel channel. The token is currently trading at $8.17 and ranks 34th in the list of cryptocurrencies worldwide at $2 billion. Resistance is at $11.56 and support can be found at $5.07.

 

FIL daily price chart
FIL 050822 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on FIL is bearish, with 11 indicators displaying bullish signals compared to 14 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 63.5.

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 Filecoin crypto price prediction, FIL could see its price falling to $4.599 by September 2022.

EOS and Filecoin Lead the Market Downtrend With an 11% Drop

Key Insights:

  • EOS fell by more than 10% today to trade at $1.19.
  • Filecoin was one of the worst-performing coins today, falling by 15.2%.
  • Bitcoin and Ethereum remained unmoved, trading at $23k and $1.6k.

The crypto market is possibly cooling down after the weeks of the rally, which is why every altcoin is taking a hit as well. As long as this cooldown does not extend into a drawdown, the market will be fine.

As it is, Bitcoin and Ethereum haven’t declined by a lot anyways, trading at $23,002 and $1,637, respectively.

EOS Slips Back Down

Following the broader market bearish cues, EOS noted a downfall of 10.72% which resulted in the price falling to $1.19. This came after almost a month and a half long streak of the incline, where the altcoin had risen by 50.45%.

It still had room for growth until yesterday, but things changed today, leaving EOS in a tough spot.

The Parabolic SAR’s white dots changed their position to sit above the candlesticks, which indicates a downtrend has officially begun for the asset. This is the first time SAR has exhibited this, as it has been in a consistent uptrend for more than two weeks.

This is also backed by the appearance of the red bar on the Awesome Oscillator for the first time since July 14, which, if is continued over the next couple of days, EOS could be testing the lows of $1.

Filecoin Files Itself With the Bears

Down by 15.29% in 24 hours, Filecoin lost the possibility of breaching the $10 mark, which has been acting as resistance for FIL for more than two and a half months now.

This drop came after a week-long rally where the altcoin managed to shoot up by almost 87% and recover the June crash losses.

Now the next challenge for FIL is recovering from the 48.54% downfall observed in the week during the May crash, where FIL fell from almost $16 to $8.

The Bollinger Bands are still exhibiting bullishness in the case of FIL as the candlestick is placed above the basis of the indicator.

Although the diverging bands indicate a rise in volatility, the altcoin will be safe from negative price swings as long as the candlesticks stay put.

The Chaikin Money Flow also indicated outflows at the hands of investors, but since they have not been excessive yet, FIL will not face any drastic decrease in price.

Top 3 Trending Coins: CRO Bucks Broad Crypto Weakness, Bulls Eye Rally to $0.16 as FIL, DOT Slide

Key Points

  • After its massive weekend surge in response to the Harvard partnership news, Filecoin is falling back down to earth.
  • Polkadot, meanwhile, is also under pressure and eyeing a retest of its 21 & 50DMAs.
  • Cronos is bucking the trend of mostly weaker crypto prices and eyeing a rally to resistance at $0.16.

Filecoin (FIL) Eyes Return to $6.30 Support

FileCoin, the native token that powers the Filecoin decentralized data storage blockchain protocol, has continued to pull back sharply from the multi-month peaks its hit on Monday above $11 per token. The cryptocurrency was most recently changing hands around $8.0, down nearly 9.0% on Tuesday, down roughly 20% in the last 24 hours and down closer to 30% versus Monday’s highs. These stats make it the worst performing top 50 cryptocurrencies by market capitalization on Tuesday.

The cryptocurrency was sent surging last Saturday by the news that Filecoin had partnered with prestigious US university Harvard to work together on preserving digital information via decentralized technology. FIL rallied over 90% from last Friday’s levels around $6.0 to Monday’s highs above $11, but the cryptocurrency has now succumbed to profit-taking amid a broader downturn in markets on Tuesday. If things continue to get worse for the broader crypto market, FIL could well fall back to test the $6.30 support area.

FIL/USD
FIL/USD eyes return to $6.30 support. Source: FX Empire

Polkadot (DOT) Eyes Retest of 21 & 50DMAs

DOT, the native token that powers Polkadot’s multi-chain ecosystem, was down sharply on Tuesday, with the cryptocurrency falling below support in the $8.0 area. In the last 24 hours, the cryptocurrency has shed more than 10% of its value, according to CoinMarketCap, making it the worst-performing top 20 cryptocurrency. DOT is now around 15% lower versus its weekend peaks above $9.0 per token.

DOT bears are now eyeing a retest of its 21 and 50-Day Moving Averages, both of which sit just under $7.50. Bulls will be hoping that the cryptocurrency can find support in this area, which would be a sign that the recent uptrend has further legs to run.

DOT/USD
DOT/USD eyes test of 21 & 50DMAs. Source: FX Empire

Polkadot Parachains Continue “Building, Deploying and Growing”

On Monday, Polkadot’s official Twitter account released an update of some recent updates/developments relating to the network and its projects. According to Polkadot, the network’s “parachains have continued building, deploying and growing”.

In terms of the highlights, @Unique_NFTchain launched its #Punk4ThePeople campaign, with users now able to get their own share of a “fractionalized” CryptoPunk Non-fungible Token (NFT). Elsewhere, Trust, a popular crypto wallet, has integrated Polkadot staking.

In separate news on Monday, Polkadot has now reached the milestone of 400 projects o its ecosystem having received a grant from the Web3 Foundation. The foundation recently disclosed that out of 1,054 applications from prospective Polkadot projects for grant money since its launch back in 2018, it has awarded cash to 415 projects.

Cronos (CRO) Bucks Broad Crypto Weakness

Cronos is bucking the trend of mostly weaker cryptocurrency prices on Tuesday. CRO, the native token that powers the Cronos blockchain, recently broke out to fresh multi-week highs above $0.145. CRO was last up around 5.5% on Tuesday and just shy of 4.0% in the last 24 hours, according to CoinMarketCap, making it the best performing top 50 cryptocurrency by market cap.

The cryptocurrency looks to have broken to the upside of an upwards trend channel that CRO has been locked within since mid-June. That suggests the door is open to a quick rally to the next area of resistance around $0.16. But the downbeat tone to broader cryptocurrency trade is likely going to need to improve if CRO is going to muster an additional 10%ish rally.

CRO/USD
CRO/USD breaks above upwards trend channel. Source: FX Empire

Crypto.com Names Top 5 Cronoc Blockchain Projects

Crypto.com shared an update on Monday of the top five projects being built on its blockchain via Twitter. According to the blog post that was first published on 26 July, VVS Finance (a decentralized exchange or DEX), Tectonic (a crypto lending platform), Ferro (a stablecoin-focused DEX), Mad Meerkat Finance (another DEX) and Beefy Finance (a Decentralized Finance “Yield Aggregator”) are the top five projects.

Seperately, in a positive sign for CRO, the cryptocurrency recently rose to amongst the top 10 by trading volume by Ethereum whales in the last 24 hours. A tokenized version of CRO can be traded on the Ethereum blockchain.

Crypto Market Daily Highlights – ETH Leads the Top Ten into the Red

Key Insights:

  • It is a bearish start to August for the crypto top ten, with Ethereum (ETH) leading the way down.
  • A lack of cues from the crypto market leaves investors to stew over a string of weak US economic indicators.
  • The bearish session sees the total crypto market cap heading for a third consecutive loss, with $16.4 billion coming off the table.

It is a bearish Monday session for the crypto top ten. Bitcoin (BTC) failed to visit the $24,000 handle for the first time in four sessions. The bearish start to August sees ADA and SOL also struggle.

There were no cues for the crypto market, leaving investors to consider weak US economic indicators.

On Monday, the ISM Manufacturing PMI fell from 53.0 to 52.8, with the Markit survey-based PMI falling from 52.7 to 52.2.

Following Q2 GDP numbers from last week, investors are getting jittery ahead of this week’s nonfarm payrolls.

The NASDAQ 100 slipped by 0.18%, with the NASDAQ already baking in the prospects of a recession.

NASDAQ correlation remains firm
Total Market Cap – NASDAQ – 020822 5 Min Chart

The Total Crypto Market Cap Starts August on a Bearish Footing

On Monday, the total crypto market cap rose to an early high of $1,070 billion before sliding to a low of $1,037 billion.

Finding late support, the market cap currently stands at $1,043 billion, down $16.4 billion for the session.

Total crypto market cap falls on recession jitters
Total Market Cap 020822 Daily Chart

There were no cues from the crypto market to weigh on investor sentiment. Following a bearish Sunday, a modest NASDAQ 100 fall over recession jitters sent the crypto market into the red.

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

It is a bearish start to the month for the crypto top ten.

With two hours of the session to go, ETH (-3.34%) is leading the way down, with ADA (-1.55%) and SOL (-2.89%) also struggling.

BNB (-0.85%), BTC (-1.14%), DOGE (-0.32%), and XRP (-0.57%) are seeing relatively modest losses.

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

Hive (HIVE) leads the way, surging by 67%, with Chiliz (CHZ) and Gala (GALA) up by 15.71% and 7.23%, respectively.

However, at the other end of the table, Filecoin (FIL) led the way, sliding by 17%. Arweave (AR) and Ethereum Classic (ETC) are also in the deep red, falling by 12% and 11%, respectively.

Total Crypto Liquidations Highlight Bearish Start to August

Late in the Monday session, 24-hour liquidations have risen, while market conditions have improved with two hours left to go.

At the time of writing, 24-hour liquidations stood at $163 million, up from $133 million on Monday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 72,497 versus 62,484 on Monday morning.

However, the one and four-hour liquidations reflect improving market conditions.

Crypto liquidations rise over 24-hours
Total Crypto Liquidations 020822

According to Coinglass, four-hour liquidations stand at $12.96 million, down from $35.37 million on Monday morning. One-hour liquidations are $1.28 million, down from $4.81 million (see hourly crypto market cap chart below).

Crypto market steadies
Total Market Cap 020822 Hourly Chart

Daily News Highlights

  • Binance.US announced Amp (AMP) delisting in response to SEC security tag.
  • Kadena launched the first gas-free decentralized exchange (DEX) called Kaddex.
  • Tiffany goes NFT with 250 CryptoPunk NFT necklaces.
  • Research shows that Metaverse and Gaming are weathering the crypto winter.

Crypto Market Daily Highlights – SOL Leads the Top Ten into the Red

Key Insights:

  • It was a bearish end to a bullish month for the crypto top ten, with Solana (SOL) leading the way down.
  • For the second session in a row, there were no cues to give the crypto market direction, leaving investors to lock in profits from the month.
  • A bearish session saw the total crypto market cap fall for a second consecutive session, with $12.6 billion coming off the table.

It is a bearish Sunday session for the crypto top ten. Bitcoin (BTC) failed to hold onto the $24,000 handle for a third consecutive day. Solana (SOL) led the way down after finding strong support on Saturday, with Dogecoin (DOGE) and Ripple (XRP) also struggling.

There were no cues for the crypto market, leaving investors to consider the prospects of a US recession and how it could impact the market.

This week, US economic indicators will continue to provide direction to the NASDAQ 100 and the crypto market. US stats include private sector PMIs for July and the all-important non-farm payrolls.

For the crypto market, the big question will be whether recessionary fears can break the link with the NASDAQ 100. At the time of writing, the NASDAQ 100 Mini was down 61.5 points, while the total crypto market cap was up $2.40 billion

NASDAQ correlation
Total Market Cap – NASDAQ – 010822 Daily Chart

The Total Crypto Market Cap Ends Three-Month Losing Streak

On Sunday, the crypto market rose to a late high of $1,012 billion before falling to a low of $1,053 billion.

However, finding late support, the market cap ended the day at $1,060 billion, down $12.6 billion for the session.

There were no cues for the crypto market during the session, leaving investors to lock in gains from the month.

Despite the bearish end of the month, the crypto market ended a three-month losing streak. For July, the total market cap increased by $194 billion.

Crypto market cap
Total Market Cap 010822 Daily Chart

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

It was a bearish end to the month for the crypto top ten.

SOL slid by 3.41% to lead the way down, with DOGE and XRP (-1.98%) ending the day with losses of 1.71% and 2.21%, respectively.

ADA (-1.71%), BNB (-1.42%), BTC (-1.43%), and ETH (-1.10%) also saw red.

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

Bitcoin Standard Hashrate Token (BTCST) and Filecoin (FIL) led the way, surging by 30% and 22%, respectively. Internet Computer (ICP) was a distant third, rising by 8.2%.

At the other end of the table, Ravencoin (RVN), Lido DAO (LDO), and Bitcoin Gold (BTG) saw the heaviest losses. RVN slid by 11.4%, with LDO and BTG declining by 7.6% and 7.0%, respectively.

Total Crypto Liquidations Highlight Bearish Final Hours of July

On Monday, 24-hour liquidations eased back further despite the bearish end to Jul.

At the time of writing, 24-hour liquidations stood at $133 million, down from $168 million on Sunday morning.

Liquidated traders fell marginally over the last 24 hours. At the time of writing, liquidated traders stood at 62,484 versus 68,567 on Sunday morning.

However, the one and four-hour liquidation figures reflected the bearish end to the Sunday session.

Crypto liquidations
Total Crypto Liquidations 010822

According to Coinglass, four-hour liquidations stood at $35.37 million, up from $34.29 million on Sunday. One-hour liquidations were at $4.81 million, up from $3.80 million (see hourly crypto market cap chart below).

market cap pullback
Total Market Cap 010822 Hourly Chart

Crypto Market Daily Highlights – SOL and XRP Led the Top Ten

Key Insights:

  • It is a mixed session for the crypto top ten, with Solana (SOL) and Ripple (XRP) finding strong support.
  • There were no cues to give the crypto market direction, leaving investors to lock in some tidy profits.
  • A mixed session saw the total crypto market cap end a four-day winning streak, with a fall of $1.07 billion, to end the day at $1,072 billion.

It is a mixed Saturday session for the crypto top ten. Bitcoin (BTC) failed to hold onto the $24,000 handle for a second consecutive day, despite striking a new July high of $24,619. Ripple (XRP) and Solana (SOL) led the way, with Dogecoin (DOGE) also avoiding the red.

There were no cues for the crypto market, leaving investors to consider US economic indicators from the week. While US GDP numbers pared bets of a 75 basis point rate hike, inflationary pressures picked up, leaving the Fed under pressure to bring inflation back to target.

Monetary policy uncertainty likely contributed to the downside, though there were no heavy losses among the top ten to suggest a shift to a more hawkish outlook.

In June, the Core PCE Price Index increased by 4.8%, year-over-year, versus a forecast and May 4.7% rise. Personal spending increased by 1.1% in June, which was also positive. Economists forecast a 0.9% rise following a modest 0.3% increase in May.

The Saturday pullback came despite the NASDAQ 100 wrapping up the month in bullish style.

On Friday, the NASDAQ 100 rose by 1.88% to end July up 12.35%.

NASDAQ correlation
Total Market Cap – NASDAQ – 310722 Daily Chart

The Total Crypto Market Cap Sees Four Day Winning Streak End

On Saturday, the crypto market rose to a late high of $1,112 billion before falling to a low of $1,059 billion.

However, finding late support, the market cap ended the day at $1,072 billion, down a modest $1.07 billion for the session.

Crypto market cap
Total Market Cap 310722 Daily Chart

There were no cues for the crypto market during the session, leaving investors to lock in gains from the week.

While $1.07 billion came off the table, the crypto market looks set to end a three-month losing streak. For July, the total market cap is up $211.5 billion.

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

It was a mixed session for the crypto top ten.

BNB led the way down, falling 2.04%, with BTC (-0.52%) and ETH (-1.41%) ending the day in the red.

SOL and XRP led the way, rallying by 4.60% and by 5.09%, respectively. ADA (+0.77%) and DOGE (+1.25%) also found support.

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

Filecoin (FIL), yearn.finance (YFI), Oasis Labs (ROSE), and Ravecoin (RVN) were among the front runners.

FIL jumped by 35.10%. YFI (+7.88%), ROSE (+6.53%), and RVN (+8.59%) also made solid gains.

At the other end of the table, Qtum (QTUM), Synthetix (SNX), and Bitcoin Gold (BTG) struggled. SNX slid by 9.85%, with QTUM and BTG falling by 7.13% and 7.94%, respectively.

Total Crypto Liquidations Suggest Improving Market Conditions

On Friday, 24-hour liquidations eased back further in the wake of the Saturday market decline.

At the time of writing, 24-hour liquidations stood at $168 million, down from $238 million on Saturday morning and $543 million on Friday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 68,567 versus 87,017 on Saturday morning.

Both one and four-hour liquidation figures also reflected a steadying in market conditions.

Crypto liquidations
Total Crypto Liquidations 310722

According to Coinglass, four-hour liquidations stood at $34.29 million, up marginally from $33.66 million on Saturday. One-hour liquidations were $3.80 million, down from $16.17 million (see hourly crypto market cap chart below).

Crypto market settles
Total Market Cap 310722 Hourly Chart

Bitcoin and ETH Consolidate, AAVE Could Surge To $300

Key Insights:

  • Bitcoin is trading above the $46,700 support zone.
  • Ether (ETH) is facing resistance near $3,425.
  • AAVE rallied above $200 and $220 resistance levels.

Bitcoin

After a strong increase, bitcoin price spiked above the $48,000 level. However, the price faced sellers near the $48,150 zone.

There was a downside correction below the $47,500 support zone and the 21 simple moving average (H1). The price is now following a declining channel with resistance near $47,600 on the hourly chart.

Bitcoin

A clear move above the channel resistance might start another increase and bitcoin could rise towards the $48,850 level. On the downside, the $46,700 level is a major support. Any more losses might increase selling pressure and the price could decline to $46,000.

Ethereum (ETH)

ETH gained pace above the $3,400 resistance level and the 21 simple moving average (H1). It even spiked above the $3,450 level, but faced sellers near $3,485.

The price is now consolidating gains above the $3,350 support level. There is also a connecting bullish trend line with support near $3,340 on the hourly chart. A downside break and close below the trend line could spark a sharp decline to $3,250.

Ether

On the upside, the price could face resistance near $3,425. A clear move above the $3,425 resistance zone could open the doors for another increase. In the stated case, the price could even rally above $3,485.

AAVE

AAVE started a strong rally after it formed a base above the $110.00 level. There was a clear move above the $120.00 and $150.00 resistance levels.

During the increase, the price climbed a major bearish trend line with resistance near $122 on the daily chart. The bulls were able to push the price above the 50% Fib retracement level of the key decline from the $294 swing high to $112 low.

AAVE

It is now trading well above the $200 level and the 21-day simple moving average. The bulls are now facing resistance near the $230 level. The next key resistance might be $250 or the 76.4% Fib retracement level of the key decline from the $294 swing high to $112 low.

A clear move above the $250 resistance could set the pace for a move towards the next barrier at $300 in the coming sessions.

ADA, BNB, and DOT price

Cardano (ADA) slowly moved below the $1.20 level. It is now consolidating near the $1.18 level and might decline to $1.165.

BNB is consolidating near the $435 level. The main barrier is still near the $450 level, above which the price could start a strong rally.

Polkadot (DOT) is moving lower towards the $22.00 support level. If there is a downside break, the price could decline to $21.20.

A few trending coins are WAVES, ZIL, and COMP. Out of these, ZIL is gaining pace above the $0.15 resistance level.

Top 5 Cryptocurrencies to Watch This Week – ADA, ALGO, VET, FIL, UNI

Key Insights:

  • BTC’s bullish momentum has pushed the crypto market cap above the $2 trillion mark. 
  • ADA, ALGO, VET, FIL, and UNI were a few coins that noted high daily and weekly gains at press time. 

With the global crypto market cap well above the $2 trillion mark noting a 4.07% increase in 24-hours, standing at $2.11 trillion, most cryptocurrencies noted a healthy uptick in price. 

Bitcoin has completed its second successive weekly gain and ended the weekend at the highest weekly closing price year-to-date. At press time, bitcoin traded at $46,897, noting close to a 15% rise in price over the week. 

The recent BTC gains fueled a larger market rally as most altcoins highlighted gains on their daily and weekly time frames. Of the top cryptocurrencies, Cardano (ADA), Algorand (ALGO), VeChain (VET), Uniswap (UNI), and  Filecoin (FIL) were some of the top gainers highlighting high daily and weekly gains.

To better understand what to expect from these coins, let’s look at their price movements as a new week begins.

Cardano (ADA)

Cardano’s sustained price uptrend since March 15 has led the coin to gain close to 50% price since then. ADA has sustained its uptrend above the critical level at $1 for the past few days. 

The continued price recovery highlights that traders who bought under the $1 level are not looking to take profits and expect the uptrend to continue. Notably, the $1.20 mark has acted as a significant resistance line, and a move above that level could further confirm ADA’s uptrend in the short term. 

FXempire, ADA, Crypto
ADA Price Action | Source: FXEmpire

ADA’s key moving averages have completed a bullish crossover. Daily RSI was in the overbought zone indicating that buyers dominated sellers in the market. If bulls can further push buying sentiment and sustain the price above the $1.20 support price can see another rally to the next key resistance at $1.60.

However, since RSI was in the overbought zone, if buyers’ bullish sentiment weakens, the same could send the altcoin back to the $1 range. Bulls are cautiously defending the $1.20 zone on a four-hour chart, which acts as resistance at press time. However, in the near term, if the price breaks below the 20-EMA a price pullback can be expected. 

Algorand (ALGO)

In March, ALGO has charted a parabolic recovery, recovering from the under $0.70 mark. At press time, the 29th ranked altcoin traded at $0.9574, noting 3.89% daily and 30.10% weekly gains.

Despite ALGO’s recent gains, the coin was down 70.28% from its all-time high price of $3.24 made in June 2019. Trading volumes for Algorand have maintained constant levels throughout March, which present that the recent gains were largely market-driven and not retail-driven.

However, the coin’s RSI on a one-day chart had finally entered the overbought zone presenting a rise in buyers. As buyers dominated sellers alongside decent price uptick, the larger market sentiment was bullish. 

The $0.996 mark can act as a strong resistance for the token in the near term, and a move above the same can ensure further gains. 

FXempire, Algorand, Crypto
ALGO Price Action | Source: FXEmpire

However, a fall under the $0.931 level can lead to further consolidation or losses for the altcoin. 

VeChain (VET)

VeChain, like many other top coins, has reversed its price losses of 2022, noting a close to 40% rise in the last two days. At press time, VET exchanges hands at $0.0774, presenting 15.83% daily and 57.44% weekly gains. 

The coin could witness further gains if VET’s price maintains above the key $0.0768 support/resistance mark. 

FXempire, VET, Crypto
VET Price Action | Source: FXEmpire

The coin’s RSI at the time of writing oscillated in the overbought zone, which presented a dominance of buyers in the market. Furthermore, VET saw one of its highest trade volumes since May 2021, which signified retail euphoria in the current rally. 

However, since the VET market looked overheated, a pullback from the $0.0960 mark, which acts as a key resistance, can weaken the bullish momentum. On the contrary, a move above the same can aid further bullish momentum in the coming week. 

Filecoin (FIL)

Filecoin’s price saw a clear downtrend in the past few months as FIL broke down below multiple resistances and retested them as support. 

However, in the last two weeks, its price climbed above the lower resistance at $18.9 and the next significant resistance levels at $20.9 and $22.00. 

FXempire, FIL, Crypto
FIL Price Action | Source: FXEmpire

At press time, FIL traded at $24.70, noting 27.59% daily and 38.83% weekly gains. Retail crowds supported Filecoin’s recent rally as the coin saw high trade volumes for two consecutive days. 

Its RSI reached the overbought zone for the first time since September 2021, highlighting a rise in buyers. The next crucial resistance for the coin lies at the $31.18 mark, but a push from bulls can convert that level to support, ensuring a bullish outcome for the token in the near term. 

However, a short-term price pullback can be expected if the coin fails to maintain the aforementioned resistance levels, primarily above the $23.46 mark. 

Uniswap (UNI)

UNI had recovered from the losses over the last two months, pulling its price up from the low of $7.52 seen in February-end. At press time, the Defi token traded at $11.44 noting a 7.06% rise in price over the last day and a 20.02% price uptick in the weekly time frame. 

The $8.27 level acted as strong support for the token throughout this year. The next key resistance for the coin lay at the $11.89 and $12.55 mark and a move above the same can push the coin for higher gains in the near term. 

FXempire, UNI, Crypto
UNI Price Action | Source: FXEmpire

RSI for UNI was in an uptrend since March 14 and was just under the overbought zone at press time. Nonetheless, a clear dominance of buyers in the market could be spotted for UNI.

However, since retail euphoria or high trade volumes were still missing, consolidation could be expected in the short term. 

Helium (HNT) Eyes a Return to the $30 Level

Helium is moving lower as leading cryptocurrencies decline after the recent attempt to gain upside momentum.

Helium Declines Amid Pressure on Riskier Assets

Helium is a decentralized network for IoT devices. HNT has recently made an attempt to settle above the $40 level but failed to develop sufficient momentum and pulled back close to the $30 level.

Its recent fate is similar to other Web3 coins like FileCoin or Theta which are trading near multi-week lows. It looks that the key reason for this weakness is the increasing connection between traditional financial markets and crypto markets.

When riskier assets find themselves under pressure, cryptocurrencies are often leading the way lower. The opposite is also true – increasing demand for riskier assets provides material support to crypto markets.

HNT Is Testing the Support Level at $31.50

hnt january 14 2022

HNT faced strong resistance near the 20 EMA and the 50 EMA above the $35 level and pulled back towards the support level at $31.50. This support level has already been tested several times and proved its strength.

It should be noted that RSI is in the moderate territory, so there is enough room to gain additional downside momentum in case the right catalysts emerge.

In case HNT settles below the support at $31.50, it will move towards the next support level at $30. A move below this level will signal that HNT is ready to continue the pullback from highs that were reached at the beginning of 2022. In this case, HNT will head towards the next support at $28.00. A successful test of this level will push HNT towards the support at $26.80.

On the upside, the nearest resistance level for HNT is located at the $33 level. A move above this level will push HNT towards the resistance at $34.00. In case HNT manages to settle above $34.00, it will head towards the resistance at the 20 EMA at $35.30.

hnt h1 january 14 2022

Taking a look at the H1 chart, we can see that RSI has moved out of the oversold territory, so HNT will have a good chance to gain additional downside momentum in the near term in case it manages to settle below the important support level at $31.50.

Top Five Web3 Coins To Have Under the Radar in 2022

The new era of the internet is here and it is called “Web3”, thanks to the technology that is behind the cryptocurrencies which is blockchain.

In the mid-90s, when the Internet was invented, platforms like “Yahoo!” and “MSN Messenger” were some of the most used ones for search and communication purposes, this was known as “Web1.”

As years passed by, the internet got more adoption and platforms like Spotify and Instagram were launched in this new phase of the internet known as “Web2”.

In 2014, Gavin Wood, known for being co-founder of Ethereum and Polkadot, named and described for the first time ever the word “Web3” in a post called “ ĐApps: What Web 3.0 Looks Like”.

“Web 3.0, or as might be termed the “post-Snowden” web, is a reimagination of the sorts of things that we already use the Web for, but with a fundamentally different model for the interactions between parties.” Gavin Wood

What Is Web3?

Last year, the crypto world gained a lot of attention worldwide, especially in the NFTs (Non-Fungible Tokens) ecosystem. The main NFT marketplace, OpenSea, got 10x of users since the beginning of the year, from approximately 100,000 users to almost 1 million, according to Dune Analytics data.

As NFTs got an explosive growth last year, some users who bought an NFT could also receive benefits, this is one of the main characteristics in the Web3 era, users are also benefited from artists or creators by supporting them.

“Web3 is the internet owned by the builders and users, orchestrated with tokens,” said Chris Dixon, general partner at VC Andreessen Horowitz.

Five Web3 Coins To Watch This Year

Polkadot (DOT)

DOT is the 10th biggest cryptocurrency by market capitalization ($24 billion) with a value of $24.36 per coin, after reaching its all-time high of $53.88 in November 2021, according to CoinMarketCap.

DOT
September 2021-January 2022 DOT/USD chart. Source: FXEMPIRE

The project was founded by Gavin Wood, Robert Habermeier, and Peter Czaban in 2016, supported by the Web3 Foundation, it is a platform for Web3 where users are in control and it is completely decentralized.

Polkadot has its main chain called “Relay Chain”, which is built as its Layer 0, and in order to have better scalability in the network, there are Parallel Chains known as “parachains” built as Layer 1 blockchains that are connected to the main chain and can be connected to other networks via bridges.

Last month the first five parachains were live on the network through different auctions, which is one of the reasons that the price reached its all-time high. As more parachains are launched this year, we can expect that the price could have a positive reaction to them.

FileCoin (FIL)

FIL is the 37th biggest cryptocurrency by market capitalization ($4.2 billion) with a value of $28.21 per coin, after reaching its all-time high of $191.36 in March 2021, according to CoinMarketCap.

FIL FXEMPIRE
September 2021-January 2022 FIL/USD chart. Source: FXEMPIRE

The project was founded by Juan Benet in 2014, it is a decentralized storage network where users pay storage miners FIL tokens to store their information securely and correctly.

In October 2021, they launched FileCoin Plus, so storage providers can connect with verified clients. According to their official Twitter account, Inflow music will be released next month, a social token platform where fans will also benefit by supporting the artists.

Theta Network (THETA)

THETA is the 40th biggest cryptocurrency by market capitalization ($4 billion) with a value of $4.01 per coin, after reaching its all-time high of $14.28 in April 2021, according to CoinMarketCap.

THETA FXEMPIRE
September 2021-January 2022 THETA/USD chart. Source: FXEMPIRE

The project was founded by Mitch Liu and Jieyi Long in 2017, it is a decentralized video streaming platform in order to stream excellent video quality that is run by a network of hundreds of computers across the globe.

According to its official website, Theta Network has big partners like MGM, Lionsgate, and NASA and during 2022 they are delivering airdrops and an NFT based video platform.

Helium (HNT)

HNT is the 46th biggest cryptocurrency by market capitalization ($3.3 billion) with a value of $31.45 per coin, after reaching its all-time high of $52.71 in November 2021, according to CoinMarketCap.

HNT FXEmpire
September 2021-January 2022 HNT/USD chart. Source: FXEMPIRE

The project was founded by Shawn Fanning, Amir Haleem, and Sean Carey in 2013, it is a decentralized wireless network where IoT devices are used as Hotspots and earn HNT tokens when data is transferred.

The Helium team attended last week at the Consumer Technology Association in Las Vegas and recently partnered with FreedomFi, a 5G network builder.

BitTorrent (BTT)

BTT is the 54th biggest cryptocurrency by market capitalization ($2.4 billion) with a value of $0.002483 per coin, after reaching its all-time high of $0.01 in April 2021, according to CoinMarketCap.

BTT FXEmpire
September 2021-January 2022 BTT/USD chart. Source: FXEMPIRE

The project originally was founded by Bram Cohen in 2001, but then in 2019, it was acquired by the TRON Foundation, it is the world’s largest decentralized file-sharing protocol that uses its native token BTT which can be earned by seeding files, according to its official website.

Although these five coins are down more than 30% since their all-time highs, the Web3 mania appears just to be starting, these are only five projects but there are many more building it to expand this new era of the internet.

Crypto News Updates: Filecoin (FIL), Theta (THETA), Elrond (EGLD), Bitgert (BRISE) & Helium (HNT)

There are already several cryptocurrencies that are showing huge potential and are worth taking a look at. For the investors in the crypto market, here are crypto projects that are worthy of considering:

Filecoin (FIL)

Filecoin is a cryptocurrency that was launched in 2017 to provide decentralised storage solutions. Considering that humans require safe storage for their most variable data, the team started developing a platform that would allow users full control of their safe storage.

Filecoin provides a platform where users can store their most variable data in a decentralised manner. This simply means there are no third parties that can access the data. The safety and the integrity of the storage are guaranteed, unlike cloud storage. This is what is attracting investors and users to the project.

Over the years, the team has improved the platform with the advancing blockchain technology. There has been the addition of more products on the platform, which increases the project utility. Look at the 2022 roadmap to see why this might be one of the biggest cryptos in 2022.

Theta (THETA)

The demand for video streaming has seen platforms like Youtube grow big within a very short time. But the decentralised of video streaming is what makes Theta one of the biggest cryptocurrencies. The platform is decentralising video streaming by allowing users to share bandwidth and computing resources on a peer-to-peer (P2P) basis.

With video streaming growing big every day, Theta is projected to become one of the biggest cryptocurrencies of 2022. The number of users and content developers that will be joining the platform is predicted to increase significantly in 2022. This will see the demand do the THETA, the native coin, increase.

The team has also revealed an impressive 20222 roadmap that aims to improve the utility and efficiency of the platform. Therefore, this is an ideal investment because of its huge potential to break out in 2022.

Elrond (EGLD)

Founded in 2017, the Elrond project objective was to address the speed problem on the blockchain. With Bitcoin and Ethereum having scaling issues, there was a need to improve speed to accommodate the growing number of crypto users. Elrond team designed a blockchain protocol that increased the number of transactions per second.

Over the years, the team has been working on this platform and has built one of the most powerful blockchain protocols that use sharding technology to address the scaling issues. With growing demand from users, the platform has also added products to the ecosystem to keep the platform intuitive and user friendly.

Elrond is still one of the best blockchain protocols when it comes to transaction speed. The team has also improved the security, gas fee and sustainability making it an ideal investment for 2022.

Bitgert (BRISE)

Bitgert (BRISE) is one of the most talked-about crypto projects in the crypto market today. The token is trending on the major exchanges, including Binance and others. It is currently one of the mooning cryptocurrencies in 2022. But the recent surge in price and the coin market value is development done by the team.

For a project that launched on July 28th 2021, the team has accomplished a lot by launching the staking process. Bitgert is a Defi project that is building a powerful payment system that enables users to transact on a p2p platform.

But the team is developing products that make this project the biggest thing in DeFi. The team is developing a centralised cryptocurrency exchange and a zero gas fee blockchain. These are two products making the project popular.

The Brise exchange is launching in Q1 2022. The gas-free blockchain is in the development stage, and the launch date will be announced soon. In addition to impressive products, the team is doxxing, and the project is registered as a legal entity. Check out more on the Bitgert website.

Helium (HNT)

Helium (HNT) is a unique blockchain protocol built to decentralise the Internet of Things (IoT). The platform launched in 2019 and has been performing very as the adoption of IoT technologies increases. The technology works by the Helium mainnet allowing low-powered wireless devices to communicate with each other as well as send data across the nodes.

The platform is increasingly growing popular as more people invest in IoT devices, and we are likely to see the value of the coin increasing in 2022. The team is blending LoRaWAN and blockchain technologies to provide a platform that caters to even the latest and emerging technologies in IoT.

The Helium team has also released the 2022 road map, which shows how great this project is going to be in 2022. This is why it has been featured on this list.

Do thorough research before investing in any of these cryptocurrencies or any other crypto project. The information herein may not enable the investor to make a solid investment decision. This is why more research is recommended.

Filecoin (FIL) Mainnet Celebrates Its First Anniversary, Price Stands At $62

The Filecoin (FIL) team is celebrating the first anniversary of its mainnet, whose major product runs 13 EiB of file storage nowadays.

The project operates a distributed data storage ecosystem, but its celebrations were overshadowed in some way after a Chinese police’s action on an alleged multi-marketing level scheme.

31 People Arrested From Major Filecoin Company

Reports from the state-run news agency Xinhua and quoted by Colin Wu via his Twitter profile, a well-known independent journalist specializing in Asian crypto affairs, say that a police unit from Xuzhou city conducted a series of raids with over 18,000 police officers involved in the operations.

The main target was people from Star Alliance Network, one of the world’s largest Filecoin companies.

As a result, 31 people were arrested by the Chinese police, and around $80 million worth in FIL and other cryptocurrencies – including Ether (ETH) and a local crypto dubbed Teda (TDB) – were seized.  Specifically, Fèngxiáng police noted that these 31 individuals were part of an alleged ‘MLM’ scheme.

However, Star Alliance Network issued a statement shortly after the police’s action, stating that these funds were allegedly used for illicit purposes and the arrests are not related to the firm’s business.

Also, the company commented that “most members have resumed normal work” and will be fully back after the investigation is completed.

The news didn’t directly impact FIL’s price action, as the coin keeps treading waters around the $62 neighborhood. After plummeting towards $52.17, FIL recovered some ground and looked forward to breaking above the 200-period simple moving average at $66.00.

Decisive Stage In FIL Price Action

Suppose that scenario materializes in the near term. In that case, bulls will be favored by a buying wave that could push the cryptocurrency higher towards the psychological level of $70.00 in a first degree, followed by the $72.00 level, where the price action formed a Doji at the H4 chart during mid-October.

FIL FXEmpire

Still, the RSI indicator remains neutral, awaiting a decisive move in the coin, which in case that it turns bearish, FIL needs to break clear out the support area of $58.00 to open the doors and fall towards $52.00. If such a level gives up, the bearish stance could strengthen further, even for the mid-term in the crypto.